a:97:{i:1925;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1093:"In connection with the article International impostors lure Estonians to the  stock market by Askur Alas published in the newspaper Eesti Pevaleht on  February 2, 2004, the EFSA informs that De Verre Lloyd &amp; Co Ltd does not  have a license to provide investment services in Estonia <BR><BR>The EFSA  advises that before doing any business, people ask from the companies  advertising investment services in Estonia whether they have an activity license  and from whom it was issued. People should decline or avoid purchasing an  advertised service if the provider does not have the relevant license or if it  is not issued by the EFSA. <BR><BR>Credit institutions, investment companies and  fund managers who are licensed to provide investment services in Estonia are  listed on the EFSAs homepage under Supervised entities. These entities have  to comply with the service provision requirements provided by law and are  supervised by the EFSA. <BR> <P></P> <P>Livia Kulm <BR>Head of Communication <BR>+ 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A><BR></P>";s:9:"objekt_id";s:4:"1925";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:89:"De Verre Lloyd & Co Ltd does not have a license to provide investment services in Estonia";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-02-02";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"1956";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1086868024";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:1923;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2204:"<STRONG>The EFSA issued advisory guidelines entitled Unit-Linked Life  Insurance Policies: Components, Underlying Assets and Disclosure to  Policyholder. The Management Board of the EFSA approved the guidelines on  February 25, 2004.</STRONG> <BR><BR>The objective of these guidelines is to  define minimum requirements for unit-linked life insurance policies in order to  ensure uniform understanding and provision of this insurance class by insurers.  Guidelines set forth minimum information insurers have to provide to customers  about the underlying assets associated with unit-linked life insurance policy.  <BR><BR>The guidelines  stipulates for insurers: <P></P> <UL>   <LI>Two obligatory components of unit-linked life    insurance, guaranteed sum insured payable on the death of insured and    requirements for the underlying assets associated to unit-linked life    insurance policy;     <LI>Minimum requirements to be observed at service    provision;     <LI>Minimum requirements to the information disclosed on underlying assets.    <BR></LI></UL> <P>For the protection of customers, guidelines provide amongst other things the  following requirements:</P> <UL>   <LI>Guaranteed sum insured on the death of insured may    never be smaller than 102% of the value of underlying assets linked to the    relevant policy;     <LI>Restrictions on financial instruments included to    underlying assets;     <LI>Insurers are obligated to determine how aware their    customers are about the investment field in order to follow the customers'    best interest at service provision;     <LI>Insurers have to ensure the availability of information provided with    these guidelines for each financial instrument chosen by the customer.</LI></UL> <P>The abovementioned guidelines and EFSA's explanation on the nature of advisory  guidelines are posted on the agency's homepage at: <A  href="http://www.fi.ee">www.fi.ee</A> &gt; Legislation &gt;  <A href="http://www.fi.ee/?rep_id=775" target=_blank>Guidlines of Financial  Supervision Authority. </A>  </P> <P>Livia Kulm <BR>Head of Communication <BR>+ 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR><BR>&nbsp;</P>";s:9:"objekt_id";s:4:"1923";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:64:"FSA guidelines for providing unit-linked life insurance policies";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-03-03";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"1992";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1086867894";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:1924;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1142:" <P><STRONG>The Management Board of the EFSA decided on its March 10, 2004  meeting to grant permission to A/s Parekss-Banka (registry code: 000307459;  address: Smilu 3, Riga, Latvia) to open a credit institution branch in Estonia.  <BR></STRONG><BR>In accordance with the Credit Institutions Act, the branches of  foreign credit institutions registered in an EU member state are supervised by  their home country's banking supervision agency, including on-site inspection,  provided that the Financial Supervision Authority has received prior notice. The  Estonian branch of A/s Parekss-Banka is supervised by the Latvian Financial  Supervision Authority from May 1, 2004. Prior to this date, supervision was  conducted according to the co-operation agreement between the FSA and the  Latvian financial supervision agency. <BR><BR>The Estonian Branch of A/s  Parekss-Banka is obligated to observe all Estonian laws and requirements thereof  concerning the operation of a foreign legal entity in Estonia. <BR></P> <P>Livia Kulm <BR>Head of Communication <BR>+ 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A><BR></P>";s:9:"objekt_id";s:4:"1924";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:67:"EFSA grants to Parekss-Banka permission to open a branch in Estonia";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-03-10";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"1993";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1086867862";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:1927;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1932:" <P><STRONG>The Committee of European Securities Regulators (CERS) appointed  ANDRES TRINK, the Chairman of the EFSA Management Board as the leader of its  expert group. The objective of the CESRs expert group is to prepare the  disclosure requirements to be applied to companies publicly traded in  Europe.</STRONG> <BR><BR>The objective of the expert group is to prepare  proposals on implementation of disclosure requirements imposed on securities  issuers by the Transparency Directive and offer suitable solutions how issuers  should disseminate necessary information to investors. The expert group is  composed of securities market specialists from different European countries.  Also, a pan-European consultative group of market participants will be formed.  <BR><BR>"Its a great challenge and an indication that we are trusted," said  <STRONG>Andres Trink</STRONG>, Chairman of the EFSA Management Board. "By  overseeing the work of the expert group, we are directly designing the  operational standards for European financial services and a single market of  financial services. The objective is to ensure that investors everywhere in  Europe, including Estonia, will get adequate and uniform information about  securities issuers. This will increase reliability, simplify and extend  investment opportunities," added Trink. <BR><BR>The CESRs objective is to  provide the European Commission with advice during the preparation of legal acts  regulating the European securities market and to ensure consistency and fast  implementation of relevant laws in member states. More detailed information  about the CESR is available at <A  href="http://www.cesr-eu.org">http://www.cesr-eu.org</A>. EFSAs representatives  have been involved in the CESR's working groups since the end of 2002. <BR></P> <P>Livia Kulm <BR>Head of Communication <BR>+ 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A><BR></P>";s:9:"objekt_id";s:4:"1927";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:39:"Andres Trink to chair CESR expert group";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-04-06";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"1994";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1086868289";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:1926;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2267:" <P><STRONG>The EFSA imposed by the Management Board's resolution of April 21 the  advisory guidelines entitled "Guidelines for issuers on the transition to  international accounting standards pursuant to Regulation (EC) No. 1606/2002 of  the European Parliament and of the Council.</STRONG> <BR><BR>The guidelines are  to facilitate the transition of accounting principles and presentation methods  of financial reporting by the issuers of stocks and other securities traded on  the Estonian regulated securities market from Estonian good accounting practices  to mandatory international accounting standards (IAS/IRFS) as of January 1,  2005. <BR><BR>The guidelines are designed for issuers who have not previously  applied international standards or have applied them simultaneously with  accounting principles valid in Estonia. The EFSA advisory guidelines become  effective on May 1, 2004. <BR><BR>"The EFSA advisory guidelines provide Estonian  issuers assistance during the transition to international accounting standards.  According to Regulation No. 1606/2002 of the European Parliament and of the  Council, all issuers are obligated to apply international accounting standards  in the preparation of consolidated annual reports as of January 1, 2005,"  commented <STRONG>Kilvar Kessler</STRONG>, member of the EFSA Management Board  responsible for legal environment and market supervision. <BR><BR>EFSA advisory  guidelines are prepared in accordance with the recommendation of CESR entitled  European Regulation on the Application of IFRS in 2005. Recommendation for  Additional Guidance Regarding the Transition to IFRS (CESR/03-323e) was  developed by the head of the FSA market supervision department Kristjan-Erik  Suurvli and analyst Katrin Sumberg. All supervised entities were provided with  an opportunity to comment on the draft and make their proposals.  <BR><BR>According to the Financial Supervision Authority Act, the EFSA issues  its advisory guidelines for explaining legal acts regulating the financial  market and guiding supervised entities. Advisory guidelines are available on the  EFSAs homepage. <BR></P> <P>Livia Kulm <BR>Head of Communication <BR>+ 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></P>";s:9:"objekt_id";s:4:"1926";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:89:"EFSA imposed guidelines for issuers on the transfer to international accounting standards";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-04-22";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"1995";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1086868155";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:1896;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2822:"<STRONG>The Supervisory Board of the Estonian Financial Supervision Authority  (EFSA) approved the agencys strategy for 2004-2006 at its meeting on Monday,  May 17, 2004. The FSA sees its main objective as creating financial services  supervision compatible in the expanded European Union. <BR></STRONG><BR>"In  order to achieve its main objective, the FSAs prioritizes such courses of  action as ensuring stable development of the financial sector; protecting  consumer interests by increasing transparency of financial services; effectively  implementing regulation concerning the EU financial services market and  participating in the development of such regulation by considering its impact on  our market; and forming a professional, open and effective organization,"  commented <STRONG>Mr.</STRONG> <STRONG>Andres Trink</STRONG>, chairman of the  EFSA management board. "We see our mission as assuring the reliability of the  financial market and improving its transparency," he added. <BR><BR>According to  Mr. Trink, the key position in the EFSA's strategy is to tighten cross-border  cooperation. "Due to the structure of the Estonian financial sector where Nordic  financial groups dominate, we prioritize foremost collaboration with Nordic  supervision authorities," said Mr. Trink. In upcoming years, the activities  within the cooperation framework of EU financial supervisors will be a focal  point for the EFSA as well. "We support alignment of supervisory requirements  imposed in different countries since this would promote effectiveness and rapid  development of financial services in Estonia too. Likewise, we want with our  activities to boost foreign financial institutions interest in the Estonian  market in order to ensure dynamic growth of the financial sector and widen  opportunities for its customers," noted Mr. Trink. <BR><BR>"In the near future,  financial sector regulation faces several important changes such as the  introduction of new, risk-sensitive capital framework in banking and insurance,  the EUs uniform requirements to securities offers, transparency of issuers and  other investment services, likewise implementation of international accounting  standards in the financial sector. Our goal is to contribute to the continuously  competitive operational environment for financial services in Estonia," said Mr.  Trink. <BR><BR>A full text of the EFSA's strategy is posted on the agency's Web  site at <A href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A href="http://www.fi.ee/?rep_id=580"  target=_blank>Financial Supervision</A> &gt; <A href="http://www.fi.ee/?rep_id=763"  target=_blank>Strategy</A>     . <BR><BR><BR>Ms. Livia Kulm <BR>Head of Communication <BR>EFSA  <BR>Phone: + 372 6680 546 <BR>E-mail: livia.kulm@fi.ee <BR><A  href="http://www.fi.ee">www.fi.ee</A>";s:9:"objekt_id";s:4:"1896";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:55:"Supervisory Board approved FSAs strategy for 2004-2006";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-05-18";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"1996";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1093522272";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2012;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:989:"<STRONG>The Management Board of the Financial Supervision Authority decided  at its meeting on June 16, 2004 to grant permission to Vereins- und Westbank AG  (located at 22 Alter Wall, Hamburg, Germany D-20457) to open a credit  institution branch in the Republic of Estonia.</STRONG> <BR><BR>The Estonian  branch of Vereins- und Westbank AG is required to observe all Estonian laws and  requirements concerning the operation of a foreign legal entity in Estonia.  <BR><BR>According to the Credit Institutions Act, the branches of foreign credit  institutions registered in EU member state are supervised by their home  country's banking supervision agency. <BR><BR>Vereins- und Westbank AG is  supervised by the German supervision agency Bundesanstalt fr  Finanzdienstleistungsaufsicht. <BR><BR>Livia Kulm <BR>Head of Communication  <BR>EFSA <BR>Phone: + 372 6 680 546 <BR>E-mail: <A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR><A  href="http://www.fi.ee">www.fi.ee</A>";s:9:"objekt_id";s:4:"2012";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:113:"Estonian Financial Supervision Authority granted Vereins- und Westbank AG permission to start a branch in Estonia";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-06-16";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2126";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1103025995";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2013;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1646:" <P><STRONG>The Management Board of the Estonian Financial Supervision Authority  (EFSA) imposed at its meeting on July 28 advisory guidelines to investment  funds, titled Requirements to contractual investment fund rules. The  guidelines will enter into force on November 1, 2004. </STRONG><BR><BR>The  guidelines specify the general requirements provided with the Investment Funds  Act, define the nature and objective thereof. <BR><BR>The objective of the  guidelines is to offer fund management companies guidance regarding how to  compile the rules, by ensuring that all contractual fund rules are providing an  adequate and equal amount of information, commented <STRONG>Andre Nmm</STRONG>  on the necessity of the guidelines, head of the EFSAs investment and pension  funds supervision department. <BR><BR>Likewise, these guidelines serve as a  reference for an investor who can now verify whether the fund management company  provides him adequately with information that could be instrumental when  deciding whether to buy or sell the shares of a particular contractual  investment fund share, he added. <BR><BR>The FSAs advisory guidelines are  available on the EFSA homepage <A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=594" target=_blank>Legislation</A> &gt; <A  href="http://www.fi.ee/?rep_id=775" target=_blank>Guidelines of Financial  Supervision Authority</A>. <BR><BR><BR>Livia Kulm <BR>Head of Communication  <BR>EFSA <BR>Phone: + 372 6 680 546 <BR>E-mail: <A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR><A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2013";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:106:"Financial Supervision Authority imposed the guidelines Requirements to contractual investment fund rules";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-07-29";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2127";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1103026139";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2014;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:3575:" <P><STRONG>ANDRES TRINK, Chairman to the Management Board of the Estonian  Financial Supervision Authority (EFSA) presented today, October 13, the agencys  2003 Annual Report to the Riigikogu.</STRONG> <BR><BR><STRONG>Andres  Trink</STRONG> outlined in his presentation the 2003 developments in the  Estonian financial sector as well as financial supervision and highlighted the  key issues to be solved in upcoming years. <BR><BR>In summarizing last year,  Andres Trink said: I believe that the EFSAs activities have so far promoted an  increase in the reliability and transparency of Estonian financial services for  our depositors, investors and insured alike. We will continue our efforts in  this area since this is one of the premises for an efficient and competitive  financial sector. <BR><BR>The rapid development of the financial sector all the  time sets new tasks for Estonia. The Estonian financial services market is part  of the European financial services market that will experience several  significant changes in the forthcoming years. The EU Financial Services Action  Plan prescribes many measures also to be implemented in Estonia with the goal to  expand the single European services market and raise its competitive edge. Lets  mention, for example, the directives concerning investment services, market  abuse, public offer prospectuses, transparency requirements for public issuers,  etc. said Andres Trink. <BR><BR>Prevention of money laundering and  implementation of international sanctions has become an increasingly more  relevant issue where the financial sector as well as the involved state agencies  play a vital role in ensuring the trustworthiness of our financial market as  well as our country as a whole. The EFSA hopes that this area will be more  prioritized in state strategies in the near future, stressed Andres Trink in  his presentation. <BR><BR>By implementing these measures, we have to be able to  promote growth of the Estonian financial sector and also find inexpensive and  progressive solutions on a legislative level. That is only possible when we  participate in the design of the regulation for the European financial services  market. As of May 1, the EFSA is involved as a member to independent European  banking, securities market and insurance supervision committees. Likewise, we  see the necessity of active collaboration, by focusing on the areas where we  have expertise and which affect the most the development of financial services  in Estonia, said Andres Trink. Likewise we prioritize involvement of our  financial market participants  banks, insurance companies and others  in  designing regulation for the financial sector. Compared to the previous years,  we have been more active in developing information exchange and consultations  with market participants and we will continue to do so in the future as well,  promised Andres Trink. <BR><BR>The EFSAs 2003 Annual Report and Yearbook can be  accessed at <A href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=1099" target=_blank>Press Center </A>&gt; <A  href="http://www.fi.ee/?rep_id=1102" target=_blank>Publications</A>.  <BR><BR>According to the Financial Supervision Authority Act, the agency has to  submit yearly its annual report as well as make a relevant presentation to the  Riigikogu. <BR><BR>Livia Kulm <BR>Head of Communication<BR>EFSA <BR>Phone: + 372  6 680 546 <BR><A href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR><A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2014";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:105:"Andres Trink presented the annual report of the Estonian Financial Supervision Authority to the Riigikogu";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-10-12";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2128";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1103026341";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2015;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:3185:"<STRONG>     The Estonian Financial Supervision Authority (EFSA) imposed  the advisory guidelines titled Rules on disclosure of information concerning  life insurance contracts. The guidelines will enter into force on April 1,  2005.</STRONG> <BR><BR>The guidelines list the minimal required technical  information and its contents as well the method and time of disclosure to the  customers by also providing more general advice on sharing information with  them. <BR><BR>According to the EFSAs opinion, clients need more information  about insurance contracts before signing them, during its effectiveness, upon  changing it as well as on an annual basis, commented <STRONG>Kaido  Tropp</STRONG> on the necessity of the guidelines, a member of the EFSA  management board. An insurance company has the right to provide the customer  with more information than required by law, and its especially advisable if it  serves the purpose of making the product clearer and easier to understand for  the customer, added Tropp. <BR><BR>All financial institutions must inform the  customer as the consumer adequately, clearly and in comprehensible language on  the nature of the offered services and what the contract involves. In such case,  there would be fewer situations where a customer signs a contract that actually  does not match with his expectations, needs or financial abilities. The EFSA  aims to achieve the condition where all insurance companies registered in  Estonia disclose to customers the same amount of information. <BR><BR>Though  the insurance contract is by its nature is a relatively safe financial  instrument, the customer still faces certain risks when signing it. The customer  has to be aware whether cancellation of the contract would accompany with  financial losses, what is the mortality risk and how this affects him or her,  commented Tropp. Likewise, the insurer should not lure the customer to assume  extra risks by the means of forecasts. If such figures are used, they should be  based on the values guaranteed by the insurance contract, by clearly indicating  forecasts. When dealing with profit-sharing insurance contracts, the customer  has to be explained the principles for determining and distributing the  profits, he added. <BR><BR>Once recommendations from the advisory guidelines  are implemented, the customer should be able to get from the insurer  comprehensive information on premiums, surrender value, technical reserve, and  expenses related to the insurance contract, etc. The insurer also has to explain  to the insured the meaning of the used terms intelligibly. The guidelines will  apply to contracts signed from April 1 on. <BR><BR>The EFSAs advisory  guidelines are available on the homepage <A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=594" target=_blank>Legislation</A> &gt; <A  href="http://www.fi.ee/?rep_id=775" target=_blank>Guidelines of Financial  Supervision Authority</A>. <BR><BR><BR>Livia Kulm <BR>Head of Communication  <BR>EFSA <BR>Phone: + 372 668 0546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A> <BR><A  href="http://www.fi.ee">www.fi.ee</A>";s:9:"objekt_id";s:4:"2015";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:119:"Estonian Financial Supervision Authority imposed rules on disclosure of information concerning life insurance contracts";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-10-29";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2129";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1105955362";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2016;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2132:" <P><STRONG>The Estonian Financial Supervision Authority (EFSA) imposed the  advisory guidelines titled Requirements for organization in the field of  information technology. The guidelines will enter into force on January 1, 2005  and affect all Estonian financial institutions.</STRONG> </P> <P>The guidelines offer financial firms a clearer understanding which IT  processes they should prioritize and which constitute as being primary risk  areas. Risks related to IT processes must be assessed on a regular basis and if  necessary, corrections and changes should be made to the existing work  arrangement, commented <STRONG>Toomas Kirt</STRONG> on the necessity of the  guidelines, the EFSAs IT auditor.</P> <P>The guidelines serve as a tool for financial institutions to detect the  risks in critical areas. By following the requirements laid down in the  guidelines, it should be ensured that company information can be accessed only  by those who need it to fulfill their tasks, and that there would be adequate  tracking to detect possible unauthorized access, said Kirt.</P> <P>The new guidelines provide an updated and clearer framework regarding how  financial institutions should manage their IT processes more efficiently and  securely. At the same time, the financial services market will gain more  reliability for its customers. <BR><BR>Upon compilation of the guidelines, the  EFSA took into account the requests and comments from market participants. The  guidelines are available on the EFSA homepage: <A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=594" target=_blank>Legislation</A> &gt; <A  href="http://www.fi.ee/?rep_id=775" target=_blank>Guidelines of Estonian Financial  Supervision </A>&gt; <A  href="http://www.fi.ee/failid/Juhend_041026_IT_korraldus_EN.pdf"  target=_blank>Requirements for organization of the field of information  technology</A>. <BR><BR><BR>Livia Kulm <BR>Head of Communication <BR>EFSA  <BR>Phone: + 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A> <BR><A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;<BR><BR></P>";s:9:"objekt_id";s:4:"2016";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:88:"Estonian Financial Supervision Authority imposed requirements for information technology";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-11-12";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2130";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1103101997";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2017;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:4082:"<STRONG>The Supervisory Board of the Estonian Financial Supervision Authority  (EFSA) approved at its meeting on November 26 the budget of 44,316,641 kroons  for the next year. The rates for shares of supervision fee will decrease due to  the rapid growth of the financial sector. </STRONG><BR><BR>According to the  Financial Supervision Authority Act, the agency is financed by the supervised  market participants. Compared to 2004, we reduced the rates for the share of  supervision fee in all sectors where it already was not set by law to a minimal  level. We feel that if rapid growth of the financial sector continues, the  minimum rates set by law should be revised as well. It would certainly have a  positive effect on the market, commented <STRONG>Andres Trink</STRONG>,  management board chairman of the EFSA. <BR><BR>According to the decision of the  Supervisory Board, revenues of the 2005 budget are a prepayment of the  supervision fee in total of 37,450,671 kroons, the final payment of the  supervision fee in total of 2,715,492 kroons, an estimated interest on  investment of financial resources in total of 500,000 kroons and an  appropriation from the budgetary reserve in total of 3,650,478 kroons, without  any additional stipulations. <BR><BR>The EFSAs 2005 budget is designed to  implement the strategy approved last spring. The main goal of the strategy is to  create supervision competitive on the single European financial services market  since this would promote rapid and stable development of financial services in  Estonia. Cross-border supervision is becoming increasingly more important and  due this, the need to participate in cooperation with European financial  supervision, said Trink. Organization wise, we do not plan an increase of  staff, but at the same time it is still important to ensure high expertise and  motivation of our people, he added. <BR><BR>The Supervisory Board of the EFSA  includes Taavi Veskimgi, the Minister of Finance (chairman), Vahur Kraft,  President of the Bank of Estonia, Matti Klaar, Ruut Mgi, Andres Sutt and Veiko  Tali. <BR><BR>The list of market participants  under FSA supervision is posted on the agencys website at <A  href="http://www.fi.ee">www.fi.ee</A> &gt; <A href="http://www.fi.ee/?rep_id=593"  target=_blank>Supervised entities</A>                 . <BR><BR>The Supervisory Board of the EFSA submitted to the Minister  of Finance a proposal to impose the following rates for the shares of  supervision fee: <P></P> <OL>   <LI>Credit institutions or Estonian branches of foreign    credit institutions - 0.018 per cent of the assets of credit institution or    corresponding Estonian branch;     <LI>Investment companies or Estonian branches of foreign    investment companies - 0.40 per cent of the assets of investment institution    or corresponding Estonian branch;     <LI>Fund management companies or Estonian branches of    foreign fund management companies: concerning the management of mandatory    pension fund assets 0.02 per cent of, and concerning the management of    voluntary pension fund and investment fund assets 0.05 per cent of, the assets    managed by a fund management company or corresponding Estonian branch.     <LI>Insurers offering non-life insurance or reinsurance    thereof and Estonian branches of corresponding foreign companies - 0.15 per    cent of gross insurance premiums earned by an insurer or corresponding    Estonian branch;     <LI>Insurers offering life insurance or reinsurance    thereof and Estonian branches of corresponding foreign companies  0.05 per    cent of calculated assets of an insurer or corresponding Estonian branch;     <LI>Insurance brokers or Estonian branches of corresponding foreign company -    1.2 per cent of gross income received from commission by an insurance broker    or corresponding Estonian branch. </LI></OL> <P>Livia Kulm <BR>Head of Communication <BR>EFSA<BR>Phone: + 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A> <BR><A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;<BR><BR></P>";s:9:"objekt_id";s:4:"2017";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:143:"Supervisory Board of the Estonian Financial Supervision Authority approved agencys 2005 budget and rates for share portions of supervision fee";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-11-29";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2131";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1103102289";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2018;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1982:" <P><STRONG>The Estonian Financial Supervision Authority (EFSA) will publish in  greater detail than before consolidated statistics on investments by Estonian  investment and pension funds.