TSE Supervisory Board decisions

19.12.2000 TLN

On 19.12.2000 the Supervisory Board of Tallinn Stock Exchange (TSE) approved amendments to the price lists of TSE and Estonian Central Depository for Securities (ECDS).

The changes are aimed to establish more investor-friendly prices and thus create conditions for lowering especially small investors’ costs. The board also decided to lower the depository’s fees for registration of limited liability companies, with an aim to provide more favourable terms to the companies required to be registered in the ECDS under the new Estonian Central Securities Registry Law.

1. Changes in TSE price list (effective as of January 1 2001):
   TSE transaction fee to stock exchange member firms, currently fixed at EEK 35, will be replaced with a proportional fee of 0.025% of the transaction size. Minimum fee is EEK 1 and maximum fee EEK 500. Thus the average transaction fee (EEK 48,500 in year 2000) would be about EEK 12. Compared with the currently effective price list, the prices would be cut for all transactions below EEK 140,000, which make up about 80% of all transactions.
   The new transaction fees already include charges for ECDS registry entries and the settlement fee.

2. TSE Supervisory Board approved amendments to ECDS price list, which are subject of final approval by the Minister of Finance.
   ECDS will substantially decrease the charges for opening of securities accounts. The fee for opening of securities accounts will decrease from current EEK 75 to EEK 5 for private persons, and from EEK 500 to EEK 250 for legal entities. Investors must additionally pay the commissions to account operator banks.
   ECDS will lower the fees for maintenance of shares and fund units. The minimum quarterly maintenance fee will be lowered from EEK 1,250 down to EEK 250. The aforementioned amendment lowers the fees charged from companies with below EEK 5 million market capitalisation, which account for 90% of all limited liability companies registered at the Commercial Registry. The prices for larger companies drop in average 10%.
   In order to favour rapid registration of companies in ECDS, the initial registration of shares will be free of charge in year 2001. The service will become a subject for a EEK 500 application fee starting from 2002.

The detailed amendments in the price lists of TSE and ECDS in English language will be available on the respective Internet homepages (www.tse.ee – Rules and Regulations; www.depo.ee – Legislative Acts).

Additional information:

Eva Palu
Head of Investor Relations Dpt
Tallinn Stock Exchange
Tel: +372 64 08 840
e-mail: