3.7.2015

Private Enforcement of Competition Law under Revision in Finland – Working Group Published Report Proposing New Legislation

A working group appointed by the Ministry of Employment and the Economy has published a report on 16 June 2015 proposing amendments to the provisions governing actions for damages under competition law in Finland (report available only in Finnish). The report was drafted into the form of a government proposal. The report proposes an entirely new act on actions for damages on the basis of an infringement of competition law. The proposal is based on the EU directive on antitrust damages actions, which must be implemented nationally no later than on 27 December 2016. 

The aim of the Directive and the subsequent national law is, among other things, to ease the raising of claims for damages and to develop the proceedings in such a way that those suffering from infringements of competition law could be fully compensated for the damage.

The proposed act will make the legislative environment more favourable for the claimants in competition law private enforcement in Finland. It can be expected that with the entry into force of this act, the number of damages actions under competition law will continue to increase.

To a large degree, the new act would contain provisions on minimum requirements under the Directive that are already now implemented in the Finnish national law. However, the Directive requires the enactment of certain provisions that to date are not included in the Finnish law. The report proposes that the following provisions be implemented into the new act on actions for damages on the basis of an infringement of competition law:

 

The position of an immunity recipient would also be more favourable in comparison to the other parties to an infringement with respect to recourse liability. As a rule, the damages payable should be allocated to those liable in view of the level of guilt of the party concerned. The amount of damages payable by the party that has been granted immunity from fines under a leniency programme may not, however, exceed the amount of the damage it caused to its own direct or indirect purchasers or providers.

 

The report proposes economic succession for damage liability, although this issue is not required or even discussed in the Directive. In the report, economic succession refers to a situation, such as a transfer of business, in which the purchaser is also obligated to pay any damage caused by the target of the acquisition in the period preceding the transaction, if the purchaser was aware or should have been aware about the infringement. At least to date, corresponding legislation or case law is non-existent in other EU Member States.

On the other hand, the report does not propose that certain issues allowed under the Directive should be implemented into national law. For example, the reduction of fines due to a settlement is not proposed to be implemented into Finnish law, although this would be possible under the Directive.

It is still possible to influence the contents of the new provisions before the matter is referred to the Finnish Parliament. Comments may be submitted to the Ministry of Employment and the Economy by 11 September 2015. We are pleased to discuss the practical implications of the proposal for your company.

 

For further information, please contact:
Sari Hiltunen
Mikko Huimala
Salla Mäntykangas-Saarinen

 

 

Latest references

We advised Hopeasalmen Telakka Oy, part of Marina Group, on the acquisitions of Iisiveneily and Porvoon Venekorjaamo. The transactions form part of Marina Group’s expansion into the Finnish marina and boatyard sector, strengthening its position under the Quattro Marine brand. Following the acquisitions, Quattro Marine’s Finnish operations comprise Hopeasalmen Telakka, which operates boatyard facilities in Helsinki’s Mustikkamaa and in Tolkkinen, Porvoo, together with Iisiveneily and Porvoon Venekorjaamo. Marina Group is a Norwegian marina and boatyard consortium owned by the private equity sponsor Norvestor. It has grown rapidly through acquisitions to become the Nordic region’s largest boating services provider, having acquired 24 marinas and boatyards across Norway, Sweden and Finland within roughly a year.
Case published 24.8.2026
We advised Neste as it signed a EUR 250 million 10-year loan with NIB. The loan will finance Neste’s investments related to research and development (R&D) in processing lower-quality feedstocks into high-quality renewable products; as well as the liquefied waste plastics (LWP) investment at Neste’s refinery in Porvoo, Finland. The R&D activities supported by the loan focus on the development of renewable solutions. These include, for example, expanding feedstock capabilities and technologies that enable the processing of new and lower-quality waste and residues into high-quality renewable end products. Part of the financing supports Neste’s liquefied waste plastics investment in Porvoo, related to upgrading low-quality plastic waste into high-quality feedstock at an industrial scale. The investment contributes to advancing circular economy solutions by enabling the use of hard-to-recycle plastic waste as a replacement for virgin fossil raw materials. The unit has an annual capacity to process up to 150,000 tonnes of liquefied waste plastic. Production ramp-up commenced in 2026.
Case published 19.8.2026
We advised Aspo Plc, ESL Shipping Ltd and AtoBatC Shipping AB in relation to finance matters in connection with the demerger of Aspo, by which all the shares in ESL Shipping Ltd held by Aspo, together with the related assets and liabilities, will be transferred to a new independent company to be named ESL Shipping Group Plc. Aspo intends to apply for the shares of ESL Shipping Group to be admitted to trading on the regulated market of Nasdaq Helsinki. It is further intended that Aspo be renamed Telko Group Plc. 
Case published 19.8.2026
We acted as Finnish law legal adviser to the lenders and the export credit agencies in connection with the EUR 514.4 million green project financing for the development and construction of Easpring Finland New Materials Oy’s cathode active material (CAM) manufacturing plant in Kotka, Finland. The borrower, Easpring Finland New Materials Oy, is a joint venture owned by Beijing Easpring Material Technology, Finnish Minerals Group and LG Energy Solution. The financing was provided by six international commercial banks, with Société Générale acting as financial adviser and mandated lead arranger together with Natixis as co-mandated lead arranger, and DNB, ICBC, ING and Standard Chartered participating as lenders, with support from the export credit agencies Finnvera and Sinosure. The project represents a significant milestone for Finland and the European battery value chain by strengthening Europe’s domestic supply of cathode active materials, a key component in lithium-ion batteries for electric vehicles and energy storage applications. Once the first phase of the project is operational, the Kotka facility is expected to produce approximately 60,000 tonnes of cathode active material annually, making it one of the largest CAM production plants in Europe and supplying leading battery manufacturers across Europe. 
Case published 21.7.2026