Investment regulation

Holding restrictions

Beneficial owners must obtain permission to acquire qualified holdings in a regulated institution in Estonia as indicated below:

	Threshold	Requirement
Bank Shares Investment	Acquisition crossing 10%, 20%, 30% or 50% threshold of voting rights	Permission from the Estonian Financial Supervision Authority required before investing
Insurance Shares Investment	Acquisition crossing 10%, 20%, 30% or 50% threshold of voting rights	Permission from the Estonian Financial Supervision Authority before investing

For details of the local domestic disclosure requirements, please refer to the Disclosure Requirements.