Tallinn Stock Exchange              ANNOUNCEMENT                 11/28.07.2005



AMENDMENTS IN TALLINN STOCK EXCHANGE RULES AND REGULATIONS



Since July the legal framework for securities market was altered in connection 

with the implementation of the European Commission regulation. Hence the 

Tallinn Stock Exchange passed significant amendments to the rules and 

regulations concerning requirements to listing particulars.



Requirements in Regulation sections ”Listing Particulars for the Admission of 

Shares” and ”Listing particulars for the Admission of Bonds” shall be declared 

invalid in its entirety, as requirements regarding listing particulars are 

defined by the European Commission regulation starting from July 1st 2005.



Regulation section ”Listing Rules” shall also be amended and specified. Among 

other things, the issuer shall be exempt from the obligation to deliver the 

already delivered documents repeatedly and to apply for relevant exemptions. 

The aim of the alteration is to preclude the unnecessary bureaucracy and 

improve the listing procedure.



The amendments also eliminate the restriction that enabled Free List (regulated 

market) trading only with the securities of those issuers who undertook to 

quote the security on the stock exchange during one year. Considering the 

changed market conditions and legal environment the described limitation is 

not necessary, sensible or legitimate, as it derived from the market conditions 

of 1996 when there was no difference made between regulated markets and stock 

exchanges.



Changes in the rules of Tallinn Stock Exchange will be made available at:

<a href='http://www.ee.omxgroup.com/?id=4046' target='_blank'>http://www.ee.omxgroup.com/?id=4046</a>





Tallinn Stock Exchange

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