Chambers & Partners has published the Chambers Global Guide 2026, once again recognising Ellex among the leading law firms in the Baltics in Corporate/Commercial and Dispute Resolution.
The 2026 results reflect the strength of Ellex as one integrated Baltic team, combining top-tier department rankings with broad individual recognition across Estonia, Latvia and Lithuania.
Across the Baltics, Corporate/Commercial practices are ranked in the top bands – Band 1 in Estonia and Lithuania and Band 2 in Latvia, while Dispute Resolution holds Band 1 positions in all three jurisdictions. In total, 27 Ellex lawyers are individually recognised. These results reflect Ellex’s continued leadership in complex cross-border transactions and high-stakes disputes across the region.
The rankings also demonstrate exceptional depth of talent. Multiple partners are recognised in Band 1, alongside distinctions such as Eminent Practitioner, Senior Statespeople, Band 2-4 rankings, as well as Up and Coming and Associates to Watch recognitions. This individual recognition highlights not only our established market leaders, but also the next generation of legal talent shaping the future of our firm and the region.
A ranking in the Chambers Global Guide is based on extensive independent research and client feedback across more than 200 jurisdictions worldwide, and is regarded as a benchmark of excellence in the legal profession. The 2026 results reaffirm Ellex’s commitment to delivering strategic and client-focused legal solutions across the Baltics.
You can explore the full Chambers Global Guide 2026 rankings HERE.
In early February 2026, the Riga Regional Court (as the court of appeal) adopted a final decision in favor of our client in proceedings on proceeds of crime. The court dismissed the investigator’s appeal and the prosecutor’s protest, upholding the first-instance court’s (Economic Affairs Court) decision to terminate the proceedings and recognizing that the funds seized in the client’s ABLV Bank account (approximately EUR 700,000) are not of criminal origin.
This is yet another victory for our client in this category of cases. Senior Counsel Roberts Rimša successfully represented the client in both court instances.
Ellex received highest recognition in Intellectual Property rankings by World Trademark Review. The guide particularly highlights the team’s work in enforcement and litigation.
In Estonia, WTR notes the team’s long-standing experience across IP, IT and telecoms. The practice is led by Ants Nõmper, recognised for his strategic approach and consistent results, especially in life sciences. Mari Must, one of two attorney-at-laws qualified also as an Estonian and European trademark attorney, is commended for her comprehensive trademark strategies and her recent success for Cult Beauty in complex revocation proceedings.
In Latvia, the guide underlines Ellex’s strong litigation capabilities. With nearly three decades of experience, Mārtiņš Gailis is noted for his confident handling of high-profile disputes and clear strategic direction. Edvijs Zandars, recognised for his work at the intersection of IP and IT, is valued for shaping precise strategies in technically complex infringement matters.
In Lithuania, Rūta Karpičiūtė is recognised for her work on multijurisdictional matters and her insight into regulated industries. Her ability to guide clients through intricate disputes, especially in life sciences’ industry, reinforces Ellex’s longstanding reputation in the IP field.
At Ellex, we help clients see further, protecting their brands with clarity and long-term perspective across the Baltics.
World Trademark Review is the world’s only independent daily news and information service dedicated exclusively to reporting on trademark issues for in-house and private practitioners internationally.
WTR 1000 is a unique guide that identifies the top trademark professionals in key jurisdictions around the globe. The WTR 1000 focuses exclusively on trademark practice and has firmly established itself as the definitive ‘go-to’ resource for those seeking world-class legal trademark expertise.
On January 1, 2026, amendments to the Civil Procedure Law came into force providing that the State Public Company “State Real Estate” (hereinafter – SRE) will ensure handling of property belonging to the state – real estate, movable property, intangible property, as well as confiscated property that can be sold at the request of an EU member state or a foreign institution. The tasks of SRE will also include accounting, storage, destruction, free transfer, sale (except for financial resources and instruments) of property, as well as operations with property in accordance with Cabinet of Ministers Regulation No. 901 of December 17, 2024 “Regulations on Competent Institutions and Handling of Property Belonging to the State”.
