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Estonia · Law · SE

690

Securities Market Act Amendment Act

avaldatud riigiteatajasEstonia· Riigikogu· ET

Introduced

8 September 2025

Last action

3 December 2025 · Accepted

Status

AVALDATUD_RIIGITEATAJAS

Sponsors

Aivar Sõerd, Vabariigi Valitsus

Subjects

Discovery layer

Source updated

3 December 2025

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Summary

The bill simplifies the raising of capital in the case of small-scale securities issues. Currently, a securities prospectus does not need to be drawn up if the volume of the issue is up to 8 million euros. The draft amends the current law so that in the future, a prospectus does not have to be drawn up if the volume of the issue is less than 12 million euros. The costs of preparing a prospectus may be disproportionate compared to the total price of organizing smaller issues. Therefore, less than 12 mln in the case of euro-sized issues, the issuer must prepare a simpler information document instead of a prospectus. The bill enables the Financial Supervision Authority to apply fines more proportionately in cases of violations related to market abuse, according to which the fine can be determined as a percentage of the company's turnover. The maximum percentage rate is stipulated in the law.

Machine translation from Estonian. The official text remains authoritative.

Timeline

  1. 8 September 2025

    AVALDATUD_RIIGITEATAJAS

    Source: SE

  2. 3 December 2025

    Accepted

Votes

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Versions

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Documents

26 official files

Lõpptekst asice

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Sponsors

Related records

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Sources

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