The value and success of most research and development (R&D)-oriented biotechnology companies largely depends on the results of the company’s projects.

The Finnish Corporate Governance Recommendation (the "CGR 2003"), initially issued in the year 1997, underwent last considerable revision in the year 2003.

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

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").

Some time ago the only real closed-end funds managed by Finnish players were private equity and venture capital funds. Even on that front the past few years were really not labelled by active fund-raising.

Did you know that the Foreign Subsidies Regulation ("FSR") becomes applicable in July?

Strong economic growth, high liquidity in property markets, high degree of transparency and highly competitive economy are some of the factors that have made Finland an interesting target for real estate investors.

The upcoming modernisation of the Finnish Copyright Act is the most significant change for copyright legislation in Finland in the last two decades.

The essential issue with regard to inventions originating within employment arises when the employer desires the possession of the invention. In Finland, the main principle of invention ownership is provided by the Act on the Right in Employee Inventions, which states that an employee shall have the same rights to his or her inventions as other inventors, unless otherwise provided by legislation.

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.

During the spring 2011, the Finnish parliament has enacted several new statutes that are related to the environmental legislation. New Mining Act, Water Act, Waste Act and two amendments of Land Use and Building Act (132/1999) have been ratified. In addition, the sections of the Act on Production Subsidy of the Electric Power Generated with Renewable Sources of Energy concerning the supply tariffs entered into force on 25 March 2011. The objectives and salient points of the new regulation are di

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.

A wave of reform continues to sweep through major international arbitration institutions.

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).

Pursuant to a recent mining legislation reform, the new Finnish Mining Act (621/2011) (the "Mining Act") together with certain decrees has been introduced in Finland.

During 2006 there have been a few quite large transactions involving Finnish parties, but much of the M&A activity has taken place on the mid-sized market. Last year was also exceptional in that sense that there have been changes within the legal framework, which substantially effects the M&A market.

The map of European pricing and reimbursement systems is quite complex.