Application for registration of shares in central securities register now possible via Nordea Bank

22.05.2002 TLN

As of 22.05.2002 all limited liability companies can submit the application for registration of shares in the Estonian central securities register via the branches of Nordea Bank. In case the company applies via the bank, a member of the company’s management board does not have to submit the specimen signature.

In addition to the registration application, a company must also present its Articles of Association and the list of its shareholders with each shareholder’s securities account number.

The registration application can also be submitted directly to the Estonian CSD (Tallinn, Pärnu St. 12) or by mail. In latter case a specimen signature verified by a public notary is required.

“We aim to make the registration process as simple as possible to the entrepreneurs,” said Ahto Kink, chairman of the management board of Estonian CSD. “We would also like to suggest to the companies that have not yet been registered to submit their application now. First, the ECSD will waive until December the maintenance fee for limited liability companies that apply for registration during Q2. Secondly, at the end of the year we will have only very limited time to solve the problems that may occur in the process of registering your shares.”

“We are happy to create additional value to our clients and to be the pioneers in providing this new service. It should significantly simplify the registration especially for companies operating in Tartu and Pärnu, since they do not have to go to public notary or come to Tallinn to register their shares with the central securities register, but can do it at their local Nordea Bank branch,” said Juhani Seilenthal, chairman of the management board of Nordea Bank.

According to the Estonian Central Register of Securities Act, all limited liability companies operating in Estonia must be registered with the Estonian central securities register by January 1, 2003. The companies that are not registered by that date will be dissolved and their management board members can be fined in the amount of up to EEK 2 Mio.

Hansapank will begin to accept the registration applications on June 3, 2002.

Information about the registration is available on the internet homepage of ECSD at www.ee.omxgroup.com.

Additional information:

Ahto Kink
Chairman of Management Board, Estonian CSD
HEX Tallinn
Tel: +372 640 8800
e-mail:

Juhani Seilenthal
Chairman of Management Board, Nordea Bank
Tel: +372 628 3200
e-mail: juhani.seilenthal@nordea.com