TALLINN STOCK EXCHANGE

ANNOUNCEMENT

25.05.99

 

TALLINN STOCK EXCHANGE SURVEILLANCE COMMITTEE’S DECISION ABOUT AS ICI 

TRUST

 

The Tallinn Stock Exchange ("TSE") Surveillance Committee discussed on 

its 24.05.1999 meeting the possible violation of the provisions of the 

TSE Rules and Regulations by AS ICI Trust ("ICI").

 

1. Pursuant to article 6.3.6. of chapter “Membership Rules” of the TSE 

Rules and Regulations, the Stock Exchange member is required to 

inform the Stock Exchange about resignation of the approved broker 

in form of written notice at least 7 days in advance.

 

The results of the surveillance procedures conducted by the TSE 

indicated that ICI failed to meet the aforementioned requirement.

 

2. Pursuant to article 3.2.1. of chapter “Trading Rules” of the TSE 

Rules and Regulations, in case the Stock Exchange member is also a 

recognized dealer for a security, it is required to employ full-time 

at least two approved brokers, of whom at least one is immediately 

available at any time during the trading hours on the phone number 

used for effecting exchange transactions.

 

During the time period of 28.01-11.02.1999, when ICI was a recognized 

dealer for ten securities, only one approved broker employed by ICI was 

entitled to access the TSE trading system.

 

3. Pursuant to article 4.1.5. of chapter “Membership Rules” of the TSE 

Rules and Regulations, each approved broker employed by the Stock 

Exchange member has a personal identification code and password. The 

Stock Exchange member is required to guarantee that the 

identification code and password are used solely by the approved 

broker, to whom the respective identification code and password were 

assigned.

 

The results of the surveillance procedures conducted by the TSE 

indicated that ICI failed to meet the aforementioned requirement.

 

 

The Tallinn Stock Exchange Surveillance Committee found that ICI has 

violated against the provisions of articles 4.1.5. and 6.3.6. of 

chapter “Membership Rules”, and article 3.2.1. of chapter “Trading 

Rules” of the TSE Rules and Regulations. 

 

The TSE Surveillance Committee decided to fine ICI in the amount of EEK 

2,000 for violation of article 6.3.6. of chapter “Membership Rules” and 

article 3.2.1. of chapter “Trading Rules” of the TSE Rules and 

Regulations.

 

The TSE Surveillance Committee decided to issue a warning to ICI for 

violation of article 4.1.5. of chapter “Membership Rules” of the TSE 

Rules and Regulations.

 

TSE