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The Riigikogu passed with 82 votes in favour the Act on Amendments to the Investment Funds Act, the Guarantee Fund Act and the Securities Market Act (172 SE), initiated by the Finance Committee. The Act specifies the possibilities of investment funds upon investment in securities and the procedure for takeover bids of publicly traded companies, and corrects the errors encountered in the sizeable Act on Amendments to the Securities Market Act and Associated Acts which was passed last year. In the Securities Market Act, the prospectus regime of investment funds (preparation and disclosure of prospects) will be harmonised to a greater extent with the relevant European Union law. Generally, a prospectus means a document containing all information which is presented in an easily analysable and comprehensible form and, according to the particular nature of the issuer or investment fund and of the securities or fund units offered to the public, is necessary to enable investors to make an informed investment decision. This Act enters into force on the following day after its publication in the Riigi Teataja. Nobody voted against the Act and nobody abstained. 

On the motion of the Finance Committee as leading committee, the second reading of the Bill on Amendments to the Eesti Pank Act (182 SE), initiated by the same Committee, was concluded. The Bill provides the requirement of academic higher education for the Chairman of the Supervisory Board of Eesti Pank or the Governor of Eesti Pank without specifying the specialty. Pursuant to the Act which is currently in force, persons working in the specified positions must have higher education in economics or law. Domestic regulation of internal information necessary for the performance of the function of the central bank and issues relating to appointment of External Auditor are also specified. The Bill was sent to the third reading. 

The Riigikogu Press Service