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Waselius & Wist represented Francisco Partners in the Finnish law aspects of the acquisition of Verifone Systems, Inc. (NYSE: PAY) by Francisco Partners and British Columbia Investment Management Corporation (BCI).
Verifone is a payments technology provider that offers products and services in more than 150 countries worldwide, including in Finland through the regulated payment institution Verifone Finland Oy.
Value: USD 3.4 billion
Waselius & Wist represented Oerlikon in its acquisition of an innovative Finnish coating producer. Oerlikon Balzers is one of the world’s leading suppliers of innovative surface technologies. Oerlikon Balzers operates a dynamically growing network of more than 100 coating centres in 35 countries in Europe, America and Asia.
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.
For further information, please contact
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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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.
An updated Q&A guide to Finance and Secured Lending in Finland. Published by Globe Business Media Group.
The Q&A gives a high level outline of secured lending in Finland, including key issues such as structuring, security take and enforcement. This Q&A guide will serve as a useful tool for both bank and alternative lenders considering lending into Finland or taking guarantees and security from Finnish companies.
Read more here.
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
Tarja Wist is recognised as one of the Women Leaders by IFLR1000. Tarja Wist is a founding partner of Waselius & Wist, a leading Finnish law firm, and an internationally highly recognised professional who boasts more than 20 years’ in practice, making her one of the most experienced finance and capital markets lawyers in Helsinki. Her work has ranged the first and to-date most significant auto-loan securitisations in the country’s history to landmark IPOs and public takeovers.
The guide recognises 300 female lawyers they consider to be among the best transactional specialists in their markets and practice areas. All the lawyers in Women Leaders are IFLR1000 Leading Lawyers and all the individuals who appear in the guide have impressive track records and are consistently recommended by clients and peers.
The proportion of women in the legal profession is increasing at entry level and the hope is women will soon be better represented in senior positions too. With this guide IFLR1000 aims to promote women who, in spite of working in what has traditionally been a male dominated profession, have progressed to the top of the financial and corporate law market.
Women Leaders, a new supplement by the IFLR1000, is now available to view online, Read more.