Estonia - New Provisions in Estonian Development Fund Act

On 14 December 2011 the Riigikogu adopted the Estonian Development Fund Act Amendment Act. Under the amendments, management of venture capital by the Development Fund (which is a legal entity governed by public law, whose aim is to stimulate the Estonian economy) is now subject to the requirements of the Investment Funds Act. Also, it becomes possible for the state to acquire the units or shares of a venture capital fund established by the Development Fund. Further amendments regulate the investment principles and procedures of the Development Fund. The amendments became effective on 9 January 2012.

Roschier, Attorneys Ltd. - Sweden