JD Supra (Blogs)

1. TYPES OF BUSINESS ENTITIES AVAILABLE IN FINLAND - The most common forms of business entities in Finland are a limited liability company, a general or a limited partnership, and a co-operative. It is also possible to run a business as a branch of foreign enterprise. Other entities such as associations and foundations also exist, but such entities operate typically on non-profit basis and...

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER FINNISH LAW - Corporate restructuring in Finland - Insolvency legislation in Finland providesfor two alternative statutory processes: bankruptcy and corporate restructuring, which both have separate proceedings. The purpose of restructuring may be to rehabilitate the viability of the healthy parts of the business or to...

1. TYPES OF BUSINESS ENTITIES AVAILABLE IN FINLAND - The most common forms of business entities in Finland are a limited liability company, a general or a limited partnership, and a co-operative. It is also possible to run a business as a branch of foreign enterprise. Other entities such as associations and foundations also exist, but such entities operate typically on non-profit basis and...

1. TYPES OF BUSINESS ENTITIES TYPES OF BUSINESS ENTITIES AVAILABLE IN FINLAND - The most common forms of business entities in Finland are a limited liability company, a general or a limited partnership, and a co-operative. It is also possible to run a business as a branch of foreign enterprise. Other entities such as associations and foundations also exist, but such entities operate typically

• JD Supra Finland

1. TYPES OF BUSINESS ENTITIES AVAILABLE IN FINLAND - The most common forms of business entities in Finland are a limited liability company, a general or a limited partnership, and a cooperative. It is also possible to run a business as a branch of foreign enterprise. Other entities such as associations and foundations also exist, but such entities operate typically on non-profit basis and are

• JD Supra Finland

Deals are generally not blocked in Finland, and are reviewed mostly when in the defense and dual-use sectors - The Finnish government views foreign ownership positively as a catalyst for increasing internationalization and competitiveness. Deals are restricted only when they meet very specific criteria.

• JD Supra Finland

CEP Magazine (October 2020) - LocalBitcoins, a Finnish peer-to-peer bitcoin marketplace plagued by criminal transactions, has spent the past year bolstering its compliance functions after a study found that the marketplace processed the most criminal transactions of any cryptocurrency platform in the world....

• JD Supra Finland

Following the outbreak of COVID-19 and its development into a global pandemic, organizations have been implementing exceptional measures to safeguard employees, customers and others against the health threat. Organizations are also endeavouring to maintain 'business as usual' to the extent allowed by their particular circumstances. We already discussed the resulting data protection compliance...

• JD Supra Finland

The Finnish Government has prepared an extensive package of approximately EUR 1.45 billion to support companies and to alleviate the negative effects of COVID-19 epidemic. In the administrative sector of the Ministry of Economic Affairs and Employment, business financing is provided by Finnvera, Business Finland, ELY Centres and Finnish Industry Investment. In addition, the Finnish Government has

• JD Supra Finland

On February 26, 2020, the city of Helsinki announced the opening of applications for the Helsinki Energy Challenge (HEC), which aims to address challenges associated with urban heating produced with coal. According to its press release, Helsinki is one of the leading cities in the transition toward a sustainable future. Its aim is to achieve carbon neutrality by 2035.

• JD Supra Finland

On February 19, 2020, the University of Oulu, Finland, announced that scientists from its Research Unit of Sustainable Chemistry have developed a new synthetic bioplastic that provides protection from ultraviolet (UV) radiation.

• JD Supra Finland

Minimum Age for Continued Unemployment Allowance Rises - New Legislation Enacted - The minimum age for continued unemployment allowance for unemployed persons born on 1961 and thereafter will rise to 62 years. An unemployed person can receive unemployment allowances for a maximum of 500 days.

• JD Supra Finland

Deals are generally not blocked in Finland - The Finnish government views foreign ownership positively as a catalyst for increasing internationalization and competitiveness. Deals are only restricted when they meet very specific criteria. The objective of the Finnish Act on Monitoring Foreign Ownership (172/2012), also known as the “Monitoring Act,” is to assess foreign investments for their...

• JD Supra Finland

Q1/ Applicable legislation (a) Have the requirements of the GDPR been addressed by introducing a new law, or by updating existing legislation? New legislation has been passed. ——— (b) Relevant legislation includes: Finnish Data Protection Act (1050/2018) (the “Data Protection Act”) - Date in force: 1 January 2019...

• JD Supra Finland

The new Working Time Act addresses changes in the labor market and in working life. It also responds to the requirements of the Working Time Directive and its interpretative practice. The changes will take effect on January 1, 2020.

