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Estonian capital market diagnostic project launched

2. March 2018 - 12:29

This week the Ministry of Finance of Republic of Estonia (MoF) launched the Estonian capital market diagnostic project. The initiative is supported by the Structural Reform Supportive Service (SRSS) of the European Commission and the European Bank for Reconstruction and Development (EBRD).

The diagnostics will be carried out by the consortium of the management consultancy Civitta, the business law firm Sorainen and the communication consultancy JLP. The consortium will conduct an overall Estonian capital market diagnostic covering all aspects of capital markets including debt, equity, money markets, derivatives, capital market infrastructure, investor base, and financial intermediaries as well as the general legal and regulatory environment.

The project will assess the status quo of the capital market ecosystem, conduct a gap analyses to identify barriers for development and potential improvement levers. The project also reviews the legal and regulatory framework in Estonia.

According to Mr Hannes Takacs, Associate Director in Local Currency and Capital Markets team at the EBRD such diagnostic work is important for Estonia in upgrading the financing environment for companies and setting the capital markets development strategy. “It will provide a road map for the ministries on how to proceed with capital market development,” Mr Takacs added.

According to Mr Märten Ross, Deputy Secretary-General for Financial Policy and External Relations of MoF, Estonia is trying to improve the efficiency and the attractiveness of its financial markets even further by using innovative approach so that the end-users, such as SMEs, can access to the capital markets easily and directly. “It will provide a road map for the ministries and other Estonian authorities on how to proceed with capital market development,“ Mr Ross added.

The first stage of the project is a desk research on capital market ecosystems, secondary data and market statistics analysis, and face-to-face interviews with more than 40 stakeholders and market players. The scope of work also includes legal and regulatory framework analysis.

According to Veeli Oeselg, the Team Leader and Senior Expert on Capital Markets of Civitta, during the next stages, the consortium will carry out a couple of stakeholder workshops. “We would like to engage the capital market stakeholders in the process and seek their validation and support in the identified development barriers and the recommended improvement levers,” she explained. 

The ultimate beneficiary of the project is the MoF and the technical cooperation is funded by the European Commission via the SRSS. The final results of the diagnostics project and proposals for next steps will be presented at a round table meeting in late August or early September this year.

The home page of the project is available at 

About the consortium

Civitta is an independent management consultancy in Emerging Europe with offices in Estonia, Latvia, Lithuania, Belarus, Russia, Ukraine, Moldova, Poland, Serbia, Romania and sales office in the United Kingdom. Sorainen is a regional business law firm with offices in Estonia, Latvia, Lithuania and Belarus.

Additional information:

Veeli Oeselg
Team Leader
Ph +372 55 622 062

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