Following its independence in 1991, Estonia, a country of 1.3 million people, embarked on a path of rapid economic, legal and regulatory change. All governments since then have had a strong commitment to open markets and limited state intervention in the economy. This has allowed Estonia to develop an open, competitive market economy with high rates of foreign direct investment, and strong economic growth up until the global financial crisis, averaging 8.2 per cent from 2001-2007. Estonia’s market-oriented approach has also reflected a policy of rapid political and economic integration with Europe, which led to its admission into the EU in 2004 and to a series of amendments to its capital markets and company law architecture to ensure its consistency with EU directives. Estonia’s capital market, nevertheless, is quite limited, with just 14 companies listed on the Tallinn Stock Exchange’s main listing segment.