On 25 November 2004, the Riigikogu adopted the Credit Institutions Act Amendment Act. Once again, European Union law required the changes. These changes bring increased regulatory detail, particularly regarding activity licences and the acquisition of a qualifying holding.

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.