</STRONG> <BR><BR>Consolidated statistics record  investments into different assets by funds, underlying currencies and geographic  distribution of investments. Release of consolidated statistics will increase  transparency of the funds sector, including the pension funds system, which is  one of the premises to ensure an effectively functioning securities market,  commented <STRONG>Andre Nmm</STRONG>, head of the EFSA investment and pension  funds supervision department. <BR><BR>Consolidated statistics indicate the  regions and countries the assets of mandatory pension funds have been allocated.  For instance, should a regional risk become real, it would be easier to assess  how this could affect the pension funds system as a whole, he added.  <BR><BR>Consolidated statistics are presented by different investment funds:  including equity funds, debenture funds, voluntary pension funds and mandatory  pension funds. Statistics are published as of the end of a quarter. Statistics  on a quarter will be available on the EFSA website the end of the second month  following the quarter at the latest. <BR><BR>Consolidated statistics on  investment and pension funds are available on the FSA website: <A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=581" target=_blank>Statistics and reporting </A>&gt;  <A href="http://www.fi.ee/?rep_id=1243" target=_blank>Investment funds</A>.  <BR><BR>The EFSA also published on its website statistics on banks, insurance  companies, fund management companies, investment companies and insurance  brokers. <BR><BR>Livia Kulm <BR>Head of Communication <BR>EFSA <BR>Phone: + 372  6680 546 <BR><A href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A> <BR><A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2018";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:100:"Financial Supervision Authority to publish statistics on investments by investment and pension funds";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-12-09";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2132";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1103102468";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2019;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2734:" <P><STRONG>The Supervisory Board of the Estonian Financial Supervision Authority  (EFSA) reappointed ANDRES KURGPLD and KAIDO TROPP as members to the management  board at its meeting on December 10.</STRONG> </P> <P>The term of office for the mentioned management board members will commence  on January 1, 2005 and is for three years. <STRONG>Andres Kurgpld</STRONG> is  on the current management board of the EFSA responsible for banking supervision.  <STRONG>Kaido Tropp</STRONG> is in charge of insurance supervision. <BR><BR>Due  to the amendment to the Financial Supervision Act entering into force in the  beginning of 2005, the Supervisory Board made a principal resolution to have  three members on the management board. Currently, the management board has five  members. Due to the reduction in the number of management board members, the  EFSAs internal distribution of responsibilities will be modified as well. There  will be a shift from the current sector-oriented approach to management oriented  toward capital and service supervision. The transfer will be completed during  the first half of next year. <BR><BR><STRONG>Kilvar Kessler</STRONG> was the  only member of the current management board who did not apply for an appointment  on the new board membership. His term of office will conclude in April 2005. The  tenure of <STRONG>Angelika Koha</STRONG>, currently on maternity leave, will end  at the end of June 2005. <BR><BR><STRONG>Andres Trink</STRONG> serves as the  chairman to the management board of the EFSA, and he will be in the office until  the end of 2005. <BR><BR>CVs of management board members are available on the  EFSA website: <A href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=1099" target=_blank>Press Center </A>&gt; <A  href="http://www.fi.ee/?rep_id=1104" target=_blank>Board members CVs</A>.  <BR><BR>The Financial Supervision Authority is an agency with autonomous  competence and a separate budget which performs financial supervision in the  name of the state and is independent in its activities and decision-making. The  objective of financial supervision lies in protecting the interests and  resources of customers and investors, thereby fostering stability of the  Estonian monetary system. <BR><BR>Entities supervised by the Financial  Supervision Authority include banks, insurance companies, insurance brokers and  agents, fund management companies and funds, investment companies, publicly  traded companies, stock exchange, etc. <BR><BR><BR>Livia Kulm <BR>Head of  Communication<BR>EFSA <BR>Phone: + 372 6680 546 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A> <BR><A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2019";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:118:"Starting with the New Year, the Management Board of the Estonian Financial Supervision Authority to have three members";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2004-12-10";s:10:"added_time";s:8:"00:00:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2133";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1103102677";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2208;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2567:" <P class=MsoNormal style="MARGIN: 0pt"><STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">On  January 14, the EFSA held a meeting dedicated to the reimbursement of losses due  to the natural disaster a week ago. Leaders of all Estonian non-life insurance  companies participated in the meeting.</SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">  <BR><BR>Throughout the meeting, the insurance companies stressed their readiness  to reimburse all losses due to the storm. The companies will review all  submitted claims and try to find satisfactory solutions for their clients. To  assess all storm damages as fast as possible, the companies are using extra  help.<BR><BR>The insurance agencies have already started paying the first claims  which will continue at a faster pace. According to initial estimates,  reimbursable damages reach to 150 million kroons whereas this amount may  increase. The consensus of the meeting was that victims without insurance may be  in a much more problematic situation. Currently, less than 1/3 of Estonian  households have insurance coverage. <BR><BR>Today, I feel positively about the  attitude insurance companies have about loss adjustment and believe that they  will not split hairs in interpreting insurance contracts. It is a reliability  issue of the insurance market and the EFSA is paying very close attention to it.  At the same time, I am really worried about those households that were not  insured, Chairman of the EFSA Management Board <STRONG>Andres Trink</STRONG>  commented. <BR><BR>Issues such as harmonization of terminology for typical terms  used by insurance companies and the possibilities to increase the  comprehensibility of insurance contracts were also discussed at the meeting. The  insurance companies agreed on the need to harmonize terminology and made plans  for future actions. <BR><BR>The participants also discussed how to offer people  better insurance coverage against natural disasters in the future and the role  government plays in it. <SPAN  style="mso-spacerun: yes">&nbsp;</SPAN><BR><BR><BR>For additional information,  please contact: <BR>Livia Kulm <BR>Communications Manager<BR>+ 372 6680 546; +  372&nbsp;52 91 449<BR><FONT color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;</SPAN></P>";s:9:"objekt_id";s:4:"2208";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:84:"Insurance companies confirmed to the EFSA their readiness to reimburse storm damages";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-01-14";s:10:"added_time";s:8:"10:47:51";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2339";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114415271";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2205;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:3049:" <P class=MsoNormal style="MARGIN: 0pt"><STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">On  February 28, 2005, the EFSA coordinated FreningsSparbanken AB's bid to acquire  shares of AS Hansapank.</SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">  <BR><BR>As of  March 1, 2005, the takeover prospectus is available on AS Hansapank, Liivalaia  8, Tallinn and Tallinn Stock Exchange website <A href="http://www.omxgroup.ee/"  target=_blank>www.omxgroup.ee</A>  &gt; Listed companies &gt; Prospectuses. The information of persons acting in  concert is presented in the takeover prospectus. <SPAN  style="mso-spacerun: yes">&nbsp;</SPAN><BR><BR>The prospectus is also available on the EFSA webpage at: &nbsp;<FONT  color=#800080><A  href="http://www.fi.ee">www.fi.ee</A></FONT></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;&gt;&nbsp;<FONT color=#800080><A href="/?rep_id=285" target=_blank>Supervised  entities</A>  </FONT> &gt;<FONT  color=#b92d2e><A  href="/?rep_id=369" target=_blank>Securities offers</A> </FONT> &gt; <A  href="/?rep_id=1722" target=_blank>Coordinated takeoverbids</A>. <SPAN  style="mso-spacerun: yes">&nbsp;</SPAN><BR><BR>FreningsSparbanken AB (publ) is  a Swedish company, registration number 502017-7753, located at 105 34 Stockholm,  Sweden (representatives in Estonia in given case<SPAN  style="mso-spacerun: yes">&nbsp; </SPAN>are Hannes Vallikivi and Risto Vahimets,  AS Advokaadibroo Tark &amp; Ko, Roosikrantsi 2, 10119 Tallinn, tel: 6110900,  fax: 6110911). <BR style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">AS Hansapank is an Estonian company, registration code  10060701, located at Liivalaia 8, 15040 Tallinn, Estonia, tel: 6130130, fax:  6130140, e-post:<FONT color=#b92d2e><A  href="mailto:hansa@hansa.ee">hansa@hansa.ee</A></FONT> </SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">,  website:<FONT  color=#800080><A href="http://www.hansa.ee"  target=_blank>www.hansa.ee</A></FONT></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">.  </SPAN></P> <P class=MsoNormal style="MARGIN: 0pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma"></SPAN>&nbsp;</P> <P class=MsoNormal style="MARGIN: 0pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">For  additional information, please contact: <BR>Livia Kulm <BR>Communications  Manager<BR>+ 372&nbsp;6680 546; + 372 52 91449 <BR><A  href="mailto:livia.kulm@fi.ee"><FONT color=#b92d2e>livia.kulm@fi.ee</FONT></A>  </SPAN></P>";s:9:"objekt_id";s:4:"2205";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:76:"EFSA coordinated FreningsSparbanken AB's bid to acquire AS Hansapank shares";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-02-28";s:10:"added_time";s:8:"10:38:59";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2340";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114414907";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2212;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2707:" <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><STRONG><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">By  the resolution from the Management Board meeting on January 12, 2005, the EFSA  coordinated Baltic Tele ABs bid to acquire all shares of AS Eesti  Telekom.</SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma"><o:p></O:P></SPAN></P> <P style="LINE-HEIGHT: 13pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Information  on the takeover bid is available on the Tallinn Stock Exchange website <SPAN  style="COLOR: purple"><A href="http://www.omxgroup.ee"  target=_blank>www.omxgroup.ee</A></SPAN></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">,  also at AS Hansapank, located at Liivalaia 8, Tallinn. <o:p></O:P></SPAN></P> <P style="LINE-HEIGHT: 13pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Baltic  Tele AB is a Swedish company, registration number 556454-0085, locatd at c/o  Telia Sonera AB, Ekonomi, Box 7754, 103 96 Stockholm, Sweden (representative in  Estonia in give case: Sven Papp, O Advokaadibroo Raidla &amp; Partnerid,  Roosikrantsi 2, 10119 Tallinn, tel: 6407170, fax: 6407171).&nbsp; AS Eesti  Telekom is an Estonian company, registration code 10234957, located at  Roosikrantsi 2, 10119 Tallinn, Estonia, tel: 6311212, fax: 6311224, e-post:  <SPAN style="COLOR: blue"><A  href="mailto:mailbox@telekom.ee">mailbox@telekom.ee</A></SPAN></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">,  website: <SPAN style="COLOR: purple"><A href="http://www.telekom.ee"  target=_blank>www.telekom.ee</A></SPAN></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">.  <BR><BR><SPAN style="mso-spacerun: yes">&nbsp;</SPAN><o:p></O:P></SPAN></P> <P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">For  additional information, please contact: <BR>Livia Kulm <BR>Communications  Manager<BR>+ 372 6680 546; + 372&nbsp;52 91 449 <BR><FONT color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;</SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana"><o:p></O:P></SPAN></P>";s:9:"objekt_id";s:4:"2212";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:72:"EFSA coordinated Baltic Tele ABs bid to acquire AS Eesti Telekom shares";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-01-13";s:10:"added_time";s:8:"10:56:59";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2341";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114416035";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2210;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1555:" <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"> <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #999999; FONT-FAMILY: Arial"><?xml:namespace  prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></SPAN></P><STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">By  its resolution from the Management Board meeting on March 9, 2005, the EFSA  issued AS Inges KIndlustus an additional license to commence activities in  railway rolling stock insurance.</SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">  <BR><BR>The lists and registries of licensed market participants are available  on the EFSA website <A href="http://www.fi.ee/"><FONT  color=#800080>www.fi.ee</FONT></A> &gt; <A href="http://www.fi.ee/?rep_id=593"  target=_blank>Supervised entities</A>. <o:p></o:p></SPAN></P> <P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">For  additional information, please contact: <BR>Livia Kulm <BR>Communications  Manager<BR>6 680; 546 52 91 <BR><FONT color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;</SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana"><o:p></o:p></SPAN></P>";s:9:"objekt_id";s:4:"2210";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:61:"AS Inges Kindlustus was issued an additional activity license";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-03-11";s:10:"added_time";s:8:"10:52:22";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2342";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114415542";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2214;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1917:" <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">The  EFSA is discussing with insurance companies how to ensure effective loss  adjustment in the current situation and what to do to sustain a reliable  insurance market  as it has been before. For the development of the insurance  market, operative and professional loss adjustment by insurance companies is  essential since it affects the attitudes of clients toward the insurance sector  in the future, Chairman of the EFSA Management Board <B  style="mso-bidi-font-weight: normal">Andres Trink </B>said.<BR><BR>The situation  in Estonia after the flood clearly proves that many customers dont know the  contents of their insurance contracts and against which losses they are covered.  <BR><BR>We will discuss with the insurance companies the methods to make  policyholders more aware about their contracts. It is evident that insurance is  a necessity, but clients should know what they are paying for and which risks  are covered. Regarding this aspect, companies can do a lot while selling  insurance, but at the same time the interest and awareness of customers is  undoubtedly extremely vital to avoid their hindsight, Trink added.  <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></SPAN></P> <P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">The  EFSA keeps in touch with insurance companies to have an overview of major losses  and the extent of losses, also how companies approach to adjustment of losses  due to the storm last weekend. <BR><BR>Livia Kulm <BR>Communications  Manager<BR>+ 372 6680 546; + 372&nbsp;52 91 449&nbsp;<BR><FONT color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT></SPAN></P>";s:9:"objekt_id";s:4:"2214";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:47:"EFSA observes activities of insurance companies";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-01-12";s:10:"added_time";s:8:"11:04:35";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2343";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114416275";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2211;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:4404:" <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><STRONG><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">By  its resolution from the Management Board meeting on March 9, 2005, the EFSA  issued to AS LHV Financial Advisory Services an activity license to operate as  an investment firm.</SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">  <BR><BR></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #333300; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Based  on the activity license, AS LHV Financial Advisory Services is authorized to  provide the following investment services: <?xml:namespace prefix = o ns =  "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P> <UL type=disc>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #333300; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Acquire    or transfer of securities in its own name and on the account of the customer;    <o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #333300; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Acquire    or transfer of securities in the name and on account of the customer;    <o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #333300; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana">Receive from    customers orders for securities transactions, forward or fulfill them on    account of the customer;</SPAN><SPAN lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">    <o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #333300; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana">Manage individual    securities portfolio for customers in accordance with the instructions from    the customer; </SPAN><SPAN lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma"><SPAN    style="mso-spacerun: yes">&nbsp;</SPAN><o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #333300; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana">Organize issues of    securities, public offers or the acceptance of securities for trading on a    regulated market.</SPAN><SPAN lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">    <o:p></o:p></SPAN></LI></UL> <P style="LINE-HEIGHT: 13pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #333300; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">The  lists and registries of licensed market participants are available on the EFSA  website <SPAN style="COLOR: #333300"><A  href="http://www.fi.ee">www.fi.ee</A></SPAN></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #333300; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;&gt;  <A href="http://www.fi.ee/?rep_id=593" target=_blank>Supervised entities</A>.  <o:p></o:p></SPAN></P> <P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #333300; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">For  additional information, please contact: <BR>Livia Kulm <BR>Communications  Manager<BR>6 680; 546 52 91 <BR></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma"><FONT  color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;</SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana"><o:p></o:p></SPAN></P>";s:9:"objekt_id";s:4:"2211";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:102:"EFSA issued to AS LHV Financial Advisory Services an activity license to operate as an investment firm";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-03-11";s:10:"added_time";s:8:"10:54:21";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2344";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114415661";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2213;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1683:" <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><STRONG><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">By  its resolution from the Management Board meeting on March 9, 2005, the EFSA  removed CMR Kindlustusmaakler O from the list of insurance intermediaries by  request of the company. </SPAN></STRONG><B><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma"><BR></SPAN></B><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma"><BR>The  resolution means that CMR Kindlustusmaakler O is no longer authorized to  intermediate insurance contracts. <BR><BR>The lists and registries of licensed  market participants are available on the EFSA website <FONT color=#800080><A  href="http://www.fi.ee">www.fi.ee</A></FONT></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;&gt;  <A href="http://www.fi.ee/?rep_id=593" target=_blank>Supervised entities</A>.  <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></SPAN></P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-bidi-font-family: Tahoma; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"> <P><BR>For additional information, please contact: <BR>Livia Kulm  <BR>Communications Manager<BR>+ 372 6680 546; + 372 52 91 449<BR><FONT  color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT>&nbsp;</SPAN></P>";s:9:"objekt_id";s:4:"2213";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:67:"CMR Kindlustusmaakler O removed from insurance intermediaries list";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-03-11";s:10:"added_time";s:8:"11:02:33";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2345";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114416153";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2209;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1581:" <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><STRONG><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">By  the resolution from the Management Board meeting on March 9, 2005, the EFSA  granted permission for the merger of AS LHV Varahaldus and Seesam Varahalduse  AS. </SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma"><BR><BR>Simultaneously,  the activity license for Seesam Varahaldus AS was revoked. The activity license  expires on the date of entry the merger is made to the Commercial Register.  <SPAN style="mso-spacerun: yes">&nbsp;</SPAN><BR><BR>The lists and registers of  licensed market participants are available on the EFSA website <A  href="http://www.fi.ee">www.fi.ee</A></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;&gt;  <A href="http://www.fi.ee/?rep_id=593" target=_blank>Supervised entities</A>.  <BR><BR></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">For  additional information, please contact: <BR>Livia Kulm <BR>Communications  Manager<BR>+ 372 6680 546; +372 &nbsp;52 91 440<BR><FONT color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT>&nbsp;</SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana"><?xml:namespace  prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></SPAN></P>";s:9:"objekt_id";s:4:"2209";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:85:"EFSA granted permission for the merger of AS LHV Varahaldus and Seesam Varahalduse AS";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-03-14";s:10:"added_time";s:8:"10:50:29";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2346";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114415429";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2206;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:8770:" <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><STRONG><SPAN  lang=EN-US  style="FONT-WEIGHT: normal; FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Press  release from the EFSA and Tallinn Stock Exchange<?xml:namespace prefix = o ns =  "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><STRONG><SPAN  lang=EN-US  style="FONT-WEIGHT: normal; FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;<o:p></o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0pt; LINE-HEIGHT: 13pt"><STRONG><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">The  Tallinn Stock Exchange and EFSA presented the first draft of the Estonian  Corporate Governance for comments.</SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">  <BR><BR>The Code aims to provide for minor shareholders, pension fund and other  institutional investors a clear measure to assess whether management of a  company follows their interests," Chairman of the Tallinn Stock Exchange Board  <B style="mso-bidi-font-weight: normal">Gert Tiivas</B> said. <BR><BR>A common  priority on the Estonian securities market is continuous enhancement of business  management. <SPAN style="mso-spacerun: yes">&nbsp;</SPAN>The Code currently in  preparation would be a guide for those who want to give investors assurance  about adherence to governance rules. Comprehensible and transparent  administration can increase the company's value for investors. The roundtable  members who initiated preparation of the Good Governance Code are of the  position that if implemented, it provides the company with additional value, not  additional burden. The publicly held companies observing the Corporate  Governance Code would set a good example and motivate other companies as well to  follow these principles. <BR><BR>The Corporate Governance Code is the Ten  Commandments for issuers who desire to be transparent and ethical in their  management method," Member of the EFSA Management Board <B  style="mso-bidi-font-weight: normal">Kilvar Kessler </B>added. <BR><BR>The  Corporate Governance Code is based on the following values:  <o:p></o:p></SPAN></P> <UL type=disc>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #4c4c4c; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Shareholders    are treated equally in equal circumstances; <o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #4c4c4c; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Shareholders    are active and responsible in the governance of the issuer;    <o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #4c4c4c; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Shareholders    and administration of the issuer consider each others rights while exercising    their rights, by taking into account the welfare of the issuer;    <o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #4c4c4c; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Governing    bodies of the issuer have clear responsibilities and roles;    <o:p></o:p></SPAN></LI>   <LI class=MsoNormal    style="MARGIN: 0pt; COLOR: #4c4c4c; LINE-HEIGHT: 13pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt"><SPAN    lang=EN-US    style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Corporate    governance is fair, transparent and predictable. <o:p></o:p></SPAN></LI></UL> <P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">The  Corporate Governance Code will be an integral part of the rules and regulations  of the Tallinn Stock Exchange and supplementary to legislation. The Code will be  voluntary for the issuer, but when not followed, the company has to explain the  reasons thereof in its operating report according to the so-called comply or  explain rule. <BR><BR>The EFSA and Tallinn Stock Exchange are expecting  comments on the necessity, compliance control and draft of the Corporate  Governance Code at the latest on April 15, 2004 at the EFSA mailing address or  <FONT color=#b92d2e><A  href="mailto:heatava@omxgroup.com">heatava@omxgroup.com</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">.  <SPAN style="mso-spacerun: yes">&nbsp;</SPAN>The draft of the Corporate  Governance Code is available at <FONT color=#b92d2e><A  href="http://www.omxgroup/tallinn/heatava"  target=_blank>www.omxgroup/tallinn/heatava</A></FONT> or from this <FONT  color=#800080><A  href="http://files.ee.omxgroup.com/bors/press/HYT_eelnou_15-03-05.pdf"  target=_blank>link</A></FONT>.<BR><SPAN  style="mso-spacerun: yes">&nbsp;</SPAN><BR>Drafting of the Corporate Governance  Code initiated in the partnership of the EFSA and Tallinn Stock Exchange aims to  provide a code that would form the basis for business management primarily in  the interest of the company and be instrumental in solving conflicts and  avoiding excessive pressure from certain interest groups on business management.  Implementation of the Code will increase the transparency and openness of  business activities and allow investors to better compare different companies.  <BR><BR>The EFSA is an agency with autonomous competency and an objective to  enhance stability, reliability and transparency of the Estonian financial  sector. One goal of financial supervision is to protect the interests of  customers and investors in preserving their assets. The EFSA website is located  at <FONT color=#800080><A  href="http://www.fi.ee">www.fi.ee</A></FONT></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">.  <SPAN style="mso-spacerun: yes">&nbsp;</SPAN><BR><BR>The Tallinn Stock Exchange  is a regulated securities aftermarket in Estonia. The Tallinn Stock Exchange and  Estonian Central Register of Securities are members of the OMX Group. OMX is  comprised of two divisions: OMX Technology offers solutions for trading  technology and OMX Exchanges operates stock exchanges in Copenhagen, Stockholm,  Helsinki, Tallinn, Vilnius and Riga, allowing access to 80 per cent of the  Nordic and Baltic securities market. <BR><BR><BR>For additional information,  please contact: <BR>Gert Tiivas, Tallinn Stock Exchange <BR>Tel: + 372 640 8802,  <FONT color=#b92d2e><A  href="mailto:heatava@omxgroup.com">heatava@omxgroup.com</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;<BR><BR>Kilvar  Kessler, Finantsinspektsioon <BR>Tel:+ 372 668 0546, <FONT color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;<BR><BR>Sincerely,<o:p></o:p></SPAN></P> <P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">Tex  Vertmann <BR>Communications Manager<o:p></o:p></SPAN></P> <P><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-bidi-font-family: Tahoma; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">Tallinn  Stock Exchange/Estonian Central Register of SecuritiesTel: 640 8862, 526 7070  <BR>E-mail: <FONT color=#b92d2e><A  href="mailto:tex.vertmann@omxgroup.com">tex.vertmann@omxgroup.com</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-bidi-font-family: Tahoma; mso-fareast-language: EN-US; mso-bidi-language: AR-SA">&nbsp;</SPAN></P>";s:9:"objekt_id";s:4:"2206";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:122:"Observance of the Corporate Governance Code gives assurance to minor shareholders and increases reliability of the company";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-03-16";s:10:"added_time";s:8:"10:44:28";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2347";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114415068";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2207;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2750:" <P class=MsoNormal style="MARGIN: 0pt"><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #999999; FONT-FAMILY: Arial"><?xml:namespace  prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0pt"><STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">On  its Tuesday, March 29, 2005 meeting, the Supervisory Board gave approval to the  EFSAs annual report and surplus for 2004 in the amount of 2,105,515  kroons.