24 results found

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.

According to Article 4 of the EU Parent-Subsidiary Directive (90/435/EC) on the common system of taxation applicable to parent companies and subsidiaries of different EU member states, member states must: (i) refrain from taxing (ie, the exemption method); or (ii) authorize the parent company to deduct from the amount of tax the amount of corporation tax paid by the subsidiary (ie, the credit method).

On 10 February the Riigikogu adopted the State Export Guarantees Amendment Act. </B>The amendments increased the state guarantee limit amount and specified the provisions regulating investment guarantees.

On Friday the Estonian Navy has seized an oil tanker (the Kiwala) forming part of the so-called "shadow fleet". The Kiwala is designated by the EU.

On 12 January 2005 the Estonian Parliament (Riigikogu) adopted the Act on Involving Employees in Activities of Community-scale Undertakings, Community-scale Groups of Undertakings and European Companies.

On 28 June, the Estonian Parliament passed the Competition Act and Penal Code Amendment Act. The Act is aimed at bringing the Competition Act into compliance with current European Union competition rules.

On 8 December 2004, the Riigikogu adopted a new Insurance Activities Act.Once again, accession required the new law, as the regulation of insurance activity, insurance intermediation, and supervision thereof is covered by European Union directives.

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 14 September 2005 the Estonian Parliament (Riigikogu) adopted a resolution approving the Estonian National Sustainable Development Strategy "Sustainable Estonia 21".up to 2030. The strategy pursues a holistic approach to society and does not deal with problems in specific areas.

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

An overview of recent legislative developments in Estonia

In the beginning of 2006 the Estonian Minister of Justice initiated a new activity plan, which sets clear goals in thirteen domains of commercial law based on feedback from entrepreneurs in order to simplify a number of operations and thus increase legal certainty and economic turnover in Estonia.

An overview of the recent legislative developments and court judgements in Estonia

The Electronic Money Institutions Act entered into force on 1 January 2006.

Estonian Legal Developments

By a recent decision of the European Court of Justice (hereinafter the ECJ)1, Directive 2004/852, granting Estonia a temporary derogation from the common rules for the internal market in electricity and the opening of electricity market, was annulled.

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