We advised GS Core on applying for an operating licence from the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon). GS Core is part of the Swedish financial holding company Marginalen AB and is involved in both credit purchasing and credit management. The client submitted the licence application to Finantsinspektsioon on 13 September 2024, which made a positive decision to issue the licence to the client on 23 December 2024.
New regulation for debt collection agencies
The Credit Collection and Purchasers Act, which came into force on 14 July 2024, established a requirement for providers of credit management services to hold a credit collection licence issued by Finantsinspektsioon. This Act transposed EU Directive 2021/2167 into Estonian law and, among other things, established a common operational framework and requirements for credit collection agencies.
Our services and client team
We advised the client throughout the entire process of preparing and reviewing the licence application, including analysing the client’s business and operational model. We provided guidance on the development of a compliant organisational structure, as well as on internal management and other processes. We also assisted with preparing all necessary information and documents, including the business plan, documentation for the suitability assessment for managers and owners, all the required internal regulations, IT documentation, etc. In addition, we represented the client during communication with Finantsinspektsioon.
Our team was led by counsel Hetti Lump-Kivisaari, supported by partner Kätlin Krisak, senior associate Liisa Maria Kuuskmaa, and associate Stella Victoria Ojala.
Client feedback
Feedback from Sofia Kirsimaa, a member of the management board of GS Core: “I would like to thank Sorainen for their professional legal assistance.”