</SPAN></STRONG><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">  <BR><BR>In 2004, the EFSAs revenues amounted in total 39,644 thousands kroons  and the expenses in total 37,539 thousands kroons. The agencys revenue and  expenditure report was audited by AS Deloitte Audit Eesti. As of April 5, the  annual report is available on the EFSA website <FONT color=#800080><A  href="http://www.fi.ee">www.fi.ee</A></FONT></SPAN><SPAN lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">.<SPAN  style="mso-spacerun: yes">&nbsp; </SPAN><BR><BR>For the EFSA, the year 2004  marks rapid development primarily characterized by accession to the EU network  of financial supervisors. Since the leading Estonian financial institutions have  foreign owners, the cross-border cooperation in the financial supervision area  will expand increasingly," Chairman of the EFSA Management Board <B  style="mso-bidi-font-weight: normal">Andres Trink</B> said. <SPAN  style="mso-spacerun: yes">&nbsp;</SPAN><BR><BR>We want in the future as well to  contribute with our activities to continually strong competition in the Estonian  financial sector, dynamic development of financial services and increasing  opportunities for consumers," Trink added. <BR><BR>Additionally, the EFSA  Supervisory Board made a resolution to refund the surplus to the supervised  entities proportionally to the supervision fees they paid for 2004. According to  the Financial Supervision Authority Act, the agency is financed by the  supervised market participants. <BR><BR>Estonia is a small country, and we feel  that state agencies should be effective. By returning our operating surplus to  supervised entities financing us, we want to prove effective operation by the  EFSA, Andres Trink commented regarding the refund. <BR><BR><BR>Livia Kulm  <BR>Communication Manager <BR>+ 372 6680 546; + 372 52 91 449 <BR><FONT  color=#b92d2e><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A></FONT></SPAN><SPAN  lang=EN-US  style="FONT-SIZE: 8.5pt; COLOR: #4c4c4c; FONT-FAMILY: Verdana; mso-bidi-font-family: Tahoma">&nbsp;</SPAN></P>";s:9:"objekt_id";s:4:"2207";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:74:"The Supervisory Board approved the EFSA annual report and surplus for 2004";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-03-29";s:10:"added_time";s:8:"10:46:03";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2348";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114415163";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2204;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1750:"<STRONG>The EFSA will besides supervising the solvency of financial  institutions  capital supervision advance supervision of market  conduct.</STRONG> <BR><BR>The EFSA press conference on Tuesday, April 5,  discussed the structural changes in the agency and greater focus on market  conduct in its supervisory activities. The EFSA will monitor more closely that  customers and investors of financial institutions are provided with adequate  information and that their interests are protected during the sales of financial  services. Likewise, the quality of financial reporting by issuers and financial  firms and prevention of market misconduct are under scrutiny. <BR><BR>Advancing  supervision of market conduct has proven to be a right step since consumer  expectations to transparency of financial services and fair markets have  steadily increased in the last few years. A fair and transparent market is a  pre-requirement for an effective financial market. In regards to so-called  capital supervision, we are increasing focusing on cooperation with the  financial supervisors of Nordic countries and countries where parent  undertakings of our supervised entities reside, Chairman of the EFSA Management  Board <STRONG>Andres Trink</STRONG> said. <BR><BR>Additionally, the EFSA  announced that the Management Board will continue with three members as of May.  The Chairman of the Board will be Andres Trink, and <STRONG>Kaido Tropp</STRONG>  and <STRONG>Andres Kurgpld</STRONG> were approved as members of the  Management Board by the Supervisory Board at the end of 2004. <P></P> <P>Livia Kulm  <BR>Communications Manager&nbsp;<BR>+ 372 6680 546; + 372 52 91 449<BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2204";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:47:"EFSA to advance supervision over market conduct";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-04-05";s:10:"added_time";s:8:"10:36:12";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2349";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114414883";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2222;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2391:"    <P><STRONG>At the Management Board meeting on April 20, the EFSA issued AS  Aurora Access Securities an activity license to provide investment  services.</STRONG> <BR><BR>The activities AS Aurora Access Securities is  planning are mostly related to the activities of its parent undertaking  Web-invest.ru and indirectly Web-invest Bank. Both companies are subject to  financial supervision in the Russian Federation. <BR><BR>We have somewhat a  precedent here where an activity license is issued to a company with the parent  undertaking in Russia. Certainly, it doesnt mean that the Russian financial  institution could obtain the license easier in the future than before, the  Chairman of the EFSA Management Board <STRONG>Andres Trink</STRONG> commented on  the given licensing. <BR>The interest toward entering the market of Estonia as  a member of the European Union is discernible. We watch very closely the  developments in the Russian financial sector and legal environment, especially  in regards to transparency in financial accounting and reliability. If  necessary, we are ready to implement fast needed measures should the interests  of our financial services consumers be threatened," Trink added. <BR><BR>Based  on the activity license AS Aurora Access Securities is authorized to offer the  following investment services: <BR>- acquisition or transfer of securities in  the name of the firm and account of the customer; <BR>- acquisition or transfer  of securities in the name and account of the customer; <BR>- receiving orders  for securities transaction orders from the customers and forwarding or executing  them on the account of the customers; <BR>- trading with securities on the  firms account; <BR>- management of individual securities portfolios according  to the instructions from the customers; <BR>- securing issues of securities;  <BR>- organizing the issue of securities, public offers or the acceptance of  securities for trading on a regulated market; except organizing regulated market  regular activity. <BR><BR>The supervised entities list is available on the EFSA  webpage <A href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=1789" target=_blank>Supervised entities</A>.  <BR><BR>Livia Kulm <BR>Communications Manager <BR>6 680; 546 52 91 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2222";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:68:"AS Aurora Access Securities permitted to provide investment services";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-04-27";s:10:"added_time";s:8:"09:27:17";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2358";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1114669637";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2356;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:4136:"    <P><STRONG>Today, on May 31, 2005, ANDRES TRINK, Chairman of the EFSA Management  Board, briefed the Riigikogu on the agencys 2004 activities and the state of  the Estonian financial market. <BR></STRONG><BR>Andres Trink focused his  presentation on the rapid growth of the financial services market as well as  consumer expectations. <BR><BR>Discussing lending issues, Trink pointed out the  sharp upward trend in household loan burden. "In an environment of fast loan  growth, we need to remember that we lack the experience of an economic decline.  What happens when suddenly a large number of households cannot serve their  loans? Is it possible that this would become great social problem in turn  endangering our financial stability? As experienced by many countries, it is not  just an academic issue but a real-life scenario if we are unable to sustain  balanced growth. By comparison, today we are driving on a speedway where error  has a very high price," Trink said. <BR><BR>As one of the most important  developments in the Estonian economy, Andres Trink noted Hansabank's takeover by  Swedbank. "This takeover epitomized the soundness and well-functioning of our  financial policies  as much as it concerns takeover rules. For a reliable  market, it is inevitable and critical that as there are rules for listing a  company on the stock exchange and selling stock as there should also be rules  for delisting a company. At the same time, small investors have to be  protected," said Trink. <BR><BR>"I hope that our securities market will overcome  Hansabank leaving and be able to attract new companies to go public. It is  extremely vital since the stock exchange is not a club for an enclosed circle of  investors but important indicating the dynamics of the Estonian economy as well  as the competitiveness of our investment environment," Trink noted.  <BR><BR>Andres Trink also discussed in greater detail an event with a major  effect on the insurance market  the flood in January and resulting storm  damages by focusing primarily on how it generally affected customers and  insurance services. "The EFSA can report that all our insurance companies played  by the rules and reimbursed the losses of households who had insured their  property. At the same time, such large-scale loss raised the justified issue of  consumer expectations, clarity of policies and performance of mutual  obligations," said Trink. <BR><BR>"We are very pleased that insurance companies  were able to assess the situation adequately and respond quickly in such a  highly unusual situation for Estonia, thus sustaining the reliability of our  insurance market," he noted. <BR><BR>"In such circumstances, the government also  has to act as a trustworthy partner. For the state, it is vital to ensure public  trust of the insurance system and direct as many risks as possible to the  private insurance sector to minimize pressure on the state budget. For this  purpose, the government has to foster an insurance environment on one hand and  on the other hand ensure proper market conduct. We have to remember that the  insurance system is sustainable and able to reimburse losses only when premiums  from policyholders adequately cover insured risks. Government cannot enforce  insurance companies to pay losses not incurred due to insured events. A similar  situation would be where the number of borrowers cannot or do not wish to pay  back their bank loans. Should the government refrain banks from seizing loan  collaterals? Or when the value of securities or pension funds drops, should the  government make management companies pay for the market collapse?  <BR><BR>"Obviously it doesn't come as a surprise that we are experiencing good  times in our financial sector. But we should not forget that these times won't  last forever. During good times we should strengthen our preparedness to cope  with bad times," summarized Andres Trink on the EFSA position. <BR><BR>Livia  Kulm <BR>Communications Manager <BR>+ 372 6 680 546<BR>+ 372&nbsp;52 91  449&nbsp;<BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2356";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:65:"Andres Trink: During good times we have to prepare for bad times!";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-05-31";s:10:"added_time";s:8:"10:32:38";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2468";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1130225558";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2355;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1875:"<STRONG>As of June 1, 2005, the EFSA has changed its structure and organizes  work based on prudential supervision and market conduct supervision.</STRONG>  <BR><BR>"Prudential supervision focuses mainly on solvency and sustainability  issues while market conduct supervision concerns transparency, reliability and  effectiveness of financial services," explained <STRONG>Andres Trink</STRONG>,  Chairman of the EFSA Management Board. <BR><BR>"We aim to improve the focus of  the EFSA activities and synergy at regulating and supervising various sectors  (banking, insurance, investment services)," added Trink. <BR><BR>Member of the  Management Board <STRONG>Andres Kurgpld</STRONG> will be in charge of  prudential supervision divided into the Prudential Supervision Division headed  by <STRONG>Priit Kiilmaa</STRONG> and the Prudential Policy and Financial  Reporting Division headed by <STRONG>Helene Truina</STRONG>. <BR><BR>Member of  the Management Board <STRONG>Kaido Tropp</STRONG> is in charge of market conduct  supervision split into the Market Supervision Division led by  <STRONG>Kristjan-Erik Suurvli</STRONG> and the Financial Services Supervision  by <STRONG>Andre Nmm</STRONG>. <BR><BR>In addition,  the EFSA has formed the Legal Department under <STRONG>Margus Normak</STRONG>             as well as the Internal Services  Department. The number of EFSA staff is not affected, remaining between 65 to 70  positions. <BR><BR>Please read more about the new work arrangement on the EFSA  website: <A href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=580" target=_blank>Financial supervision </A>&gt; <A  href="http://www.fi.ee/?rep_id=760" target=_blank>Organisation</A>. <BR><BR>Livia  Kulm <BR>Communications Manager <BR>+ 372 6 680 546<BR>+ 372&nbsp;52 91  449<BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>";s:9:"objekt_id";s:4:"2355";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:96:"Financial Supervision Authority switched to supervising prudential management and market conduct";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-06-01";s:10:"added_time";s:8:"10:29:35";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2501";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1130225736";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2354;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1644:"    <P>The EFSA has completed the 2004 Insurance Yearbook. Access the report <A  href="http://www.fi.ee/?rep_id=1952" target=_blank>here</A>. <BR><BR>"In 2004, the  insurance market continued with its rapid growth. Mainly it was fostered by the  sales of loan insurance products. Also the sales of unit-linked life insurance  accelerated. Besides fast growth, insurance, especially in non-life insurance  reaped in the year 2004 also remarkably higher profits than in previous years,"  commented <STRONG>Andres Kurgpld</STRONG>, member of the EFSA Management Board,  about the developments of the Estonian insurance sector. <BR><BR>"The open  insurance market brought in 2004 the first cross-border service providers and  the first branch to Estonia. At the same time, the possibility to operate on the  entire European insurance market is for Estonian insurance companies a new  challenge as well as a chance to increase the number of customers," Kurgpld  added. <BR><BR>The list of supervised entities is available on the EFSA webpage  <A href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=593" target=_blank>Supervised entities</A>.  Publications prepared by the EFSA are available on the website: <A  href="http://www.fi.ee">www.fi.ee</A>&nbsp;&gt; <A  href="http://www.fi.ee/?rep_id=1099" target=_blank>Press Center</A> &gt; <A  href="http://www.fi.ee/?rep_id=1102" target=_blank>Publications</A>. <BR><BR>For  additional information, please contact: <BR>Livia Kulm <BR>Communications  Manager <BR>+ 372 6 680 546<BR>+ 372 52 91 449<BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2354";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:50:"The EFSA has completed the 2004 Insurance Yearbook";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-08-22";s:10:"added_time";s:8:"10:21:19";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2502";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1130224879";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2314;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:5389:"    <P>   <EM>Financial  Supervision Authority and Tallinn Stock Exchange press release</EM>  <BR><BR><STRONG> The Financial Supervision Authority has accepted the  recommendable guideline <A href="http://www.fi.ee/failid/HYT_eng.pdf"  target=newwin>Corporate Governance Recommendations</A>             . The proposed  guidelines are intended, first and foremost, for the listed companies, and are  also enforced by the regulations of the Tallinn Stock Exchange. The guidelines  will take effect on January 1, 2006. <BR></STRONG><BR>The Corporate Governance  Recommendations provides procedural instructions for companies and helps to  resolve conflicts of interest and prevent special interest groups from exerting  too great influence on the management of the company. It must be clear to  investors, which regulations that take into account the interests of  shareholders are followed in the management of the company, and which are not.  <BR><BR>Even though the Corporate Governance Recommendations are intended, above  all, to make the management of listed companies more transparent, it is  suggested that all financial institutions that are under the supervision of the  Financial Supervision Authority abide by them. All other companies in Estonia  can follow these guidelines as well, because effective risk management and  internal control systems, as well as transparent management, are critical not  only to financial institutions, but to all companies which want to be successful  and sustainable. <BR><BR>Listed companies are expected to follow the highest  standards on the market. These are companies which are respected, and are  imitated and valued. Estonian companies answer to the standards required of  listed companies, often even before being listed. Therefore, the guidelines are  received from life itself. The Corporate Governance Recommendations should be an  example and goal for all companies that wish to improve their management, said  Chairman of the Management Board of the Tallinn Stock Exchange <STRONG>Kaidi  Oone</STRONG>. <BR><BR>It is a very positive thing that the Corporate  Governance Recommendations have finally been written down. Hopefully, it will be  received positively, especially in situations in society where there is active  discussion of questions regarding (business)ethics. We see the Corporate  Governance Recommendations in the long-term perspective, as a guideline which is  actively followed and reflects the best practices of the Estonian market, said  <STRONG>Andres Trink</STRONG>, chairman of the management board of the Financial  Supervision Authority. <BR><BR>In addition to companies, the Corporate  Governance Recommendations are aimed at investors, because investors have to  participate actively and responsibly in the management of companies. In addition  to rights, shareholders also have obligations when it comes to the business. The  Corporate Governance Recommendations give the companies a set of regulations,  which help to direct how the shareholders manage the company and how they  complete their obligations in the eyes of the company, added Oone.  <BR><BR>Following the Corporate Governance Recommendations increases trust in  our companies and supports the development of investment culture. Following the  Corporate Governance Recommendations should also create a well-informed measure  of control and it should be the objective for all companies, including the  strategic businesses owned by the government, added Trink. <BR><BR>The  Corporate Governance Recommendations was developed by a roundtable of experts   stock exchange issuers, investors, auditors, entrepreneurs, public sector  representatives, lawyers and others. The work of the roundtable was coordinated  by the Financial Supervision Authority and the Tallinn Stock Exchange.  <BR><BR>The Corporate Governance Recommendations is available as a Financial  Supervision Authority recommendable guideline and as a commented publication  issued in cooperation with the management magazine Director. The materials are  also posted on the Financial Supervision Authoritys website: www.fi.ee, as well  as the Tallinn Stock Exchanges website: www.omxgroup.com/tallinn/heatava .  Printed copies of the commented publication can be obtained from the Financial  Supervision Authority office (Sakala 4, Tallinn) and the Tallinn Stock Exchange  office (Tartu mnt 2, Tallinn). <BR><BR><EM>The Financial Supervision Authority  is an autonomous financial supervision agency, whose goal is to enhance the  stability, reliability, transparency and efficiency of the Estonian financial  sector. One of the goals of the financial supervision is to protect the  interests of clients and investors by safeguarding their financial resources.  <BR><BR>Tallinn Stock Exchange is the only regulated securities market in  Estonia. Tallinn Stock Exchange is part of OMX Exchanges, which owns and  operates exchanges in Copenhagen, Stockholm, Helsinki, Riga, Tallinn and  Vilnius. Through OMX Exchanges, OMX offers access to approximately 80 percent of  the Nordic and Baltic Securities market.</EM></P> <P>Tex Vertmann, Tallinn&nbsp;Stock Exchange&nbsp;<BR>Tel: 640 8862, <A  href="mailto:heatava@omxgroup.com">heatava@omxgroup.com</A>&nbsp;<BR><BR>Livia  Kulm, FSA <BR>Tel: 668 0546, <A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>&nbsp;<BR></P>";s:9:"objekt_id";s:4:"2314";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:45:"Corporate Governance Recommendations approved";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-09-22";s:10:"added_time";s:8:"10:50:02";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2503";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1128412445";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2362;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1211:"   The EFSA is  aware of the case concerning LHV (Lhmus, Haavel &amp; Viisemann) and its employees; agency  representatives have met with and gathered original statements from the  representatives of the company. <BR><BR>Due to circumstances that the alleged  violation has taken place in the USA market, the investigation is handled by the  relevant supervisory agency  the U.S. Securities and Exchange Commission (SEC).  The given case is proceeding in the U.S.A. according to legislation valid in the  United States. The EFSA has exchanged information with the SEC and will  cooperate with them to any extent necessary to solve the case. <BR><BR>The EFSA  has simultaneously commenced a separate probe to indicate whether market abuse  regulations provided by the Estonian Securities Market Act as well as  requirements for an investment firm have been violated, warranting further  misdemeanor or criminal proceedings. <BR><BR>If warranted, the EFSA will  exercise its legal rights to protect the interests of these LHV customers who  are not involved in the given case. <BR><BR><BR>Livia Kulm <BR>Communications  Manager <BR>6680 546; 52 91 449 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A>";s:9:"objekt_id";s:4:"2362";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:42:"The EFSA comments on the LHV investigation";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-11-02";s:10:"added_time";s:8:"09:02:56";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2509";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1131347327";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2363;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1217:"    <P>Today, on November 3, 2005, the Supervisory Board heard at its regular  meeting the Management Board's review of EFSA activities and new developments in  the Estonian financial sector and approved the 2006 budget of 44,291,399 kroons.  <BR><BR>Additionally to the above matters, the Supervisory Board was provided an  overview of the EFSA proceeding against AS LHV and its employees. The  Supervisory Board was assured by the Management Board that their approach to the  relevant case is operative as well as professional. "In this case, close  cooperation with the U.S. Securities and Exchange Commission is very important  as well as that activities under investigation receive a legal evaluation in the  Estonian judicial area," said <STRONG>Aivar Serd</STRONG>, Chairman of the  Management Board. According to Supervisory Board Chairman <STRONG>Andres  Trink</STRONG>, the EFSA will do everything necessary to make sure that the  given case is cleared as soon as possible. "For this purpose, we have joined  forces with our counterpart in the USA," Trink noted. <BR><BR><BR>Livia Kulm  <BR>Communications Manager <BR>6 680 546; 52 91 449 <BR><A  href="mailto:livia.kulm@fi.ee">livia.kulm@fi.ee</A><BR></P>";s:9:"objekt_id";s:4:"2363";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";N;s:8:"pealkiri";s:92:"The Supervisory Board heard the EFSA management report and approved the budget for next year";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"32";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2005-11-03";s:10:"added_time";s:8:"09:05:25";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2510";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1131347125";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:10:"Livia Kulm";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2505;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:3836:"    <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 14.0pt; mso-ansi-language: EN-GB"><FONT  color=#000000>At the meeting of the Council of the Financial Supervision  Authority, held on Monday, 27 March 2006, the Council approved the annual report  and financial results of the Financial Supervision Authority for <?xml:namespace  prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags"  /><st1:metricconverter w:st="on" ProductID="2005, in">2005,  in</st1:metricconverter> the amount of EEK 1,666,618.<?xml:namespace prefix = o  ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 14.0pt; mso-ansi-language: EN-GB"><BR><FONT  color=#000000>The income of the Financial Supervision Authority in 2005 amounted  to 41,192 thousand kroons, and costs were EEK 40,081 thousand kroons. The  Inspectorates income statement was audited by AS Deloitte Audit Eesti. The  annual report of the Financial Supervision Authority is available from 3 April  at the Inspectorates website, </FONT><A  href="http://www.fi.ee/">www.fi.ee</A><FONT  color=#000000>.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 14.0pt; mso-ansi-language: EN-GB"><BR><FONT  color=#000000>Rapid growth of the financial sector continued in 2005. Loan  growth, boosted by housing loans, reflects both the publics well-being and  positive future expectations, but at the same time places higher demands on the  responsibility of financial supervision on the activities and stability of  credit institutions. I believe that the Financial Supervision Authority has been  successful in meeting these demands. Assistance in ensuring that damage caused  by the storm in January is efficiently compensated, successful testing of the  securities market regulation in the framework of the takeover of Hansapank, and  several new IPOs on the Tallinn Stock Exchange are all positive examples of the  functioning of financial market regulation and proof that the Financial  Supervision Authority has met its obligations well, said the Minister of  Finance and the Chairman of the Council of the Financial Supervision Authority  Aivar Serd.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 14.0pt; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-size: 14.0pt; mso-ansi-language: EN-GB"><FONT  color=#000000>Speaking of the activities of the Financial Supervision Authority  in the current year, Raul Malmstein, Chairman of the Financial Supervision  Authority, said: In its activities, the Financial Supervision Authority wishes  to further contribute to ensuring that there is competition in the Estonian  financial sector, that financial services are developed dynamically, and that  there is increased opportunity and a greater awareness by consumers of financial  services. By the end of this year, we are determined to launch a  consumer-oriented public website that would comprehensively educate consumers in  different aspects of using financial  services.<o:p></o:p></FONT></SPAN></p>";s:9:"objekt_id";s:4:"2505";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:93:"Council approves the annual report and result of the Financial Supervision Authority for 2005";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-03-28";s:10:"added_time";s:8:"09:49:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2656";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1155019779";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2506;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:6224:"    <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><B><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>In its resolution, the Financial Supervision Authority has  referred to the fact that SEB hispanga Fondid and Hansa Investeerimisfondid  gave misleading information to the public when advertising their pension and  investment funds.<?xml:namespace prefix = o ns =  "urn:schemas-microsoft-com:office:office" /><o:p></o:p></FONT></SPAN></B></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>In the yield forecast of Hansa Fondifond 30, Hansa Fondifond 60  and Hansa Fondifond 100, AS Hansa Investeerimisfondid published the following  advertising claim: Choose the most suitable fund from among three different  strategies and leave inflation in the dust! According to investment fund law,  information published about the funds may not be misleading or contain forecasts  about the expected financial results of the fund. Yields can be forecast only  for those funds where yields are guaranteed.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>A similar forecast was published by AS SEB hispanga Fondid, on  its website, about the future yields of SEB hispanga Progressiivne Pensionifond  and SEB hispanga Konservatiivne Pensionifond. In addition, AS SEB hispanga  Fondid published misleading information in the advertising of SEB hispanga  Fondifond which compared its funds with the funds of AS Hansa  Investeerimisfondid.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>The website of the SEB Eesti hispank group claimed that the exit  fee of SEB hispanga Fondifond was the lowest on the market and that all  Hansabank funds had an exit fee of 1.5%. According to the terms of Hansa  Fondifond 30, Hansa Fondifond 60 and Hansa Fondifond 100, the return fee of  shares is actually not higher than 1% of the net value of shares. At the same  time it was said that the above funds of Hansa Investeerimisfondid have fixed  shareholding strategies, which is untrue. In addition, it was claimed that the  transferring of shares between the various funds of the Hansa  Investeerimisfondid will bring the investor additional costs, which is also not  true. Fund managers have fully taken the notes made by the Financial Supervision  Authority into account.