Customs Act

The Riigikogu passed the Customs Act on 13 April 2004. The Act accommodates Estonia's accession in to the European Union, establishing customs rules only in respect of issues that fall within the competence of a Member State. All other customs issues are now regulated by community law. The Customs Act regulates matters related to the administrative and challenge proceedings and representation as well as to the activities of customs agencies. Further, the Act lays down the customs control measures, addresses issues concerning security to cover customs debt, and establishes liability for violations of the customs rules. The Act entered into force on 1 May 2004.

Investment Funds Act

The Riigikogu passed the Investment Funds Act on 14 April 2004. The Act harmonizes Estonian law with Council (EC) Directive 85/611/EEC. It creates better opportunities for undertakings to establish several new investment funds different from those already available (for example, a contractual real estate fund or a venture capital fund) and is therefore expected to promote the creation of new investment funds in Estonia. The Act also abolishes attestation of management companies, strengthens regulation of cross border activities of management companies, and introduces regulation of bidding of units of foreign investment funds in Estonia. The new Investment Funds Act entered into force on 1 May 2004.

Gender Equality Act

The Riigikogu passed the Gender Equality Act on 7 April 2004. The Act prohibits gender discrimination in all spheres of social life (with the exceptions of religious associations, and family and private life). and imposes an obligation on employers to implement measures to ensure gender equality. A gender equality commissioner as an impartial expert will exercise supervision over and provide opinions on the implementation of the Act. The rules of procedure for the commissioner will be established in the statutes to be approved by the Estonian Government. The Minister of Social Affairs appoints the commissioner to office for a term of five years. The Act entered into force on 1 May 2004.

Funded Pensions Act

The Riigikogu passed the Funded Pensions Act on 14 April 2004. As of 1 May 2004, the new Investment Funds Act provides the regulation of pension funds as a type of investment funds and hence the corresponding provisions were deleted from the Funded Pensions Act. The new Funded Pensions Act establishes the rights and obligations of unit-holders...