The state will start assessing the reliability of certain foreign investments made in Estonia
In January 2023, the Riigikogu adopted the Foreign Investment Reliability Assessment Act (FIRAA), on the basis of which the state will start assessing the reliability of certain foreign investments made from non-EU countries to Estonia, to ensure the security and public order of Estonia and other Member States of the EU. The Act will enter into force only on 1 September 2023, however it is important for the undertakings already now, when planning to involve investments from outside the EU.
DORA Takeaways for Legal and IT Departments
The increased digitalisation of the financial sector also shines more light on the risks related to it. Recent cases in Estonia (SEB, Luminor), Sweden and Finland have shown that information and communication technology (ICT) related incidents are occurring more frequently, and as market participants may have already noticed, financial supervision in Estonia and in Finland is now focusing more on ICT risk management. Therefore, the qualitative requirements for ICT risk mitigation are becoming more and more important.
Amendments to the Occupational Health and Safety Act
Amendments to the Occupational Health Safety Act took effect on 19 November 2022, with the aim of increasing clarity for employers and employees in complying with occupational health and safety requirements in remote work (teleworking).
The work of KPMG Law Estonia is once again highly recognised in the latest 2022 issue of The Legal 500
The Legal 500 is a prestigious international legal directory that for nearly 30 years has been conducting independent research on the legal market in more than 100 countries to identify the best law firms and lawyers.
Changes related to the provision of the virtual currency service came into force today
Today, on 15th of March 2022, new changes to the Estonian Money Laundering and Terrorist Financing Prevention Act (MLTFPA) regarding virtual currency services will enter into force.
Crowdfunding service providers must have an authorisation to provide crowdfunding services
As of 10.11.2022, all crowdfunding service providers (CSP) who (intend to) provide crowdfunding services falling within the scope of the EU Crowdfunding Regulation ((EU) 2020/1503) (CFR) must have relevant authorisation and meet the new requirements.
New draft law proposed in Estonia to regulate virtual currency service providers
On 21.09.2021, the Estonian Ministry of Finance published a draft bill to amend the Estonian Money Laundering and Terrorist Financing Prevention Act (MLTFPA).
Attorney-at-law Urmas Kukk joined Advokaadibüroo KPMG Law
Experienced expert and attorney-at-law Urmas Kukk joined the KPMG Law’s team.