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Changes in the price list of the Estonian Central Depository for Securities

14.12.10 NASDAQ OMX Tallinn

As of 1 January 2011 the new price list of the Estonian Central Depository for Securities (CDS) will enter into force, which has been approved by the Ministry of Finance for two years. It is estimated that the income of the CSD will decrease, and as a result companies and management companies will save EEK 2.5 million next year.

“As one of the most important changes, the minimum and maximum rates of fees for maintenance of securities will be reduced for companies registered with the CSD. The transfer fees related to issue of fund units of compulsory funded pension, as well as the fees charged from account operators for queries concerning the pension account made by customers, will be fully cancelled,“ said Julia Segerkrantz, the CEO of Estonian Central Depository for Securities.

“Reduction of prices for several significant services is most welcome; in particular, it should positively influence pension collectors. Several companies will also win from the entry into force of the new price list. It is also positive that, in terms of its content and form, the new price list is clearer and more understandable than the current price list,” said Thomas Auväärt, Head of the Financial Markets Department at the Ministry of Finance.

The structure and form of the price list of the Estonian Central Depository for Securities has been significantly renewed, which helps customers to orientate better and faster to the fees applicable to them – the fees charged for related services are grouped in the same chapter, currently applicable differences will be cancelled.

Concerning the funded pension services, the fees for funded pension applications will also decrease significantly. The price for a new choice application will be EUR 0.75 (EEK 11.73) instead of the currently applicable EEK 20.

The fees for maintenance of securities will be reduced for companies that are registered with the Estonian Central Depository for Securities, the new maximum rate will be EUR 500 (EEK 7 823.3) for both listed and unlisted companies, which is 35% lower than the maximum rate currently applicable to listed companies. The maintenance fee rate charged from companies, the capital of which will be between EUR 60,000 and EUR 700,000, will decrease by 25%.

For the purposes of making the price list more understandable and for equal and uniform treatment of the holders of different type of securities and different type of accounts, the minimum rate for maintenance of securities accounts charged from account operators, i.e. banks, has been harmonised. The minimum rate of the fee for maintenance of the securities accounts of natural persons will increase by EUR 0.07, the minimum rate for maintenance of accounts of legal persons will increase by EUR 0.87 in most cases. At the same time, the fee for settlement of a stock exchange transaction will decrease by 4% and the fee for delivery free-of-payment by 21%. The amount of the securities account maintenance fee charged from the final investor will depend on the price list of a specific account administrator bank.

As a new fee, the CSD will introduce a minimum rate of EUR 250 to be charged from the account administrator. According to Julia Segerkrantz, CEO of the Estonian Central Depository for Securities, active account administrators are essentially paying for the maintenance and development of the system on behalf of inactive account administrators. “The current solution is unfair and given the practice common in other countries, we have established a so-called minimum invoice for being a member of the system. We hope very much that, as a result of this fee, inactive members will also become active and diversify the Estonian securities market,” added Segerkrantz.

The Estonian Central Depositary of Securities maintains the common electronic Central Register of Securities in Estonia. The Minister of Finance and the Estonian Central Depositary of Securities have concluded a contract for provision of register services which will be in force until the end of 2014. The price list can be examined at the website of the Estonian Central Depository for Securities: www.e-register.ee