The SRE already manages state-owned land, cultural and historical heritage, ancient and new buildings, state borders, and customs infrastructure.
Previously, the State Revenue Service (hereinafter – SRS) ensured the handling of state-owned property, but upon evaluating the functions of the SRS, it was concluded that this is not typical of the SRS’s operations. In turn, the SRE, considering its competence in real estate management, alienation of movable property, knowledge of employees and internal resources, is suitable to become a competent institution. The SRE is already taking over state-owned real estate from the SRS.
It is planned that the takeover of the state-owned property process from the SRS will be fully implemented by 1 January 2027.
Litigation used for intimidation (SLAPP)andhow it will be limited in Latvia
By 7 May 2026, Latvia will introduce a legal framework aimed at limiting the use of civil litigation as a tool of pressure or intimidation against persons acting in the public interest (the so-called anti-SLAPP framework), through both the adoption of a new law and the introduction of corresponding amendments to the Civil Procedure Law.
The new law adopts a broad definition of “acting in the public interest”. This may include not only journalism or NGO activities, but also publications, commentary, research, advertising and marketing activities, as well as artistic or academic expression, provided that these relate to matters of public importance (for example, the environment, corruption, business activities, public figures, public authorities, courts, etc.).
For businesses, this means that claims relating to reputational harm, publications, criticism, data use, or other matters of public debate will in the future also be assessed from the perspective of the risk of abusive litigation. If a court finds that the primary purpose of a claim is to deter or punish the exercise of public-interest activities, rather than to genuinely protect civil rights, significant negative procedural consequences may arise for the claimant.
In practical terms, this means that the court may terminate proceedings at an early stage; the claimant may be required to provide security for the anticipated litigation costs, the claimant may be subject to a fine and obliged to reimburse all litigation costs in full. Moreover, these consequences may apply even if the claim is later withdrawn, amended, or the amount of the claim is reduced.
In addition, it is envisaged that Latvia will refuse to recognise and enforce foreign court judgments where they result from abusive or manifestly unfounded proceedings brought against a person in connection with their public-interest activities.
From a corporate risk-management perspective, this means that before initiating claims related to public criticism or matters of public interest, businesses should carry out a careful assessment of the legal basis, purpose, and proportionality of the claim. At the same time, the new framework provides effective protection tools for businesses that themselves become targets of unfounded or abusive litigation.
Convention for the Protection of the Profession of Lawyer
On 9 September 2025, the Cabinet of Ministers supported Latvia’s accession to the Council of Europe Convention for the Protection of the Profession of Lawyer (hereinafter – the Convention), and in October it was signed on behalf of the Republic of Latvia by the Minister of Justice, I. Lībiņa-Egnere.
In March 2025, the Council of Europe adopted the Convention, which was developed with the aim of strengthening the protection of the legal profession and ensuring the right of attorneys to practice independently, without discrimination or undue interference. The Convention establishes common standards aimed at safeguarding the freedom of professional activity, as well as the obligation of the State to protect attorneys against unjustified threats and improper influence that may hinder the provision of legal assistance and the effective protection of individuals rights.
By ratifying the Convention, Latvia would adopt to the standards established by the Council of Europe in the field of the professional practice of attorneys, thereby significantly strengthening the rule of law. Ratification of the Convention demonstrates Latvia’s commitment, as a democratic state governed by the rule of law, to consistently uphold the rule of law as one of its fundamental values.
The signing and ratification of the Convention will have a positive impact on the legal profession by reinforcing its independence and professional protection. A safe and supportive environment will be promoted where attorneys at law and assistant attorneys at law are able to perform their professional duties freely and without undue interference. Consequently, more effective protection of attorneys’ clients’ interests will be ensured, which is an integral element of a state governed by the rule of law.
Considering that actions taken against attorneys by law enforcement authorities on the grounds of their professional activities have become increasingly frequent in recent years, the ratification of the Convention is of particular importance in preventing such practices and in strengthening the protection of the institution of the legal profession.
The market analysisTransaction Radar, prepared by Ellex, shows that a total of 205 transactions were carried out in Estonia in 2025, which is 32 more than in the previous year. Transaction activity particularly increased in the second half of the year, confirming the market’s recovery after an earlier period of caution.
