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May-June 2010, Estonia, Latvia, Lithuania, Finland, Sweden

ROSCHIERRAIDLA NEWS 3/2010

RoschierRaidla:

an integrated cross-border operation of approximately 270 lawyers in five jurisdictions, including Roschier in Finland and Sweden and Raidla Lejins & Norcous in Estonia, Latvia and Lithuania.

Offers you:

solutions based on premier legal expertise in each jurisdiction;

uniform quality and best practices of international standard.

Raidla Lejins & Norcous - ESTONIA

Euro Adoption Act

Estonia looks set to adopt the European Union single currency from 1 January 2011, as all of the criteria of the Maastricht Treaty for entry into the euro have been fulfilled. Therefore preparations are underway for adopting the euro... read on >>

Other Legislative Developments

Changes in Company Law
Public Procurement Act Supplemented
Riigi Teataja (State Gazette) Act
Medicinal Products Act Amended
Tourism Act Specified
Agreement with European Space Agency Ratified
Supreme Court: Enforcing Shareholder Rights... read on >>

For more information please contact Raino Paron, raino.paron@rln.ee

Raidla Lejins & Norcous - LATVIA

Extensive Amendments to the Commercial Act

The recent amendments to the Commercial Act came into force on 1 May 2010. The new provisions are aimed to facilitate commencement of commercial activity, as well as to strengthen the safety of the commercial environment... read on >>

Investments as a Pathway to Residence Permit in Latvia

After long discussions the Parliament has passed amendments to the Immigration Act. The scope of persons entitled to apply for residence permits in Latvia has been extended. Starting from 1 July 2010 a foreigner will be entitled to apply for a Latvian residence permit... read on >>

Will the Pharmacy Ownership Restrictions Be Called Off?

According to the current version of the Pharmacy Act, as of 1 January 2011 only a professional and certified pharmacist will be allowed to own a pharmacy in Latvia... read on >>

Constitutional Court Does Not Find Undisputed Compulsory Execution of Obligations Proceedure Contrary to the Constitution of the Republic of Latvia

The Constitutional Court of Republic of Latvia (Satversme) has rendered its judgment deciding that the existing procedure of undisputed compulsory execution of obligations procedure is in compliance with Satversme... read on >>

For more information please contact Guntars Zile, guntars.zile@rln.lv

Raidla Lejins & Norcous - LITHUANIA

Restructuring Proceedings Becoming More Available for Enterprises with Temporal Financial Difficulties

Pursuant to the information of the Department of Enterprise Bankruptcy Management under the Ministry of Economy, at the moment there are 3052 ongoing bankruptcy proceedings and only 82 ongoing restructuring proceedings in Lithuania... read on >>

Towards Better Regulation of Bankruptcy Proceedings

As of 4 June 2010 a new Draft Law on the Amendment of the Law on Bankruptcy of Enterprises of the Republic of Lithuania was submitted to the Parliament. The main aim of the draft law is to improve the regulation of bankruptcy proceedings... read on >>

Amendments of the Law on Energy Finally Adopted by the Parliament

As of 3 December 2009, the Draft Law on the Amendment of the Law on Energy of the Republic of Lithuania was submitted to the Parliament by the Ministry of Energy. After certain improvements and a number of revisions... read on >>

News from Belarus Helpdesk... read on >>

For more information please contact Irmantas Norkus, irmantas.norkus@rln.lt

Roschier - FINLAND AND SWEDEN

Increasing Regulatory Requirements for the Private Equity Industry – The Challenges for the Parties Involved

In the pre-crisis world, private equity funds and managers to a large extent were not covered by the European regulatory directives. The assets managed by the private equity players were outside MiFID’s and its predecessor’s, ISD’s, scope. In the aftermath of the first part of the credit crisis... read on >>

For more information please contact Dimitrios Himonas, dimitrios.himonas@roschier.com in Finland
or Axel Calissendorff , axel.calissendorff@roschier.com in Sweden.

For more information on RoschierRaidla, please visit:
www.roschierraidla.com