Securities Market Act regulates squeeze-out of minority shareholders
December 2001The Securities Market Act takes effect on January 1 2002 and supplements the Commercial Code with Section 29, which concerns the takeover of shares for monetary compensation. Section 29 applies to public limited companies whose shares are registered with the Estonian Central Register for Securities and enables majority shareholders to buy out minority shareholders. Read more
Contract and Tort Act impacts on banking sector
November 2001On September 26 2001 the Parliament (Riigikogu) passed the Contract and Tort Act. The act is expected to take effect between July 1 2002 and January 1 2003. Read more
Independent Financial Supervision Authority takes control
October 2001On May 9 2001 the Parliament (Riigikogu) passed the Financial Supervision Authority Act, according to which the independent Financial Supervision Authority will be responsible for state financial supervision. The Financial Supervision Authority Act entered into force on June 1 2001 and the inspectorate will commence its activities on January 1 2002. Read more
New Competition Act exercises concentration control
September 2001The new Competition Act comes into force on October 1 2001. According to the act a concentration is deemed to arise where: Read more
Bringing Estonia's securities regulation up to European standards
September 2001The securities law reform is designed to incorporate the respective European principles into Estonian law. The reform in the field of financial supervision is expected to improve the efficiency of supervision in the Estonian securities market, as the respective agencies will be united and the political influence on supervision will be minimized.
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Pledges give rights to creditors
May 2001A pledge can be either a security over movables or a real security. A pledgor can be either a debtor or a third party. In the event that a debtor fails to perform obligations that are secured by a pledge, the creditor is entitled to enjoy the value of the pledged property. Read more
Estonia ratified Ship Arrest Convention
March 2001On March 14, 2001 the Estonian Parliament ratified International Convention on the Arrest of Ships that was adopted at Geneva on March 12, 1999 (hereinafter called "Geneva Convention"). The object of the Geneva Convention is to regulate and unify the provisions of the arrest of ships. Read more
Five steps for mergers
February 2001There are two statutory ways in which companies can merge in Estonia. Either a company that is being acquired merges with another and the former is dissolved, or two companies merge to create a new company and the merging companies are dissolved. Read more
Money laundering regulations become tougher
January 2001The Money Laundering Prevention Act was initially adopted in November 1998. The act provided a legal definition of 'money laundering' and regulated the obligations of credit and financial institutions, and the role of the Financial Intelligence Unit. Read more
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