TALLINN STOCK EXCHANGE

ANNOUNCEMENT

 

TSE: CHANGES IN THE RULES AND REGULATIONS

 

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 <a href='http://www.tse.ee' target='_blank'>http://www.tse.ee</a> 

under subsection Rules and Regulations/Amendments to the Rules and 

Regulations. 

 

 

Additional information: 

Gert Tiivas 

Chairman of the Management Board

Tallinn Stock Exchange

+372 6 408 840