The amendments define program issue of securities and stipulate rules for listing of individual issues of securities conducted under a program, in accordance with the recent amendments to the Securities Market Act.
In order to take into account specific risks of different issuers of fixed income securities, changes were made to the TSE rules to differentiate issue prospectus requirements based on the type of issuer, whereby simplifying the access for low-risk issuers in the context of Estonian securities market.
The amendments also abolish several bond listing requirements, including provisions regarding bond issuer’s operating history and profitability. For the benefit of retail investors, the board decided that the face value of a listed bond may not exceed EEK 1,000. Minimum issue volume was reduced from EEK 10 million to EEK 3.1 million (EUR 200,000), in line with relevant European Union directives.
Changes are effective as of April 16, 2000.
All aforementioned amendments can be found at TSE homepage.
Additional information:
Eva Palu
Head of Investor Relations Dpt
Tallinn Stock Exchange
Tel: +372 64 08 840
e-mail:
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