TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

TSE SUPERVISORY BOARD DECISIONS

 

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

+372 64 08 840