• JD Supra Finland

Nordic M&A activity has staged something of a comeback. Q2 2019 witnessed a sharp quarter-on-quarter rise in total value of 198% (to US$25.6 billion) versus a slight 6% fall in volume (to 259 deals), giving reason for optimism. However, while such spikes may be caused by a resurgence in big-ticket deal activity, the largest transaction of the quarter was valued at a relatively modest US$3.6...

• JD Supra Finland

Amendment to Law Simplifies Terminations of Employment Contracts - New Legislation Enacted - On July 1, 2019, the amendment to Chapter 7, Section 2, Subsection 1 of the Employment Contracts Act (55/2001) comes into force. The amendment makes it easier for small employers (with some 20 or less employees) to fulfill the legal grounds for terminating employment contracts.

• JD Supra Finland

The Finnish Data Protection Authority has ordered a company to modify its automated practices for assessing creditworthiness. The authority held that the Credit Decision Service in the company’s online environment is an automatic decision-making procedure under Article 22 GDPR.

• JD Supra Finland

A new Working Hours Act (työaikalaki) approved by the Finnish Parliament on March, 13, 2019, will enter into force on January, 1, 2020, and applies to remote working, but it does not apply to work that is performed almost entirely outside a fixed workplace so that the employer cannot monitor it.

• JD Supra Finland

What claims may be brought for liability for defective products? Is liability based on fault/ negligence, or strict liability, or both? Product liability can appear in various forms, and defective product claims can be brought under the Product Liability Act (694/1990), the Sale of Goods Act (355/1987), the Consumer Protection Act (38/1978), and in non-contractual circumstances, the Tort...

• JD Supra Finland

Deals are generally not blocked in Finland - The Finnish government views foreign ownership positively as a catalyst for increasing internationalization and competitiveness. Deals are only restricted when they meet very specific criteria. The objective of the Finnish Act on Monitoring Foreign Ownership (172/2012), also known as the "Monitoring Act," is to assess foreign investments for their...

• JD Supra Finland

Government Proposal Regarding New Working Hours Act - Proposed Bill or Initiative - A government proposal (HE 158/2018) regarding a new Working Hours Act and related acts was presented to the Finnish parliament in September.

• JD Supra Finland

New Zero-Hour Contract Legislation Enacted - New Legislation Enacted - On June 1, 2018, new legislation regarding zero-hour employment contracts took effect. A zero-hour contract is an employment agreement where the employee is required to work a set of variable of hours and work on demand. Under the new legislation, an employer may not offer a variable working time contract to an employee...

• JD Supra Finland

The tenth Helsinki Chemicals Forum was held on June 14-15, 2018, in Helsinki, Finland. According to the Conference Report, prepared by Chemical Watch, 168 delegates from 37 countries attended. The final debate at the Forum used nanomaterials as a case study to argue whether product stewardship can replace regulation. Roger Drew, ToxConsult, moderated the debate between David Azoulay, Center...

• JD Supra Finland

Deals are generally not blocked in Finland - The Finnish government views foreign ownership positively as a catalyst for increasing internationalization and competitiveness. Deals are only restricted when they meet very specific criteria. The objective of the Finnish Act on Monitoring Foreign Ownership (172/2012), also known as the "Monitoring Act," is to assess foreign investments for their...

• JD Supra Finland

Finland is an enviable destination for depositions. First of all, there is plenty of coffee! Finns drink more coffee than any other nation in the world. No one will have any issues remaining alert through a deposition in this country. In seriousness, though, Finland makes scheduling depositions easy, and it is a unique and gorgeous country to visit, should you be attending the depositions in...

• JD Supra Finland

According to the M&A Attractiveness Index, developed by the M&A Research Centre at Cass Business School, Finland is now ranked 25th out of a total of 147 countries in terms of its attractiveness for M&A purposes, (i.e., its ability to attract and sustain business activity). Over the past six years of the Index, Finland has been oscillating between ranking in the mid-teens to mid-twenties,...

• JD Supra Finland

In a momentous judgment, the European Court of Justice (“ECJ”) today invalidated the European Commission’s decision establishing the E.U.-US Safe Harbor for transfers of personal data (“Safe Harbor Decision”). The ruling was made with record dispatch, following on an Advocate General Opinion recommending invalidation that was delivered to the Court only two weeks ago.

• JD Supra Finland

Unfortunately, not all countries permit the taking of depositions. Mainland China, though a party to the Hague Evidence Convention, is just one example. Russia is not a party to the Hague Evidence Convention and does not permit the taking of voluntary depositions of willing witnesses. There are ways to depose your voluntary Russian witness, however, provided that your witness is willing to...

• JD Supra Finland

Taking depositions in Finland is a fairly simple process. There is no visa requirement for U.S. citizens, and no restrictions as far as where in Finland you can depose a witness (see U.S. State Department – Finland). Once the dates have been finalized for your depositions, you will then decide if you will attend them in person or via videoconference.