According to Ellex Partner Risto Vahimets, the macroeconomic environment is supporting further revitalisation of transaction activity. “Banks are ready to provide financing, interest rates remain at reasonable levels, and pressure to conclude deals has increased both due to accumulated capital and because many companies have long been held by funds,” Vahimets noted. At the same time, he emphasised that geopolitical uncertainty continues to remain a significant risk factor. “In the coming year, we expect a focus on technology, above all on artificial intelligence, healthcare and energy technologies. Private equity and financial investors will gradually begin to return to the market, but the direction of the market will most likely continue to be shaped by strategic buyers.”
Transactions carried out in Estonia were distributed as follows:
83 venture capital and technology transactions
95 traditional mergers and acquisitions
14 large-scale real estate transactions
13 issuances
Among the largest landmark deals of the year were the sale of Rimi Baltic to the Danish retail group Salling Group for EUR 1.3 billion, as well as INGKA’s acquisition of a forestry portfolio from Södra in Estonia and Latvia.
One of the key regulatory milestones of the past year was the amendment to the Competition Act that entered into force in July, bringing the regulation into line with the ECN+ Directive. A new competition supervision procedure was established, ensuring principles similar to criminal proceedings. During 2025, 45 merger notifications were submitted to the Competition Authority, nine of which resulted in the initiation of additional proceedings. In light of the updated law, an increase in the duration of proceedings is expected during the adaptation period.
The largest deal in Europe was the acquisition of the Dutch company JDE Peet’s by Dr Pepper for EUR 19.7 billion. Globally, infrastructure and technology transactions dominated – the largest of these was Union Pacific’s acquisition of Norfolk Southern for USD 86 billion. No European transaction entered the global TOP 10, indicating a concentration of capital in America.
The international transaction market in 2025 presented a mixed picture. According to Dealogic, the number of transactions in the first half of the year was 16% lower compared to the same period in 2024, while the total value of transactions, on the contrary, increased by 28%. This indicates a clear shift towards large strategic transactions. Infrastructure and technology deals dominated. The largest was Union Pacific’s acquisition of Norfolk Southern for USD 86 billion, followed by the merger of American Water Works and Essential Utilities valued at USD 63 billion, and the acquisition of Electronic Arts by a Saudi fund together with Silver Lake and Affinity Partners for USD 55 billion.
Of the ten largest transactions worldwide, three were US infrastructure deals, two were cybersecurity services transactions, two were medical transactions, and two were transactions in the gaming and entertainment industries, reflecting a clear trend towards secure and strategic investments.
The Transaction Radar has been published since 2020, shortly before the end of each half-year. It analyses the background and reasons behind the largest transactions in Estonia and forecasts possible trends for upcoming periods.
On January 5, Associate Partner Ott Aava and Senior Associate Kerli Salu joined Ellex Estonia’s Transactions practice group.
Ott Aava is specialising in M&A and corporate advisory, with over 15 years of experience advising clients on complex domestic and cross-border transactions. He focuses primarily on mergers and acquisitions, strategic corporate advisory, restructurings and shareholder matters, supporting clients throughout the entire transaction lifecycle from initial structuring to successful closing.
Ott has advised both buyers and sellers across a wide range of industries, working closely with founders, management teams, private equity investors and strategic acquirers. He is valued for his pragmatic approach, strong commercial insight and ability to navigate sophisticated deal dynamics while keeping clients’ strategic objectives firmly in focus.
Kerli has extensive experience in mergers and acquisitions as well as contract and corporate law. She has advised clients on complex transactions, helping to resolve both domestic and cross-border matters across many different industry sectors. Her work primarily focuses on corporate mergers and acquisitions, transaction documents, and strategic issues related to corporate governance.
Kerli holds a master’s degree in law from the University of Tartu (cum laude), reflecting her strong academic background and professional commitment.
Ott added, “Joining Ellex as an associate partner is a personally meaningful step for me, and I am grateful for the trust placed in me. Ellex’s values, culture, and long-term vision strongly resonate with me, alongside its strong transactions practice and exceptional people.
