Banking Laws

Credit Institutions Act
(Krediidiasutuste seadus)

Date Enacted: 28 June 2000

Individuals and Organizations Regulated: Credit institutions, including banks, mortgage companies, and other lending institutions

Activities Regulated: Activities related to banking and credit services, including accepting deposits, granting loans, and issuing payment instruments

Purpose of the Law: The purpose of this law is to provide a framework for the operation and regulation of credit institutions in Estonia, ensuring the safety and soundness of the financial system and the protection of customer interests.

Securities Market Act 
(Väärtpaberituru seadus)

Date Enacted: 8 June 2009

Individuals and Organizations Regulated: Securities issuers, investment firms, and other participants in the securities market

Activities Regulated: Activities related to securities, including issuing and trading securities, providing investment services, and managing investment funds

Purpose of the Law: The purpose of this law is to ensure the transparency, fairness, and efficiency of the securities market in Estonia, as well as the protection of investor interests.

Payment Institutions and E-Money Institutions Act
(Makseasutuste ja E-raha asutuste seadus)

Date Enacted: 26 June 2018

Individuals and Organizations Regulated: Payment institutions and e-money institutions

Activities Regulated: Activities related to payment services and e-money issuance, including payment processing, money transfers, and issuing e-money

Purpose of the Law: The purpose of this law is to provide a regulatory framework for payment institutions and e-money institutions in Estonia, ensuring the safety and soundness of the payment system and the protection of customer interests.

Anti-Money Laundering and Counter-Terrorist Financing Act
(Rahapesu ja terrorismi rahastamise tõkestamise seadus)

Date Enacted: 26 November 2017

Individuals and Organizations Regulated: Banks, credit institutions, payment institutions, and other entities subject to anti-money laundering and counter-terrorist financing requirements

Activities Regulated: Activities related to financial transactions, including customer due diligence, record-keeping, and reporting suspicious transactions

Purpose of the Law: The purpose of this law is to prevent and combat money laundering and terrorist financing in Estonia, ensuring compliance with international standards and the protection of the integrity of the financial system.

Consumer Protection Act 
(Tarbijakaitseseadus)

Date Enacted: 1 January 1995

Individuals and Organizations Regulated: Banks, credit institutions, payment institutions, and other financial service providers

Activities Regulated: Activities related to the provision of financial services to consumers, including advertising, disclosure of information, and resolution of disputes

Purpose of the Law: The purpose of this law is to protect the rights and interests of consumers of financial services in Estonia, ensuring that they are treated fairly and provided with clear and accurate information about the services they receive.

Financial Supervision Authority Act
(Finantsinspektsiooni seadus)

Date Enacted: 12 December 2001

Individuals and Organizations Regulated: The Financial Supervision Authority, which is responsible for the supervision and regulation of the financial sector in Estonia

Activities Regulated: The activities of financial institutions, including banks, insurance companies, pension funds, and other financial service providers

Purpose of the Law: The purpose of this law is to establish the Financial Supervision Authority as an independent regulatory body with the power to supervise and regulate the financial sector in Estonia, ensuring the safety and soundness of the financial system and the protection of customer interests.

Investment Funds Act
(Investeerimisfondide seadus)

Date Enacted: 8 June 2016

Individuals and Organizations Regulated: Investment funds and their managers

Activities Regulated: Activities related to the management and operation of investment funds, including investment management, marketing, and disclosure of information to investors

Purpose of the Law: The purpose of this law is to provide a regulatory framework for investment funds and their managers in Estonia, ensuring the protection of investor interests and the proper functioning of the investment fund industry.

Insurance Activities Act
(Kindlustustegevuse seadus)

Date Enacted: 7 June 2017

Individuals and Organizations Regulated: Insurance companies and other entities engaged in insurance activities

Activities Regulated: Activities related to insurance, including underwriting, claims handling, and risk management

Purpose of the Law: The purpose of this law is to provide a regulatory framework for the insurance industry in Estonia, ensuring the safety and soundness of the insurance sector and the protection of policyholders.

Personal Data Protection Act
(Isikuandmete kaitse seadus)

Date Enacted: 1 January 2019

Individuals and Organizations Regulated: All organizations that process personal data, including financial institutions

Activities Regulated: The processing of personal data, including collection, storage, use, and disclosure of personal information

Purpose of the Law: The purpose of this law is to protect the privacy and personal data of individuals in Estonia, ensuring that organizations that process personal data do so in accordance with the principles of data protection and the rights of individuals.

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