Time-limit of proceedings
The Financial Supervision Authority shall make a decision within two months as of the receipt of all the information and documents required for the foundation of a branch, such decision determines the requirements that the credit institution must meet when operating in Estonia. The Financial Supervision Authority shall give notification of the decision to a financial supervision authority of a contracting state of the seat of a credit institution and the credit institution or its representative in the foundation proceedings of the branch.
A branch of a credit institution may be founded and its activities commenced after the receipt of a decision of the Financial Supervision Authority or within two months as of the day when the Financial Supervision Authority receives all the information and documents specified in the Credit Institutions Act. Pursuant to the Commercial Code, an Estonian branch of a foreign company shall be entered in the commercial register. The branch of a foreign company shall be entered in the commercial register of its location on the petition of the director of the branch which shall set out the information provided for in the Act and the required documents shall be appended. Pursuant to the Credit Institutions Act, a confirmation from the Financial Supervision Authority concerning receipt of the aforementioned information and documents and the decision of the Financial Supervision Authority, if it exists, shall be submitted upon entry of an Estonian branch of a credit institution of a contracting state in the commercial register.