With more than 15 years of experience in M&A and corporate advisory, I have seen how rapidly the transactions landscape continues to evolve – shaped by increasingly complex deal structures, cross-border dynamics, and clients’ growing expectations for commercially grounded and pragmatic legal advice. In this role, I look forward to taking on greater responsibility, contributing to the development of our team and practice, and supporting clients through complex and often transformative transactions with clarity, confidence, and commitment. I am genuinely excited to take this next step together with colleagues whose professionalism and collaborative spirit I deeply value.”
We are pleased to announce that Marta Cera has been appointed to Partner at Ellex in Latvia as of 1st January 2026, further strengthening the firm’s management team.
In her new position, Marta will continue to co-lead the firm’s banking and finance practice group with the aim of promoting further development of the practice group and strengthening its position in the Baltics.
Marta has become highly regarded expert in cross-border financing transactions, capital market transactions, and financial regulatory matters. Marta also frequently provides legal assistance in M&A transactions involving significant financing aspects. Marta has developed the firm’s investment fund practice and serves as a member of the board of the Latvian Private Equity and Venture Capital Association.
International legal services market research agencies Legal 500, IFLR 1000 and Chambers & Partners rank Marta Cera among the leading experts in banking and finance law in Latvia.
“Marta’s appointment reflects her exceptional track record and the trust our clients place in her. Her many years of experience in banking and finance, combined with her strategic vision for our firm, make her an invaluable addition to our partnership. I’m excited to see her continued leadership as we strengthen our position across the Baltics.” – Liga Merwin, Managing Partner at Ellex in Latvia.
Congratulations, Marta, on this well-deserved milestone!
Starting January 1, 2026, Ellex in Estonia has its own head of the intellectual property (IP) practice – Mari Must.
Mari Must has more than 20 years of experience handling both contentious and non-contentious IP matters. In Ellex Raidla she manages complex cross-border IP projects, representing clients in IP litigation, revocation and opposition proceedings, and advising both global companies and local businesses on IP rights management, IP due diligence, IP commercialization, and contract negotiations. She is one of the two attorneys in Estonia with dual qualifications: attorney at law and trademark attorney. She was also the first registered representative before the Unified Patent Court from Estonia. Since 2012, Mari Must has served as a member of the Estonian Domain Name Dispute Committee, where she has adjudicated numerous domain name disputes. She contributed to the establishment and launch of the Chamber of Estonian Patent Attorneys in 2019, initially serving as Vice-Chair and now re-elected as a Board Member.
„Our goal is to be there for our customers with IP knowledge and long-term experience to support our clients achieving their goals. As a large firm, we can provide specific IP advice, which is supported by the know-how of transactions, dispute and other practice groups at Ellex Raidla. As IP concerns both international and Estonian small businesses, flexibility is the keyword for us. We are generally reached by IP-aware customers, but according to the latest surveys, the general awareness of IP among Estonian companies is rather low. The state has set the goal of changing this, so we see great potential in the IP field. “
Read more about our intellectual property practice group HERE.
The legal profession never stands still, and neither do we. Developments in the legal market, evolving client expectations, and a changing economic and social environment require law firms to adapt over time. At Ellex Estonian office, a new generation of talented lawyers is emerging – professionals we believe will write the next chapters of Estonia’s legal history. Over the past year, we have reviewed and updated both career model and the principles governing our partnership.
Our focus is now even more clearly on people – the experts who represent our greatest value. Our team consists of legal nerds who refuse to settle for mediocrity and for whom there is no such thing as an “ordinary case.” They speak directly, work efficiently, and keep their attention on what truly matters to the client.
According to Managing Partner Martin Mäesalu, leading a law firm also requires constant adaptation: “The environment in which we operate is changing rapidly. Legal services themselves are undergoing the most significant transformation in a generation. Our management approach and working methods must evolve in step with these changes. We are a passionate team united by deep commitment to our field – something we feel instinctively, even without saying it aloud. Yet, to preserve our DNA, we must articulate it, especially in times of change. Our goal is to remain, year after year, a professional home for Estonia’s best lawyers. Ellex is a community of legal enthusiasts. This cannot be just a slogan – it must be a high standard, supported at every stage of a career and, when necessary, by renewing the principles of partnership itself.”
