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Waselius & Wist represented Varma Mutual Pension Insurance Company in the acquisition of Mehiläinen, one of the largest private healthcare providers in Finland. Mehiläinen was acquired by a consortium of Finnish institutions including Varma, LocalTapiola and Ilmarinen together with Mehiläinen management in partnership with lead investor CVC Capital Partners (CVC) Fund VII.
Waselius & Wist successfully represented Bayer Oy in two cases concerning blood glucose meters and test strips before the Market Court.
Value: More than EUR 10 million
New guidelines on organisational requirements and operating procedures for investment firms, banks and other investment service providers were issued by the Finnish FSA with effect from 1 September 2019. The new guidelines provide updated requirements on investor protection, including detailed rules on safeguarding of client assets, product approval process and governance in general as well as more stringent rules on inducements. The guidelines follow the implementation of the Delegated Directive (EU) 2017/593 on safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees.
The new guidelines also establish the appropriate minimum level of professional experience for persons providing investment advice or advice on investment services and ancillary services, as well as for persons monitoring new employees. While the level of appropriate professional knowledge will continued to be determined by the investment firm itself, the Finnish FSA guidelines make a direct reference to the ESMA guidelines for the assessment of knowledge and competence (ESMA/2015/1886).
In its press release on the publication of the new guidelines, the Finnish FSA also announced that it is considering further updates to its guidelines on marketing of financial services and products as well as fit & proper standards and reporting.
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Government Bill 175/2017 regarding amendments to the subsidy scheme for renewable energy approved by the Finnish Parliament
The Finnish Parliament has on 23 May 2018 approved the amendments to the Act on Production Subsidy for Electricity Produced from Renewable Energy Sources (1396/2010) according to which a new technology-neutral production subsidy scheme for renewable energy sources based on a bidding process will be implemented. The new subsidy scheme will apply to wind power, biomass gas, wood fuels, solar power and wave power investments. Only new projects will be allowed to participate in the bidding process.
According to the amendments, an electricity producer whose power plant has been accepted to the relevant subsidy scheme through a technology-neutral bidding process will be paid a premium corresponding to the amount it has offered in its bid (on top of the market price). Such premium will be paid in full as long as the three-month average market electricity price does not exceed the electricity reference price (such electricity reference price being EUR30 per MWh). If the market electricity price exceeds the relevant electricity reference price (but is lower than the aggregate sum of the premium and the relevant electricity reference price), the premium amount will be decreased by the difference between the market electricity price and the relevant electricity reference price. Further, no premium will be paid in case the market electricity price exceeds the aggregate sum of the relevant electricity reference price and the premium amount.
If the electricity producer fails to produce electricity in accordance with its bid, the electricity producer will, at the outset, be obligated to compensate the Government for such underproduction. The subsidy may only be granted for a maximum period of 12 years.
The amendments referred to above will enter into force by decree as soon as the European Commission has evaluated the suitability of the relevant new subsidy scheme for the European Single Market, which is anticipated to take place by the end of 2018.
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Two Q&A guides to Energy law in Finland. Published by Thomson Reuters Practical Law, July 2018.
The electricity regulation Q&A gives a high level overview of the domestic electricity market, including domestic electricity companies, electricity generation and renewable energy, transmission, distribution, supply and tax issues. It covers the regulatory structure; foreign ownership; import of electricity; authorisation and operating requirements; trading between generators and suppliers; rates and conditions of sale and proposals for reform.
The oil and gas regulation Q&A gives a high level overview of the domestic oil and gas sector, rights to oil and gas, health safety and the environment, sale and trade in oil and gas, tax and enforcement of regulation. It covers transfer of rights; transportation by pipeline; environmental impact assessments; decommissioning; waste regulations and proposals for reform.
A Q&A guide to secured lending in Finland. Published by Thomson Reuters Practical Law, June 2018.
This Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform.
Senior associate Maria Lehtimäki is recognised as rising star in Banking by the recently published Expert Guide 2018; the world’s finest lawyers chosen by their peers.
Maria focuses on advising banks, financial institutions and corporate borrowers on complex, bespoke cross-border financings and re-financings. She also has experience in transactions combining bank lending with debt issuances and banking litigation. Industry Sector expertise includes debt portfolio financing and commodities financing. Maria joined Waselius & Wist in 2012.
Expert Guides has been researching the world’s legal market for over 20 years and has become one of the most trusted resources for international buyers of legal services.
For further information, please visit https://www.expertguides.com/experts/waselius-and-wist/lehtimaki-maria/latpsvpq
Our partner Bernt Juthström has been ranked as Patent and Trademark star in Finland by IP Stars 2018/19. Managing Intellectual Property IP STARS is a leading specialist guide to IP firms and practitioners worldwide. Managing IP has been researching and ranking firms since 1996, covering more than 80 jurisdictions today.
For further information, please visit https://www.ipstars.com/countries/finland/fi#/ip-stars