AMENDMENTS IN TALLINN STOCK EXCHANGE RULES AND REGULATIONS


Tallinn Stock Exchange     NEWS RELEASE      03/04.01.2007

AMENDMENTS IN TALLINN STOCK EXCHANGE RULES AND REGULATIONS

Amendments    in   sections   "Membership   Rules"    and
"Requirements for issuers" of the Tallinn Stock  Exchange
(TSE) Regulation entered into force on January 3, 2007.

In  the  section “Requirements for Issuers” in the  Rules
and  Regulations, the time for closing the  list  of  the
holders  of  securities was changed. Starting  from  this
year,  the list of securities’ holders will be closed  on
the  date determined by the Issuer (record date),  as  of
the  end of the day, i.e. at 23.59 p.m. (instead  of  the
earlier  8.00  a.m.).  The  amendment  is  due   to   the
harmonization  of  rules in the European  Union.  If  the
closing  time of the list of securities’ holders was  set
before  the  amendments entered into force, there  is  no
requirement to change it, but in such a case the time not
complying with the rule should be separately indicated.

With  amendments  to  the  part “Membership  Rules”,  the
minimum amount of share capital required for applying for
Stock  Exchange membership was lowered from  the  earlier
730  000 euros to 125 000 euros. The amendments harmonize
the  capital requirements established for Stock  Exchange
members on all Baltic Stock Exchanges.

In  addition,  the  Financial Supervision  Authority  has
coordinated  amendments  to  the  sections   “Rules   For
Clearing  and  Settlement of Stock Exchange Transactions”
and  “Rates of Fines” in the Rules and Regulations, which
concern mostly the formation and use of a guarantee fund,
harmonizing as much as possible the principles of forming
and  using the guarantee funds of different Baltic  Stock
Exchanges.  The entry into force of amendments  regarding
guarantee  funds depends on the entry into force  of  the
relevant   changes   on   the  Vilnius   Stock   Exchange
(presumably  not  before  1  February  2007).  The  Stock
Exchange  will inform members of the entry into force  of
the amendments as soon as possible.

Changes  in the rules of Tallinn Stock Exchange  will  be
made available at:
http://www.omxgroup.ee/?id=2726 - present redactions
http://www.omxgroup.ee/?id=2727 - earlier redactions


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