To broaden opportunities, we have updated our partnership model. One of these changes is creating the associate partner position starting from the new year. We see this as the final step for those moving toward full partnership.
Merlin Liis-Toomela, newly appointed associate partner, commented: “I am deeply grateful for this trust. Ellex is Estonia is a leading law firm with a long history, which has successfully evolved over time and is now undergoing a natural generational shift in both management and partnership. Expanding the partnership model demonstrates readiness to look ahead and remain at the forefront in Estonian legal services market. This is particularly important in fast-developing areas such as IT and data protection, where the legal environment, technology, and client expectations are constantly changing.
Such steps send a clear signal to younger colleagues – that through dedication, professionalism, and shared values, it is possible to grow and take on greater responsibility. For me, the role of associate partner primarily means increased responsibility and motivation to set new goals for myself, my team, and the entire firm, so that we can provide clients with clarity and confidence in a complex and rapidly changing legal landscape.”
Rutt Värk added: “I have worked in transactions advisory for over 15 years, a journey marked by both challenges and opportunities. Clients and their trust have made it possible to work on significant matters, but equally important has been the team with whom we achieve more together. At Ellex, there are exceptional people, a supportive culture, and a partnership that encourages development – all of which make the work genuinely enjoyable. Transactions’ work is dynamic, and every project brings something new, keeping the work consistently engaging. The associate partner role gives me the opportunity to contribute even more to client matters as well as to the development of the firm and our team. I am pleased to take this step and see what comes next.”
Alla Kuznetsova: “This new role represents recognition of my work, along with greater responsibility and the opportunity to contribute more actively to Ellex’s strategic development. It allows me to grow alongside people I truly value. I am grateful to my team, colleagues, partners and our clients for their trust and support. Ellex in Estonia is a firm where clients feel secure and where leading lawyers can focus on the practice of law that inspires them. I am pleased to contribute to our shared success.”
Ellex dispute team has been recognised among the best litigators across the Baltics, receiving the highest ranking in Benchmark Litigation Europe 2025 Guide. The results reflect months of research into the most significant cases and practitioners in Europe, highlighting our expertise and clients’ trust.
As the most extensive team in the Baltics, we can join forces and bring broad sector knowledge and deep legal experience to support clients in even the most complex litigation and arbitration matters.
Benchmark Litigation is the definitive guide to the world’s leading litigation firms and lawyers. It provides law firm and lawyer rankings based on extensive interviews with litigators, dispute resolution specialists, and their clients as well as analysis of the market’s most important cases and firm developments.
Chambers and Partners have released their FinTech 2026 rankings – Ellex in Estonia secures for the sixth consecutive year Band 1 position, and Ellex in Lithuania is holding its position for Band 1 for the second year in a row. The ranking reflects the team’s continued strength in advising on regulatory and compliance matters for a wide range of financial service providers and its strong focus and dedication to the Fintech sector.
This year marks a significant milestone in individual rankings: Anneli Krunks and Neringa Mickevičiūtė achieve new positions, with Anneli entering directly at Band 2 following her previous recognition as an “Associate to Watch,” and Neringa earning her first individual ranking at Band 3. Meanwhile, Marko Kairjak and Ieva Dosinaitė maintain their Band 1 positions.
Client feedback this year emphasizes three recurring themes – practicality, longstanding experience, and a deep understanding of clients’ business models. As one of our clients put it: “There are quite a lot of firms offering FinTech legal services, but not many of them have Ellex’s track record in real executions and experience with regulators and different market participants.”
Our FinTech team advises broad range of Fintech companies from payment and e-money institutions, crowdfunding platforms, crypto-asset service providers to neo banks and technology companies operating in the financial sector. The team remains one of the largest specialised Fintech advisors in the region, supporting clients in navigating on an increasingly complex regulatory landscape.
Lexology has published its latest Arbitration Index, one of the most respected rankings within the global arbitration community. Ellex has also been recognised among the leading firms and awarded as Law firm of the Year 2026.
