Archive for the ‘Estonia’ Category

CSA Partners compliance solutions are presented in Estonian IT Democenter / Martin

01/02/2010. Tags: , , , , , , , | This post has no Comments

Several leading Estonian financial sector services and software solutions are now displayed on five touch-screens in the Estonian IT Democenter, located in Ülemiste City technology park, Tallinn.

The exposition, initiated by NASDAQ OMX Tallinn involves eCSD Expert, Estonian CSD, Mindware, Proekspert, CSA Partners and the Centre of Registers and Information System as partners.

Opening of the CSA Partners demo in Estonian ICT Demokeskus

Andrus Alber, CEO of NASDAQOMX Tallinn Stock Exchange opening the demo

Additionally the NASDAQ OMX Baltic securities market real-time trading statistics can be seen at the Democenter.

You are welcome to visit the Democenter. In case you would like to schedule a visit, please contact us.

Swedbank employee suspected of insider trading / Mait

28/11/2009. Tags: , , , , , | This post has no Comments

BalticBusinessNews writes that Swedbank employee suspected of insider trading. Anton Uustalu, 27-year-old former employee of client relations department of Swedbank, is one of the suspects in insider trading scheme with Eesti Telekom stock.

Priit Perens, general manager of Swedbank Eesti, said that he could not comment the case and suggested that Äripäev asked the prosecution for comment. “Uustalu left on the mutual agreement,” was all that Perens said, without elaborating why Uustalu’s employment contract was terminated.

Ex-SEB Enskilda Analyst Charged in Insider Case / Martin

07/11/2009. Tags: , , , , , , , , , , , , | This post has no Comments

New York Times wrote that Estonian prosecutors charged Dmitri Vassiljev, a former analyst at SEB Enskilda, with using inside information to trade shares and options of the Baltic telecommunications companiess Eesti Telekom and TEO.

Mr. Vassiljev used information on TeliaSonera’s offer to buy out minority shareholders in the two companies to which he had access to before it was made public, the Tallinn-based state prosecutor’s office and Financial Supervisory Authority said Thursday in separate statements. Eesti Telekom rose 23 percent and TEO jumped 30 percent after the offer was announced
August 24th.

Ahto Kink
[18.01.2010 19:16:49 | Edited 19:17:20] Ahto Kink: This case highlights the importance of proper systems and controls that investment banks and advisors should have in place in order safeguard inside information from their customers.
In particular:
- every member of the staff should be exposed to the information only on a need to know basis;
- flow of inside information should be rigorously controlled and list of insiders, with exact date and time when information was received, maintained;
- each employee who has obtained the access to the information, should be alerted about the fact that the information received, is inside information;
- adequate personal account dealing controls (e.g. list of restricted instruments) should prohibit members of the staff from making transactions (directly or via related persons) with securities issued by the customer.


Comments from CSA Partners:

This case highlights the importance of proper systems and controls that investment banks and advisors should have in place in order safeguard inside information from their customers.

In particular:

  • every member of the staff should be exposed to the information only on a need to know basis;
  • flow of inside information should be rigorously controlled and list of insiders, with exact date and time when information was received, maintained;
  • each employee who has obtained the access to the information, should be alerted about the fact that the information received, is inside information;
  • adequate personal account dealing controls (e.g. list of restricted instruments) should prohibit members of the staff from making transactions (directly or via related persons) with securities issued by the customer.

Preventive Measures Under the Market Abuse Directive: Comparative Reality Check / Ahto

30/12/2008. Tags: , , , , | This post has no Comments

1. Introduction 

The EU Market Abuse legislation (directives, regulations and Level 3 guidelines), with the market integrity and investor confidence as its primary objectives, represents a major achievement towards integrated financial markets in EU.

As a matter of domestic legislation and other applicable rules deriving from the Market Abuse legislation, issuers are expected to have adequate preventive measures, systems, procedures and controls in place to ensure discharge of their regulatory obligations and make it as difficult as possible to commit market abuse. The higher the quality of systems and controls implemented by the issuers, the lower the likelihood that their financial instruments become subject to insider dealing or other forms of market abuse.

Given the importance of issuers’ compliance efforts under the Market Abuse regime, it is vital that substantially similar standards and compliance arrangements will evolve to protect investor confidence and market integrity within the EU. A pre-condition for such evolution is an objective understanding about issuers’ anti-market abuse systems, controls and compliance practices as applied on a daily basis.

