Finnish rules affecting the current and new virtual currency providers (i.e. cryptocurrency providers) have now come into force. As referred in our previous blog post, the Act on Virtual Currency Providers (572/2019) applies as of 1 May 2019. The Finnish Financial Supervisory Authority (the “FIN-FSA”) has also issued its Regulations and Guidelines 4/2019 concerning virtual […]

Is Finland the Next Crypto Tax Super Power?
July 1, 2019

Originally published at Kluwer International Tax Blog on 21 June 2019. Introduction The taxation of cryptocurrencies has managed to attract strong interest even among the general Finnish population. A key reason has been the perceived unfairness of crypto taxation, because a private person pays taxes on crypto gains but has been unable to deduct losses. […]

Euroopan unionin (EU) alueen yhteinen arvonlisäverojärjestelmä on parhaillaan suuremmassa myllerryksessä kuin koskaan ennen. EU:n komissio antoi vuonna 2016 toimintasuunnitelman (Action Plan on VAT), jossa se esitteli sarjan lyhyen ja pitkän aikavälin muutoksia ja niin sanotun lopullisen arvonlisäverojärjestelmän. On selvää, että vuosikymmenten varrella voimakkaasti muuttuneet ja erityisesti digitalisoituneet liiketoimintamallit kaipaavat tuekseen uusia pelisääntöjä. EU-tavarakaupan lopullisen alv-järjestelmän […]

The Digital Transformation of the Process Manufacturing Industry
June 18, 2019

The digital transformation of the process manufacturing industry is opening up new opportunities at an incredible pace. In order to keep up and stay competitive, many industrial organisations have been investing funds, skills and capabilities to adjust their businesses. In this blog post, our experts discuss essential topics on what to keep in mind when […]

The Implications of the Preventive Restructuring Directive in Sweden and Finland
June 6, 2019

After almost two years of intense negotiations between the Member States of the European Union (the “EU”), the Council of the EU approved today the Directive on Preventive Restructuring Frameworks, Second Chance and Measures to Increase the Efficiency of Restructuring, Insolvency, and Discharge Procedures (2016/0359) (the “Directive”). Thus, the Directive will enter into force on […]

Recent Developments in the Field of Insolvency and Restructuring
May 27, 2019

Last Wednesday, Hannes Snellman’s insolvency and restructuring practitioners had the pleasure to attend a one-day seminar in Stockholm arranged jointly by INSOL International and INSOL Europe and sponsored by Hannes Snellman. Hannes Snellman’s Counsel Jan Lilius was a member of the Main Organising Committee of the event, and Senior Advisor Matti Engelberg chaired one of […]

On 16 April 2019, the European Parliament adopted various reforms to the rules applicable to the distribution and marketing of collective investment funds. The reforms include amendments to the Alternative Investment Fund Managers Directive (the “AIFMD”), including harmonised rules on the pre-marketing of alternative investment funds (“AIFs”). The amendments are to be adopted by the […]

The Finnish Consumer Ombudsman has published new guidelines on how to communicate the commercial nature of influencer marketing to consumers. The guidelines, which are currently only available in Finnish (here), include practical examples concerning the most commonly used social media platforms. However, the principles contained in the guidelines are applicable to all influencer marketing. General […]

New Finnish Trademark Act and Other IP Reforms: Key Changes
May 2, 2019

The long-awaited new Finnish Trademark Act and other IP reforms entered into force on 1 May 2019. They bring about many improvements for brand owners – even beyond those mandated by the EU legislator to implement the Trademark Directive. Below is a snapshot of a few key changes. Overcoming Relative Grounds for Refusal Citations Becomes […]

In principle, the General Data Protection Regulation prohibits the processing of special categories of personal data, such as health data. In the current data economy, this prohibition has created a conflict between individual rights, such as privacy, and the imperatives of economic growth. Ahead of Finland’s Presidency of the Council of the European Union starting […]