COBALT successfully counselled one of the leading consumer credit providers in Estonia, i.e. IPF Digital Estonia, who offers credit to consumers under Credit24 and Sving trademarks, in relation to obtaining an activity licence for providing consumer credit under Estonian Creditors and Credit Intermediaries Act.
The assignment included drafting of a business plan and internal rules regulating all required aspects, including prevention of money laundering and terrorism financing, providing credit to consumers, functioning of the internal control system and risk management and all other documents required by the law, as well as representing IPF Digital Estonia in the Estonian Financial Supervision Authority in proceedings related to the revision of the application for such activity licence.
IPF Digital Estonia submitted the relevant application to the Estonian Financial Supervision Authority on 22.07.2015. Estonian Financial Supervision Authority granted the activity licence for providing consumer credit to IPF Digital Estonia on 11.12.2015 (please also see http://www.fi.ee/index.php?id=19221).
Project team included partner Kristel Raidla-Talur and senior associate Hetti Lump.