Financial Regulation

Financial Regulation

Finance is one of the most thoroughly and complexly regulated fields. We are a reliable and skilled partner in all issues you may encounter due to regulation and evolving market. We are renowned for our appetite to take on even the most complex and challenging regulatory situations. Instead of shying away, we handle these matters with enthusiasm and commitment, always acting in the best interests of our clients.

In addition to client assignments, we participate actively in legislative work and in developing market practices. Janne Lauha currently chairs the Finnish Bar Association’s Securities and Finance Law Expert Group and he is also an appointed expert of the Finnish Ministry of Justice in matters relating to securities law.

You will benefit from the most up-to-date information concerning the market and from our excellent contacts with the authorities. Our expertise will be of particular use in situations where regulations are still in the formative stage and no application practices have yet been established. In international regulatory matters, you will have access to our unique network of law firms.

  • Authorisations and market entry

  • Notifications and passporting procedures
  • Planning terms and conditions for services
  • Offering of financial services and products
  • Legal opinions and day-to-day advice
  • Compliance reviews and guidelines
  • Regulatory advice relating to banking, payment services, asset management, UCITS and AIFMs, as well as MiFID II
  • Regulatory matters relating to trading venues, post trading, clearing & settlement
  • Derivatives, EMIR and short selling procedures
  • Crowdfunding opportunities

Our clients are Finnish and international banks, payment service providers, fund managers, investment service firms, listed companies and international law firms.

The Legal 500, IFLR1000, Chambers Europe and Chambers Global rank our services among Finland’s best.

Our team

Latest references

WithSecure – Diana BidCo’s public tender offer on WithSecure
We are acting as the legal advisor to WithSecure Corporation in Diana BidCo Oy’s voluntary public cash tender offer for all the issued and outstanding shares in WithSecure. The tender offer values WithSecure’s total equity at approximately EUR 299 million. Diana BidCo is a private limited company incorporated and existing under the laws of Finland that will be indirectly owned by a consortium formed for purposes of the tender offer by certain affiliated funds of CVC Capital Partners Plc and Risto Siilasmaa. The consortium believes that the partnership strengthens and accelerates the road to WithSecure’s long-standing goal of becoming Europe’s most trusted cybersecurity partner by positioning the company to lead the next era of business cybersecurity. WithSecure’s shares are listed on the official list of Nasdaq Helsinki. WithSecure is a Europe-based cybersecurity company that helps protect businesses and is committed to strong partnerships with customers and collaborators. WithSecure’s customers trust WithSecure with outcome-based cybersecurity that protects and enables their operations. The completion of the tender offer is subject to the satisfaction or waiver by the offeror of certain customary conditions on or prior to the offeror’s announcement of the final results of the tender offer. The tender offer is currently expected to be completed during the fourth quarter of 2025. The Takeover Board of the Securities Markets Association issued on 4 August 2025 a new recommendation (1/2025) on good securities market practice that deals with the target company’s board of directors’ obligations in case of a consortium offer in which a major shareholder of the company participates in the consortium.
Case published 8.8.2025
eQ Fund Management Company Ltd – Structural Arrangement Related to Residential Funds
We acted as legal advisor to eQ Fund Management Company Ltd in a structural arrangement in which Special Investment Fund eQ Residential Fund and Special Investment Fund eQ Residential Fund II transferred their assets to the newly launched Special Investment Fund eQ Residential Fund III. In connection with the arrangement, eQ Residential Fund III raised 37 million euros in new capital, and its fundraising will continue throughout 2025.  The portfolio of eQ Residential Fund III consists of 19 residential properties completed between 2021 and 2024, comprising nearly 1,400 apartments located in the Helsinki Metropolitan Area, Turku, and Tampere.
Case published 21.5.2025
Savings Banks Group – Sale of Sb Life Insurance
We advised the Savings Banks Group on an arrangement whereby the shares in Sp-Henkivakuutus Oy were sold to Henki-Fennia and at the same time the parties agreed on a long-term distribution cooperation for insurance savings and loan protection products. The closing of the transaction remains subject to regulatory approvals. Sb Life Insurance is a domestic life insurance company, established in 2007, offering insurance savings and risk insurance products to private customers and companies. The Savings Banks and Oma Säästöpankki Oyj act as agents for Sp-Life Insurance. Henki-Fennia is a subsidiary of Keskinäinen Vakuutusyhtiö Fennia, specialising in voluntary life, pension and savings insurance.
Case published 11.4.2025
Multitude – Relocation from Finland to Switzerland
We act as the lead legal counsel in the groundbreaking case of Multitude SE’s (Multitude) proposed relocation from Finland to Switzerland. The first phase of the relocation, involving the transfer of Multitude’s registered office from Finland to Malta pursuant to SE Regulation, was successfully completed on 30 June 2024. In this connection, Multitude’s shares were removed from the Finnish book-entry system and the issuer central securities depository of the shares changed from Euroclear Finland Oy to the CSD operated by the Malta Stock Exchange. In practice, all of Multitude’s shares are now held through Clearstream. In Malta, the company is anticipated to be converted into a public limited liability company under Maltese law, following which it will seek redomiciliation from Malta to Switzerland. Given that Finnish legislation does not allow for direct relocation to a non-European Economic Area country such as Switzerland while preserving the company’s legal personality, the process necessitated a multi-jurisdictional strategy as outlined above. Our mandate encompasses advising Multitude on all aspects governed by Finnish law concerning the proposed relocation and coordinating the work of local legal counsel and various other advisors involved in the project. The process also involved a written procedure to amend Multitude’s existing subordinated capital notes and senior bonds to facilitate the relocation as well as placement of EUR 80 million senior guaranteed notes by a newly established Multitude Capital Oyj. ”The transfer to Malta marks a significant step in Multitude’s journey. This pioneering and complex process has been successfully implemented with the invaluable support of our own team and advisors. Castrén & Snellman has masterfully orchestrated the entire project, ensuring seamless coordination across multiple jurisdictions. We look forward to achieving our next step with the further relocation to Switzerland”, says Jorma Jokela, Multitude’s CEO. Multitude is a fully regulated growth platform for financial technology, employing over 700 individuals across 25 countries. Its shares are listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Case published 1.7.2024
All cases

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