Two judgements of the Civil Chamber of the Supreme Court made in December 2004 deal with the regulation of share takeover bids, an issue that has been a subject of disputes to date.

On 9 February 2005 the Riigikogu adopted the Act Amending the Securities Market Act, Financial Supervisory Authority Act, Estonian Central Register of Securities Act, Money Laundering and Terrorist Financing Prevention Act and Credit Institutions Act.

On 19 October 2005 the Estonian Parliament (Riigikogu) adopted the Electronic Money Institutions Act

Estonian Legal Developments

On 1 January 2006 extensive amendments to the Estonian Commercial Code (hereinafter: <B>CC</B>) entered into force, which <I>inter alia</I> deal with the foundation of a company; the principles regarding the general meeting of shareholders of a company and meetings of the management board and the supervisory board; the liability of members of management bodies; remuneration of members of management bodies; the pledging of shares of a private limited company; and the procedure for transformations