By Tarja Wist
, Linda Nyman
The Finnish Financial Supervisory Authority (FFSA) has adopted a strict policy with respect to delays in the obligation to notify the acquisition or disposal of major shareholdings...
Alike many of its equivalents in other European countries the Finnish Companies Act provides for an obligation and right of the majority owner, holding more than 90 per cent of the share capital and total number of votes, to purchase minority holdings through a so called squeeze out procedure.
Finnish company law may, in general, be characterised as very flexible and accommodating and it should contain very little that would surprise a non-Finnish investor. There are, however, exceptions.
The current Finnish Companies Act (osakeyhtiölaki 734/1978) regulating limited liability companies was enacted in 1978, entered into force as of 1980 and has consequently been in force more than 23 years. There is no doubt that the commercial world surrounding Finnish limited liability companies has undergone enormous changes in the last quarter of a century (inter alia the deregulation of the Finnish financial market and Finland’s entry into the European Union), wherefore a reform o
In April 2001 the Finnish Ministry of Justice appointed a working group assigning to it the task to prepare a proposition to a new Companies Act. On May 6, 2003 the working group handed over to the Ministry of Justice its consultation paper comprising over 350 pages and a proposal to an entirely new Companies Act.
By Mikko Eerola
The Finnish competition legislation is currently in the midst of an extensive reform. This reform process is brought about mainly by the topical reform of the EC competition rules and, thus, the desire to bring the Finnish competition law provisions in line with Articles 81 and 82 EC and align them with the requirements set forth in the Council Regulation 1/2003/EC.