Legal Alert – The New Trade Secrets Act enters into force on 15 August 2018

The process of implementing the EU Trade Secrets Directive 2016/943/EU in Finland has now finally ended. The new Trade Secrets Act takes effect today as confirmed by the President of the Republic of Finland on 10 August 2018.

The new Act replaces the provisions of the Unfair Business Practices Act on the unlawful use of trade secrets and technical specifications, and provides clearer and harmonised definitions at the EU level for trade secrets and for the lawful and unlawful acquisition, use and disclosure thereof.

In addition, the Act offers more specific and extensive civil remedies against the unlawful acquisition, use or disclosure of a trade secret, such as provisions that enable courts to order not only precautionary measures, injunctions and damages, but also corrective measures and – under certain conditions – compensation for use instead of an injunction and corrective measures.

From now on, Finnish district courts will have jurisdiction to decide both civil and criminal cases concerning the unlawful exploitation of trade secrets, whereas the Market Court (which had the exclusive right to order injunctions in the proceedings under the unfair business practice regime) from this day onwards holds parallel jurisdiction in civil proceedings where the respondent acts as a legal entity or an entrepreneur.

Borenius’ lawyers are available to assist in addressing any questions you may have regarding this alert. Please feel free to contact any of the Borenius attorneys listed in this alert or those with whom you usually work.

For more information on the new Act and the preparatory work please also read our legal alert of 24 October 2017.