Directive 2013/50/EU amending the current Transparency Directive was adopted at the end of October (the "New Transparency Directive).

The Supreme Administrative Court gave on 22 October 2004 a decision, KHO:2004:93, regarding the share swap situation. According to this decision the fees paid to advisers could not be deducted as annual cost in taxation, even though this had been done in accounting.

Borenius successfully represented a client in a matter concerning the right to deduct VAT for stock market listing costs.

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).