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><I  style="mso-bidi-font-style: normal"><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Publication of misleading information about pension and  investments funds is regrettable. Ethical advertising of banks, funds and  insurance can be developed only on the basis of the conscience of market players  themselves. Unfortunately, in an aggressive and competitive situation,  self-regulation no longer works. In the environment where various financial  services are increasingly integrated, the Financial Supervision Authority will  focus more and more on ensuring that public information is clear and accurate,"  </FONT></SPAN></I><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>said Chairman of the Financial Supervision Authority <B  style="mso-bidi-font-weight: normal">Raul Malmstein</B>.<BR  style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>In the near future, the Financial Supervision Authority plans to  propose to lawmakers to more accurately regulate the advertising and information  activities of banks, funds and insurance companies.<BR  style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>In connection with the publication of misleading information, the  Financial Supervision Authority also awarded fines, taking into consideration  the fact that at present the maximum fine for financial sector crime is EEK  50,000, both by the penal code and various  laws.<o:p></o:p></FONT></SPAN></p>";s:9:"objekt_id";s:4:"2506";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:92:"SEB hispanga Fondid and Hansa Investeerimisfondid gave misleading information to the public";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-05-10";s:10:"added_time";s:8:"09:52:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2657";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1155019990";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2507;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:5191:"    <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>On 31 May, the Board of Financial Supervision Authority passed a  resolution issuing an operating permit to AS Hansa Varakindlustus for the  insurance of land-based vehicles, fire insurance and insurance against natural  disasters, as well as for other classes of non-life insurance. In handling the  application for the operating permit, the Financial Supervision Authority  assessed the submitted documents and data from all points of view and weighted,  within it competence, all relevant considerations. Since Hansabank is the market  leader among banks, and Hansa Kindlustusmaakler, which belongs to the Hansabank  Group, has significant market share on the brokerage market and because the  current clients of Hansa Kindlustusmaakler can become clients of the new  insurance company, the Financial Supervision Authority also asked the opinion of  the Competition Board during the handling of the application.<?xml:namespace  prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>In its further activities, the Financial Supervision Authority  considers it necessary to ensure that the loan and leasing clients of Hansabank  would still have the right to enter into contracts with insurance providers  other than Hansa Varakindlustus, emphasized Raul Malmstein, Chairman of the  Financial Supervision Authority.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-outline-level: 1"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>BACKGROUND INFORMATION<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Payments to non-life insurance companies increased 14% in  2005.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>The market leader is AS If Eesti kindlustus (39% of the market),  followed by ERGO Kindlustus (26%), Seesam Rahvusvaheline Kindlustus (17%) and  Salva Kindlustus (12%).<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>About two thirds of the non-life insurance market, more precisely  67%, was made up last year of voluntary motor insurance or casco and traffic  insurance.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Brokerage companies play an important part on the Estonian  non-life insurance market. Last year the share of brokerages in premiums  collected by insurance companies was 34%, while Hansa Kindlustusmaakler has 21  pct of the market and is market leader. An insurance broker is a person who by  law acts as an independent representative of the insured person and who selects  the best insurance offer for the  client.<o:p></o:p></FONT></SPAN></p>";s:9:"objekt_id";s:4:"2507";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:46:"Hansa Varakindlustus receives operating permit";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-05-31";s:10:"added_time";s:8:"09:53:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2658";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1155020021";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2508;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:26905:"    <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><FONT  color=#000000><B><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB">Esteemed  Chairman! Esteemed members of the Riigikogu!</SPAN></B><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><?xml:namespace  prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></SPAN></FONT></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-ansi-language: EN-GB; mso-bidi-font-size: 14.0pt"><BR></SPAN><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Thank you for allowing me the opportunity to provide you with an  overview of the development of the Estonian financial sector in light of last  years Financial Supervision Authority results. In my short report I would like  to highlight the most important developments and the possible risks for the  financial market in developing a stable and credible economic environment.<BR  style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>The Estonian economy is doing well. This is hardly news.  Therefore, I can only repeat the facts that also allow us to claim that the  financial sector is presently at its peak.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Profitability remains high in banking, insurance and brokerage of  securities. For instance, in unaudited results that exclude subsidiaries, banks  made an aggregate profit of EEK 3.1 billion in 2005. The bulk of income remains  lending: the share of interest income in total income was a little over half at  the end of 2005.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>At the same time it is necessary to emphasise that the share of  service fees in the banks total income in <?xml:namespace prefix = st1 ns =  "urn:schemas-microsoft-com:office:smarttags" /><st1:country-region  w:st="on"><st1:place w:st="on">Estonia</st1:place></st1:country-region> is  clearly higher than the average in the European Union. Therefore, larger bank  groups are able to use their relatively high service fees to balance their  income portfolio on the highly competitive loan market, characterized by high  volumes and low margins. When one adds the ongoing consolidation on the banking  market, of which 80 pct was controlled by Estonias two largest banks Hansapank  and SEB Eesti hispank, at the end of 2005, it is inevitable that there are  issues about the functioning of competition in the banking sector in general and  not only in one of its segments, the loan market.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify; mso-outline-level: 1"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Assessing recent developments in the banking sector I would  highlight the following trends.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>First, in the opinion of the Financial Supervision Authority, loan  growth is likely to slow down during 2006, especially in terms of housing loans.  However, loan growth will remain significant in comparison with the European  Union. The banks loan portfolio is unlikely to deteriorate noticeably and,  therefore, the banks risk profile would not worsen. Yet, credit risk will  remain the main risk source and the Financial Supervision Authority will remain  vigilant in monitoring it.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Secondly, in the opinion of the Financial Supervision Authority,  there are signs of hidden affiliation. Already now, many business lines of banks  registered in <st1:country-region w:st="on">Estonia</st1:country-region> that  are subsidiaries of Scandinavian banks are extensively managed by parent banks  and the role and responsibility of on-site management in <st1:place  w:st="on"><st1:country-region w:st="on">Estonia</st1:country-region></st1:place>  is going to fall significantly. Although the Financial Supervision Authority  does not, in itself, oppose the trend of affiliates taking over from subsidiary  banks, it will bring us more challenges, mainly in developing cross-border  cooperation, since direct supervisory responsibility is, in this case, being  carried out outside <st1:country-region w:st="on"><st1:place  w:st="on">Estonia</st1:place></st1:country-region>.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>We already have efficient cooperation with the supervisory  institutions in <st1:country-region w:st="on">Finland</st1:country-region> and  <st1:country-region w:st="on"><st1:place  w:st="on">Sweden</st1:place></st1:country-region>. However, such developments  pose a further and larger challenge to our cooperation. In the European  dimension we cannot rule out the possibility where pan-European consolidation  results in the mergers of parent banks of Estonian banks with other European  banking groups that would change the way cooperation in banking supervision is  carried out.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>It should be emphasised, however, that the Financial Supervision  Authority does not support the situation where, instead of setting up an  official affiliate, the management of subsidiary banks gradually becomes more  formal.<BR style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Looking at the developments on the insurance market one can  highlight four trends.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>First, competition on the non-life insurance market is becoming  notably tougher: Hansabank is entering the non-life insurance market and the  offering of cross-border services continues to grow. In 2005, the insurance  market expanded 25.2 pct in comparison with 2004 (20.4 pct). Reflecting the  trends on the banking market, the growth of the insurance market was supported  by the sale of so-called loan insurance. It could be expected that the step  taken by Hansabank will trigger a reaction by other larger banking groups and  insurance companies that will be forced to adjust their business strategies.  This is likely to put further pressure on the markets profit margins and bring  about a significant change in market shares.<BR  style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Secondly, the developments on the life insurance market are  strongly correlated with choices that the state needs to do in the near future  in developing a system for payment of second pillar pension schemes. According  to the model of the second pillar (compulsory endowment pension), the funds for  payment will be transferred to the insurance company selected by the customer. A  precise model of how it will be done has not yet been developed. Driven by  public expectations and the need to minimize the risks of insured persons, the  Financial Supervision Authority considers it necessary to adopt, as soon as  possible, a political decision under which the investment risk with regard to  payments of the funds collected in the second pillar schemes would remain with  the insurer and not the insured.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>This decision is paramount for further developments. If it is  decided that the investment risk remains with the service provider, all relevant  components must be considered in further choices. This concerns implementation  of the public guarantee scheme, principle of separation of assets and the  process of identification of customer preference, as well as the obligations of  the service provider with regard to the base assets. In addition, it would be  necessary to draw up a unified mortality table and, on a wider scale, establish  joint rules for Estonian and foreign insurers to avoid regulative  arbitration.<BR style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Thirdly, the Financial Supervision Authority considers it possible  that a restructuring will occur in the management of insurance companies,  whereby the insurance companies that operate in the Baltic Sea region are  transformed into European business companies, and their management will be  carried out from <st1:City w:st="on"><st1:place  w:st="on">Tallinn</st1:place></st1:City>. This would notably increase the role  and responsibility of the Financial Supervision Authority. Fourthly, the  transparency and the clarity of insurance products remains a problem and one of  the priorities for the Financial Supervision Authority for this year. This  concerns both non-life and life insurance products. We will attempt to solve the  problem through developing essentially unified service standards and by public  awareness campaigns. We will launch a consumer website that should notably  increase the role of the Financial Supervision Authority in educating and  advising consumers.<BR style="mso-special-character: line-break"><BR  style="mso-special-character: line-break"><o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>A key event in the securities market in 2005 was the takeover of  Hansabank by <st1:country-region w:st="on"><st1:place  w:st="on">Sweden</st1:place></st1:country-region>s FreningsSparbanken  (Swedbank) and the delisting of Hansabank from the Tallinn Stock Exchange. The  success of the process was proof that the mechanisms for protecting small  shareholders are working well. Financial sector regulation is functioning well  in terms of takeover rules, while the public regulation and market standards in  force ensure protection of investor interests. While the delisting of Hansabank  from the stock exchange cast doubt over the future of the Estonian stock market,  the four IPOs that followed the delisting, Tallinna Vesi, Starman, Tallink and  Eesti Ehitus, cast positive light on the market.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Assessing possible developments on the securities market, the main  focus in the next few years will be on continuing the introduction of good  market practices and implementation of corresponding service standards. For  instance, last year the Financial Supervision Authority filed an application  with the public prosecutors office to open a criminal investigation into the  activities of investment company LHV. The criminal proceeding will be based on  the section of the penal code that concerns illegal security trading by persons  who have confidential information. The LHV case highlights the fact that it is  time that we study in depth the markets legal environment and good  practices.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Looking at the developments from the regulative aspect, the  implementation of <st1:City w:st="on"><st1:place  w:st="on">Basel</st1:place></st1:City> 2 principles will have a major impact on  the investment companies. This regulation concerns methods for calculating the  capital required for business activities and, when implemented, will place  additional reporting obligations on credit institutions and investment companies  as well as changing the framework for risk management. The so-called MIFID  Directive that regulates investment services, that will take force in 2007, will  also have an impact on quality and transparency of services. With regard to  implementation of MIFID, the Financial Supervision Authority considers it  necessary to ensure that investor interests are protected while ensuring that  the investment services market continues to operate effectively. Implementation  of both <st1:City w:st="on"><st1:place w:st="on">Basel</st1:place></st1:City> 2  principles and MIFID will notably increase the administrative burden on the  providers of investment services and direct financial cost of operating on the  securities market.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>The implementation of these two principles in Estonian law will be  one of the most significant changes in the regulation of the Estonian banking  sector and, whats more important, in terms of supervision principles. In  essence, it is a simple regulation or agreement on the basis of which the credit  institutions that are able to better and more effectively define and manage  their risks will be allowed to involve less equity.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><BR><FONT  color=#000000>In comparison with the existing regulation, the range of risks has  increased mainly with introduction of operational risk. For cross-border banking  groups it is important that implementation of European directives by member  states would be as harmonized as possible in order to avoid regulative  arbitration, additional administrative burden on market players resulting from  different interpretation of directives, etc. In this light, the Financial  Supervision Authority considers it necessary to use pragmatic considerations  when harmonizing directives by defining the minimum required amendments in the  laws on credit institutions and the securities market, and by allowing technical  issues to be regulated by relevant regulations and guidelines. This will create  the necessary experience on the basis of which we will be able to supplement the  regulations. An alternative option would be to lay the whole regulation down in  law. This would create a situation where, in addition to the new drafts of the  laws on credit institutions and securities markets, we would have to draw up a  separate law on how to understand and interpret these laws. In their technical  content, the laws would no longer be clear for the general  public.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>Dear Members of the Riigikogu! I hope that the respective draft  amendments that I mentioned will arrive on your desks by the beginning of the  autumn work session. I also hope that in your debates you will be able to form  positions that would constructively support the rapid and in-depth  implementation of <st1:City w:st="on"><st1:place  w:st="on">Basel</st1:place></st1:City> 2 principles in the Estonian legal  environment.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>It is also necessary to note that the wish to excessively  criminalize economic fraud is reducing the capacity of both the Financial  Supervision Authority and the state in general to award penalties for violation  of legal norms in a competent, effective and proportional manner. A significant  fine is clearly more effective than a long criminal procedure as a result of  which the offender would receive a conditional criminal sentence and a fine of  up to 50,000 kroons. At the same time illegal gain from the fraud may reach into  the hundreds of millions of kroons. The penal code and other laws state that  maximum fine for criminal crime at present is EEK 50,000 although there are  plans to increase it to 500,000 kroons. The maximum fines for offences laid down  in the penal code should be notably increased. Today, the Financial Supervision  Authority has no powers or right to award fines according to the gravity of the  violation. We cannot agree with the penal policy under which mishandling of  insider information and market manipulation is penalized only under criminal  proceedings.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><BR><FONT  color=#000000>In essence, crimes committed in the financial sector are  misdemeanours that need to include the possibility for awarding high fines.  There is no need to legislate that the only penalty for market manipulation is a  criminal penalty. Banking, insurance and security brokerage are businesses based  on public trust, the violation of which must be penalized swiftly and  effectively, and in proportion with the committed crime. The main objective of  the financial business is to earn income. Therefore, a logical penalty would be  elimination of income. The handling of financial sector crime as an  administrative offence, by a competent authority, would not only prevent, but  also cut costs and benefit from the informational exchange of  information.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>According to the consumer survey commissioned by the Financial  Supervision Authority, consumers have a dispersed overview of banking and  insurance terms and customer rights. From the customers viewpoint some banking  services are relatively expensive and the way in which they are informed about  them is insufficient or even misleading. This is undoubtedly because the  advertising of financial services only highlights selected features and creates  illusionary and unjustified expectations. The measure of aggressiveness and  morality of advertising of banking, fund, and insurance products, can develop  only on the basis of the conscience of service providers and advertisers. Until  now, the state has not established separate requirements for advertising  financial services. Unfortunately, the Financial Supervision Authority<B  style="mso-bidi-font-weight: normal"> </B>has reached an understanding that  self-regulation no longer works in such an aggressive competitive environment.  In cooperation with the Ministry of Finance we plan to bring you proposals for  more accurate and in-depth regulation of advertising and information  activities.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><o:p><FONT  color=#000000>&nbsp;</FONT></o:p></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><FONT  color=#000000>In conclusion, the list of issues that I touched upon today in my  report is not exhaustive and does not provide a full picture of the challenges  and possible developments facing the financial sector. However, I would like to  hope that the issues that I referred in my report would enable us to look  positively into the future and make the right  choices.<o:p></o:p></FONT></SPAN></p> <P class=MsoNormal  style="TEXT-JUSTIFY: inter-ideograph; MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: justify"><SPAN  lang=EN-GB  style="FONT-SIZE: 8.5pt; FONT-FAMILY: Verdana; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB"><SPAN  style="mso-spacerun: yes"></SPAN><BR><FONT color=#000000>Thank you for  listening, and I wish you courage and conviction in making your  decisions!<o:p></o:p></FONT></SPAN></p>";s:9:"objekt_id";s:4:"2508";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:78:"Report of the Chairman of the Financial Supervision Authority to the Riigikogu";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-06-13";s:10:"added_time";s:8:"09:54:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2659";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1155020058";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2606;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1946:" <P>The Financial Supervision Authority issued an activity licence to D.A.S.  igusabikulude Kindlustuse AS (D.A.S. Legal Expenses Insurance Company) for  legal expenses insurance. D.A.S is a member of ERGO Kindlustusgrupp (ERGO  Insurance Group), the trademark of which is represented in fourteen European  countries. This is the first insurance undertaking in Estonia specialising in  legal expenses insurance. As of 1 January 2007, for any insurer wishing to offer  accident insurance, sickness insurance, insurance of land vehicles, railway  rolling stock, aircraft, ships and goods in transit, as well as fire and natural  forces insurance, insurance of other property, and assistance, financial loss or  legal expenses insurance in a member state of the European Union, the minimum  own funds requirement is at least 2.2 million euros.</p>BACKGROUND INFORMATION <P></p> <P>The Financial Supervision Authority conducts state supervision over banks,  insurance undertakings, investment firms and funds operating in Estonia under a  licence, as well as over the securities market. In respect of branches of banks  and insurance undertakings operating in Estonia, primary supervision is  conducted by the supervisory authority in the country of origin of the credit  institution or insurance undertaking. Lessors and credit offices are not under  the supervision of the Financial Supervision Authority. The objective of the  Financial Supervision Authoritys activities is enhancing the reliability and  transparency of the financial sector, minimising systemic risks and ensuring  that banks, investment firms or insurance undertakings are not exploited for  criminal purposes. The Financial Supervision Authority protects the interests of  clients and investors in preserving their investments, analysing and observing  how the own funds requirements and obligations set out in laws are fulfilled by  participants in the financial market.</p>";s:9:"objekt_id";s:4:"2606";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:57:"D.A.S. igusabikulude Kindlustus obtains activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-07-13";s:10:"added_time";s:8:"10:17:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2760";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162887529";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2607;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:915:" <P>The Financial Supervision Authority issued ERGO Elukindlustuse AS (ERGO Life  Insurance Company) an additional licence for unit-linked life insurance.  Unit-linked life insurance differs remarkably from traditional life insurance  products that ERGO Elukindlustus has been offering its clients so far and in  essence resembles an investment product. </p> <P>BACKGROUND INFORMATION </p> <P>The Financial Supervision Authority conducts state supervision over banks,  insurance undertakings, investment firms and funds operating in Estonia under a  licence, and over the securities market. In respect of branches of banks and  insurance undertakings operating in Estonia, primary supervision is conducted by  the supervisory authority in the country of origin of the credit institution or  insurance undertaking. Lessors and credit offices are not under the supervision  of the Financial Supervision Authority.</p>";s:9:"objekt_id";s:4:"2607";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:65:"ERGO Elukindlustus obtains licence for unit-linked life insurance";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-08-10";s:10:"added_time";s:8:"10:21:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2761";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162887746";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2608;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1410:" <P><STRONG>As the Financial Supervision Authority was not informed about changes  in the management board of the undertakings in a timely manner, the Supervision  Authority imposed a fine on two investment firms belonging to LHV Group - AS  Lhmus, Haavel &amp; Viisemann (LHV) and AS LHV Financial Advisory Services (LHV  FAS). Under the Securities Market Act, a legal person not fulfilling its  notification obligation in a timely manner may be charged a fine of up to 50 000  kroons.</STRONG> </p> <P>An investment firm is obliged to notify the Financial Supervision Authority  of the selection or appointment of managers, their resignation or initiation of  their premature removal within ten days starting from taking the relevant  decision or receipt of the application. The Supervision Authority was not  informed in a timely manner that on 19 December 2005, the earlier membership of  the LHV supervisory board and the LHV FAS supervisory board was removed and new  members were nominated. The information was communicated to the Financial  Supervision Authority with a delay of more than three months, which impeded  conducting efficient supervision over the suitability of the investment firms  managers and their compatibility with requirements prescribed by law. </p> <P>The Financial Supervision Authority imposed a fine of 10 000 kroons on both  LHV and LHV FAS, which has been paid by now.</p>";s:9:"objekt_id";s:4:"2608";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:71:"Investment firms belonging to LHV Group violate notification obligation";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-09-21";s:10:"added_time";s:8:"10:22:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2762";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162887829";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Roger Viitmann";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2609;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1631:" <P>On 29 September 2006, the Financial Supervision Authority registered the  prospectus of a public securities offering by Olympic Entertainment Group AS  (registration code 10592898). </p> <P>Olympic Entertainment Group AS (Olympic) has filed an application to the  Tallinn Stock Exchange for admission of its shares to trading on the stock  exchange. A listing application does not guarantee admission of the companys  shares to trading. </p> <P>Here, the Financial Supervision Authority points out that shares offered by  Olympic will comprise about 20.4% of the companys share capital after the  offering is completed. This will be the case provided that the over-allotment  option is fully used and the number of shares offered does not change. Thus  Olympic will remain under the dominant influence of O HansaAssets also after  the public offering and O HansaAssets in its turn is 100% in the ownership and  under the dominant influence of Armin Karu, Chairman of the Management Board of  Olympic. After completing the offering and provided that the over-allotment  option is fully used, O HansaAssets will own about 51.7% of the companys  shares. O Hendaya Invest, which is 100% in the ownership and under the dominant  influence of Jaan Korpusov, Member of the Supervisory Board of Olympic, will  also remain a major shareholder owning about 27.8% of all shares. </p> <P>These shareholders, whose participation in Olympic constitutes all in all  about 80%, can take most decisions concerning the company that are in the  competence of the general meeting of the companys shareholders, or block such  decisions.</p>";s:9:"objekt_id";s:4:"2609";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:98:"Financial Supervision Authority registers Olympic Entertainment Groups public offering prospectus";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-09-29";s:10:"added_time";s:8:"10:24:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2763";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162887901";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2610;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2427:" <P><STRONG>The Financial Supervision Authority decided that the management  companys application to change the issue fee rate of the units of the mandatory  pension funds SEB Pension Fund Conservative (SEB Konservatiivne Pensionifond)  and SEB Pension Fund Progressive (SEB Progressiivne Pensionifond) leaves the  subscribers to these funds too short an advance notice period for a possible  re-evaluation of their investment decisions. Therefore SEB hispanga Fondid can  apply a different unit issue fee instead of the 1% issue fee currently allowed  pursuant to fund rules only starting from 1 January 2008.</STRONG> </p> <P><EM>If the fee charged from the unit holders account differs next year from  the fee allowed pursuant to fund rules thus far and a subscriber to an SEB  hispanga Fondid II-pillar fund therefore wishes to switch funds, he or she is  only left with one short month. Subscribers to the II-pillar mandatory pension  system must be given sufficient time and information to make their decision. The  Financial Supervision Authority considers that subscribers to the II pillar  should be granted at least a 6-month advance notice period if the management  companies want to change fund rules or, alternatively, the legislative  regulation should be changed in such a way that peoples right to switch  II-pillar funds becomes easy and flexible,</EM> commented Raul Malmstein,  Chairman of the Management Board of the Financial Supervision Authority. </p> <P>Under the Funded Pensions Act, the issue fee rate of pension fund units may  not be more than 3% until 1 January 2007. The legal regulation entering into  force on 1 January 2007 will abolish the limit on II-pillar unit issue fees.  </p> <P>Therefore, we would like to draw the attention of II pillar subscribers to  the fact that the price of the offered service may change in the future and not  only in the positive direction. <EM>"We consider it necessary to apply a limit  on pension fund unit issue fees also in the future, keeping it remarkably lower  than the current 3%. Taking into account the specific features of II-pillar  pension funds, there is a justified expectation that additional costs will not  be inflicted on a unit holder or pension fund subscriber or that fees charged in  connection with their assets will not be increased without a good reason and a  sufficient advance notice period,</EM> Raul Malmstein said.</p>";s:9:"objekt_id";s:4:"2610";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:129:"Financial Supervision Authority: rights and obligations of subscribers to II pillar of the pension system must be better balanced";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-10-02";s:10:"added_time";s:8:"10:25:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2764";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162888082";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2611;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:3082:" <P><STRONG>The Financial Supervision Authority issued a precept to AS SEB  hispanga Fondid (SEB hispank Asset Management) to stop misleading advertising  on the banks website www.seb.ee and in media channels, including television. In  an advertisement of SEB hispanga Fondid, a misleading statement invites clients  to join SEB hispanks II-pillar mandatory pension funds or to switch pension  funds.</STRONG> </p> <P>The advertisement claims that every 100 kroons invested by a client in SEB  hispank Pension Fund Progressive (SEB hispanga Progressiivne Pensionifond) in  July 2002 has by now become 431 kroons. The Financial Supervision Authority  considers it necessary to draw the attention of the public to the fact that the  real rate of return of SEB hispank Pension Fund Progressive from July 2002 till  today has been + 47.1%, which means a return of 147 kroons, not 431 kroons for  every 100 kroons. </p> <P><EM>The advertising message must be unambiguous. A management company should  limit advertising to achievements arising from its own professional  activities,</EM> Kaido Tropp, Member of the Management Board of the Financial  Supervision Authority commented on the precept. </p> <P>In advertisements concerning mandatory pension fund growth, SEB hispanga  Fondid has added the 4% paid to the unit holder by the state to the 2% of the  gross wages paid by the worker. The Financial Supervision Authority finds that  counting and presenting amounts transferable under the Social Tax Act as part of  mandatory pension fund growth is unjustified and misleading. This is a part of  the national social policy, where the reception of amounts does not depend on  the activities of the management company nor is inherent to one specific fund.  Counting the 4% paid by the state as part of the funds rate of return is not  justified, since it creates a false idea about the funds history of success.  The possible false idea is used to influence the behaviour of investors.  According to the Financial Supervision Authority, it is not possible to  understand from the advertisement of SEB hispanga Fondid that the amounts added  to the II pillar from social tax have been counted as part of the rate of return  of SEB hispank Pension Fund Progressive. </p> <P>There is a footnote with additional information at the bottom of the  advertisement of SEB hispank Pension Fund Progressive: Data as of 01.09.2006.  A subscriber to the pension system invests 2% of his or her gross wages into the  pension fund, to which the state adds 4% from the individuals social tax. The  funds rate of return in the given period + 47,1% has been added to the amount.  The information given in the footnote is an independent piece of information on  the arrangement of contributions to mandatory funded pension and it is not  explicitly connected with the bases of calculating the pension funds rate of  return. In the case of a TV commercial, it is practically impossible to evaluate  the cumulative effect of core and additional information presented in this  way.</p>";s:9:"objekt_id";s:4:"2611";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:101:"Financial Supervision Authority issues precept to SEB hispanga Fondid to stop misleading advertising";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-10-11";s:10:"added_time";s:8:"10:28:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2765";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162888200";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2612;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:3636:"   In pension  fund advertisements on its homepage <A href="http://www.lhv.ee"  target=_blank>www.lhv.ee</A>, AS LHV-Seesam Varahaldus (LHV-Seesam Asset  Management) violated provisions of the Investment Funds Act according to which  information presented about funds must not be misleading or contain forecasts  about the funds rate of return. Providing guarantees about the expected rate of  return and predicting financial results is only allowed in the case of funds  where the rate of return is actually guaranteed for the unit holder pursuant to  fund rules.  <P></p> <P>The advertisement invited the investor to do a test to find a suitable  second-pillar pension fund. On the basis of the test, a pension fund suitable  for your personality type is recommended. The personality type <EM>lion</EM> was  recommended the pension fund LHV World Equities (LHV Maailma Aktsiad), the  personality type <EM>falcon</EM> the pension fund LHV New Markets (LHV Uued  Turud), the personality type <EM>fox</EM> the pension fund LHV Balanced Strategy  (LHV Tasakaalustatud Strateegia), the personality type <EM>owl</EM> the pension  fund LHV Quality Bonds (LHV Kvaliteetsed Vlakirjad) and the personality type  <EM>squirrel</EM> the pension fund LHV Dynamic Bonds (LHV Dnaamilised  Vlakirjad). According to a statement about the pension fund LHV World Equities,  a client of this fund whose assets have an expected annual rate of return of 8%  will have to survive periods when the value of his or her portfolio temporarily  decreases. According to a statement about the pension fund LHV New Markets, the  expected rate of return of this pension fund is the best among LHV pension funds  - about 10% a year. A statement about the pension fund LHV Balanced Strategy  says that a potential client of this fund prefers to distribute risks and is  content with an expected annual rate of return of about 6%. Information given  about the pension fund LHV Quality Bonds presents this fund as showing the  lowest expected rate of return of all LHV second-pillar pension funds - about 3%  a year. According to the advertising material, a client of the pension fund LHV  Dynamic Bonds is content with a lower expected rate of return of about 4-5% a  year, but knows that there is a very low probability that the value of his or  her pension fund units will decrease in the long term. </p> <P>In addition to the second-pillar pension fund test, the rate of return of the  voluntary or third-pillar pension fund LHV Supplementary Pension Fund (LHV  Tiendav Pensionifond) was compared to a wild horse. The rate of return of LHV  Supplementary Pension fund is advertised as moving upwards at a speed that only  a wild horse could keep pace with - a fast and strong creature full of stamina,  unreachable for everyone else. </p> <P>The Financial Supervision Authority draws attention to the fact that the rate  of return of pension funds managed by LHV-Seesam Varahaldus is not guaranteed  and fund rules do not oblige the management company to achieve the rates of  return advertised. </p> <P><EM>Providing misleading information about a pension  fund is regrettable. Management companies should feel more clearly responsible  for maintaining the trustworthiness of the pension market as a whole, and in  their marketing activities they should explicitly avoid giving information as to  which the management company will actually not take contractual obligations in  respect of the unit holder,</EM>                                                             said <STRONG>Andre Nmm</STRONG>, head of the Business Conduct Supervision  Division.</p>";s:9:"objekt_id";s:4:"2612";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:116:"Financial Supervision Authority issues precept to LHV-Seesam Varahaldus to stop illegal advertising of pension funds";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-10-18";s:10:"added_time";s:8:"10:30:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2766";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162888805";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2613;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:3583:"   According to information received by the  Financial Supervision Authority, people have been offered to earn large profits  on sums invested through an organisation called FXClub ( <A  href="http://www.fxclub.info/en/index/"  target=_blank>www.fxclub.info/en/index/</A> ). The Financial Supervision  Authority warns that this is very likely a moneymaking club or pyramid scheme.  People joining the club are promised income only after paying the joining fee  and recruiting new members into the scheme. However, joiners to any pyramid  scheme earn no additional income on the invested sums and, as a rule, they also  lose their deposit. The deposits of new members go to the creators of the  fraudulent scheme.  <P></p> <P>According to information received by the Financial Supervision Authority,  FXClub has made offers to earn interest income on sums invested through the club  8% a month on average in case of low risk and up to 30% a month in case of high  risk. To earn the desired income, one is asked to join FXClub. A joining fee of  470 USD is to be paid to a bank in Panama as well as an additional charge of 110  USD for opening a bank account. All settlements are to be made in US dollars and  the only bank available for such settlements is a bank in the Republic of  Panama. </p> <P>FXClubs offer has characteristics of common financial fraud and may  therefore constitute an untrustworthy offer better to be avoided. To raise  credibility, the form of the offer has been drawn up thoroughly and in detail, a  deposit is required and only a foreign bank is used for settlements. </p> <P>In case of financial fraud it is common that a deposit is required as a  service fee, joining fee or any other seemingly necessary payment. It is also  possible that a person is announced to have won a lottery where he or she has  not participated, but to receive the prize it is necessary to pay a certain  amount of money or buy a service. Fraudsters may ask for credit card numbers,  passwords or other personal data. The Financial Supervision Authority urges  people never to give or send money, personal data or bank requisites to anyone  before making sure that the transaction is reliable. </p> <P>All offers to make a profit that seem too good to be true are generally not  true. In case of doubts, it is always advisable to check whether the service  provider has an activity licence. </p> <P>In the Republic of Estonia, the provision of investment services is regulated  by the Securities Market Act. According to the Act, a person who wants to  operate an investment firm must have a relevant activity licence issued by the  Financial Supervision Authority. Information on investment firms and banks  operating under licence can be obtained on the website of the Financial  Supervision Authority <A href="http://www.fi.ee/?rep_id=285"  target=_blank>www.fi.ee/?id=285</A>. The Financial Supervision Authority  confirms that it has not issued an activity licence to the legal person FXClub  or Forex Marketing. </p> <P>If the location of a company providing investment services is another  European country, it is possible to check on the websites of the financial  supervision institutions of other countries whether the company offering  investment services has been registered in that country, or to send the  financial supervision of that country a written inquiry on the matter. Addresses  of websites of the financial supervision institutions of other countries can be  found at <A href="http://www.fi.ee/?rep_id=1149"  target=_blank>www.fi.ee/?id=1149</A>.</p>";s:9:"objekt_id";s:4:"2613";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:87:"Financial Supervision Authority warns against a club intermediating investment services";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"35";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-10-18";s:10:"added_time";s:8:"10:33:00";s:13:"meta_keywords";N;s:10:"meta_title";N;s:16:"meta_description";N;s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2767";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1162888622";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2790;a:44:{s:4:"lyhi";s:3241:"The supervisory board of the Financial  Supervision Authority approved next years budget in the amount of EEK 49 029  417 at its meeting today, 1 December. The budget revenue consists of supervision  fees paid by the market participants. Considering the developments in the  financial market, the supervisory board decided to lower the rates of  supervision fees applicable to credit institutions, management companies,  non-life insurers and insurance brokers. <BR>The supervisory board also  discussed the fee rates applicable to mandatory pension funds. Minister of  Finance Aivar Serd informed the supervisory board of the Ministrys plans to  lower and further regulate the fee rates. The rights and obligations of pension  fund subscribers and management companies must be balanced, Mr Serd stressed.  <BR>The supervisory board approved the Financial Supervision Authoritys  strategy for 20072010, the main objective of which is to strengthen cooperation  with the supervision authorities of other countries, since most of the important  decisions that affect the development of the Estonian financial sector are taken  abroad. It is planned to continue regular meetings with the Nordic and Baltic  countries financial supervision authorities and to integrate the Estonian FSA  into the Nordic financial groups risk assessment process. The cornerstone of  the strategy rests on an open working culture, within which the FSA plans to  publish assessments of the financial sectors affairs to a greater extent, with  the emphasis on ensuring the functioning of a fair and efficient market. The  complicated and intertwined nature of financial services necessitates better  informing of consumers and the availability of independent advice that  facilitates an understanding of the nature of financial services. The FSA in  cooperation with market participants plans to develop analysis and overview  products to compare various financial services. <BR>The FSAs strategic goals  for 20072010 also include an improvement of the capacity of market abuse  detection and of the ability of assessing the risks inherent in financial  groups activities on various levels. Also, the application of the higher  standard of a service providers duty of diligence to the presentation of  service conditions to consumers, based on the appropriate principle of  understandability and adequacy. It is also planned to analyse the  possibilities of optimising the reporting burden of the market participants and  to apply new forms of reporting based on the analysis results. <BR>The Estonian  financial market is highly concentrated, which is why the FSA needs to make  certain changes to adapt to this peculiarity of the market. The focus should be  on the cross-border risks arising from the owners activities, since an Estonian  subsidiarys relations with its foreign parent company are no longer limited to  capital investments. A direct financial and operational dependence has emerged.  Another important activity is the continued education and advising of consumers,  where the FSA can pay more attention to ensuring the comparability and  transparency of services, said Aivar Serd, member of the supervisory board of  the FSA.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2790";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:109:"Supervisory board of the Financial Supervision Authority lowered supervision fees and approved a new strategy";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-12-01";s:10:"added_time";s:8:"11:40:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2973";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176367834";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2791;a:44:{s:4:"lyhi";s:1609:"    <P><SPAN lang=EN-GB  style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; mso-fareast-language: ET; mso-bidi-font-family: 'Times New Roman'; mso-bidi-language: AR-SA"><FONT  color=#000000>On 28 December 2006 the Financial Supervision Authority issued to  AS Avaron Asset Management a management companys licence with the right to  provide securities portfolio management services.<BR><BR>The companys owner and  fund manager is Peter Priisalm. The supervisory board of Avaron Asset Management  is composed of Andres Liinat, Laire Puhmaste and Kristjan Kalda, and the  management board members are Peter Priisalm and Endo Tnuver.<BR><BR>Companies  who wish to manage investment funds are required to obtain a relevant licence  from the Financial Supervision Authority. According to the Investment Funds Act,  the share capital of a management company shall be at least 125 000 euros,  unless it manages pension funds. A management companys net own funds must not  at any moment be less than its minimum share capital.<BR><BR>Seven other  companies operate as management companies under licences from the FSA: Hansa  Investeerimisfondid, LHV Varahaldus, Sampo Baltic Asset Management, SEB  hispanga Fondid, Trigon Funds, ERGO <?xml:namespace prefix = st1 ns =  "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on"><st1:City  w:st="on">Varahalduse</st1:City> <st1:State  w:st="on">AS.</st1:State></st1:place> Only one new management company has  entered the market lately  AS Kawe Kapital in October  2005.</FONT></SPAN></p>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2791";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:63:"Avaron Asset Management received a management companys licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2006-12-28";s:10:"added_time";s:8:"12:06:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2974";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176368836";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2792;a:44:{s:4:"lyhi";s:1452:"    <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB"><FONT  color=#000000>On 16 January 2007 the Financial Supervision Authority issued to  Trigon Alternative Funds a management companys licence with the right to  provide securities portfolio management services.<BR><BR>The company is 100%  owned by AS Trigon Capital, which is controlled by Joakim Johan Helenius. The  supervisory board of AS Trigon Alternative Funds is composed of Joakim Johan  Helenius, Kerttu-Kaarina Tombak and Heiti Riisberg, and the management board  members are lo Adamson and Sami Henrik Sormunen, the latter is also a fund  manager.<BR><BR>Companies who wish to manage investment funds are required to  obtain a relevant licence from the Financial Supervision Authority. According to  the Investment Funds Act, the share capital of a management company must be at  least 125 000 euros unless it manages pension funds. Trigon Alternative Funds  does not manage mandatory pension funds.<BR><BR>Eight other companies now  operate as management companies under licences from the FSA: AS Hansa  Investeerimisfondid, AS LHV Varahaldus, AS Sampo Baltic Asset Management, AS SEB  hispanga Fondid, AS Trigon Funds, ERGO Varahalduse AS, AS Kawe Kapital, and AS  Avaron Asset Management.<?xml:namespace prefix = o ns =  "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></FONT></SPAN></p>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2792";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:64:"Trigon Alternative Funds received a management companys licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-01-16";s:10:"added_time";s:8:"12:07:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2975";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176368870";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2793;a:44:{s:4:"lyhi";s:1517:"    <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB"><FONT  color=#000000>In its pension fund advertisements on the companys website in  October last year, AS LHV Varahaldus (formerly AS LHV-Seesam Varahaldus)  violated the Investment Funds Act, according to which information presented  concerning a fund must not be misleading or contain forecasts of the financial  performance of the fund. Guarantees concerning expected yields and forecasts of  financial performance may be presented only for those funds, the yield of which  is actually guaranteed to the unit holder by the fund rules.<BR><BR>The  advertising materials of the LHV pension funds, which are managed by LHV  Varahaldus, published from 16.10.2006 to 18.10.2006 on the website </FONT><A  href="http://www.lhv.ee">www.lhv.ee</A><FONT color=#000000> and in the media  contained forecasts of the future financial performance of the LHV pension  funds. In fact, the continued and constant positive growth of the LHV pension  funds is not guaranteed, and neither is the preservation of the original  investment.<BR><BR>On 18 October 2006 the Financial Supervision Authority issued  a precept to LHV Varahaldus, ordering it to discontinue the unlawful advertising  of the pension funds. The FSA further decided to impose a fine of EEK 25 000 on  LHV Varahaldus.<?xml:namespace prefix = o ns =  "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></FONT></SPAN></p>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2793";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:25:"A fine for LHV Varahaldus";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-01-22";s:10:"added_time";s:8:"12:07:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2976";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176368903";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2794;a:44:{s:4:"lyhi";s:2084:"    <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB"><FONT  color=#000000>Olympic Entertainment <?xml:namespace prefix = st1 ns =  "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on"><st1:City  w:st="on">Group</st1:City> <st1:State w:st="on">AS</st1:State></st1:place>  failed to draw up a prospectus supplement when new important information was  revealed before the end of the public offer of shares. The Securities Market Act  requires that a supplement to the prospectus be drawn up when new important  information is revealed.<BR><BR>This obligation arose after the supervisory  board of Olympic Entertainment Group decided on 29 September last year to repay  a large syndicate loan and terminate the loan contract prematurely after the  successful end of the public offer of shares. The decision meant that the  purpose of the funds received from the issue was changed compared to what was  published in the prospectus. According to the Securities Market Act, Olympic  Entertainment Group AS should have published this important change in a  supplement to the prospectus.<BR><BR>According to the Financial Supervision  Authority, the accuracy and completeness of information published during the  period of public offer of shares are extremely important for potential investors  to make fully informed decisions.<BR><BR>On 26 January 2007 the FSA imposed a  fine of EEK 10 000 on Olympic Entertainment Group AS. The FSA imposed the fine  in consideration of the fact that the maximum fine that can currently be imposed  for financial offences under the Penal Code and specific laws is EEK 50  000.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></FONT></SPAN></p> <P><SPAN lang=EN-GB  style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB"><FONT  color=#000000>On 24 January the Riigikogu passed the Penal Code Amendment Act,  according to which the maximum fine was raised to EEK 500  000.<o:p></o:p></FONT></SPAN></p>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2794";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:62:"Olympic Entertainment Group violated the Securities Market Act";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-01-26";s:10:"added_time";s:8:"12:08:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2977";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176368942";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2795;a:44:{s:4:"lyhi";s:1694:"    <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-GB  style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB"><FONT  color=#000000>On 15 February 2007 the Financial Supervision Authority issued an  additional licence to AS Hansa Varakindlustus to offer motor third party  liability insurance, accident insurance, sickness insurance, and financial loss  insurance.<BR><BR>According to the Insurance Activities Act, an insurance  company may engage in only such classes or subclasses of insurance for which it  has been issued an activity licence. So far, Hansa Varakindlustus had licence  for land vehicle insurance (motor own damage insurance), fire insurance, natural  forces insurance and other property insurance.<BR><BR>Eight licensed insurance  companies operate in <?xml:namespace prefix = st1 ns =  "urn:schemas-microsoft-com:office:smarttags" /><st1:place  w:st="on"><st1:country-region w:st="on">Estonia</st1:country-region></st1:place>  today, plus five branches of foreign non-life insurance companies.<BR><BR>The  market in non-life insurance is led (in terms of gross payments, excluding the  share of foreign branches) by If Eesti Kindlustus with a market share of 36.1%,  followed by ERGO Kindlustus (26.2%), Seesam Rahvusvaheline Kindlustus (18.6%)  and Salva Kindlustus (11.7%). Hansa Varakindlustus, first licensed on 31 May  2006, had a market share of 1.1% last year.<BR><BR>Motor own damage insurance  and motor third party liability insurance accounted for more than two-thirds of  the property insurance market, that is 68.4% in 2006.<?xml:namespace prefix = o  ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></FONT></SPAN></p>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2795";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:66:"Hansa Varakindlustus was permitted to offer new types of insurance";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-02-15";s:10:"added_time";s:8:"12:09:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2978";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176368988";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2796;a:44:{s:4:"lyhi";s:1380:"    <H1 style="MARGIN: auto 0cm"><SPAN lang=EN-GB  style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB"><FONT  color=#000000>On 16 March 2007 the Financial Supervision Authority registered  the public offer securities prospectus of AS Ekspress Grupp (registry code  10004677).<BR><BR>The Tallinn Stock Exchange registered the shares of AS  Ekspress Grupp conditionally on the main list of the stock exchange on 16 March  2007.<BR><BR>The Financial Supervision Authority points out that the shares  offered form about 32.26% of the companys share capital after the conclusion of  the offer. This holds true if the over allotment option is fully used and the  number of shares offered does not change. At the time of the announcement of the  offer, Ekspress Grupp has two shareholders: Hans H. Luik with a shareholding of  65.2%, and O HHL Rhm, which is fully owned by Hans H. Luik, with a  shareholding of 34.8%. Therefore, Ekspress Group remains under Hans H. Luiks  control even after the public offer. After the offer, he will control 67.7% of  the shares in Ekspress either directly or via UO HHL Rhm, which means that Hans  H. Luik will be able to make or block most of the decisions of the general  meeting of shareholders.<?xml:namespace prefix = o ns =  "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></FONT></SPAN></H1>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2796";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:95:"The Financial Supervision Authority registered the public offer prospectus of AS Ekspress Grupp";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-03-16";s:10:"added_time";s:8:"12:13:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2979";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176369238";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2797;a:44:{s:4:"lyhi";s:2724:"    <H1 style="MARGIN: auto 0cm"><SPAN lang=EN-GB  style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB"><FONT  color=#000000>On 30 March 2007, the supervisory board of the Financial  Supervision Authority approved the FSAs annual report for <?xml:namespace  prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags"  /><st1:metricconverter w:st="on" ProductID="2006. In">2006.  In</st1:metricconverter> 2006 the FSA focused on improving the efficiency of  supervision and the education of consumers.<BR><BR>The high rate of credit  expansion augments the credit and operating risks of the market participants.  The FSAs aim was and is to make sure that market participants continue to apply  high standards of risk management and have sufficient capital buffers under the  conditions of quick economic growth. More complicated financial products, the  intertwining of financial sectors, and toughening of competition in certain  market segments required greater attention to be paid not only to capital  supervision, but to the education and advising of consumers, and more broadly to  developing supervision over financial services.<BR><BR>2006 was a year of  stable development for the Estonian financial institutions and their customers.  However, the external risks to the economy increased. Cross-border risks came to  the attention of risk management. <st1:place w:st="on"><st1:country-region  w:st="on">Estonia</st1:country-region></st1:place>s financial stability depends  most directly on the harmonisation of supervision methods and efficient exchange  of information with other EU member states. I am glad to say that the FSAs  activities have been not only efficient, but also cost-efficient, and the  supervisory board was able to decide to repay a profit of MEEK 4 to the market  participants. In conclusion, I believe that the FSA performed its duties very  well last year, said Aivar Serd, Chairman of the Supervisory Board of the  FSA.<BR><BR>The FSAs income from supervision fees amounted to MEEK  <st1:metricconverter w:st="on" ProductID="43 in">43 in</st1:metricconverter>  2006 and its expenses were MEEK 40. The FSAs MEEK 4 profit for the financial  year will be paid back to the market participants, according to the supervisory  boards decision, in proportion to the supervision fees paid by them for 2006.  The revenue and expenditure account of the FSA was audited by Deloitte &amp;  Touche.</FONT></SPAN><SPAN lang=EN-GB  style="FONT-WEIGHT: normal; FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-ansi-language: EN-GB; mso-bidi-font-weight: bold"><?xml:namespace  prefix = o ns = "urn:schemas-microsoft-com:office:office"  /><o:p></o:p></SPAN></H1>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2797";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:78:"Supervisory board approved the Financial Supervision Authoritys annual report";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"25";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-03-30";s:10:"added_time";s:8:"12:14:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"2980";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1176369274";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:13:"Erkko Krgema";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2927;a:44:{s:4:"lyhi";s:1477:"   <BR>The  Financial Supervision Authority issued to AS GILD Financial Advisory Services a  supplemental activity licence for the trading of securities on its own account  and for the underwriting of securities issues. <BR><BR>The investment firms  activity licence of 9 March 2005 entitled AS GILD Financial Services (former  business name AS LHV Financial Advisory Services) to manage securities  portfolios separately for each client, in accordance with the clients  instructions, and to arrange the issuing of securities, public offers, or the  acceptance of securities for trading on a regulated market. The investment firm  also had and has the right to receive securities transaction orders from clients  and to forward or execute them on the account of a client. GILD Financial  Advisory Services is also permitted to purchase or transfer securities in its  own name and on the account of a client, and in the name and on the account of a  client. <BR><BR>AS GILD Financial Advisory Services was founded on 19 March  2004, as a subsidiary of AS LHV Group. AS LHV Group was divided in the autumn of  2006. As a result of the division, AS GILD Professional Services, which  separated from AS LHV Group, became the shareholder of AS GILD Financial  Advisory Services. <BR><BR>The management board of AS GILD Financial Advisory  Services consists of two members: Tnis Haavel and Rain Tamm. The supervisory  board consists of Joel Aasme, Heikki Kllu and Tarmo Jristo.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2927";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:93:"The investment firm GILD Financial Advisory Services recieved a supplemental activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-04-11";s:10:"added_time";s:8:"14:00:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3112";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1190372703";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2928;a:44:{s:4:"lyhi";s:1280:"   <BR>AS Hansa  Investeerimisfondid repeatedly failed to submit mandatory reports to the  Financial Supervision Authority in 2006. Since the management companys delayed  reports did not allow the Financial Supervisory Authority to properly perform  its supervision duties, the management board of the FSA decided on 25 April 2007  to punish AS Hansa Investeerimisfondid with a fine of EEK 15 000.  <BR><BR>According to the new Investment Funds Act, a management company shall  prepare its annual report and interim reports and also the annual reports and  interim reports of common funds managed thereby, and submit them to the  Financial Supervision Authority pursuant to the procedure provided by the  Investment Funds Act or legislation issued on the basis thereof. <BR><BR>The  requirements for the content of the reports and the methods of preparation and  procedure for the submission of the reports are established by the Minister of  Finance Regulation of 7 January 2005 Requirements for the content, methods of  preparation and procedure for the submission of the reports to be submitted to  the Financial Supervision Authority. An investment fund may be punished by a  fine of up to EEK 50 000 for failure to comply with the obligations set forth in  the Regulation.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2928";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:36:"A fine for Hansa Investeerimisfondid";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-05-14";s:10:"added_time";s:8:"14:05:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3113";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1190372788";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2929;a:44:{s:4:"lyhi";s:1574:"   <BR>The  Financial Supervision Authority registered the public offer prospectus for  securities of Arco Vara AS (registry code 10261718) on 1 June 2007. The Tallinn  Stock Exchange started the procedure for listing the shares of AS Arco Vara on  the main list of the Tallinn Stock Exchange based on the documents submitted.  <BR><BR>The Financial Supervision Authority would like to point out here that  Arco Vara may increase the number of new shares being offered by up to 8 000 000  shares before determining the offer price; the chief organiser of the offer also  has an over allotment option. Provided that the increase option and over  allotment option are fully realised, the shares offered will form approximately  46.33% of the companys share capital after the conclusion of the offer.  <BR><BR>As of the moment of the announcement of the offer, Arco Vara has two  shareholders: O Toletum, owned in equal parts by Arti Arakas and Richard  Tomingas, members of the supervisory board of Arco Vara, who own 66.67%, and O  HM Investeeringud, owned in full by Hillar-Peeter Luitsalu, member of the  supervisory board of Arco Vara, who owns 33.33% of the shares of Arco Vara. If  neither shareholder acquires any shares in the course of the offering, and all  additional shares subject to the over allotment option are sold, and the  increase option is realised in full, O Toletum will control approximately  35.78%, and O HM Investeeringud will control approximately 17.89% of the votes  at the general meeting of shareholders, after the conclusion of the offer.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2929";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:87:"The Financial Supervision Authority registered the public offer prospectus of Arco Vara";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-06-04";s:10:"added_time";s:8:"14:06:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3114";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1190372936";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:2930;a:44:{s:4:"lyhi";s:1474:"   <BR>The  Financial Supervision Authority issued a management company licence to AS GILD  Property Asset Management. GILD Property Asset Management is a management  company that was founded by AS GILD Financial Advisory Services and O Uus Maa  Kinnisvaragrupp for the purpose of managing real estate funds. Both shareholders  own a 50% share of AS GILD Property Asset Management. <BR><BR>The supervisory  board of GILD Property Asset Management consists of Rain Tamm, Taavi Lepmets,  Ville Jehe and Andres Hall, and the management board consists of Andris Kovlcuks  and Urmas Laur, who is also a fund manager. <BR><BR>A licence by the Financial  Supervision Authority is required for management of investment and pension  funds; the FSA has previously issued such licences to Avaron Asset Management,  ERGO Varahalduse AS, Hansa Investeerimisfondid, Kawe Kapital, LHV Varahaldus,  Sampo Baltic Asset Management, SEB hispanga Fondid, Trigon Alternative Funds  and Trigon Funds. <BR><BR>A management companys main business is the management  of funds or securities portfolios: organisation of the issuing of funds and the  redemption of units or shares of a fund, investment of the assets of a fund,  keeping account of the assets of the fund and other relevant activities. A  management company may manage more than one fund. According to the Investment  Funds Act, the share capital of a management company shall be at least  125  000, unless it manages pension funds.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"2930";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:82:"The management company GILD Property Asset Management recieved an activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-09-12";s:10:"added_time";s:8:"14:09:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3115";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1190373052";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3061;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:4877:"   The Financial  Supervision Authority decided not to approve the take-over bid notice of AS  Rubla and the prospectus to acquire all shares of AS Kalev, as AS Rubla has not  submitted enough proof to the Financial Supervision Authority that it has  sufficient financial resources to do so. At the same time the Financial  Supervision Authority issued a precept to the Estonian Central Register of  Securities for restricting the use and disposal of shares of AS Kalev that are  in the name of the transferee and persons who act in co-operation with the  transferee. <BR><BR>AS Rubla has not submitted to the Financial Supervision  Authority proof under  8 (7) 1) of the regulation of the Minister of Finance on  Rules for take-over bids, nor any other data or documents that the Financial  Supervision Authority requested to be submitted pursuant to the Securities  Market Act and the Rules for take-over bids. According to the Financial  Supervision Authority, the documents available to the authority do not provide  sufficient proof for the paying of the sale price. <BR>The compulsory take-over  bid prospectus and notice for taking over the shares of AS Kalev by Rubla AS  were submitted to the Financial Supervision Authority on 24 September. According  to the Securities Market Act the person who acquired control over the issuer  either directly or together with persons who act in co-operation with it shall  make a take-over bid for all shares of the issuer within 20 days. In case the  person who acquired control does not make the compulsory take-over bid within 20  days, the person shall not execute the right to vote in the target issuer until  the violation has ended. <BR><BR>On 23 September, AS Rubla concluded agreements  for acting in co-operation with the Swedish investment fund East Capital  Baltikumfonden and Vipes Invest O. As a result of the agreements AS Rubla,  together with persons who act in co-operation, owns 59.02% of the share capital  of AS Kalev, i.e. control over the company, and thus AS Rubla has the obligation  to submit a take-over bid for all shares of AS Kalev. <BR><BR>The Financial  Supervision Authority also decided to issue a precept to restrict the use and  disposal of securities of AS Kalev, except for pledging, until 29 October 2007,  on the securities accounts of AS Rubla, GKG Investeeringute AS, Mailtec O,  Linderin Grupp O, on the representative account of Skandinaviska Enskilda  Banken AB (East Capital Baltikumfonden owns the shares of AS Kalev) and the  securities account of Vipes Invest O. The precept gives the transferee and the  persons who act in co-operation the possibility and additional time to involve  submitted to the Financial Supervision Authority on 24 September. According to  the Securities Market Act the person who acquired control over the issuer either  directly or together with persons who act in co-operation with it shall make a  take-over bid for all shares of the issuer within 20 days. In case the person  who acquired control does not make the compulsory take-over bid within 20 days,  the person shall not execute the right to vote in the target issuer until the  violation has ended. <BR><BR>On 23 September, AS Rubla concluded agreements for  acting in co-operation with the Swedish investment fund East Capital  Baltikumfonden and Vipes Invest O. As a result of the agreements AS Rubla,  together with persons who act in co-operation, owns 59.02% of the share capital  of AS Kalev, i.e. control over the company, and thus AS Rubla has the obligation  to submit a take-over bid for all shares of AS Kalev. <BR><BR>The Financial  Supervision Authority also decided to issue a precept to restrict the use and  disposal of securities of AS Kalev, except for pledging, until 29 October 2007,  on the securities accounts of AS Rubla, GKG Investeeringute AS, Mailtec O,  Linderin Grupp O, on the representative account of Skandinaviska Enskilda  Banken AB (East Capital Baltikumfonden owns the shares of AS Kalev) and the  securities account of Vipes Invest O. The precept gives the transferee and the  persons who act in co-operation the possibility and additional time to involve  financial resources. A precept has also been issued for protecting the interests  of small investors and for giving them certainty that the transferee continually  acts with the intention to carry out the compulsory take-over bid. <BR><BR>The  Financial Supervision Authority performs state supervision over the activities  of banks, insurance companies, insurance intermediaries, investment firms,  management companies acting in Estonia under an activity licence and the  securities market. The aim of financial supervision activities is to protect the  interests of clients and investors in maintaining their resources and thereby  support the reliability of the Estonian monetary system.";s:9:"objekt_id";s:4:"3061";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:69:"Financial Supervision Authority did not approve Kalev's take-over bid";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-10-10";s:10:"added_time";s:8:"12:29:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3251";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1199788347";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3062;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1103:"   AS Hansa  Varakindlustus violated the minimum own-funds requirement provided for in the  Insurance Activities Act, according to which an insurer shall have equity in the  amount and structure prescribed by the said act for ensuring performance of the  obligations under insurance agreements. <BR>During a regular inspection, the  Financial Supervision Authority discovered that in February and March own funds  of AS Hansa Varakindlustus had fallen under the required own-funds minimum.  According to the Insurance Activities Act, the own-funds minimum of AS Hansa  Varakindlustus shall at all times be at least 3.2 million Euros, as the insurer  is, among other activities, also entitled to deal with motor third party  liability insurance. As of the beginning of May 2007, AS Hansa Varakindlustus  has fulfilled the own-funds minimum requirement. <BR><BR>On 25 September 2007,  the Financial Supervision Authority decided to punish AS Hansa Varakindlustus  with a fine of EEK 20 000. The Insurance Activities Act provides that the limit  of fines for violating own-funds requirements is EEK 50 000.";s:9:"objekt_id";s:4:"3062";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:62:"Hansa Varakindlustus violated the own-funds amount requirement";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-10-12";s:10:"added_time";s:8:"12:32:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3252";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1199788485";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3063;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:599:"   On 26 October  2007, the Financial Supervision Authority approved the compulsory take-over bid  of Baltic Moontech Investments Holding AS for all shares of AS Starman. Baltic  Moontech Investments Holding AS owns 7 438 435 shares of AS Starman, which  amounts to 56.98% of the share capital of AS Starman. <BR>After the take-over  bid, Baltic Moontech Investments Holding AS plans to initiate a procedure for  taking over the shares in exchange for financial compensation after the  presuppositions described in the prospectus have been fulfilled, and submit an  application to delist AS Starman.";s:9:"objekt_id";s:4:"3063";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:69:"Financial Supervision Authority approved the AS Starman take-over bid";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-10-29";s:10:"added_time";s:8:"12:35:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3253";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1199788614";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3064;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1403:"   The Financial  Supervision Authority approved the take-over bid of AS Rubla for all shares of  AS Kalev on 2 November 2007. AS Rubla and persons who act in co-operation with  it (GKG Investeeringute AS, Mailtec O, Linderin Grupp O, East Capital  Baltikumfonden and Vipes Invest O), own 13 947 367 shares of AS Kalev, which  forms 59.02% of the share capital of AS Kalev. <BR><BR>Take-over bid information  is available on the website of Tallinn Stock Exchange www.omxgroup.ee and also  on the website of AS Kalev. The take-over bid prospectus is available on paper  in the office of LFS Corporate Finance S.A. at 2 Tartu mnt, Tallinn. <BR>The  Financial Supervision Authority draws the minority shareholders attention to  Clause 2.5 of the take-over bid prospectus, which states that AS Rubla and East  Capital Baltikumfonden, that is a person who acts in co-operation, have agreed  that during the take-over bid AS Rubla acquires the shares belonging to East  Capital Baltikumfonden. <BR>The Financial Supervision Authority also considers  it important to draw attention to Clause 2.8 of the prospectus and to the fact  that the bid is partially financed by AS Rublas own funds and partially by the  loan of 25 million Euros borrowed from AS Hansapank. AS Rubla has agreed with  Hansapank on the main terms of the loan and the loan agreement shall be signed  on 16 November 2007, at the latest.";s:9:"objekt_id";s:4:"3064";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:108:"Financial Supervision Authority approved the compulsory take-over bid of AS Rubla for all shares of AS Kalev";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-11-05";s:10:"added_time";s:8:"12:37:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3254";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1199788774";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3065;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1306:"   The Financial  Supervision Authority granted AS GILD Fund Management an activity licence for a  management company of venture capital funds. The sole shareholder of AS GILD  Fund Management is the investment firm AS GILD Financial Advisory Services,  which is under the supervision of the Financial Supervision Authority. Members  of the Supervisory Board of AS GILD Fund Management are Rain Tamm, Taavi Lepmets  and Tnis Haavel and the members of the Management Board are Janis Springis and  Tnno Vhk, the latter is also the fund manager. <BR><BR>Management of  investment and pension funds requires an activity licence from the Financial  Supervision Authority and the authority has previously issued licences to Avaron  Asset Management, ERGO Varahalduse AS, GILD Property Asset Management, Hansa  Investeerimisfondid, Kawe Kapital, LHV Varahaldus, Sampo Baltic Asset  Management, SEB hispanga Fondid, Trigon Alternative Funds and Trigon Funds.  <BR><BR>A venture capital fund is a fund where at least 60% of assets are  invested in non-marketable stocks or shares in a regulated market or in shares  of other venture capital funds. The management company of a venture capital fund  shall not provide the service of securities portfolio management or retaining  shares or securities for a client.";s:9:"objekt_id";s:4:"3065";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:65:"Management company GILD Fund Management recieved activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-11-07";s:10:"added_time";s:8:"12:39:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3255";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1199788905";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3066;a:44:{s:4:"lyhi";s:1754:"On Friday, 9 November 2007, the Supervisory Board of the Financial  Supervision Authority confirmed the budget of the Financial Supervision  Authority for 2008, approved supervision fees and expanded the membership of the  Management Board. <BR><BR>The main purposes of the activities of the Financial  Supervision Authority for the next year is increasing the efficiency and  professionalism of supervision and enhancing the financial literacy of  consumers. As well as developing information technology solutions for  supervision, with the aim of identifying possible market violation cases in a  more operative manner. <BR><BR>The Supervisory Board of the Financial  Supervision Authority extended the terms of contracts of services of two current  members of the Management Board, Andres Kurgpld and Kaido Tropp, by three  years, as the term of the contracts ends on 31 December 2007. In addition, the  Supervisory Board appointed Kilvar Kessler, who currently works as an attorney  at law in the law office of Tark &amp; Co, as the new member of the Management  Board as of 1 January 2008. Kilvar Kessler has extensive work experience in  developing the legislation in the investment and securities area, including  taking the Markets in Financial Instruments Directive (MiFID) over into Estonian  legislation. Kilvar Kessler also has experience in securities supervision with  the Securities and Exchange Commission (SEC) in the United States of America.  Kilvar Kessler will start performing the obligations of a member of the  Management Board as of 1 January 2008 and, pursuant to his work experience, his  area of responsible shall be supervision and legislative drafting of the  securities market field of the Financial Supervision Authority.";s:4:"sisu";s:2350:"   As of 1  January 2008, the Management Board of the Financial Supervision Authority will  continue with four members: Chairman of the Management Board Raul Malmstein,  members of the Management Board Kilvar Kessler, Andres Kurgpld and Kaido Tropp.  According to the Financial Supervision Authority Act the Management Board of the  Financial Supervision Authority consists of three to five members. <BR><BR>The  budget volume of the Financial Supervision Authority for 2008 is MEEK 60.7. The  income of the authority is made up of supervision fees paid by supervised  entities, including Estonian subsidiaries of financial institutions of foreign  countries. <BR><BR>The Supervisory Board decided to reduce the supervision fees  of non-life insurance and life insurance companies, investment firms and  management companies. It was decided to make a proposal to the Minister of  Finance to establish rate of supervision fees for the next year as follows:  0.0112% of the assets of a credit institution in case of credit institutions;  0.08% of the total amount of gross payments of an insurer in case of non-life  insurance companies; 0.02% of the total amount insurance payments in case of  life insurance companies; 0.8% of the total amount of commission fees gathered  by an insurance broker in case of insurance brokers; 0.01% of the assets of a  management company in case of management companies in control of a money market  fund, 0.007% of the assets of a management company in case of management  companies in control of pension funds and 0.012% of the assets of a management  company in case of management companies in control of investment funds: 0.017%  of the assets of the venture capital funds in control in case of management  companies in control of venture capital funds. <BR><BR>The list of supervised  entities supervised by the Financial Supervision Authority is available on the  website of the authority www.fi.ee &gt; Supervised entities <BR><BR>The Chairman  of the Financial Supervision Authority is the Minister of Finance Ivari Padar  and members are the President of the Bank of Estonia Andres Lipstok, expert on  insurance activities Matti Klaar, expert on auditory activities Ruut Mgi, Vice  President of the Bank of Estonia Andres Sutt and Vice Chancellor of Financial  Policy of the Ministry of Finance Veiko Tali.";s:9:"objekt_id";s:4:"3066";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:121:"Supervisory Board confirmed the budget of the Financial Supervision Authority and appointed a new Management Board member";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2007-11-12";s:10:"added_time";s:8:"12:42:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3256";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1199789174";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3252;a:44:{s:4:"lyhi";s:1455:"   The Financial  Supervision Authority granted AS Limestone Management with a licence to operate  as a management company. <BR>The activity licence of AS Limestone Management  will enter into force on the date an entry will be made in the commercial  register about the increase of the share capital paid by AS Limestone  Management. Pursuant to the Investment Funds Act, the share capital of a  management company must be at least EUR 125,000 if pension funds are not  managed. <BR><BR>The Supervisory Board of AS Limestone Management includes Rein  Ojavere, Matis Tomiste and James Bradley Oates, and the Management Board  includes Alvar Roosimaa and Mihkel im. <BR><BR>In order to manage investment  and pension funds, an activity licence must be obtained from the Financial  Supervision Authority, and the Authority has granted it earlier to public  limited companies Avaron Asset Management, ERGO Varahalduse AS, GILD Fund  Management, GILD Property Asset Management, Hansa Investeerimisfondid, Kawe  Kapital, LHV Varahaldus, Sampo Baltic Asset Management, SEB hispanga Fondid,  Trigon Alternative Funds and Trigon Funds. <BR><BR>The main field of business of  the management company is management of funds and securities portfolios:  organisation of the issue and redemption of shares or units of a fund,  investment of funds assets, keeping account of the assets, and other relevant  activities. One management company can manage several funds.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3252";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:69:"The management company Limestone Management received activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-02-20";s:10:"added_time";s:8:"16:26:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3462";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1210253593";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3253;a:44:{s:4:"lyhi";s:1062:"A training on the Markets in Financial Instruments  Directive MiFID was organised for supervision experts in cooperation with the UK  Financial Services Authority (FSA) and the Financial Supervisory Authority on 7  March 2008. <BR><BR>The Markets in Financial Instruments Directive, which was  transposed into Estonian legislation on 19 November 2007, regulates the content  and scope of the provision of investment services in the European Union with the  goal of increasing the efficiency and transparency of the securities market, as  well as the integration of the markets of the Member States and common  protection of clients. <BR><BR>FSA specialists Allison Belben, Colin Wilcox and  Kyra Paraschaki gave a thorough overview of the current experience and practice  of applying MiFID in Great Britain to the employees of the Authority. The  experience and knowledge are planned to be used in the work of the Estonian  financial supervision. The training was also attended by specialists from the  Latvian and Lithuanian authorities and Ministry of Finance.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3253";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:107:"The Financial Supervision Authority exchanged experience with its UK colleagues on the application of MiFID";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-03-10";s:10:"added_time";s:8:"16:30:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3463";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1210253558";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3254;a:44:{s:4:"lyhi";s:2348:"   The Financial  Supervision Authority designated the minimum number of liquid shares allowed for  trading on a regulated market, and additional liquid shares. Pursuant to article  22 subsection 6 of European Commission regulation no 1287/2006 that is directly  applicable in the Member States of the European Union, every competent  institution must ensure that a list of all liquid shares shall be compiled and  disclosed, for which they shall be a relevant competent institution. <BR><BR>The  designation of additional liquid shares will bring along an additional  obligation for investment companies to disclose trade information, which will  increase the activeness and transparency of trading with shares. This will  improve awareness of the actual levels and volumes of the transactions made with  the shares, promote competition in service providing between places of trade,  through which the options of investors are increased and transaction costs  reduced, and the price formation process for a service will become more  transparent. <BR><BR>Currently, there are no shares in Estonia that would  correspond to the conditions describing the liquid shares stipulated in Article  22 paragraph 1 of the regulation. Pursuant to Article 22 paragraph 3, if a  market has no liquid shares for the purposes of the regulation, the Financial  Supervisory Authority as a competent supervisory agency of a Member State shall  have the right to designate the shares to be traded on a regulated market, which  are deemed to have a liquid market. <BR><BR>The Financial Supervision Authority  has designated a minimum of 3 liquid shares to be traded on the regulated  market, and additional liquid shares shall be: <BR><BR> shares of Olympic  Entertainment Group <BR> shares of Tallink Grupp AS <BR> Eesti Telekom AS  <BR><BR>The decision concerns the investment companies and credit institutions  that provide investment services and are systematic executors with respect to  the liquid shares designated by the Financial Supervision Authority. Currently,  there are no such investment companies, so the decision does not at the moment  concern the interests of any persons, but may concern these in the future by  imposing additional obligations for the persons who have designated themselves  as systematic executors, upon disclosing information.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3254";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:117:"The Financial Supervision Authority designated the minimum number of shares allowed for trading on a regulated market";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-03-27";s:10:"added_time";s:8:"16:33:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3464";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1210253780";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3255;a:44:{s:4:"lyhi";s:2530:"   On Friday, 28  March 2008, the Supervisory Board of the Financial Supervision Authority  approved the annual report for 2007. In 2007, the activities of the Financial  Supervision Authority were focused on ensuring the stability of the Estonian  financial sector in the changed economic environment, and on promoting consumer  education. <BR><BR>On the global market, the liquidity and stability of capital  markets have been replaced by instability and a significant rise in the cost of  money. The cooling down of the economy sets new and stricter requirements to  financial supervision to guarantee the stability and reliability of the Estonian  financial sector in the changing environment. <BR><BR>Thus, in 2007, the  Financial Supervision Authority paid more attention than so far on the analysis  of the credit and liquidity risks of banks, and performed various strength  analyses (stress tests) for both credit institutions and insurance companies.  