From 15 April 2008, Estonian company law has been harmonized with the EU Capital Requirements Directive and its amending directive. The main benefi t from the change in the law is to simplify the procedure for making non-monetary contributions to company share capital.

      Under the new amendments, non-monetary contributions do not have to be appraised by experts or audited if the contribution is made in securities. These include all securities issued on the regulated market, except investment fund shares and derivative instruments. The price of the shares will be calculated based on the weighted average value of the traded securities during a period of three months before the non-monetary contribution.

      If exercised, the right to contribute to the share capital of a company by securities will compel the company to fulfi l additional transparency requirements. This means publishing a notice about the contribution in the offi cial publication Ametlikud teadaanded or the Commercial Register.

      Additional information: Risto Agur e-mail: risto.agur@sorainen.ee