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News / 04.05.2017

Waselius & Wist successfully represented Bayer Oy in public procurement litigation in the Market Court

Waselius & Wist successfully represented Bayer Oy in public procurement litigation in the Market Court relating to a major procurement by the Hospital District of Southwest Finland of blood glucose meters and test strips.

Lawyers involved

News / 04.05.2017

Waselius & Wist successfully represented Olympus Finland Oy in public procurement litigation in the Market Court

Waselius & Wist successfully represented Olympus Finland Oy in public procurement litigation in the Market Court relating to a major procurement of endoscopy devices.

Lawyers involved

Latest Legal Updates

Legal Updates / 19.05.2017

Fund structures face concerns on interest deductibility

The deductibility of interest costs on intra-group loans has been limited since 2014. Very broadly, the deductibility of net interest expenses is limited to a defined percentage of taxable EBITDA. Nonetheless, according to a specific safe harbor rule, the restrictions on interest deductibility are not applied if the borrower company’s equity ratio (equity vs total balance) is equal to or higher than the same ratio calculated on the basis of a consolidated group balance sheet of the ultimate parent (the “balance sheet test”).

In a recent (not yet binding) ruling by the Central Tax Board, the Central Tax Board took the view that the balance sheet prepared at the level of a Finnish holding company should be deemed as a non-qualifying sub-group balance sheet. Accordingly, as the comparison must be based on a consolidated balance sheet prepared at the level of the ultimate parent, the sub-group balance sheet could not be used for purposes of the balance sheet test exemption.

In the case at hand, the ultimate parent was a Guernsey fund (partnership), which was not regarded as a separate legal entity, neither was it required to prepare a consolidated balance sheet under Guernsey law. The ruling of the Central Tax Board, which apparently indicates that the comparison should be made at the Guernsey level, could obviously lead to a situation where no qualifying consolidated balance sheet for balance sheet test purposes is available. Such fund structures could thus be denied the possibility to take advantage of the balance sheet test exemption. The ruling of the Central Tax Board has been appealed to the Supreme Administrative Court, which is expected to render its decision in early 2018.

For further information, please contact

Niklas Thibblin
Managing Partner
Jouni Kautto
Specialist Partner
Legal Updates / 16.05.2017

Opening of Finnish wholesale and retail natural gas markets for competition in 2020

The Finnish Government has on 11 May 2017 put forward a Government Bill regarding a new Natural Gas Market Act to the Finnish Parliament. The legislation concerning the natural gas market is proposed to enter into force on 1 January 2018, whereas the provisions concerning the separation of the natural gas transmission network from the production and sale of natural gas and the provisions concerning opening the natural gas market for competition will enter into force on 1 January 2020.

The purpose of the Government Bill is to open the wholesale and retail natural gas markets for competition in the beginning of 2020. The new Natural Gas Market Act will bring about the separation of the natural gas transmission network of the transmission network operator from the production and sale of natural gas by 2020, using the so-called effective unbundling model in the EU Directive on the internal market for natural gas (2009/73/EC).

The aim of the Government Bill is to improve the competitiveness of natural gas by less regulation concerning the wholesale and retail operations and distribution, as well as by abolishing the specific regulation regarding pricing of natural gas.

Furthermore, according to the Government Bill, provisions limiting unreasonable increases in the transmission and distribution fees of electricity and natural gas will be included in the Electricity Market Act and the new Natural Gas Market Act. The proposed maximum increase of fees is limited to an annual ceiling of 15% which, in addition, prohibits repeated 15% increases. The Finnish Energy Authority will monitor pricing and may intervene if violations are detected.

For further information, please contact

Latest Publications

Publications / 16.05.2017

Finance Global Guide 2017

A Q&A guide to secured lending in Finland. Published by Thomson Reuters Practical Law, May 2017.

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.

View the Finnish chapter here

Authors:

Tarja Wist
Founding Partner
Maria Pajuniemi
Associate
Publications / 12.05.2017

M&A in Finland

A Q&A guide to M&A in Finland. Published by Globe Business Media Group.

The Q&A gives a high level outline of M&A in Finland; Trends and Climate, Legal framework, Preparation; including due diligence requirements and stakebuilding, Documentation, Foreign Law and Ownership, Valuation and Consideration, Strategy; including general tips and hostile takeovers, Warranties and Indemnities, Tax and Fees, Management and Directors, Employees, as well as other Relevant Considerations; including competition, anti-bribery and bankruptcy.

View the Finnish chapter here

Authors:

Fredrik Lassenius
Specialist Partner
Kim Ekqvist
Associate

Latest Rankings

Rankings / 20.04.2017

Waselius & Wist recommended by The Legal500 in seven practice areas

Once again Waselius & Wist has been recognized as a top-tier firm and the firm’s partners as top-tier individuals in the Legal500. The firm is highly ranked in the following practices: Banking and finance, Capital markets, Corporate and M&A, Dispute resolution, EU and competition, Intellectual property and Tax.

Our partners were well regarded, comments including:

“Extremely thorough in all of his work”  (Niklas Thibblin)

“Provides a highly responsive and reliable service”  (Tarja Wist)

“Depth of experience and market knowledge”  (Lauri Peltola)

 

Read more: http://www.legal500.com/firms/13644/14442

Rankings / 12.04.2017

Waselius & Wist receives top rankings in the 2017 edition of Chambers Europe

We are proud to have once again been highly ranked in the Chambers Europe 2017, one of the leading directories to the world’s best lawyers. Our firm and our lawyers continue to be recommended in all our core practice areas.

Our clients and peers have praised our work, describing us as follows:

“It’s an outstanding service; we were thrilled and will retain them for future issues.”
“Hard-working and always delivers top quality.”
“Always very responsive, helpful and happy to get on the phone and talk about new ways of doing    things.”
“Their advice is accurate and client-oriented.”

“Has excellent knowledge of our case and business, focuses his attention on the most relevant points.” (Bernt Juthström)
“Very responsive and friendly to work with.” (Niklas Thibblin)
“Well versed in dispute resolution, commercial and corporate law.” (Tanja Jussila)
“It’s been a pleasure to work with her, she’s always available and she’s been very helpful.” (Lotta Pohjanpalo)

 

 

Read more: www.chambersandpartners.com/guide/europe/7

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