Legal Updates

Quarterly Financial Sector Newsletter 3/2021

We understand that it may be difficult to stay up-to-date with the boundless financial news flow. We have therefore compiled an update on the season’s key highlights and regulative changes in the financial sector, which we hope will help you stay on track.

Below you will find key highlights on a more general level and down below more detailed highlights concerning different types of licensed companies operating in the financial sector. Read more

New GDPR standard contractual clauses available for use as of 27 June 2021

On 4 June 2021, the European Commission published the final version of the implementing decision on the below two sets of standard contractual clauses that may both be used by businesses as of 27 June 2021: Read more

Quarterly Financial Sector Newsletter 2/2021

We understand that it may be difficult to stay up-to-date with the boundless financial news flow. We have therefore compiled an update on the season’s key highlights and regulative changes in the financial sector, which we hope will help you stay on track.

Below you will find key highlights on a more general level and down below more detailed highlights concerning different types of licensed companies operating in the financial sector. Read more

Partial revocation of a trade name in administrative proceedings possible as of 1 May 2021

In connection with the reform of the Finnish Trademarks Act in 2019, the Finnish Trade Names Act was also amended. The amendment introduces a possibility to partially revoke a trade name due to non-use by filing an action in administrative proceedings with the Finnish Patent and Registration Office (“Office”), as an alternative to civil proceedings. Read more

Quarterly Financial Sector Newsletter

We understand that it may be difficult to stay up-to-date with the boundless financial news flow. We have therefore compiled an update on the season’s key highlights and regulative changes in the financial sector, which we hope will help you stay on track.

Below you will find key highlights on a more general level and down below more detailed highlights concerning different types of licensed companies operating in the financial sector. Read more

Mehiläinen/Pihlajalinna tie-up falls apart in the Market Court

The Market Court has rendered its much awaited, albeit brief, decision in the case concerning the proposed “3 to 2” merger in the Finnish health care market between Mehiläinen Yhtiöt Oy and Pihlajalinna Oyj on 29 December 2020. The Market Court did not rule on the merits of the proposed merger due to the deal having been abandoned. Read more

The Effects of UK leaving the EU on EU Trademarks and Community Designs

After 1 January 2021, UK is no longer part of the EU. Consequently, EU trademark applications and Community design applications filed after 31 December 2020 will no longer receive protection in the UK.

In relation to existing EU trademarks, Community designs, unregistered Community designs as well as any pending applications, the UK trademark authority has agreed to take following measures: Read more

International transfers of personal data – recent developments post CJEU Schrems II judgement

In July 2020 the Court of Justice of the European Union (CJEU) delivered its judgement in the Schrems II case where the CJEU declared that the Privacy Shield mechanism, enabling a legal transfer of personal data from the EEA to the US, is invalid. This mainly because US laws, not following the principle of proportionality included in the GDPR, allow excessive access and use by US surveillance authorities to personal data. Also, there is no remedy available to EU data subjects to ensure protection of their personal data after it has been transferred to the US. Organizations that have relied on the Privacy Shield mechanism must post Schrems II have alternative transfer mechanisms in place in order to be able to legally transfer personal data from the EEA to the US. Such alternative transfer mechanisms may, amongst others, include Standard Contractual Clauses (SCC). Read more

New rules concerning non-compete obligation in employment contracts

Under the Employment Contracts Act, the employer and the employee may agree on a non-compete obligation only in limited circumstances. However, in practice the criteria have been vague and non-compete obligations have been more commonly used than what was intended. The reform of the Employment Contracts Act aims to change this situation and force employers to carefully consider when to include non-compete obligation in an employment contract. Read more

Marketing of UK funds in Finland after the end of Brexit transitional period

ORIGINALLY PUBLISHED ON 14 OCTOBER 2020, UPDATED ON 4 NOVEMBER 2020

The Finnish Financial Supervisory Authority (“FIN-FSA”) has on 13 October 2020 issued guidance regarding funds and fund managers (AIFMs and UCITS) domiciled in the United Kingdom as regards enabling uninterrupted marketing activities in Finland after the end of the Brexit transitional period on 31 December 2020.  Read more