We are incredibly proud to have eight Ellex practitioners recognised across various categories – placing us among the strongest firms in arbitration.
Highly Recommended – Client Choice – Arbitration: Maria Teder
This year’s Lexology Arbitration Index includes more than 3,000 leading arbitration practitioners from 96 jurisdictions, with rankings based on peer feedback, client recommendations, and research submissions. The publication also introduces a new “Highly Recommended” category, recognising top specialists positioned between the Thought Leaders and Recommended tiers. “Client Choice” category is awarded to less than 90 individuals around the globe, solely based on the input from clients.
Starting from December, the largest law firm in Lithuania, Ellex Valiunas, is relocating to the newly opened “Jasinskio 2” business centre in Vilnius. The team of more than 170 employees will occupy the building’s three upper floors.
Located in the centre of Vilnius (J. Jasinskio st. 2), the A++ energy-class office building (designed by architect Saulius Pamerneckis, SP architektų grupė) will host nearly 3,800 square meters of Ellex Valiunas workspace – more than half of the building’s total office area. The interior of the new office (designed by Laura Janavičiūtė, Toma Bačiulytė, Jolita Kemėšytė, NOMO studija) reflects principles of sustainable architecture and features timeless, natural materials such as oak, stone, metal, and stone-dust plaster.
“Our new office marks a new chapter of our craftsmanship. We spent all 33 years of our operations in the Old Town – more than two decades in a beautiful late-19th – early-20th century building with stucco, tiled stoves, and of course, plenty of art. We were looking for a space that would remain central but offer greater sustainability, smarter solutions, and more convenience for us, our clients, and our guests. We like to joke that our new office, with its modernity and innovation, now fully reflects who we are and how we work. And our love of classical art – our art collection – will move with us into these modern office spaces,” says Rolandas Valiūnas, Managing Partner of Ellex Valiunas.
A part of the artwork from the previous office is also relocated into the new premises: 39 paintings and 5 sculptures from the collections of the Lithuanian Art Centre TARTLE. Among the pieces are works by Lithuania’s classical and modernist artists, ranging from the symbolist pastels of Kazimieras Stabrauskas (M. K. Čiurlionis’ teacher) to the expressive abstractions of Rimvidas Jankauskas-Kampas, as well as works by Kostas Dereškevičius, Antanas Gudaitis, Jonas Rimša, Antanas Samuolis, Algimantas Švėgžda, Kazimiera Zimblytė, and others. As in the previous office, visitors will be greeted by the nearly two-metre-tall bronze sculpture by Stanislovas Kuzma.
In designing the new office, great attention was given to employees’ well-being – every workstation features ergonomic, individually adjustable furniture; custom acoustic and lighting solutions; dedicated rest and childrens’ rooms; and numerous private spaces for conversations with colleagues and clients. A large top-floor terrace and an adjacent room boasting the office’s best views have been designed for employees, offering spaces for rest, socialising, and learning
“Progress is part of our work culture. This time, we are moving forward not only through the innovative solutions we create for clients and colleagues, but also physically. Still, the new office is more than just a physical space – it reflects our approach to colleagues, to our work, to the environment, and to the use of the latest technological solutions. This office has been designed so that people feel comfortable and at ease, and so that the workspace supports us in carrying out major and meaningful assignments for our clients – and for Lithuania as a whole,” says R. Valiūnas.
The “Jasinskio 2” project was developed by Aurochs Investments, a company related to the EIKA Group, while construction management was overseen by the real estate project management company EIKA Development. The investment in the project amounted to approximately EUR 34 million. The six-storey business centre includes 7,700 sq. m of leasable area and a two-level underground car park equipped with storage for bicycles and scooters, showers, changing rooms, as well as electric vehicle charging stations.
The project developers are seeking a BREEAM “Excellent” certification for the building. Ellex Valiūnas itself plans to use electricity generated by remote solar power plants.
Financial innovation has been challenging to predict. So far, 2025 has been a blend of carefully planned developments and unexpected twists. Commentary by Anneli Krunks, Head of FinTech, and Marko Kairjak, Partner at Ellex in Estonia.
