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Waselius & Wist successfully represented Bayer Oy in public procurement litigation in the Market Court relating to a major procurement of blood glucose meters.
To strengthen our team, we are looking for lawyers interested especially in Corporate and Tax law or Banking and Finance. Please see our job advertisement (available only in Finnish).
We are also looking for an energetic and positive assistant. For further information about the position, please see here.
The Finnish Financial Supervisory Authority (FFSA) imposes penalties for breach of conduct rules by investment advisors
Following inspections conducted by the FFSA in 2015 and 2016, the FFSA issued on 6 March 2017 public warnings to and imposed penalty payments on four Finnish investment advisors. The inspections focused on the sale of investment fund products and structured financial instruments to non-professional clients over the age of 70. The public warnings were issued for negligence in relation to the obligations to obtain information from clients and to assess the suitability of the investment products prior to offering relevant investment advice The penalty payments, ranging from EUR 20,000 to EUR 1,000,000, were ordered first and foremost for omissions concerning documentation requirements in relation to the information obtained from clients and suitability assessments.
The inspections by the FFSA revealed multiple cases of non-compliance with statutory obligations. Violations were identified in relation to the obligation to obtain information on, among other things, the clients’ investment objectives, experience and knowledge, risk appetite and risk profile. One of the companies had failed to take adequate action to identify and prevent conflict of interest situations. In addition, there were shortcomings in the documentation of the information obtained and in the documentation of suitability assessments. The FFSA stressed that proper records enable an ex post verification of the course of events, which is necessary for the functioning and effectiveness of the FFSA’s supervision.
The decisions of the FFSA are a stark reminder of the detailed conduct of business rules and obligations that investment service providers must comply with. The decisions highlight the importance of well-designed and functioning internal processes to ensure compliance, proper training of relevant staff members and prudent adherence to the documentation and client assessment requirements. In providing investment advice, special attention must be given to the circumstances, risk profiles and expectations of individual clients. Investment advice must be guided by the interests of the client and extra precautions must be taken to avoid potential conflict of interests.
For further information, please contact
As part of the Finnish Government’s efforts to boost the competitiveness of Finnish companies and balance the public finance, several modifications to the Finnish employment legislation were introduced as of 1 January 2017. The modifications aim to increase flexibility on the Finnish labor market and curtail the increase of costs of the Finnish statutory pension system.
Employment Contracts Act
The maximum duration of a trial period is extended from four to six months. The trial period may be further extended if the employee is absent from work during the trial period due to sickness or family leave.
The employers are given the right to conclude a fixed term employment agreement with duration up to twelve months with a new employee if the employee has been continuously unemployed for the preceding twelve months.
The employer’s obligation to re-employ an employee whose employment has been terminated due to redundancy is limited from current nine months to four months for employees who have been employed by the employer for less than twelve years prior to the termination and to six months for other employees.
Employers who employ 30 or more employees in Finland are obliged to provide outplacement services to employees whose employments are terminated due to redundancy. The value of the outplacement services has to be approximately equal to the higher of the employee’s monthly salary or the average monthly salary of the employer’s all employees in Finland and the services have to be provided to the employees within two months after the expiry of the applicable notice periods.
Act on Co-operation within Undertakings
The Act’s scope of application is extended to cover branch offices of foreign entities in the same way as Finnish companies. Accordingly, a branch office of a foreign entity is obliged to observe the provisions of the Act if the branch office regularly employs 20 or more employees in Finland.
Employees Pensions Act
The statutory employment pension system is reformed and the statutory pension age increased. At the first stage the statutory pension age increases incrementally from 63 years and 3 months (for employees born in 1955) to 65 years (for employees born between 1962 and 1964). Beginning from 2030, when the employees born in 1965 start to reach the statutory pension age, the statutory pension age will be reviewed annually based on the expected life span.
For further information, please contact
A Q&A guide to real estate law in Finland. Published by Globe Business Media Group.
The Q&A gives a high level overview of the real estate market; Trends and prospects, Rights and Registration, Sale and Purchase; including brokerage, due diligence, preliminary agreements, contracts, obligations and liabilities, taxes, transfer of title, timeframe, Leases; including contracts, length of term, rent, sub-letting, obligations and liabilities, taxes, termination and eviction, Finance; including finance providers, financing structures, enforcement of security, Investment; including investment climate, investors, investment structures, Planning and Environmental issues.
The ICLG Litigation & Dispute Resolution 2017 demonstrates practical cross-border insights into litigation and dispute resolution work.
Published by Global Legal Group in April 2017.
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
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