Antti Vepsä contributes to the latest edition of Defensor Legis

Our investment fund specialist Antti Vepsä’s article titled Sopimusperusteisesta rahastosta yhtiömuotoon – konversion oikeudellinen rakenne ja de lege ferenda -malli has been published in the latest edition of Defensor Legis (2/2026).

The article examines how contractual investment funds could be transitioned into a corporate-form fund structure when a new structure is introduced to the market, and argues that traditional restructuring techniques may not be sufficiently effective or scalable in this type of systemic transition.

The topic is timely, as the Finnish Ministry of Finance is currently preparing legislation to introduce a corporate-form fund structure in Finland. Against this background, the article highlights that without a clear transition mechanism, existing funds may not benefit from the new structure in practice. The article therefore proposes a temporary, direct conversion model based on the principle of continuity to support a smooth transition.

Antti advises clients on fund structuring, investments and regulatory matters. He is also a Permanent Specialist to the Ministry of Finance’s working group on reforming fund regulation and regularly publishes research on investment funds.

Defensor Legis is a legal journal published by the Finnish Bar Association. The publication dates back to 1920, which makes it the longest-running Nordic journal for attorneys.

Download a PDF version of the article here (in Finnish)