Among the planned changes, the central focus has been on the cybersecurity reform known as DORA, with its new requirements taking effect at the beginning of 2025. With that the EU aimed to ensure that the European financial sector operates under robust rules to prevent data breaches and cyberattacks. The framework introduces obligations for risk assessment, testing, and continuous monitoring, as well as specific regulations governing the use of third-party IT service providers. If the reform is successful, Europe could emerge as a significantly safer environment for financial services compared to the US and Asia, contributing to broader security in light of current geopolitical trends.
Geopolitics has inevitably infiltrated also the financial sector, shifting the focus from early 2025 towards the independence of payment systems. We have previously assumed that the euro – and euro payments – are entirely under our control. However, the reality is that today most payments are made through phones and smartwatches running on US operating systems (Apple, Google) and frequently using US-origin cards (especially Visa, but also largely Mastercard). Beyond the fact that this sends our payment data overseas, it also poses significant systemic risks: a sudden policy shift in the US could disrupt our entire payment ecosystem. In response, Europe is exploring ways to strengthen autonomy in payments – primarily through the reform of payment services (PSD3/PSR) and the introduction of a digital euro. Therefore, it comes as no surprise that, following the test phase, the EU has decided to advance the digital euro project, aiming for it to become a usable payment method by 2029.
As anticipated, AI will significantly transform the financial services. It has become the most reliable evaluator of creditworthiness, an essential tool for detecting money laundering and terrorist financing risks, and a daily support in customer communication and various other aspects of service provision. At the EU level, the pressing question is whether the traditional financial regulatory framework remains suitable in the age of AI. As AI is the new norm – not just in finance – it is hoped that regulation and innovation will evolve in harmony.
This year has also reshaped the crypto sector, which is now regulated similarly to the rest of the financial industry through MiCAR. As a result, the first crypto-asset service providers have entered the market offering services consistently across all Member States. The EU has succesfully attracted both smaller market participants and major US firms into its single market. We have also seen growing interest from the traditional financial sector in offering crypto services, alongside established industries explore a more regulated and secure future for crypto-assets.
Finally, an ongoing challenge for the financial sector is the sheer volume of regulations, particularly affecting fintech companies. This issue has been acknowledged for over 15 years, yet no effective solution has been found. While certain areas have seen efforts to simplify regulations, new rules continue to surface almost daily, especially in the realms of payments and cybersecurity. Many of these requirements are highly technical – no longer resembling “rules” in the traditional sense – and demand specialised expertise. In this context, Estonia’s initiative to alleviate the regulatory burden in the financial sector is something worth watching closely.
On 18 November, the Estonian Bar Association issued its first information security certificate to Ellex Estonian office, recognising the firm’s commitment to high information security standards.
Growing cyber threats and tightening regulations require companies and institutions to pay increasingly thorough attention to information security. Ensuring information security is resource-intensive and requires consistent effort. As a result of a two-year process, the Estonian Bar Association obtained an international information security standard certificate this year, and from autumn 2025, the Bar Association will begin issuing information security recognitions to member firms, recognising those that have fully implemented the measures described in the Bar Association’s guidelines.
“The Estonian Bar Association’s information security standard is a regulation that takes into account the specific nature of law firms and meeting it was a challenge not only for the IT department, but also for management and the entire organisation. The work done provides confidence that client data is protected, and cyber threats are identified. However, you can never have too much security, which is why the recognition we have received is not the end of the journey, but only the beginning,” commented Ellex in Estonia Partner Ants Nõmper.
Ellex Estonian IT Manager Madis Toom adds: “The process of obtaining an information security certificate provides excellent insight into the strengths and weaknesses of a company’s management processes. It is a process that helps shape and improve the work of the entire organisation and make it more future proof. The certificate certainly makes it easier to initiate conversations that might otherwise remain in the background or, at worst, go unnoticed. In an environment of growing threats, it plays an invaluable role in enhancing the security of the entire company. Security, however, is not a destination to be reached, but an ongoing, daily, and responsible collective effort.”
