FINLAND Law and Practice Contributed by: Maria Lehtimäki, Niklas Thibblin and Timo Lehtimäki, Waselius
7.5 Obtaining Legal Opinions It is common for the transaction parties to seek customary tax opinions and for such opinions to be qualified by standard assumptions and qualifications – for example, to the effect that the tax authorities may change their interpreta - tion or application of the provisions of law or regulations in the future. 8. Accounting Rules and Issues 8.1 Legal Issues With Securitisation Accounting Rules The off-balance sheet treatment analysis of accounting and the legal true sale analysis have many features in common and the conclusions are frequently the same, but not always. The lawyers advising the transaction parties will conduct their analysis based on the transaction documents and applicable legal rules, and the seller’s and purchaser’s accountants will con - duct their own analysis following the applica - ble accounting rules. Accordingly, it is possible to reach off-balance sheet treatment without a legal true sale and vice versa.
8.2 Dealing With Legal Issues The lawyers advising on a securitisation trans - action are usually required to opine on the legal true sale nature of the transaction. As there are no definitive rules on what constitutes a legal true sale, the opinion is a reasoned or discussing legal opinion.
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