Finnish FDI screening under reform — Update following the stakeholder consultation

Finnish FDI screening under reform — Update following the stakeholder consultation

With EU member states implementing and expanding their foreign direct investment regimes and increasingly scrutinising reviews of foreign investments in critical sectors, the regulatory environment for cross-border investments and other change of ownership arrangements is more complex than ever before.

In many corporate transactions, it is necessary to consider whether the transaction could impact the national interests of Finland or another country and therefore require a regulatory filing with the authorities in one or more jurisdictions. As foreign direct investments (FDI) and cross-border corporate transactions more often require regulatory filings under different regulatory regimes and jurisdictions, it is increasingly important to carefully assess the implications of possible FDI regulatory filings on deal certainty and transaction timeline. It is also advisable to carefully plan the filing process and to customise the relevant deal terms appropriately.

Our experienced FDI regulation experts regularly perform FDI reviews and advise clients in authority proceedings related to investments and other ownership arrangements. We evaluate the applicability of the regulatory filing requirements as well as the likelihood of success and the potential risks of contemplated investments for our clients in the Finnish regulatory framework and determine how the filing requirements should be taken into consideration in the timeline and conditions of the transaction.

We know the changing FDI regulatory environment thoroughly. As our client, you will benefit from our extensive service offering, successful project management and recognised ability to execute complex transactions. In international regulatory matters, your project is supported by our unique global network of law firms.

Our clients include international corporations as well as private equity funds and other investors acquiring or establishing businesses in Finland or carrying out corporate transactions that directly or indirectly affect the ownership of a Finnish business. Through our international partner network, we also advise Finnish clients in their corporate and ownership arrangements that may require an analysis of FDI issues in jurisdictions outside Finland.

Our services include

  • Strategic advice related to the FDI approval process
  • Analysing the need for application and/or notification under Finnish FDI regulation in relation to agreements, investments and other transactions
  • Coordinating the work of foreign counsel with regard to the FDI analysis in other jurisdictions
  • Drafting and submitting the applications and notifications
  • Advice during the proceedings and project management of the FDI notification process as a whole

Latest references

Castrén & Snellman advised Nscale, a European AI infrastructure company, in connection with its planned data centre project in Harjavalta, Finland. The facility will be located in the Sievari industrial area. Castrén & Snellman’s advisory role encompassed the negotiation and execution of a site securing and development agreement (SSDA) with Fortum, as well as the preliminary land sale process for the Sievari site with the Town of Harjavalta. Under the SSDA, Fortum supports the advancement of Nscale’s project development, including grid connection design and permitting.
Case published 15.4.2026
We are acting as legal adviser to Taaleri Plc on its acquisition of a 51 per cent ownership stake in Nordic Science Investments Oy (NSI), marking Taaleri’s expansion into deeptech-driven venture capital. Through the transaction, Taaleri broadens its private equity offering into early-stage venture capital funds as well as the commercialisation and scaling of research-driven innovations. NSI is a Finnish venture capital fund manager operating across the Nordic and Baltic regions, focusing on early-stage investments in research- and science-based technologies. Its portfolio companies develop, among other things, health technologies, life sciences, advanced materials and AI-driven solutions. In addition to providing growth capital, NSI supports spin-out companies with strategic guidance, access to networks and assistance in building teams during the early phases of business development. NSI’s first fund, the EUR 45 million NSI Nordic Science I Ky, was established in 2024 and has to date invested in 22 early-stage companies in Finland, Sweden and the Baltic countries. Taaleri is a specialist in investments, private asset management and non-life insurance, with a strong position in renewable energy, bioindustry and housing investments as well as credit risk insurance. Taaleri has EUR 2.7 billion of assets under management in its private equity funds, co-investments and single-asset vehicles, employs approximately 130 people and is listed on Nasdaq Helsinki. The founders of NSI will continue in their operational roles following the transaction. The completion of the transaction is subject to approval by the FIN-FSA.
Case published 13.4.2026
We delivered two information design workshops for the legal department of the Finnish Centre for Pensions, with participants from both legal and other professional backgrounds. In the sessions, we applied the principles of legal design thinking to the Finnish Centre for Pensions’ field of operation and background materials, also utilising AI as a design tool. The participants found the tailored training highly useful and commended the trainers for their in-depth familiarisation with the Centre’s opinion drafting process and operating environment. As a result of the workshops, our experts proposed a new structural and linguistic model for the legal department of the Finnish Centre for Pensions for drafting opinions and guidelines. The proposal was well received as clear and applicable to the participants’ everyday work. In addition, we presented tailored AI use cases to support experts, allowing for a more efficient AI-assisted way of working. Our experts who delivered the workshops combined their legal expertise with their leading experience in legal design. The participants appreciated this versatile expertise, which enabled a knowledgeable, creative and applied approach to legal writing. ‘C&S created a well-structured training tailored to our needs, providing clear direction for our organisation and concrete takeaways for our experts in their day-to-day work,’ says Mari Kuunvalo, Head Of the Legal Department at the Finnish Centre for Pensions.
Case published 10.4.2026
We advised Aktia Bank Plc on the issuance of an EUR 80 million Additional Tier 1 (AT1) bond. The bond pays a fixed interest rate of 6.75 per cent semi-annually. The bond is perpetual, and Aktia has the right to redeem or repurchase it in accordance with the terms of the bond, subject to certain conditions. The bond was issued on 1 April 2026. In addition, we assisted Aktia in listing the bond on the Nasdaq Helsinki Ltd stock exchange. For the listing, we prepared Finland’s first EU Follow-on prospectus for a bond. The EU Follow-on prospectus was introduced on 5 March 2026 with an update to the Prospectus Regulation (EU) No. 2017/1129. The EU Follow-on prospectus is a new type of prospectus that can be used, among others, by issuers whose securities have been admitted to trading on a regulated market continuously for at least the 18 months preceding the offer to the public or the admission to trading on a regulated market of the new securities. A follow-on prospectus is simpler than a so-called traditional prospectus, and it is intended to avoid repeating information that the issuer has already disclosed. Nordea Bank Abp acts as the sole structuring advisor for the issue of the Notes. Nordea Bank Abp, Danske Bank A/S and ABN Amro Bank N.V. act as the lead managers for the issue of the Notes. 
Case published 7.4.2026