New price list to reduce fees for maintenance of securities

24.01.2003 TLN

Estonian CSD (ECSD) enacted the new price list of ECSD. The most significant change among other changes was reduction of maintenance fees of securities.

Minimum rate of quarterly maintenance fee for companies registered with the ECSD was reduced to EEK 150 (previously EEK 250) and maximum rate to EEK 15,000 (EEK 25,000). Maximum fee rate for maintenance of securities listed on Tallinn Stock Exchange remains at EEK 25,000.

Quarterly maintenance fee is related to company’s share capital. Up to 54% of joint stock companies registered in Estonia have a share capital of up to EEK 750 000, thus their quarterly minimum maintenance fee amounts to EEK 150.

“The number of companies in the register has increased significantly during the previous year, and we have improved our internal administration efficiency,” said ECSD Managing Director Kaidi Oone.

“This is also good news for private limited companies (osaühing). Their number in the registry is continuously increasing although registration is voluntary for private limited companies,” said Oone.

All joint stock companies operating in Estonia must be registered in the central securities register not later than by July 1, 2003. As at January 24, a total of 4,840 companies had applied for registration on the register, i.e. 76% of all joint stock companies operating in Estonia.

Proceeding from the new price list no fee will be set to legal or private persons for securities accounts that hold securities not listed on the stock exchange. For the end-customer, fees by account operators will be added.

“We hope the account operators will soon review their account maintenance fees so that this significant discount would also reach the end-customer. Our aim is to find a solution for one of the critical moments of mandatory registration process in co-operation with banks,” said Oone.

Previously the maintenance fee was related to market value of both listed and non-listed securities registered on the securities account. Proceeding from the new price list the maintenance fee will remain related to market value of stock exchange listed securities registered on the securities account.

On 24.01.2003 the Ministry of Finance approved the new price list of ECSD. The requirement for approval proceeds from the Estonian Central Register of Securities Act. The new price list became effective on 01.01.2003.

Additional information:

Eva Palu
Head of Marketing and PR Department
Tallinn Stock Exchange / Estonian CSD

HEX Tallinn
Tel: +372 640 8800
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