The Estonian Securities Market Act: A Lesson for Former Republics of the Soviet Union

This Article describes and analyzes the Estonian Securities Market Act; the only securities statute presently in effect in Estonia. Before examining the requirements of that law, the Article provides an overview of the development of a securities market in Estonia, including a description of the securities, exchanges, and professionals that comprise the contemporary market. After providing this context, the Article analyzes the Estonian Securities Market Act. The author concludes that Estonia should not adopt complex securities legislation, but rather should "sample" the laws of other states.

This process will allow Estonia to tailor a comprehensive regulatory system to the particular conditions of a nascent securities market.