Baltic States – CIS, Banks, Estonia, EU – Baltic States, Financial Services, Legislation

The Supreme Court decided that the financial authority does not have to give information to the Swiss company about the Bank of Moscow nor take away from the latter the authorization to own a holding in Krediidipank. RLS Finance has previously expressed a wish to acquire substantial holding in Krediidipank.

According to head of the Financial Supervision Authority Kilvar Kessler, the court confirmed the rule that it is under the jurisdiction of the authority's board to decide which decisions are to be made public and that financial supervision is carried out based on public interests, not on the interests of private persons.

The dispute between the Financial Supervision Authority and RLS Finance began at the beginning of 2013 when the former declined providing information to the latter regarding the Bank of Estonia. The company turned to the Tallinn administrative court but the court did not accept the case. But a circuit court accepted the case and ruled in favor of RLS Finance. On Tuesday the Supreme Court declared the circuit court's ruling null and void.