Changes to TSE Rules and Regulations

14.01.2002 TLN

Tallinn Stock Exchange Press Release
January 14, 2002

With regard to launch of trading in the Tallinn Stock Exchange (TSE) listed securities in HEX’s trading system, the Management Board of TSE made the following amendments to TSE Rules and Regulations (Rules):

1. The Management Board amended chapters “Trading Rules” and “Rules for Clearing and Settlement of Stock Exchange Transactions” of the Rules.
   
   Provisions of the Rules where brought into compliance with the principles of the new trading system.



2. The Management Board amended chapter “Membership Rules” of the Rules.
   
   Provisions of the Rules where brought into compliance with the new Securities Market Act stipulating the right for a foreign investment undertaking whose branch has not been registered in Estonia to provide cross-border investment services in Estonia. Hence, the circle of persons entitled to obtain TSE membership status has been increased in the Rules.



3. The Management Board renamed “Secondary List” to I-List.
   
   Consequently, the list structure of TSE is similar to HEX list structure.



4. The Management Board amended article 1.3 of chapter “Requirements for Issuers” stipulating requirements for disclosure of company announcements.
   
   Issuers listed in the Main List are hereafter required to disclose company announcements in addition to Estonian language also in English language. Issuers listed in the I-List and Bonds’ List are required to disclose company announcements of significant value, incl. financial statements and announcements related to the respective information, in addition to Estonian language also in English language.
   
   Additionally, TSE recommends issuers to publish company announcements also in Finnish language providing the issuers’ an opportunity to disclose the respective announcements via the Exchange’s information system.
   
   Issuers are required to disclose financial data in company announcements in Estonian kroons as well as in euros.

All the aforementioned amendments are available on TSE Internet homepage under section “Rules and Regulations” (the English language translation will be added during this week).

The amendment will become effective on the day TSE starts using HEX’s trading system.

Additional information:

Eva Palu
Head of Marketing and PR Department
Tallinn Stock Exchange
Tel: +372 640 8800
e-mail: