References/19 Nov 2019

Borenius advised US investment funds during proceedings at the Helsinki Administrative Court

We advised US-based investment funds during proceedings held at the Helsinki Administrative Court where the court deliberated on the comparability of US-based and Finnish investment funds. As a result of these proceedings, the Helsinki Administrative Court handed down decisions where it ruled that US-based open-ended investment funds formed as a corporation are comparable to Finnish UCITS investment funds.

In its decisions, the Helsinki Administrative Court stated that, regardless of the legal form of US-based funds, the collective investment activities and other characteristics of US-based investment funds correspond more closely to those of a Finnish tax-exempt investment fund than to those of a Finnish limited liability company.

As such, the Helsinki Administrative Court overruled decisions handed down by the Finnish Tax Administration and the Board of Adjustment, which had ruled that a corporate-form investment fund is comparable to a Finnish limited liability company.

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Einari Karhu



Anna Tallgren