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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Dittmar & Idrenius

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NEW RULES ON INTERNATIONAL JURISDICTION IN CIVIL MATTERS

April 2009 - Litigation & Dispute Resolution. Legal Developments by Dittmar & Idrenius.

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In February Parliament adopted new rules in relation to both domestic and international jurisdiction in civil matters. The new jurisdiction rules will enter into force on 1 September 2009. As Finland is a member state of the European Union, the EU rules on international jurisdiction, such as the Brussels I and II Regulations, (EC) No 44/2001 and (EC) No 2201/2003, and other provisions regarding certain specific subject matters, are applicable. The new rules on international jurisdiction will apply in cases falling outside the territorial or subject matter scope of the applicable EU regulations or international conventions binding Finland.

ECJ RULES ON TERMINATION OF EMPLOYMENT IN CONNECTION WITH TRANSFER OF BUSINESS

April 2009 - Employment . Legal Developments by Dittmar & Idrenius.

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The European Court of Justice ("ECJ") handed down a judgment on 27 November 2008 in relation to a reference for preliminary ruling from the Finnish Supreme Court. The referred questions concerned the obligations of an assignee towards the employees' of a transferred company. The ECJ ruled that the assignee cannot be liable for the deterioration of an employee's working conditions if the assignee has fulfilled its obligations under the transferred employment agreement until it expires. However, the employee is entitled to salary and other benefits during the time of notice if employment is terminated due to such deterioration.

FINNISH COMPETITION LAW UNDER REVIEW

April 2009 - EU & Competition. Legal Developments by Dittmar & Idrenius.

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The Competition Act 2010 Working Group appointed by the Ministry of Trade and Industry in June 2007 to identify needs to reform the Finnish Act on Competition Restrictions (the "Act") published its report on 29 January 2009.

SECURITIES MARKET LEGISLATION TO BE AMENDED

April 2009 - Finance. Legal Developments by Dittmar & Idrenius.

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The Ministry of Finance appointed on 2 February 2009 a working group to draft proposals on a new Securities Market Act, new legislation on indirect holding of securities, amendments to legislation on the book-entry system and other related legislation. The working group will give its legislative proposals by the end of 2010.

SUPREME COURT RULES ON LIABILITY FOR INCORRECT BOOK-ENTRY REGISTER INFORMATION

April 2009 - Litigation & Dispute Resolution. Legal Developments by Dittmar & Idrenius.

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Under Finnish law, a book-entry account operator is irrespective of negligence liable to compensate damage caused by an incorrect registration.

DRAFT STATEMENTS OF THE TAKEOVER PANEL ON DISPOSAL OF TARGET SHARES AND CASH MERGERS

April 2009 - Litigation & Dispute Resolution. Legal Developments by Dittmar & Idrenius.

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A committee was appointed by the Finnish Takeover Panel in September 2008 with the objective to review the need to amend the Takeover Code recommendations with regard to mergers, sale of securities that are subject to a tender offer and combinations of separate classes of shares. The committee issued its report on 25 February 2009.

D&I Quarterly 2008: NEW CORPORATE GOVERNANCE CODE

January 2009 - Litigation & Dispute Resolution. Legal Developments by Dittmar & Idrenius.

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A new Corporate Governance Code (the "Code") for companies listed on the Helsinki Stock Exchange (the "Helsinki exchange") has been published by the Finnish Securities Market Association. The Code will enter into force on 1 January 2009 and companies should, if necessary, amend their Articles of Association at their annual general meeting in 2009 in order to meet the new requirements.

D&I Quarterly 2008: ISSUER AGENT MANDATORY AS OF 1 DECEMBER

January 2009 - Litigation & Dispute Resolution. Legal Developments by Dittmar & Idrenius.

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The issuer agent, a representative appointed by the issuer, is in charge of the execution of an issue or a corporate action together with the Central Securities Depository (the "CSD") and the account operators. The concept of "issuer agent" was first introduced in Finland in the beginning of 2008 and is widely used in other European countries.

D&I Quarterly 2008: COURT OF APPEAL CONVICTS STONESOFT OF SECURITIES MARKET OFFENCE

January 2009 - Finance. Legal Developments by Dittmar & Idrenius.

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On November 15, 2008 Helsinki Court of Appeal (the "Court") handed down its decision in a criminal case concerning the alleged security markets information offence by a software company, Stonesoft Oyj, and three members of its management team. The Court held that two members of the company's board of directors and a former CEO through gross negligence had failed to give a profit warning in due time. All defendants were fined. The Helsinki District Court had acquitted the defendants one year earlier.

D&I Quarterly 2008: REPORT ON COMPLIANCE WITH THE TAKEOVER

January 2009 - Litigation & Dispute Resolution. Legal Developments by Dittmar & Idrenius.

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The Takeover Panel has issued a Report on the compliance with the Takeover Code recommendations in connection with tender offers (the "Report"), based on an examination of Finnish tender offers launched between 1 January 2007 and 30 June 2008. The examination was conducted based on public information relating to tender offers, i.e., the offer document and stock exchange notices.

D&I Quarterly 2008: Court Adjustment of Rent

January 2009 - Real Estate & Property. Legal Developments by Dittmar & Idrenius.

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The ongoing financial crisis and the looming economic depression will not leave the real estate and rental markets unaffected. The experiences from the early 1990's clearly demonstrate that during times of recession many tenants are likely to grow dissatisfied with their rents and may even resort to legal action to try to correct the situation. As discussed below, Finnish law includes a provision enabling tenants to present claims of this kind against landlords, but the chances of success in court are very modest.

D&I Quarterly March 2008

November 2008 - Finance. Legal Developments by Dittmar & Idrenius.

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First Statement by the Takeover Panel Regarding a Specific Case. Court of Appeal Convicts Jouhki of Insider Trading. Market Court Confirms Existence of Asphalt Cartel. Deadline for Pre-registration of Chemicals.

D&I Quarterly June 2008

November 2008 - Finance. Legal Developments by Dittmar & Idrenius.

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New FSA Standard on Regular Reporting for Finnish Issuers. FSA Statement on Minimum Price in Voluntary Offer. Finnish Government Proposes Limited Right for Employers to Collect Credit Information on Employees. Reform of Consumer Marketing Rules

D&I Quarterly September 2008

November 2008 - Finance. Legal Developments by Dittmar & Idrenius.

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New Insider Guidelines. Supreme Court Outlines Forum Rules in Company Law Matters. Requirement of Local Company Representative Abolished. Witness Testimonies in Competition Law Cases – Some Recent Developments