TALLINN STOCK EXCHANGE

ANNOUNCEMENT

11.05.99

 

TALLINN STOCK EXCHANGE SURVEILLANCE COMMITTEE’S DECISION ABOUT 

KREDIIDIPANK

 

The Tallinn Stock Exchange Surveillance Committee discussed on its 

10.05.1999 meeting the possible violation of the provisions of the 

TSE Rules and Regulations by AS Eesti Krediidipank (Krediidipank).

 

1. Pursuant to article 7.6.2. of chapter “Membership Rules” of the 

TSE Rules and Regulations, the Stock Exchange member is required 

to keep the securities of the Estonian resident separate from its 

own securities and those of the its other clients, as provided by 

the legal acts and Rules of the Estonian Central Depository for 

Securities.

The results of the surveillance procedures conducted by the TSE 

indicated that Krediidipank failed to meet the aforementioned 

requirement.

 

2. Pursuant to article 7.7.3. of chapter “Membership Rules” of the 

TSE Rules and Regulations, the Stock Exchange member is required 

to guarantee that the person engaged in management of the funds 

for investment and the person making the investment decision do 

not perform concurrently the functions of an approved broker 

 

The results of the surveillance procedures conducted by the TSE 

indicated that Krediidipank failed to follow the principle of 

separation of the aforementioned functions.

 

The Tallinn Stock Exchange Surveillance Committee found that 

Krediidipank has violated against the provisions of articles 7.6.2. 

and 7.7.3. of chapter “Membership Rules” of the TSE Rules and 

Regulations. 

The TSE Surveillance Committee decided to fine Krediidipank in the 

amount of EEK 10 000.

 

 

TSE