Professional investors

Pursuant to subsections 6 (2) or (4) of the Securities Markets Act, a qualified investor is an investor who is:
  • an Estonian or foreign credit institution, investment firm, management company, investment fund, insurer or other financing institution subject to financial supervision;
  • the Republic of Estonia or a foreign country or a local or regional government entity or the central bank of Estonia or a foreign country;
  • an international organisation, including the International Monetary Fund, European Central Bank, European Investment Bank;
  • an Estonian or foreign financing institution whose sole business is to invest in securities;
  • a small or medium-sized company entered in the list of professional investors kept by the Financial Supervision Authority pursuant to the provisions of § 237 of the Securities Markets Act.

A small or medium-sized company is a company that meets at least two of the following conditions according to its most recent annual report or consolidated report:
1) the small company has less than 250 employees on the average during the financial year;
2) the balance sheet total of the small company for the year does not exceed 43 million euros;
3) the balance sheet total of the small company for the year does not exceed 50 million euros.

  • an Estonian or foreign company that is not a small company;
  • a natural person who is entered in the Financial Supervision Authority’s list pursuant to § 237 of the Securities Markets Act;

A professional investor who is a natural person must meet at least two of the following conditions:
1) the investor has concluded at least 10 substantial transactions on the securities market per quarter during the previous four quarters;
2) the investor’s securities portfolio totals more than 500,000 euros;
3) the investor works or has worked in the financial sector in a position that requires knowledge about investment in securities for at least one year.

  • a foreign small company or natural person registered in the relevant foreign country as a professional investor.