Today the Ministry of Finance published the Diagnostic report on the Estonian capital market prepared by Civitta Eesti AS in cooperation with Sorainen. The project was launched by the Ministry of Finance in March 2018 and the initiative was supported by the Structural Reform Supportive Service of the European Commission and the European Bank for Reconstruction and Development.

The purpose of the legal and regulatory framework analysis carried out by Sorainen was to determine the current status of the capital markets ecosystem from legal and regulatory perspective, identify the gaps compared to international standards and best practices and to recommend high-level improvement levers. Based on the identification and review of the regulatory framework the gaps were determined and highlighted by comparing existing framework to international standards and best practises in reference countries.

Focus was set on the areas which are not regulated on EU level and could be influenced by developing or amending local legislation. More specific focus areas were based on the feedback from the interviews with market participants and agreed during the project. In the course of the project a wide range of market participants were interviewed and given the opportunity to express their views of the legislative gaps they have experienced in their everyday activities on the capital markets. This enabled the legal analysis also to focus more on the key areas that the market participants see as regulatory barriers on the market.

Our team assisting the client

Sorainen project team was led by partner Reimo Hammerberg and senior associate Kätlin Krisak.