At least the following legal developments should be borne in mind in relation to Finland in the short term.
We will prepare technical updates on these during 2012.
- The completely revised securities laws will be adopted late 2012 and they will be most likely in force as of the beginning of 2013;
- The laws and technical regulations in relation to alternative investment fund and managers (all other funds than the UCITS) will take effect in June 2013;
- There have been and will be a number of changes in the solvency and capital regulations of the insurance companies. These will e.g. change investment allocation of these companies – being the largest single investors in Finland;
- The ERISA regulation and technical standards will bring all O TC-trading into a regulated activity – also for firms entering into such contracts. This will take place most likely in the beginning of 2013; and
- The content requirements and exemptions relating to prospectuses have changes as of 1 July 2012. E.g. the minimum threshold of securities offerings (requiring a prospectus) was raised from 100.000€ to 1,5m€, making is easier to carry out small public equity issues.
It will be a busy year for the regulatory lawyer indeed.