Fort has advised Tuleva Fondid AS on its successful application for authorization from Estonia's Financial Supervision Authority for its launch of mandatory pension funds, with simultaneous registration of two second-pillar pension funds.
According to Fort, "Tuleva Fondid AS serves as Estonia’s first and only pension fund manager which is owned by the pension savers themselves, and the capital requirement of which was fulfilled through crowdfunding. Furthermore, it serves as the first management company pursuing an exclusively passive investment policy. The novelty of the business model, the amendment of legal acts in the process, the desire to achieve both the issue of the authorization, and the simultaneous (usually a separate procedure) approval of the conditions of two pension funds and so on required innovative solution-finding from the entire team."
The Fort team was led by Estonian Partner Kirsti Pent, supported by Attorney Kristel Raamat.