A survey conducted between February and March 2008 among leading multinational companies listed on the Nordic Market (1)  in cooperation with the City of London, represents an effort to capture such understanding on a regional level.

The survey was conducted by means of confidential questionnaire addressed to general counsels and compliance officers of companies listed on the Nordic Market. The questionnaire focused on selected elements of preventive anti-market abuse systems and controls dealing with:

  • identification of inside information within the issuer and its group
  • ensuring fair trading by members of the management bodies and employees
  • proper handling of inside information and prevention of leaks
  • ensuring the quality and reliability of compliance procedures, techniques and record-keeping regarding the above
  • internal allocation of responsibilities and tasks regarding the above.

This article summarizes the key-findings of the survey and aims to provide useful comparative information for those in charge of legal and compliance with respect to Market Abuse rules.

(more…)

FI fined 5 Estonian executives for trade reporting / Siim

15/07/2008. Tags: , , , , | This post has no Comments

Estonian Financial Inspectorate (FI) fined executives from Harju Elekter, Kalev, Olympic Entertainment Group and Silvano Fashion Group for failure in reporting their personal securities transactions to the survellance authority. All of these companies are listed on Tallinn Stock Exchange.

Based on the Securities Market Act the company executives have to inform the authority about their personal securities transactions regarding the companies they are managing. FI said that it’s crucial to inform investors about the trades committed by the company executives in order to be transparrent and share information equally among all market participants.

MiFID Compliance with new INSIDeR Professional Edition / Mait

16/10/2007. Tags: , , , , , | This post has no Comments

The rules introduced by MiFID impose complex requirements on banks’ and investment firms’ organizational governance and internal compliance management.

CSA Partners is delighted to announce the release of the new INSIDeR Professional Edition, a complete internal compliance procedures and records management solution designed to meet the most challenging requirements on organizational governance of MiFID-firms.

INSIDeR Professional Edition is web-based special-purpose compliance management application designed for the implementation of high quality internal control procedures and workflows by MiFID-firms when, among other things, dealing with the following organizational requirements:

  • Administration of the list of relevant persons and persons and corporations with close links to relevant persons
  • Applying pre-trade clearance regime and keeping records on permissions with regard to personal account dealings (personal transactions) by relevant persons
  • Keeping records on personal transactions
  • Controlling and reducing the risks of Market Abuse
  • Controlling and reducing the risks of conflict of interest
  • Ensuring that relevant persons are aware of their obligations
  • All the above available on the basis of self-service-model to multiply the efficiency of compliance procedures management across the organization.

INSIDeR Professional will be available on the basis of software-as-a-service model where CSA Partners provides the hosting, support and management of the solution for MiFID firms. That relieves firms from the burden and cost of maintaining and updating in-house systems and IT infrastructure. INSIDeR Professional Edition is available also per in-house installation model, should internal policies rule out software-as-a-service option.

“The Market in Financial Instruments Directive (MiFID) represents the most extensive reform ever seen by the European financial services industry. Key objectives of the MiFID include an increased level of investor protection and the integrity of markets throughout the European Union. These objectives have warranted the introduction of a range of organizational requirements and procedures for MiFID-firms. INSIDeR Professional is our response to help MiFID-firms’ compliance teams to deal with the most challenging of them, says Martin Villig, Managing Director of CSA Partners.”

INSIDeR implemented at Merko, Eesti Ehitus and PTA Group / Martin

01/11/2006. Tags: , , , | This post has no Comments

CSA Partners is pleased to announce that INSIDeR was installed at 3 different companies listed on Tallinn Stock Exchange in October:

  • Eesti Ehitus – the second largest contruction company in Estonia
  • Merko Ehitus – the largest construction company in Estonia and Baltic States
  • PTA / Silvano Fasion Group – an international apparel trade group which is engaged in the design, manufacturing ang marketing of women’s apparel
Compliance blog

CSA Partners' compliance blog for compliance managers, lawyers, IR and finance people, who are responsible for insider list management in listed companies. Please subscribe via RSS or e-mail.

Subscribe to CSA Partner's Compliance Blog by e-mail:

Links to other blogs: