The Ministry of Finance has approved the price list of the Estonian Central Register of Securities (EVK), under which securities maintenance fees will decrease by up to a quarter and maintenance fees on investment fund shares by approximately one-third. The new price list became effective on 1 January 2010.
For companies registered with the Estonian Central Register of Securities, maximum maintenance fees on securities decreased, while the minimum fee remained the same. The maximum maintenance fee on quoted securities was reduced from EEK 15 000 to EEK 12 000 and the maximum maintenance fee on unquoted securities from EEK 10 000 to EEK 8 000 a quarter. The minimum maintenance fee remained at EEK 200 a quarter.
"The lowering of the maximum maintenance fee will delight first and foremost companies with a higher amount of share capital and equity participation, where maintenance fees paid are dropping. There are over 2000 private limited companies in the Central Register of Securities, and the lowering of fees should, in our estimation, make the voluntary register service more attractive than to date for many other private limited companies as well," said Julia Segerkrantz, Chief Executive of the Estonian Central Register of Securities.
Maintenance fees on investment funds, including 3rd pillar pension funds, decreased by approximately 30 per cent as well. In a change affecting account managers, the service charge on a no-payment securities transfer has been reduced from ten to six kroons. As of today, through EVK, it is now possible to make real-time settlements of security transactions against payment in euros, which will allow, above all, foreign investors to save on currency conversion fees.
"The lowering of the price list of the Central Register of Securities will also give banks an opportunity to adjust their service charges. We hope that through that, the securities market will become more attractive and investing more accessible to people," said Andrus Alber, Chairman of the Supervisory Board of the Estonian Central Register of Securities.
The Estonian Central Register of Securities maintains a comprehensive central electronic securities register in Estonia. The Ministry of Finance and the Estonian Central Register of Securities have concluded an agreement on the provision of register services, with a term lasting through the end of 2014. The Ministry has approved EVK’s price list for one year, the price list is available on the renewed website of the Estonian Central Register of Securities at www.e-register.ee