Marko Kairjak

Partner, Head of Banking & Finance, Estonia

Tallinn, Estonia

+372 626 4300

Estonian, English, Russian, German

Chambers Europe notes him for his regulatory expertise saying he has "thorough knowledge in the (banking and finance) sector and the ability to lead the project smoothly; it’s clear that he is very experienced."


Advised Admiral Markets, one of the most rapidly growing Forex traders in the EU, Australia and India, on setting up a cross-border compliance network as well as advised on regulatory issues.

Assisted Nasdaq Baltics, part of the world's largest exchange company NASDAQ OMX Group, in drafting the prospectus and related documentation templates for potential bond issuers in the regulated markets operated by Nasdaq in the Baltics.

Advised international financial services provider for the transport sector – DVB Bank America – in refinancing the loans of an Estonian ferry transport group.

Advising and representing major creditors of the GILD Arbitrage hedge fund, in a first ever bankruptcy proceeding of a fund manager, GA Fund Management (bankrupt), which created a judicial precedent and led to the review and amendment of provisions concerning the liquidation of hedge funds in the Investment Funds Act.

Represented one of the largest Baltic retail groups in high profile competition law criminal proceedings.

Representing business and state figure, ex-minister and former member of parliament Mart Opmann in a criminal case involving abuse of trust and causing the insolvency of a private company.

Representing entrepreneur, politician and former member of the parliament Neinar Seli, in a criminal case involving a violation of the anti-corruption law and procedural restrictions.

Advising US based Machine Leasing and Financing subsidiary CNC Associates Inc in drafting financing agreements to sell Haas Automation machinery in Estonia.

Advising cross-border money transfer provider TavexWise, operating in eight countries in Europe, in acquiring a payment institution license under the PSD.

Advising Estateguru on the setup of a major real estate crowdfunding platform, including acting as a collateral agent in the subsequent financing transactions.


2008 Estonian Bar Association
2007 Estonian Legal Science Society


Since 2017 Partner, law firm TGS Baltic (formerly VARUL)
20152017 Partner, law firm VARUL
2013 Visiting Scholar, Osnabrück University, Institute of Economic Criminal Law
20112015 Senior Associate, law firm VARUL
Since 2011 Lecturer, Estonian Business School
2010 Visiting Scholar, Georg-August-Universität Göttingen
2010 Intern, Covington & Burling (London)
Since 2007 Part-Time Lecturer, University of Tartu, Faculty of Law
20052011 Associate, law firm VARUL


2015 University of Tartu, Faculty of Law, PhD
2010 Cambridge University, Faculty of Law, LLM
2007 Westfälische Wilhelms-Universität Münster (Germany), Faculty of Law (Student Exchange Program)
2007 University of Tartu, Faculty of Law, MA (cum laude)
2005 University of Tartu, Faculty of Law, BA