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In little more than two years the Finnish real estate investment market has virtually exploded in an astonishingly rapid development from a dormant domestic market to one of the most dynamic real estate markets in northern Europe.

The Securities Market Association has published a new Helsinki Takeover Code, which entered into effect on 1 January 2014, relevant for all parties involved in public takeover bids, including bidders, target companies and their advisors.

The new Securities Market Act and related laws were initially scheduled to enter into force 1st July 2012, but the decision has been postponed to autumn 2012.

Sustainability issues are becoming increasingly prominent in the communications of listed companies and managed funds. Such communication must be consistent and accurate and must not mislead investors and other stakeholders.

The Finnish Securities Market legislation has been reformed in its entirety at the beginning of 2013.

The crisis caused by the coronavirus has brought about swift changes to financial regulation.

Pursuant to a recent ruling of the Finnish Supreme Administrative Court the terms of intra-group financing are required to be at arm's-length from the perspective of the specific Finnish borrower and higher interest charges cannot be justified by overall group level benefits.

In response to the regular, and sometimes even heated, public debate and criticism on the justification of directed share issues, new regulatory developments have emerged in the Finnish securities market landscape.

Chapter 1, section 6 of the new Finnish Securities Markets Act states that the Financial Supervisory Authority supervises the compliance of provisions issued by and under the Securities Markets Act.

Many jurisdictions, including Finland, recognise the taking of security not only over individual assets but also over the business assets (as a class of assets) of a security provider. In Finland, the latter form of security is called ‘yrityskiinnitys’, in English ‘business mortgage’ or ‘enterprise mortgage’ (the term business mortgage is used in this article).

Another year is over, and now is a good time to take a look into the future and see what it might hold.

The European Commission kicked off a major overhaul of capital markets regulation just before Christmas by submitting the EU Listing Act package to the European Parliament and the Council.

On 31 July 2021, the Guidelines on outsourcing to cloud service providers issued by ESMA became applicable to all cloud outsourcing arrangements entered into, renewed or amended on or after that date.

The Digital Finance Package, which was originally adopted in September 2020, is finally coming to life this spring.

In 2013, Y Combinator, one of Silicon Valley's most influential startup accelerators (known for backing companies like Airbnb, Dropbox, and Stripe), introduced a financing instrument...