The EU’s General Data Protection Regulation, GDPR, entered into force on 25 May with the goal of unifying data protection legislation across Europe. It also requires that transparency and the power of the individual be increased in data processing. In Finland, the GDPR doesn’t radically change the basic pillars of data protection legislation, but rather is in line with the Finnish regulations that have been applied for the past 30 years.
Public debate about the new regulation has focused on a few individual questions, and administrative sanctions have taken on an oversized role in the debate. I personally wish that, instead of fixating on fines, the upper management of organisations would stop to think about how to secure data-based business operations in the event the authorities prohibit the use of data or order the deletion of data. Another important thing to ponder would be what the careless processing of data could mean to the reputation of a company. This latter issue is a subject that has gotten a great deal of media attention recently. There is more at play than the bogeyman of huge fines.
My hope is that the GDPR gets professionals from different fields to work together better and that this becomes on new export for the EU. We’ll know if my hopes come true in 2020 when the Commission is set to examine the practical impacts of the new regulations.
It is important for us lawyers to understand the logic underlying data systems as well as business needs and strategy if we are to come up with sustainable solutions for our clients. IT experts in turn need to understand the main principles of the law so that they can make sure that data systems and services comply with regulations.
Corporate management for its part needs to understand the opportunities offered by technology and the requirements of the law in order to make their businesses more innovative and profitable. Let’s make the most of this change!
A wise person once said, ‘Dear past, thank you for the lessons; dear future, we are ready’. We are ready at Castrén & Snellman—I hope you are, too!
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Latest references
Nscale – Data centre project
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
Taaleri – Acquisition of a majority stake in Nordic Science Investments
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
Finnish Centre for Pensions – Information design workshop
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
Aktia Bank – EUR 80 million AT1 bond
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