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Waselius & Wist successfully represented the winning tenderer CityBike Finland Oy in the procurement by the City of Espoo of a city bike system, and in related Market Court proceedings. The city bike system includes 700 bikes and 70 bike stations for eight biking seasons with an option for extension. The estimated value of the procurement is some EUR 10 million.
Waselius & Wist represented the Mandated Lead Arrangers and the Lenders in the Finnish law aspects of the financing of the acquisition of ADB Safegate by the Carlyle Group. ADB Safegate is a leading provider of intelligent solutions that deliver superior airport performance from approach to departure and has more than 900 employees in over 20 countries and serves some 2,500 airports in more than 175 countries.
Finnish FSA issues guidelines on national language and filing requirements for KIDs under the PRIIPs Regulation
The PRIIPs Regulation (EU Regulation 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs)) entered into force on 1 January 2018. The objective of the PRIIPs Regulation and the corresponding delegated regulation is to provide retail investors with clear and summarised information on packaged retail and insurance-based investment products, presented in a uniform and harmonised manner in a Key Information Document (KID). The KID provides information on the key characteristics and complexity of the investment product as well as the related risks and costs. The purpose of the KID is to enable retail investors to compare and choose financial products based on clear, reliable and comparable information.
The Finnish FSA has in its PRIIPs newsletter and supervisory releases highlighted that KIDs presented to Finnish retail investors must in accordance with Article 7 of the PRIIPs Regulation be prepared in either Finnish or Swedish in order to ensure that the investor has sufficient understanding of the product. Furthermore, KIDs must be filed by either the manufacturer or the distributor with the Finnish FSA at the latest when the offering period commences in Finland. The filing is made for information purposes only and the Finnish FSA will not comment on or approve the KID. The language and filing requirements are applicable whenever KIDs are offered to investors other than professional clients, irrespective of whether the offer is made by way of public offer or private placement.
There are currently no available general exemptions with respect to the translation and filing requirements in Finland. The Finnish FSA will, however, collect information from market participants and reconsider the above language and filing requirements in connection with an upcoming review and recast of the FSA regulations and guidelines on marketing of financial products to investors in Finland.
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The Government Bill, including draft legislation on the implementation of MiFID II (Directive 2014/65/EU on markets in financial instruments), was presented before Finnish Parliament on 26 October 2017. The purpose of the proposed legislation is to implement the provisions of the MiFID II and make necessary adjustments to the currently applicable Finnish legislation as required by the MiFIR (Regulation 600/2014 on markets in financial instruments).
According to the Government Bill, the Finnish Investment Services Act (747/2012) will be amended to reflect the scope of application and exemptions included in the MiFID II. New provisions on
high-frequency algorithmic trading, product governance and the use of incentives, as well as specifications in relation to the safekeeping of financial instruments belonging to clients will be included in the Investment Services Act. The Government Bill also proposes the enactment of a new Act on Trading in Financial Instruments to reflect the MiFID II provisions regarding the operations of organized trading facilities and transparency requirements included in the MiFIR. Amendments to the Act on the Finnish Financial Supervisory Authority will also include a substantial increase of the sanctioning powers of the Finnish regulator.
The amended acts are expected to enter into force on 3 January 2018.
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We are proud to announce our contribution to the International Comparative Legal Guide to Corporate Tax 2018. The ICLG Corporate Tax 2018 edition discusses general Finnish corporate tax law aspects regarding, among others, capital gains, overseas profits and cross-border payments, real estate, anti-avoidance and BEPS.
Published by Global Legal Group, November 2017.
Two Q&A guides to Tax on Transactions in Finland. Published by Thomson Reuters Practical Law, October 2017.
The Q&A guides provide a high level overview of tax and finance tax in Finland, looking at key practical issues including, the main taxes, reliefs and structures used in share and asset sales, dividends, mergers, joint ventures, reorganisations, share buybacks, private equity deals and restructuring and insolvency. They also focus on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, securitisations, the Foreign Account Tax Compliance Act (FATCA) and bank levies.
Waselius & Wist is once again ranked as one of the top law firms in Finland by the recently published IFLR1000 annual guide to the world’s leading financial and corporate law firms and lawyers. The firm is highly ranked in all practice areas included in the research (Banking & Finance, Capital markets, Corporate and M&A, Project development).
The guide recognize our partners Jan Waselius and Tarja Wist as “Expert consultants”. Only five lawyers in Finland are ranked as Expert consultants. Partners Christoffer Waselius, Fredrik Lassenius and Lauri Peltola are ranked as “Highly regarded” and Timo Lehtimäki as “Rising star”.
We are delighted to receive continuous praise and acknowledgement by our clients and peers. Quotes in IFLR1000’s 2018 edition include:
“Waselius & Wist are highly attentive, user-friendly and plugged into international business. They are competent and diligent in their service delivery.”
Performance surpassed expectation. Response was very quick and well organised. […] The requirement level which international companies expect from law firms is rather high, but Waselius & Wist could fulfil such wilful demands.”
Waselius & Wist’s Partner Bernt Juthström has been recognised as Lawyer of the Year 2017-2018 in Finland in Intellectual Property law by Best Lawyers®. Only one lawyer is recognized as “Lawyer of the Year” for each speciality and location.
Our partners Jan Waselius, Tarja Wist, Niklas Thibblin, Lotta Pohjanpalo, Tanja Jussila and Lauri Peltola were also recommended by Best Lawyers®. The “Best Lawyers in Finland 2017-2018” list is based on a survey process in which leading lawyers confidentially evaluate their professional peers.