Raino Paron



+372 506 9906

Raino Paron is a partner and one of the most widely recognised banking, finance and capital markets lawyers in Estonia. He has profound international experience having worked for the International Monetary Fund and World Bank in Washington D.C. He has also been active since 1996 in legislative drafting in Estonia and has participated in the drafting of the Financial Supervision Authority Act, Credit Institutions Act, Investment Funds Act, Securities Markets Act, Central Registry of Securities Act, Commercial Code, Bankruptcy Act, the Rules of the Tallinn Stock Exchange and many others. He has been the Chairman of the Arbitration Court of the Tallinn Stock Exchange since the establishment of the Exchange in 1996.

He is the long-term head of the Banking and Finance practice group and has over the years participated in a number of large M&A transactions and field-related disputes.

Raino Paron is at the forefront of the market, offering considerable experience handling banking M&A, capital markets and financing transactions. A client praises the clarity of his advice and his dedication to cases, noting: “He always does more than expected.“


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Georgetown University, USA

Master of Laws (LL.M.), with distinction


University of Tartu, Estonia

Bachelor of Laws (LL.B.), officially equivalent to MA, cum laude


Tallink Grupp

Member of the Supervisory Board


Inbank AS

Member of the Supervisory Board



Board Member


Baltic Institute of Corporate Governance


Arbitration Court Tallinn Stock Exchange

Chairman of the Council


Estonian Bar Association


Procuring Infrastructure PPPs 2018 report
Procuring Infrastructure PPPs 2018 report is now finalized and available online HERE. You can use the following hyperlinks to directly download the PIP3 2018 Executive Summary and PIP3 2018 Full Report. You can also read the highlights of the report in the following blog: http://blogs.worldbank.org/ppps/why-we-need-more-systematic-data-get-ppps-right


New tax efficient investment vehicle now available

Until recently all investments structures in Estonia have been subject to authorisation and supervision of the FSA. Investors aiming to set up an unregulated investment structure had limited alternatives until the Parliament adopted new Investment Funds Act (the “IFA”) on December 14, 2016 introducing the tax efficient limited partnership fund (‘Fund’) structure. The new law entered into force on 10 January 2017.


Ellex Raidla participated in compilation of the third Benchmarking Public Procurement 2017 report

Our partners Raino Paron, Arne Ots and senior associate Rauno Klemm participated in the third Benchmarking Public Procurement 2017 that is realised by the World Bank Group. Benchmarking Public Procurement 2017 report.


Cash Pooling and Insolvency: A Practical Global Handbook

Willems, M. (2016). Cash Pooling and Insolvency: A Practical Global Handbook, Second Edition. (Co-author of Estonian chapter)


International Banking Law & Regulation

International Banking Law & Regulation, 2016-1 ed Thomson Reuters Estonian Chapter Co-author


Merger Control 2016

John Davies. (2016). Merger Control. 2016, 138-142 (Estonian chapter).


Merger Control 2013. Getting the Deal Through

Estonian Chapter Co-author UK: Law Business Research Ltd. 2012


Corporate Insolvency Proceedings

Estonian Chapter UK: Allen & Overy 2004


International Banking. Law & Regulation

Estonian Chapter Co-author New York: Oceana; Oxford University Press 2010


A Practitioner's Guide to Takeovers and Mergers in the EU

Estonian Chapter UK: City & Financial Publishing 2004


Overview of Regulation of Financial Services in Estonia

Special Issue of Journal of International Financial Markets. UK: Sweet & Maxwell 1999 & 2000


Võlakirjade emissioon ja selleks vajalikud dokumendid (Issuing of Debt Securities and Legal Documents Related to Issues of Debt Securities)

Juridica, 10, 529-545 (in Estonian) 1996


Laenukapitali ja omakapitali kaasamine investoritelt (Raising Loan and Equity Capital from Investors)

Juridica, 10, 525-528 (in Estonian) 1996


Mergers & Acquisitions in 52 jurisdictions worldwide 2007. Getting the Deal Through

Estonian Chapter UK: Law Business Research Ltd. 2007


Dominance 2007. Global Competition Review

Estonian Chapter Co-author UK: Law Business Research Ltd. 2007


Väärtpaberite tagasiost ja väärtpaberite laenamine (Repurchases of Securities and Securities’ Lending)

Juridica, 10, 545-548 (in Estonian) 1996


European Corporate Law

Estonian Chapter Baden-Baden: Nomos Verlag 2006


Tuletisinstrumendid (derivatiivid), nende kasutamine ja nendega seotud riskid (Derivatives: their Use and Associated Risks)

Juridica, 10, 548-551 (in Estonian) 1996