The goal of the Financial Supervision Authority was and is to secure that the  market participants continue to keep their risk management level high and  provide sufficient capital buffers. <BR><BR>The work that the major banks have  done by themselves at introducing a risk-sensitive framework for capital  adequacy must definitely be emphasised as well. The role of the Financial  Supervisory Authority here is to assess their work and quality of risk  management. For such purpose, we have performed on-site inspections to a  significantly greater extent than before, Raul Malmstein, Chairman of Board of  the Financial Supervisory Authority, said. <BR><BR>Improvement of the quality of  work for prevention of money laundering in banks, increase of the transparency  of the market, and work in the field of educating consumers of financial  services are continuously under scrutiny. The Financial Supervisory Authority is  cooperating more closely with the supervisory authorities of neighbouring  countries, mainly from Sweden. The capability and fast development of the  Financial Supervisory Authority was highly appreciated by the mission of the IMF  that ended at the beginning of 2008, which focused on analysing and assessing  the financial stability framework in Estonia. <BR><BR>The revenue of the year  2007 from supervision fees for the Financial Supervisory Authority made up a  total of mEEK 46.7, and expenditure also mEEK 46.7. The income and expenditure  statement of the Financial Supervisory Authority was audited by AS  PriceWaterhouseCoopers.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3255";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:84:"Supervisory Board of the Financial Supervision Authority confirmed the annual report";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-03-31";s:10:"added_time";s:8:"16:36:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3465";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1210253890";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3310;a:44:{s:4:"lyhi";s:1869:"   <BR>   From today,  the FSA will publish on its website a considerably wider scope of quarterly  financial and statistical information about insurance companies. From April  2008, the FSA will cease publishing monthly insurance statistics based on the  Statistical Offices report. <BR><BR>Information will be published for each  insurance company or Estonian branch of an insurance company, as well as on a  consolidated basis. The main ratios of non-life insurance will be available  across insurance companies and the chief types of insurance. <BR><BR>Statistical  information on life and non-life insurance companies will cover gross and net  payments, gross and net claims, and the numbers of valid, new, renewed and  terminated contracts. Life insurance statistics also include surrenders and  financial obligations under insurance contacts, as well as technical provisions.  Additionally, non-life insurance statistics also cover reinsurance payments and  the portion of reinsurance in indemnity claims, as well as the number and total  amount of granted claims. Gross payments and paid-out claims for each type of  insurance are published for branches of non-life insurers. <BR>Financial  information covers the balance sheet and profit and loss account information of  life and non-life insurers. <BR><BR>An amendment to the Financial Supervision  Authority Act, which entered into force on 1 January 2008, entitles the FSA to  publish systematised or statistical information on supervised entities which  reflect the entities financial status in a generalised fashion, as well as  their services or activities and any changes therein. <BR><BR>The information is  published regularly on the FSA website, two months after the end of each  calendar quarter, i.e. in June, September, December, and March. Information on  1Q2008 thus becomes available in June.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3310";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:110:"The Financial Supervision Authority is about to begin publishing more extensive quarterly insurance statistics";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-05-08";s:10:"added_time";s:8:"12:48:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3526";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1218016926";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3311;a:44:{s:4:"lyhi";s:416:"   <BR>   On 28 May  2008, the FSA approved the mandatory takeover bid of Carlsberg Estonia Holding  O for all shares of Saku lletehase AS. Carlsberg Estonia Holding and persons  acting in concert with it hold 6 000 841 shares in Saku lletehase AS, i.e.  75.01% of Saku lletehases share capital. <BR><BR>Hard copies of the takeover  bid prospect are available at the office of SEB Bank, 2 Tornime St,  Tallinn.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3311";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:98:"Financial Supervision Authority approved Carlsberg's takeover bid for all shares of Saku lletehas";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-05-29";s:10:"added_time";s:8:"12:52:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3527";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1218016911";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3312;a:44:{s:4:"lyhi";s:1929:"   <BR>The Financial Supervision Authority licensed  Nordea Pensions Estonia AS to manage both mandatory and voluntary pension funds.  <BR><BR>Nordea Pensions Estonia AS belongs to the Nordea Bank AB group; its sole  shareholder is Nordea Life Holding AB, a Swedish registered subsidiary of Nordea  Bank. <BR>The supervisory board members of Nordea Pensions Estonia AS are Carl  Johan Sidenmark, Raimo Kullervo Voutilainen and Jukka Tapani Venlinen, and the  management board consists of Angelika Tagel, Timo Pentti Juhani Korpela, and  Kadi Toompere. The fund manager of Nordea Pensions Estonia AS is Olli Heikki  Enqvist. <BR><BR>According to the Investment Funds Act, the share capital of a  management company shall be at least MEUR 3 if the management company manages  mandatory pension funds. Pension fund management is subject to a license from  the FSA. The FSA has earlier issued pension fund management licenses to the  public limited companies Danske Capital, ERGO Varahalduse AS, Hansa  Investeerimisfondid, LHV Varahaldus, and SEB Varahaldus. <BR>The market in  mandatory pension funds was divided as follows at the end of 2007: Hansa  Investeerimisfondid 52%, SEB Varahaldus 28%, Danske Capital 13%, LHV Varahaldus  4%, and ERGO Varahaldus 3%. Hansa Investeerimisfondid holds more than two-thirds  of the market in voluntary pension funds, namely 70%. SEB Varahaldus holds 25%,  Danske Capital has 3% and LHV Varahaldus holds 2% of the market. <BR><BR>As of  30 June 2008, more than 566 000 people have subscribed to a mandatory pension  fund. Units of voluntary pension funds are held by 44 700 persons (as of 31  December 2007). Mandatory pension funds totalled EEK 12.2 billion at the end of  2007, while investment funds belonging to Estonian private residents totalled  EEK 3.5 billion. Investments per unit holder amounted to EEK 21 288 in mandatory  pension funds and EEK 24 820 in voluntary pension funds.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3312";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:39:"Nordea licensed to manage pension funds";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-07-09";s:10:"added_time";s:8:"12:55:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3528";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1218016895";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3313;a:44:{s:4:"lyhi";s:1353:"   Persons  related to the public limited companies Harju Elekter, Kalev, Olympic  Entertainment Group, and Silvano Fashion Group, which are listed on the Tallinn  Stock Exchange, failed to meet their obligation to give notice of transactions  relating to managers of the issuer. According to the Securities Market Act,  members of the supervisory board or management board of issuers of shares must  notify the Financial Supervision Authority of their transactions with the shares  of the listed company they direct. The notification obligation covers  transactions with legal persons related to a manager. <BR><BR>Therefore, the FSA  imposed fines on the private limited companies Linderin Grupp, Tradematic,  Geoplast, Hendaya Invest, and SIA Alta Capital Partners. As a result of the  breach, the FSA was unable to inform the public of transactions made by related  parties with the shares of listed issuers. <BR><BR>The FSA considers it very  important for investors to have at their disposal comprehensive, updated and  accurate information on transactions made by managers of listed companies with  the issuers securities. The transparency of the transactions of managers and  persons related to them has a significant influence on investors understanding  of the issuers activities and is a cornerstone of market efficiency.  <            BR>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3313";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:94:"Five persons belonging to directing bodies of listed companies did not meet their notification";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-07-14";s:10:"added_time";s:8:"12:57:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3529";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1218016882";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3352;a:44:{s:4:"lyhi";s:1832:"   The Financial  Supervision Authority confirms that the current US financial crisis does not  impinge on the Estonian financial market in a significant or systematic manner.  The Financial Supervision Authority, in cooperation with the Swedish Financial  Supervision Authority, finds that the problems of the US capital markets do not  have a direct influence on the stability of the Swedish banking system,  including the Estonian subsidiary banks of Swedish banks. <P></p> <P>Over 90 % of Estonian financial sector has been formed by the parent  companies or branches of the EU financial institutions, i.e. cross-border  financial groups operating in Estonia. Thus the key issue for the adequate  estimation of risks is cooperation with other countries, above all with the  Swedish Financial Supervision Authority. Being integrated into Nordic Countries  risk assessment process of financial groups, the Financial Supervision  Authority, together with its colleagues, charts the events taking place in the  financial markets as to respond in a timely manner to any potential problems, as  they arise.</p> <P>The positions of Swedbank Group in the USs fourth largest investment bank  Lehman Brothers, does not affect the liquidity of Swedbanks Estonian subsidiary  bank or customers deposits. We firmly trust in the Estonian banking system. At  the same time, in cooperation with the Swedish Financial Supervision Authority,  we analyse banks credit and liquidity risks on a daily basis, inasmuch as wider  negative developments in the International Financial Markets present higher  demands to Financial Supervision Authorities. Considering the general situation  on the financial market, we are in constant contact with our colleagues, said  Raul Malmstein, the president of the Financial Supervision  Authority.<BR></p>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3352";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:104:"Financial Supervision Authority's commentary on the effects of the US financial crisis on Estonian banks";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-09-16";s:10:"added_time";s:8:"12:52:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3568";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1222768470";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3405;a:44:{s:4:"lyhi";s:1364:"   On 28 October  2008, the Financial Supervision Authority announced its viewpoint on the matter  of the conversion of loan repayments issued in Euros, as an answer to the  respective inquiry by the Estonian Banking Association on 22 October 2008. Due  to the volume of the viewpoint, the full version can be accessed on the website  of the Financial Supervision Authority. <BR><BR>The Financial Supervision  Authority continues to believe that transparency of financial products,  awareness of consumers and competition are the best mechanisms for forming a  price for financial services, and not unstated interference in restructuring  already signed agreements, said member of the Management Board of the Financial  Supervision Authority Kilvar Kessler. It is a complex legal question, as the  judicial practice of typical conditions is still developing. We think that  banks do not need to convert Euros only precisely with the quotation given by  the Bank of Estonia. <BR><BR>The Financial Supervision Authority believes that  the matter of converting Euros could be the object of an agreement or informing  between the bank and a client. It is likely that the typical conditions do not  unreasonably damage a client if the conditions correspond to certain  requirements and conversion takes place only because the clients account does  not have Euros.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3405";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:39:"Banks may use commercial rates for Euro";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-10-29";s:10:"added_time";s:8:"12:04:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3621";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1227002803";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3406;a:44:{s:4:"lyhi";s:2809:"   On 27 October  2008, AS SEB Varahaldus decided to reassess the investment portfolio of SEB  Liquidity Fund. As a result of the reassessment, the net value of the fund was  reduced by 13.05% to EEK 86.95 per fund unit. <BR><BR>The Financial Supervision  Authority carries out supervision proceedings to check whether the activities of  AS SEB Bank and AS SEB Varahaldus in selling and mediating SEB liquidation fund  units, including making information public to entitled persons, correspond to  legal acts. <BR><BR>Supervision proceedings have been initiated to clarify the  following circumstances: <BR><BR>1) Adhering to the obligation to inform  investors on equal bases before making significant information regarding the  price of the units of SEB Liquidity Fund public. <BR><BR>2) Submitting  information to the sole owner of SEB Liquidity Fund. Correspondence of the  submitted information to actual circumstances; comprehensive presentation or  non-presentation of risks emphasising possible receivable profit. At the same  time, clearly referring or not referring to risks related to the service.  <BR><BR>We advise clients of AS SEB Varahaldus, who would like assistance in  protecting their rights, to act as follows: <BR><BR>In case a client has  complaints against AS SEB Varahaldus or other service providers, we ask them to  submit respective claims directly to the service provider and, if they wish,  submit a copy to the Financial Supervision Authority, to the E-mail address  info@fi.ee. <BR>We ask that you please submit a description of the situation, an  application or a claim, specifically and unambiguously. <BR><BR>In case of any  differences between AS SEB Varahaldus and a client, it constitutes a civil  matter and shall be resolved only in court. Thus, according to the Code of Civil  Procedure, it is possible for clients to turn to courts to protect their  violated rights. Further information on filing an action in court can be found  on the website www.just.ee. <BR><BR>The Financial Supervision Authority may use  a copy of a clients complaint received by E-mail as proof of the on-going  supervision proceedings. We value any information on possible violations on  market participants part and the activity of clients highly. <BR><BR>The  Financial Supervision Authority performs supervision over management companies  of funds and other investment service providers on the basis of the Financial  Supervision Authority Act and respective specific laws. The authority is  entitled to issue injunctions, fines, to forward a matter for the application of  criminal proceedings; however, the authority cannot practically solve  differences between a client and a service provider. Complaints cannot be  registered with the Financial Supervision Authority over the phone.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3406";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:102:"The Financial Supervision Authority continues supervision proceedings with SEB Bank and SEB Varahaldus";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-10-29";s:10:"added_time";s:8:"12:07:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3622";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1227002958";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3407;a:44:{s:4:"lyhi";s:671:"   The Financial  Supervision Authority granted investment association Evli Securities AS  permission to merge with its subsidiaries - Evli Securities IBC AS, located in  the Republic of Latvia and FMI AB Evli Securities, located in the Republic of  Lithuania. <BR><BR>According to the merger permit, Evli Securities AS must  finish merger procedures by 31 December 2008, at the latest. The investment  association will then continue its activities under the name Evli Securities AS,  with its head office in Estonia and branches in Latvia and Lithuania.  <BR><BR>The sole shareholder of Evli Securities AS is the credit institution  Evli Bank Plc, registered in Finland.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3407";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:47:"Evli Securities AS recieved permission to merge";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-10-30";s:10:"added_time";s:8:"12:09:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3623";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1227003048";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3408;a:44:{s:4:"lyhi";s:1518:"   The Financial  Supervision Authority welcomes SEB Banks decision to compensate the damage  caused to unit owners of the SEB Liquidity Fund, but continues the supervision  proceedings in the said case. The Financial Supervision Authority has always  stressed the importance of treating investors equally and informing them  appropriately and precisely. The authority has also referred to the possible  consequences arising from a violation of the rules. <BR><BR>Among other things,  the supervision proceedings of the Financial Supervision Authority concern the  informing of unit owners of the SEB Liquidity Fund. SEB admitted today that the  information that was given to the clients of SEB Liquidity Fund did not  correspond to SEBs requirements of clarity of product information. This  confirms the set opinion of the Financial Supervision Authority, said Chairman  of the Management Board of the Financial Supervision Authority, Raul Malmstein.  <BR><BR>Malmstein said that compensation for damage is in the interests of unit  owners. The decision by SEB to provide compensation may reduce the probability  of civil matters, but the Financial Supervision Authority will complete its  supervision proceedings in the planned scope. <BR><BR>The Financial Supervision  Authority continues its proceedings to check whether activities of AS SEB Bank  and AS SEB Varahaldus in selling and mediating SEB liquidation fund units,  including making information public to entitled persons, corresponds to legal  acts.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3408";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:94:"Financial Supervision Authority welcomes SEB Bank's decision, supervision proceedings continue";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-10-30";s:10:"added_time";s:8:"12:11:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3624";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1227003179";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3409;a:44:{s:4:"lyhi";s:1018:"   The decision  by the Latvian government to acquire 51% of the shares of Parex Bank means that  the bank and its branches will continue their usual activities under the  ownership of the government. <BR><BR>Branches of the bank operating in Estonia  are subject to supervision by the supervisory institutions of their home  country. The Estonian branch of Parex Bank is subject to supervision carried out  by the Latvian financial supervision commission. Under the co-operation  agreement concluded with Latvian financial supervision, Estonian financial  supervision exchanges information and, if necessary, carries out supervisory  proceedings. <BR><BR>At the end of September, the market share of the Estonian  branch of Parex Bank in the Estonian banking market was, according to the volume  of assets, 0.53%. The Estonian banking system, which is entirely integrated with  the banking market and banking groups of the Nordic countries, is trustworthy  and strong; banks are solid and adequacy of capital is high.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3409";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:56:"Estonian branch of Parex Bank continues usual activities";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-11-09";s:10:"added_time";s:8:"12:13:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3625";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1227003269";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3471;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1650:"   The  supervisory council of the Financial Supervision Authority approved today, 14  November 2008, the Financial Supervision Authoritys 2009 budget and the rates  for next years supervision fees. The principal objectives of the Financial  Supervision Authoritys activity next year will continue to be the preservation  of stability in the financial sector by means of risk-based capital supervision  and cross-border cooperation. <BR><BR>The volume of the Financial Supervision  Authoritys budget next year is MEEK 71.6. The Financial Supervision Authoritys  budget revenue is made up of supervision fees paid by the market participants,  including foreign financial institutions subsidiaries in Estonia. <BR><BR>The  supervisory council decided to lower the supervision fees for banks, pension  funds, fund managers managing investment and venture capital funds, and  insurance brokers. It was decided to propose to the Minister of Finance that the  rate of the supervision fee for credit institutions be set at 0.01 per cent of  the assets of a credit institution; for all-risks insurance providers at 0.08  per cent of an insurer's total gross premiums; for life insurance providers at  0.02 per cent of the total life insurance premiums; for insurance brokers at 0.7  per cent of the total of commission fees collected by an insurance broker; for  investment firms at 0.15% per cent of the assets of an investment firm; for a  fund manager managing money market funds at 0.01%, for a fund manager managing  pension funds at 0.005% and for a fund manager managing investment and venture  capital funds at 0.01% of a fund managers assets.";s:9:"objekt_id";s:4:"3471";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:72:"Supervisory board approves Financial Supervision Authority's 2009 budget";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-11-14";s:10:"added_time";s:8:"15:35:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3685";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1233927904";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3472;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1308:"   The Financial  Supervision Authority has granted AS Redgate Varahaldus an activity licence as a  fund manager with the right to provide the services of managing investment funds  and securities portfolios, investment consulting and the holding of fund units  and shares on behalf of clients. <BR><BR>The management board of AS Redgate  Varahaldus includes Mart Altvee, Veikko Maripuu and Andrei Zaborski and its  supervisory board includes Indrek Prants, Armin Komgi and Jaak Ktt. AS  Redgate Varahaldus is owned 100% by O Redgate Capital. <BR><BR>The management  of investment funds requires an activity licence from the Financial Supervision  Authority, which the Authority has previously issued to the public limited  companies Avaron Asset Management, Danske Capital, ERGO Varahalduse AS, GILD  Fund Management, GILD Property Asset Management, Hansa Investment Funds, Kawe  Kapital, LHV Varahaldus, Limestone Investment Management, Nordea Pensions  Estonia AS, SEB Varahaldus, Trigon Alternative Funds and Trigon Funds.  <BR><BR>The principal field of activity for a fund manager is the management of  funds and securities portfolios: management of the issuing and repurchase of  fund units, maintenance of records on assets and other relevant activity. One  fund manager may manage several funds.";s:9:"objekt_id";s:4:"3472";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:61:"New fund manager Redgate Varahaldus recieves activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-12-12";s:10:"added_time";s:8:"15:42:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3686";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1233927877";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3473;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:2531:"   SEB Varahaldus  decided to revalue the investment portfolio of SEB Liquidity Fund, as a result  of which the net value of a fund unit declined from EEK 100 to EEK 86.95. The  revaluation of fund units did not accord with client expectations, since SEB  Liquidity Fund had been presented to clients throughout the years as an entirely  risk-free investment option and an alternative to a deposit. <BR><BR>The fact  that investing involves risks is normal. In selling financial products, however,  there ought not to occur misleading selling. For a bank, it is a statutory  obligation, in addition to potential profit to be gained, to provide clients  with an overview of risks associated with an investment, Raul Malmstein,  chairman of the management board of the Financial Supervision Authority, said.  <BR><BR>The Financial Supervision Authority has established that SEB Pank has in  marketing SEB Liquidity Fund repeatedly and systemically emphasised the profit  to be gained, without at the same time pointing out the risks. SEB Pank  presented clients with inaccurate and incomplete information both during  investment consultation and in its sales and marketing materials. The fact that  a unit in the liquidity fund bears an investment risk had been omitted in the  advertising materials. On several occasions it had been noted of a unit that the  value of the unit could not decrease, that its value would be always EEK 100 and  that the preservation of the money paid in would be guaranteed 100%. Based on  the terms and conditions of the fund, however, SEB Liquidity Fund is not a  guaranteed fund. <BR><BR>By distributing incorrect information, SEB Pank  provided an inaccurate and incomplete overview of the risks involved in the  fund. For the said misdemeanour, a legal person may be penalised with a fine of  up to EEK 500 000. Considering that SEB Pank and AS SEB Varahaldus facilitated  in every way the detection of the breach, they have understood their breach,  voluntarily compensated for the loss and publicly apologised to investors, the  Authority decided to penalise AS SEB Pank with a fine of EEK 300 000. <BR>One  segment in the supervision proceedings by the Financial Supervision Authority  also touches on the potential unequal treatment of clients in the distribution  of information prior to the disclosure of important information concerning the  price of a unit in SEB Liquidity Fund. In this respect, the Authority continues  its investigation of the activity of SEB Pank and SEB Varahaldus.";s:9:"objekt_id";s:4:"3473";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:51:"Sale of fund units in SEB Liquidity Fund misleading";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2008-12-16";s:10:"added_time";s:8:"15:45:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3687";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1233928050";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3474;a:44:{s:4:"lyhi";s:0:"";s:4:"sisu";s:1367:"   The Financial  Supervision Authority has granted EfTEN Capital AS an activity licence as a fund  manager. EfTEN Capital is going to manage real estate funds and additionally  provide a real estate related consulting and property management service  <BR><BR>The management board of EfTEN Capital AS includes Viljar Arakas and Maie  Ktt, and its management board includes Hannes Tamjrv, Olav Miil, Jaan  Pillesaar, Peeter Mnd and Arti Arakas. EfTEN Capital has a total of ten  shareholders, of which O Miemma Holding owned by Viljar Arakas is the largest  with a 35% shareholding. <BR><BR>The management of investment funds requires an  activity licence from the Financial Supervision Authority, which the Authority  has previously issued to the public limited companies Avaron Asset Management,  Danske Capital, ERGO Varahalduse AS, GILD Fund Management, GILD Property Asset  Management, Hansa Investment Funds, Kawe Kapital, LHV Varahaldus, Limestone  Investment Management, Nordea Pensions Estonia AS, Redgate Varahaldus, SEB  Varahaldus, Trigon Alternative Funds and Trigon Funds. <BR><BR>The principal  field of activity for a fund manager is the management of funds and securities  portfolios: management of the issuing and repurchase of fund units, maintenance  of records on assets and other relevant activity. One fund manager may manage  several funds.";s:9:"objekt_id";s:4:"3474";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:56:"New fund manager EfTEN Capital receives activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-01-15";s:10:"added_time";s:8:"15:48:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3688";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1233928249";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3524;a:44:{s:4:"lyhi";s:3339:"   The third  assessment report published on 16 February 2009, by the money laundering  prevention expert committee of the European Union, Moneyval, gives our work in  money laundering and terrorist financing prevention a high assessment. The  report is based on the assessment conducted in February of last year, in the  course of which international experts assessed both the legal system, activity  in financial supervision and work by the police in Estonia. Compared to the  other countries assessed, Estonia received a very high compliance assessment,  which is an acknowledgment of the money laundering and terrorist financing  prevention implemented in Estonia as a whole, including the supervision activity  in this area. The assessments of the activity by the Financial Supervision  Authority in the report were predominantly good or very good. <BR>                                                                                                                                          <BR>The findings of the report confirm the relevance and  effectiveness of our money laundering and terrorist financing prevention system.  As a shortcoming, for instance, it was cited that the Estonian laws do not  sufficiently require financial institutions to pay particular attention to  business relationships and transactions with persons in whose country of  location all or a sufficient number of recommendations by the FATF (Financial  Action Task Force) are implemented. Also, in Estonia there has not been enough  analysis of the effectiveness of legislation for the prevention of terrorist  funding via the activity of non-profit associations. <BR>                                                                                                        <BR>On 28 January 2008, the new Money Laundering and Terrorist  Financing Prevention Act took effect in Estonia, whereby the directive on the  prevention of the use of the financial system for the purpose of money  laundering and terrorist financing, or the so-called third money laundering  prevention directive, was transposed into the Estonian legal system. The new law  toughened the legislative provisions regulating client relationships, and the  options were expanded for the Financial Intelligence Unit to stop transactions.  