Recently, the European Securities and Markets Authority (ESMA) drew the public’s attention to the fact that investment-related opinions, analyses, and assessments published on social media may also be seen as a recommendation for investment.

Under the current law, all share transactions of private limited companies (OÜ or osaühing in Estonian) must be notarized in case the shares are not registered with the Estonian Securities Register. This is the case with 97% of all companies’ shares in Estonia.