OREANDA-NEWS. December 21, 2011. SORAINEN Estonia assisted start-up Estonian payment institution ETK Finants in the process of obtaining a licence. ETK Finants was established by ETK, Estonia's largest locally owned food and grocery retail group, and COFI, an Estonian investment solutions provider. ETK Finants plans to provide payment and credit card services to ETK customers, reported the press-centre of SORAINEN.

SORAINEN lawyers drafted payment institution internal rules, addressing governance, service provision to clients, document management, IT, risk management, internal audit and ETK Finants business continuity. SORAINEN lawyers also participated in negotiations with the Estonian Financial Supervision Authority on interpretation of regulatory requirements previously untested in practice.

Drafting involved close cooperation with the client and subsequent reflection on the client's technical solutions and practical arrangements as well as regulatory requirements in the internal rules. SORAINEN partner Reimo Hammerberg led the case with senior associates Jane Eespold and Andres Tupits, and associates Helen Ginter and Helen Ratso.