According to the assessment, the legislation and activity of the relevant  institutions in Estonia meet the provisions in the directive. <BR>                                                                                                          <BR>The issuing of the assessment by Moneyval was based on the methodology for  the assessment of measures established for the implementation of recommendations  by FATF on money laundering and terrorist financing prevention. The same  methodology is used for assessment by the International Monetary Fund (IMF). In  recent years, Moneyval has conducted similar assessments in most Central and  Eastern European Countries. FATF and its subsidiary organisations have also  assessed, using the same methodology, Russia, China, Japan and Mexico.  <BR> <P></p> <P>Further information:  <BR><A  href="http://www.coe.int/t/dghl/monitoring/moneyval/Evaluations/round3/MONEYVAL(2008)32Rep-EST3_en.pdf">http://www.coe.int/t/dghl/monitoring/moneyval/Evaluations/round3/MONEYVAL(2008)32Rep-EST3_en.pdf</A></p>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3524";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:75:"Estonia's work in money laundering prevention receives excellent assessment";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-02-20";s:10:"added_time";s:8:"13:39:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3739";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1240829326";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3525;a:44:{s:4:"lyhi";s:1387:"   The Financial  Supervision Authority granted KOBE Asset Management AS an activity licence as a  fund manager. KOBE Asset Management will manage real estate funds and, in  addition, provide real estate related consulting and asset management services.  <BR>                                           <BR>The management board of KOBE Asset  Management AS includes Jri Kuusk and Andres Rjabov, and it supervisory board  includes Veljo Kuusk, Kaire Kopli and Tauno Muide. The sole shareholder of KOBE  Asset Management AS is KOBE Holding O. <BR>                                         <BR>The management of investment funds requires an activity licence from the  Financial Supervision Authority, which the Authority has previously issued to  public limited companies Avaron Asset Management, Danske Capital, Eften Capital  AS, ERGO Varahalduse AS, GILD Fund Management, GILD Property Asset Management,  Hansa Investeerimisfondid, Kawe Kapital, LHV Varahaldus, Limestone Investment  Management, Nordea Pensions Estonia AS, Redgate Varahaldus, SEB Varahaldus,  Trigon Alternative Funds and Trigon Funds. <BR>The primary area of activity for  a fund manager is the management of funds and securities portfolios: organising  the issue and re-purchase of fund units, investment of the funds assets, asset  accounting and other relevant activity. One fund manager may manage several  funds.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3525";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:64:"New fund manager KOBE Asset Management receives activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-03-02";s:10:"added_time";s:8:"13:42:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3740";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1240829275";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3527;a:44:{s:4:"lyhi";s:3506:"   The Financial  Sector Assessment Program report by the International Monetary Fund (IMF) gave  the work of the Financial Supervision Authority, including the professionalism  of its supervision specialists, a high assessment. <BR><BR>In the assessment of  the IMF, strong capital supervision of banks merits highlighting. The IMF  confirmed that our banking supervision, including the assessment of the  capitalisation level of banks, in every respect, accords with both international  standards and the capital requirement directive. The organisational structure of  the Financial Supervision Authority enables, in the assessment of the IMF, the  performance of effective supervision, taking into account the peculiarities of  the financial market in Estonia. The report also points out that our supervision  capability has improved significantly in the areas of insurance and securities,  Raul Malmstein, Chairman of the Management Board of the Financial Supervision  Authority, commented. <BR><BR>The FSAP (Financial Sector Assessment Program)  assessment mission to Estonia by the International Monetary Fund took place  18-27 February 2008, and the follow-up mission in December 2008. Estonia was  assessed last based on the FSAP program criteria in 2000. <BR>As part of the IMF  Financial Sector Assessment Program, the organisation of banking, insurance and  securities supervision, the strength analyses and report on the banking and  insurance sectors were assessed, and an assessment was given to the Financial  Supervision Authority as an organisation on the whole. <BR><BR>The activity of  the Estonian Financial Supervision Authority was assessed to be, in every  respect, in accordance with international standards and the directives of the  European Union and no significant deficiencies were identified. One of the  essential recommendations brought up by the IMF concerned the need to increase  the number of staff at the Financial Supervision Authority due to additional  activities pertaining to the new higher risk-sensitive capital adequacy  framework Basel II being implemented in the European Union and the  implementation of the similar Solvency 2 framework. <BR>The IMF also submitted  its recommendations for the enhancement of the supervision of the funded pension  system, the regulation of fund managers personal transactions and emphasised  the need to ban in marketing the tying of pension funds to other financial  services. Further to the recommendations by the IMF, from 1 January 2009, the  supervision of the launched disbursements phase of the pension system into the  risk-based supervision model for life insurance companies. Based on the proposal  by the Financial Supervision Authority, today the tying of pension funds to  other financial services in sales has been banned with the Funded Pensions Act.  The Financial Supervision Authority has also submitted to the Ministry of  Finance the proposal to regulate the personal transactions of the management and  staff of fund managers. <BR><BR>Background information: <BR>The Financial Sector  Assessment Program, FSAP, is a joint program established in 1999 by the IMF and  the World Bank, which aims to assess in a country the state of its financial  system, risk management, development directions and needs and supervision  organisation. The mission report was submitted to the IMF board of directors and  the report was published together with Estonias Article IV consultations report  on 10 March 2009.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3527";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:62:"Work of Financial Supervision Authority assessed highly by IMF";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-03-11";s:10:"added_time";s:8:"13:44:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3742";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1240829244";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3528;a:44:{s:4:"lyhi";s:2523:"   On Friday, 27  March 2009, the supervisory board of the Financial Supervision Authority  approved the 2008 annual report of the Financial Supervision Authority. In the  conditions of the global financial crisis, the activity of the Financial  Supervision Authority had concentrated primarily on ensuring the stability of  the financial sector in Estonia through work in the area of capital supervision.  In addition to the regular credit and liquidity risk analysis of banks, the  supervision carried out, throughout the year, various strength analyses both  with respect to banks and insurance companies. The integration of our financial  market with the financial markets of Scandinavia means and will continue to mean  very active cooperation with colleagues in both Swedish financial supervision  and the Baltic States. The altered economic environment has entailed the need to  pay more attention than has been to date to raising the awareness of financial  services consumers. <BR><BR>Though the impact of the financial and economic  crisis, now of global dimensions, at both state, enterprise and individual  levels has been significant, it is a pleasure to point out that in Estonia, to  date, we have been able to avoid the collapse of financial services providers  and the use of tax payers money for the preservation of the stability of market  participants and the financial system, Raul Malmstein, Chairman of the  Management Board of the Financial Supervision Authority, commented. <BR><BR>Work  to raise the awareness and financial literacy of financial services consumers  continues to be the focus of attention for financial supervision, with the aim  of making issues in the financial area, frequently complicated, intelligible for  people. <BR><BR>The capability and rapid development of the Financial  Supervision Authority was assessed highly in the Financial Sector Assessment  Program report by the International Monetary Fund (IMF) published in March of  this year. The organisational structure and the professionalism of the  supervision specialists of the Financial Supervision Authority enables, in the  assessment of IMF, the performance of effective supervision that meets  international standards and the directives of the European Union. <BR><BR>The  Financial Supervision Authoritys 2008 revenue from supervision fees totalled  MEEK 59.4, operating expenses of MEEK 57.5. The statement of gains and losses of  the Financial Supervision Authority was audited by PricewaterhouseCoopers.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3528";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:78:"Annual Report approved by Supervisory Board of Financial Supervision Authority";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-03-27";s:10:"added_time";s:8:"13:49:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3743";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1240829528";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3529;a:44:{s:4:"lyhi";s:3748:"   Financial  Supervision Authority Designated Supplementary Liquid Shares Admitted to Trading  on the Regulated Market <BR><BR>In  accordance with Regulation 1287/2006 of the European Commission, the Financial  Supervision Authority must ensure that at least once a year a list of all liquid  shares admitted to trading on the regulated market is compiled and disclosed.  <BR>                                         <BR>The designation of liquid shares entails for  investment firms the obligation to disclose additional trading information,  whereby the activity and transparency in the trading of shares increases,  providing a better overview of the actual levels and volumes of transactions  effected with shares. The objective of the designation of liquid shares is to  promote competition between trading venues, whereby options for investors are  increased, transaction costs are reduced and the price formation process is more  transparent. <BR>                                                                                  <BR>At this point in time, there are no  shares in Estonia that meet the requirements stipulated in the cited Regulation  delineating liquid shares. If there are no liquid shares for the purposes of the  Regulation, the Financial Supervision Authority as the competent supervision  agency of the member state will be entitled to designate from amongst the shares  admitted to trading on the regulated market those deemed to have a liquid  market, or supplementary liquid shares. The number of supplementary liquid  shares must not exceed the previously specified minimum number. By its  resolution adopted in March 2008, the Financial Supervision Authority has set  the minimum number of liquid shares admitted to trading on the regulated market  at three shares. <BR>                                                                                                                                <BR>In accordance with the calculations  carried out under the terms in Article 33 of the Regulation of the European  Commission, also during the period of 1 April 2009 to 31 March 2010, the  sufficient minimum number of liquid shares may be deemed to be three shares,  accounting for approximately 60% of the average daily turnover of the market  transactions in shares traded daily. <BR>                                                                    <BR>During the period of 1 April 2009 to 31 March 2010, the supplementary liquid  shares shall be as follows: <BR> AS Tallink Grupp shares (EE3100004466) <BR>  Olympic Entertainment Group AS shares (EE3100084021) <BR> AS Eesti Telekom shares (EE3100007220) <BR>       <BR>The designation of supplementary liquid shares considered  both the average daily turnover of shares and the number of shares held by  minority investors, and its monetary value as at 31 December 2008. <BR>                                   <BR>The resolution pertains to investment firms and credit  institutions providing investments services constituting systematic executors,  with respect to the liquid shares designated by the Financial Supervision  Authority. At this time, there are no such investment firms, thus the resolution  does not actually pertain to the interests of any persons currently but may  pertain to them in the future by imposing on persons who have defined themselves  as systematic executors additional obligations in the disclosure of information.  <BR>                                                                                  <BR>The calculation results and share classification are  available from the database of the Markets in Financial Instruments Directive  MiFID at <A  href="http://mifiddatabase.cesr.eu">http://mifiddatabase.cesr.eu</A>";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3529";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:114:"Financial Supervision Authority designated supplementary liquid shares admitted to trading on the regulated market";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-04-02";s:10:"added_time";s:8:"14:05:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3744";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1240830515";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3601;a:44:{s:4:"lyhi";s:1866:"   On 6 May 2009,  the Financial Supervision Authority granted an activity licence to AS Lhmus,  Haavel &amp; Viisemann. In the near future, the name of the company will be  changed to AS LHV Pank. <BR>The credit institution activity  licence grants the right to involve the deposits and other monetary means of the  general public which are to be repaid. At the same time, AS Lhmus, Haavel &amp;  Viisemann continues providing investment and ancillary investment services, but  now under the framework of a credit institution activity licence. <BR>                                                        <BR>The chairman of the supervisory board of the company that  received the credit institution activity licence is Rain Lhmus and members of  the supervisory board are Andres Viisemann, Tiina Mis, Hannes Tamjrv and  Heldur Meerits. The chairman of the management board is Erki Kilu and members of  the management board are Kerli Lhmus, Jri Heero, Erki Kert and Indrek Nuume.  The amount of share capital of AS Lhmus, Haavel &amp; Viisemann is MEEK 100.  The sole shareholder of the credit institution is AS LHV Group. <BR>                                                                                            <BR>With the granting of the credit institution activity  licence, the activity licence of investment firm AS Lhmus, Haavel &amp;  Viisemann was declared invalid, as a financial institution cannot be  simultaneously a bank as well as an investment firm. <BR>                                         <BR>The last time the  Financial Supervision Authority granted a credit institution activity licence  was on 27 September 2005, to Balti Investeeringute Grupp AS (currently AS  BIGBANK). <BR>The list of all banks operating in Estonia is available on the  website of the Financial Supervision Authority: www.fi.ee &gt; Supervised  entities.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3601";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:73:"Lhmus, Haavel & Viisemann received a credit institution activity licence";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-05-06";s:10:"added_time";s:8:"15:56:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3817";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1251205375";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3602;a:44:{s:4:"lyhi";s:1490:"   The Financial  Supervision Authority issued an activity licence to investment firm Admiral  Markets AS. Admiral Markets AS offers the possibility to make currency  derivative transactions with a security deposit through the website  www.forextrade.ee . <BR><BR>The activity licence for the investment firm grants  Admiral Markets AS the right to provide services related to foreign currency  exchange, if those are related to the provision of investment services. The  activity licence also gives the right to receive, from customers, orders for  performing and executing foreign currency transactions in the name or on behalf  of the customer. Admiral Markets AS also has the right to give loans to  investors for performing securities transactions on the condition that the  lender itself is related to the transaction in question. <BR><BR>Members of the  management board of Admiral Markets AS are citizen of the Republic of Bulgaria  Chavdar Dragiev and citizen of the Republic of Lithuania Valerijus Ovsianikas.  Members of the supervisory board are Alexander Tsikhilov, Dmitri Laush and  Alexander Stanovoy. Sole shareholder of the company is Pervaja Natsionalnaja  Gruppa, a company registered in Russia. <BR>There are seven investment firms  operating together with the new market participant in Estonia today: Admiral  Markets AS, AS GILD Financial Advisory Services, AS KIT Finance Europe, AS SEB  Enskilda, AS Trigon Securities, Cresco Vrtpaberite AS and Evli Securities AS.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3602";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:90:"Financial Supervision Authority issued activity licence to investment firm Admiral Markets";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-06-04";s:10:"added_time";s:8:"15:59:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3818";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1251205332";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3603;a:44:{s:4:"lyhi";s:2029:"   New guidelines  of the Financial Supervision Authority, Requirements for management of risks  related to investment of fund assets and Recognition of risks in the investment  funds prospectus, set out significantly stricter requirements for management  of risks related to investment activities, as well as the manner in which risks  are to be disclosed to unit holders. <BR><BR>Management companies must  substantially improve the quality of their risk management. Risk management  practice, which has undergone a test under the conditions of severe economic and  market slowdown, must be reviewed to better protect the interests of unit  holders, commented Kaido Tropp, member of the management board of the Financial  Supervision Authority. <BR><BR>Guidelines of the Financial Supervision Authority  set out more detailed requirements for identification, monitoring and  measurement of investment risks by management companies. The guidelines specify,  among other things, requirements for the internal regulations of the management  company, responsibility of the management board, activities of the risk  management unit and recognition of risks in the prospectus of an investment  fund. For example, the description of investment objectives in the prospectus of  an investment fund must definitely include a reference in the future to more  detailed descriptions of risks related to investments. It is not allowed to  emphasise the potential benefits arising from investments unless the same place  in the prospectus includes a clear reference to risks related to the investment.  It is recommended to separately emphasise risks arising from the nature of a  particular fund, etc. <BR><BR>The Financial Supervision Authority believes that  in light of the interests of unit holders the current legislation also needs  amendment, including unambiguously sanctionable violation of the risk management  requirements. The Financial Supervision Authority has submitted the relevant  proposal to the Ministry of Finance.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3603";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:128:"Financial Supervision Authority imposed stricter requirements for risk management and disclosure on investment and pension funds";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-08-12";s:10:"added_time";s:8:"16:05:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3819";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1251205807";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3604;a:44:{s:4:"lyhi";s:2380:"   The Financial  Supervision Authority obliged Parex bankas branch operating in Estonia, in a  clear manner, to warn customers in their advertisements that AS Parex banka  involves deposits in a situation where restrictions have been imposed on their  activities. The Financial Supervision Authority expects Parex banka to inform  customers, with sufficient clarity, that from <BR>                                                            1 December 2008 the payments made by Parex banka are subject to the  restrictions established by the Financial and Capital Market Commission of  Latvia. <BR><BR>With its letter of 22 July 2009, the Financial and Capital  Market Commission (Latvian financial supervision) informed the Financial  Supervision Authority that Latvian credit institution AS Parex banka is subject  to reorganisation measures valid until 30 November 2009, according to the  resolutions of the Latvian financial supervision of 1 December 2008 and                                                        19 June  2009. <BR><BR>AS  Parex banka operates in Estonia through a branch. According to the law of the  European Union, the reorganisation measures applicable by the resolution of the  Financial and Capital Market Commission of Latvia are valid with regard to the  Estonian branch of Parex banka on the same conditions and to the same extent as  in Latvia - the country of origin of the credit institution. For example, in  making settlements and withdrawing cash, individuals and companies with up to                                                                                     10 employees are subject to the restriction of LVL 35 000  (approximately EEK 770 000) per month. For further information on the  restrictions, see the website of the Latvian financial supervision: <BR><A  href="http://www.fktk.lv/en/publications/press_releases/20081202_on_the_restrictions_o/">http://www.fktk.lv/en/publications/press_releases/20081202_on_the_restrictions_o/</A>  <BR><BR>BACKGROUND INFORMATION <BR>The primary supervision over branches of  banks, insurance companies and investment firms is exercised by a supervision  authority of the domicile of the respective bank, insurance company or  investment firm. <BR>By volume of assets, the market share of the Estonian  branch of AS Parex banka on the Estonian banking market is 0.55% as of 30 June  2009.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3604";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:75:"Parex banka's advertisment must contain important information for consumers";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-08-17";s:10:"added_time";s:8:"16:17:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3820";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1251229559";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3629;a:44:{s:4:"lyhi";s:910:"On Monday, 7 September, the  Financial Supervisory Authority coordinated the takeover bid of TeliaSonera AB  with respect to all shares of AS Eesti Telekom. As at 4 September 2009,  TeliaSonera AB and its 100% subsidiary Baltic Tele AB owned a total of 84 114  239 shares of AS Eesti Telekom, which makes up about 60.97% of the total number  of the votes represented with the shares of AS Eesti Telekom and the respective  shares. <BR><BR>The Financial Supervisory Authority regards it important to note  that as it is a voluntary takeover bid, the price of the takeover bid was not  subject to harmonisation. <BR><BR>Information about the takeover bid is  available on the website of the Tallinn Stock Exchange at  www.nasdaqomxbaltic.com. The prospectus is available on paper at the office of  AS SEB Pank at Tornime 2, Tallinn, and can also be viewed on the website of the  Financial Supervisory Authority.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3629";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:128:"The Financial Supervisory Authority harmonised the takeover bid of TeliaSonera AB with respect to all shares of AS Eesti Telecom";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-09-09";s:10:"added_time";s:8:"08:20:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3848";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1254115344";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3630;a:44:{s:4:"lyhi";s:627:"September 22,&nbsp; the heads of  the Financial Supervisory Authority met with representatives of the Central Bank  of Armenia, including financial supervision, who are visiting Estonia. As of 1  January 2006, the common supervision of the financial sector is in the  competence of the Bank of Armenia. <BR><BR>At the meeting, bilateral relations  on various levels were discussed and information exchanged on topics of mutual  interest. The Armenian colleagues were given an overview of the operation of the  Estonian funded pension system, including the structure of the supervision,  investment rules and operation practice.";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3630";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:94:"The Financial Supervisory Authority met with representatives of Armenian financial supervision";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-09-22";s:10:"added_time";s:8:"08:23:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3849";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1254115466";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}i:3648;a:44:{s:4:"lyhi";s:3393:"At the meeting between the  representatives of the Financial Supervision Authority, Swedbank AS and Swedbank  Investeerimisfondid AS held on Wednesday, 14 October, Swedbank provided  sufficient explanations as to the supervisory proceeding initiated over their  activity. <BR><BR>The parties reached the following conclusions: <BR><BR>- In  their activity, the management companies are required to especially consider the  protection of the interests and rights of the unit holders. <BR><BR>- In  managing funds, each and every fund management company must do everything in  their power to detect and prevent potential conflicts of interests, for which  purpose they must have relevant internal rules and regulations in place.  <BR><BR>- The conclusions of the proceedings brought by the Financial  Supervision Authority indicate that the internal rules employed by the  investment funds to prevent conflicts of interest were not sufficiently clear or  detailed. The said internal rules concern the investments made by the funds  managed by the management company Swedbank Investeerimisfondid into other funds  managed by the same company. <BR><BR>- The Financial Supervision Authority  accepted the explanations provided by Swedbank Investeerimisfondid and is  confident that Swedbank is capable of strengthening their internal rules. The  Authority is satisfied with the future action plan of the funds. <BR><BR>- The  Financial Supervision Authority wishes to stress that there have been no  conflicts of interest between Swedbank and the pension fund clients of Swedbank.  <BR><BR>Swedbank Investeerimisfondid treats the pension assets entrusted to it  with a full sense of responsibility. Having regard to the significant role  played by Swedbank Investeerimisfondid within the Estonian financial sector,  whereas feeling great responsibility towards the clients who have entrusted  their money to the funds and wishing to maintain trust in the pension system as  a whole, the parties agreed as follows: <BR><BR>- Swedbank shall, in order to  restore public trust, compensate to the clients of the pension funds the  difference caused by the decrease of the net value of the units of the Private  Debt Fund (PDF) in the third quarter of this year. <BR><BR>- For the purpose of  equal treatment of all PDF investors, the net value of a unit as at the end of  the second quarter shall be compensated also to the other investors of that  fund. This option shall be made available to all persons who are currently or  were the investors of the fund as of 1 July 2009. This principle shall not be  applied to those who decide to remain as investors as at the end of the fourth  quarter. Additional information will be given to the investors in this regard.  <BR><BR>- Swedbank Investeerimisfondid shall improve their internal rules to  rectify the deficiencies cited in the report of the Financial Supervision  Authority so that in the future any instances of a conflict of interest would be  prevented. <BR><BR>The Financial Supervision Authority, Swedbank and Swedbank  Investeerimisfondid shall continue their efforts to keep the investment  environment in Estonia transparent and supportive of effective investment  decisions. <BR><BR>Malle Aleksius <BR>Head of Communications <BR>Financial  Supervision Authority <BR>+372 668 0546 <BR>+372 510 8561  <BR>malle.aleksius@fi.ee <BR>www.fi.ee";s:4:"sisu";s:0:"";s:9:"objekt_id";s:4:"3648";s:9:"algus_aeg";s:10:"0000-00-00";s:8:"lopp_aeg";s:10:"0000-00-00";s:10:"profile_id";s:1:"0";s:8:"pealkiri";s:95:"Joint release of the Financial Supervision Authority, Swedbank and Swedbank Investeerimisfondid";s:11:"on_pealkiri";s:1:"1";s:7:"tyyp_id";s:1:"2";s:8:"admin_id";s:2:"57";s:12:"on_avaldatud";s:1:"1";s:4:"keel";s:1:"1";s:4:"pilt";s:0:"";s:13:"pilt_aktiivne";s:0:"";s:4:"kesk";s:1:"0";s:8:"ttyyp_id";s:1:"0";s:13:"page_ttyyp_id";s:1:"0";s:9:"on_foorum";s:1:"0";s:3:"aeg";s:10:"2009-10-15";s:10:"added_time";s:8:"16:30:00";s:13:"meta_keywords";s:0:"";s:10:"meta_title";s:0:"";s:16:"meta_description";s:0:"";s:5:"count";s:1:"0";s:9:"sys_alias";s:0:"";s:12:"ttyyp_params";s:0:"";s:9:"parent_id";s:4:"1101";s:10:"sorteering";s:4:"3868";s:18:"avaldamisaeg_algus";s:19:"0000-00-00 00:00:00";s:17:"avaldamisaeg_lopp";s:19:"0000-00-00 00:00:00";s:12:"friendly_url";s:0:"";s:16:"is_hided_in_menu";s:1:"0";s:5:"tabel";s:12:"obj_artikkel";s:5:"klass";s:8:"artikkel";s:14:"on_auto_avanev";N;s:7:"on_kast";s:1:"0";s:6:"on_aeg";N;s:16:"metadata_tyyp_id";N;s:10:"eri_params";N;s:13:"last_modified";s:10:"1255613490";s:17:"related_objekt_id";s:1:"0";s:6:"author";s:14:"Malle Aleksius";s:13:"parents_count";s:1:"1";s:11:"on_saadetud";s:1:"0";}s:9:"parent_id";s:4:"1101";s:8:"protocol";s:7:"http://";s:8:"hostname";s:9:"www.fi.ee";s:7:"wwwroot";s:0:"";s:13:"repl_site_key";s:4:"b509";}