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The EU is aiming to be climate neutral by 2050, which will require climate action from us all.

The most significant changes in the Finnish tax system in the past ten years became effective on 1 January 2005.

The number of suspected and investigated securities market offences has increased substantially in Finland. Furthermore, the cases have become more extensive and more complicated. The court proceedings of securities market offences tend to be very long as the cases involve an ever-increasing amount of written and oral evidence.

The Finnish regulatory framework for corporate governance and directors’ duties is governed by the following three Acts: the Companies Act, the Securities Markets Act and the Accounting Act.

The Finnish Ministry of Justice set up a working group (the "Working Group") on 2 December 2011 with the task to prepare amendments to legislation to reduce reported problems caused by short term/payday loans ("Microloans").

The working group appointed by the Finnish Ministry of Finance to prepare the implementation of the directive of the European Parliament and the Council on takeover bids (the "Directive") into Finnish law (the "Working Group") published its report on 10 May 2005.

The commercialisation of academic research is an active topic in Finland. Due to the new legislative change in Finland, Finnish universities may hold shares in companies and also establish university-based companies.

The Finnish Ministry of Finance has started preparations for a reform of the Finnish Securities Market Act (the "SMA").

The risk of becoming the target of a hostile bid is not the sole domain of listed companies. Medium sized companies with a diversified ownership structure may often be tempting targets for bids from competing companies.

The provisions of the Finnish Securities Markets Act (495/1989) (the "SMA") concerning public tender offers are currently under revision. The proposed amendments to the SMA implement Directive 2004/25/EC of the European Parliament and of the Council on Takeover Bids (the "Directive").

The government has on the 19th of May given its bill on reforming the corporate and capital income taxation. The bill involved many changes, but the processing of the bill in parliament may still change the content of the reform.

Finland has gained a place among the richest industrial countries in the world. Today, worldwide trading in a wide variety of commodities is an integral part of the culture within the Finnish business community. In addition to being a world leader in forest based industries, Finland has an advanced metal industry and pioneering electronics and technology industry.

There has been a good deal of leverage buyouts (LBOs), i.e. acquisitions financed with heavy reliance on debt, in Finland during the past couple of years. The emphasis has been on acquisitions of mature companies with the ability to provide stable cash flows.

According to the Finnish business weekly Talouselämä, the number of transactions characterised as being Finnish (either a Finnish target or a Finnish party as the seller or the purchaser), amounted to a total of 639 in 2003, a slight increase compared to approximately 625 - 630 transactions in 2002.

The past year has been an active year in the Finnish M&A market, which has seen, among others, several transactions in regard to Finnish listed companies (Pohjola, Saunalahti, Alma Media to mention a few), larger reorganisations in the daily goods retail field (SOK-Spar and Tradeka-Wihuri combinations) and also some increased private investor activity in regard to Finnish industry companies (Finndomo, Karelia).

Amendments effective as of 1 July 2005 have been introduced in the Finnish Securities Markets Act, Act on Financial Supervision, and certain other acts (HE 137/2004).