TSE Supervisory Board decisions

23.11.2000 TLN

The Supervisory Board of the Tallinn Stock Exchange (TSE) held its meeting on November 23, 2000.

The Supervisory Board approved the general principles of changes to be made to the TSE group’s services price list. The changes in the price list are aimed to create conditions for lowering the small investors’ costs of operating on the securities market. Among other things the transaction fee to stock exchange member firms, currently fixed at EEK 35, will be replaced with a proportional fee, which is dependent of the transaction size. The charges for opening of securities accounts will decrease substantially. Also the Estonian Central Depository for Securities (ECDS) intends to substantially lower the maintenance fees charged from small enterprises, which make up a majority of the companies required to be registered in the ECDS under the new Estonian Central Securities Registry Law, effective as of 01.01.2001. The Supervisory Board will give its final approval to the new price list on its next meeting.

The Supervisory Board approved the establishment and Articles of Association of TSE’s subsidiary AS Arvelduskoda (Clearing House Ltd.). The core business of the clearing house will be clearing and settlement of securities transactions, risk management, and other securities related transactions and operations. Establishment of the clearing house enables the TSE group to separate the risks related with clearing and settlement of securities transactions, from registry keeping and other core activities of the stock exchange.

The Supervisory Board approved the amendments to chapter "Requirements to Issuers" of the TSE Rules and Regulations. According to the amendments, as of 01.12.2000 bonds may be delisted based on TSE managing director’s decree, in case the delisting is due to redemption as in line with the relevant prospectus. Thus far such decisions were made by the Listing Committee.

All aforementioned amendments will be available on TSE internet homepage, under Rules and Regulations section.

The Supervisory Board recalled Tarmo Amer from the TSE Management Board, due to Mr. Amer’s resignation from the Tallinn Stock Exchange from 15.12.2000.

Additional information:

Gert Tiivas
Chairman of Management Board
Tallinn Stock Exchange
Tel: +372 64 08 840