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Estonian Legal Developments
By Raino Paron
On 1 January 2006 extensive amendments to the Estonian Commercial Code (hereinafter: CC) entered into force, which inter alia deal with the foundation of a company; the principles regarding the general meeting of shareholders of a company and meetings of the management board and the supervisory board; the liability of members of management bodies; remuneration of members of management bodies; the pledging of shares of a private limited company; and the procedure for transformations
On 19 October 2005 the Estonian Parliament (Riigikogu) adopted the Electronic Money Institutions Act
On 14 September 2005 the Estonian Parliament (Riigikogu) adopted a resolution approving the Estonian National Sustainable Development Strategy "Sustainable Estonia 21".up to 2030. The strategy pursues a holistic approach to society and does not deal with problems in specific areas.
An overview of the recent legislative developments and court judgements in Estonia
An overview of recent legislative developments in Estonia
On 23 November 2004 the Riigikogu adopted the Act on Accession to the Convention on the Protection of the European Communities’ Financial Interests and Its Protocols, which entered into force on 16 January 2005.
On 9 February 2005 the Riigikogu adopted the Act Amending the Securities Market Act, Financial Supervisory Authority Act, Estonian Central Register of Securities Act, Money Laundering and Terrorist Financing Prevention Act and Credit Institutions Act.
On 10 February the Riigikogu adopted the State Export Guarantees Amendment Act. The amendments increased the state guarantee limit amount and specified the provisions regulating investment guarantees.
Two judgements of the Civil Chamber of the Supreme Court made in December 2004 deal with the regulation of share takeover bids, an issue that has been a subject of disputes to date.
By Raino Paron
As of 1 January 2005 Estonia has a new income tax rate of 24% and a basic exemption of 1700 EEK per month.
On 12 January 2005 the Estonian Parliament (Riigikogu) adopted the Act on Involving Employees in Activities of Community-scale Undertakings, Community-scale Groups of Undertakings and European Companies.
On 25 November 2004, the Riigikogu adopted the Credit Institutions Act Amendment Act. Once again, European Union law required the changes. These changes bring increased regulatory detail, particularly regarding activity licences and the acquisition of a qualifying holding.
On 8 December 2004, the Riigikogu adopted a new Insurance Activities Act.Once again, accession required the new law, as the regulation of insurance activity, insurance intermediation, and supervision thereof is covered by European Union directives.
Estonia’s accession to the European Union on 1 May 2004 continue to produce changes in law. Provisions in the Treaty on European Union stipulate the principle of equal treatment for all residents of the European Union, including freedom of establishment for companies, and equal opportunities for enterprise.
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