Weekly Eesti Ekspress reported Wednesday about Jaak Roosaare, a popular financial influencer, small-scale investor and author of the well-known book "Rikkaks saamise õpik" (The Guide to Getting Rich), who earned at least €300,000 from raising funds for Planet42, a startup now heading towards bankruptcy. The company sold used cars in South Africa and Mexico to people who were not considered creditworthy by banks.

"The big question is whether, given the scale, such activities should require a license or how they should be legally classified. When you have a public search for investors, involving €12 million over the years and now at risk of disappearing, it should likely be under someone's supervision in Estonia. We actually asked many Estonian institutions about this: the Prosecutor's Office, the police, the Ministry of Finance. They all pointed to the Financial Supervision Authority," said Ekspress Meedia journalist Oliver Kund.

However, the Financial Supervision Authority (FSA) does not currently see a supervisory role for itself.

"We supervise the financial sector that falls within our perimeter, which generally involves individuals holding a license from us. For those operating outside this, if they are required by law to have a license but do not, it may be a crime, which would be determined in a criminal investigation," explained Kilvar Kessler, chairman of the FSA's management board.

The Prosecutor's Office declined to comment, stating there is no ongoing criminal investigation and no crime report has been filed. The FSA itself could potentially file such a report, but has not done so. Aktuaalne Kaamera asked Kessler if Roosaare's actions required a license from the FSA.

"The factual circumstances of 'such activities' would need to be clarified in a criminal investigation. According to the law, this is the responsibility of the police and the Prosecutor's Office," said Kessler.

Maris Lauri, former minister of finance and justice and now a member of the Riigikogu Finance Committee, disagrees with Kessler.

"Certain activities are licensed in Estonia if they exceed specific thresholds, and this includes lending," said Lauri, who believes that Roosaare's actions could be considered as providing financial services.

"If these amounts went beyond certain limits, they would fall under regulation. Financial supervision of such transactions is within the purview of the FSA. Now that this has been publicly reported, they should look into it, review what was done, how it was done and determine whether laws were broken," Lauri explained.

But the FSA continues to avoid taking a position on whether Roosaare's actions constitute the provision of financial services. They also do not provide guidance to entrepreneurs on this matter.

"Generally, laws do not specify monetary thresholds. It is sufficient that funds are taken from the public with the obligation to repay, and the company uses this to extend credit. We always advise entrepreneurs who want to operate in the financial sector to consult legal advisors to assess whether they need a license," Kessler noted.

Jaak Roosaare declined an interview with "Aktuaalne kaamera," stating that he had already provided a comprehensive comment to Eesti Ekspress and would not give any further interviews.

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