TSE Supervisory Board decisions

21.03.2001 TLN

The Supervisory Board of Tallinn Stock Exchange (TSE) held its meeting on March 21, 2001.

1. The Supervisory Board annulled article 4.4.2. of chapter “Membership Rules” of TSE Rules and Regulations. According to this amendment the Exchange withdrew the requirement for a qualification certificate of a securities specialist or a fund manager from the applicants of the status of approved broker.
   
   This requirement and the issue of qualification certificates will be invalidated under the draft of the new Securities Market Act. As before the candidates for approved broker status must pass the TSE’s approved broker exam.
   
   
2. The Supervisory Board annulled article 5.4.8. and amended article 5.4.9. of chapter “Membership Rules” of TSE Rules and Regulations, whereby the Exchange no longer requires its members to conduct an internal audit twice a year.
   
   This requirement was annulled to cut the costs of the Exchange member firms without actually worsening the quality of surveillance. As before a member firm of the TSE is obligated to ensure the presence of an internal audit employee or a relevant department. The Surveillance Committee of TSE also has the right to require an Exchange member firm to conduct an internal audit at any point of time.
   
   
3. The Supervisory Board added article 4.5.2. to the TSE price list to lower the fees for trades in fixed income securities for Exchange members from the current 0.025% down to 0.01% of transaction size.
   
   
4. The Supervisory Board added article 5 to the TSE price list, whereby the Exchange establishes the processing fees for take-over bids to the offerors, i.e. to the person that has made a take-over offering to the target company.

The amendments to the TSE Rules and Regulations, effective as of April 1, 2001, are available on TSE internet homepage at www.tse.ee under subsection Rules and Regulations/Amendments to the Rules and Regulations.

Additional information:

Gert Tiivas
Chairman of Management Board
Tallinn Stock Exchange
Tel: +372 640 8840