The Riigikogu passed with 80 votes in favour (3 abstentions) the Act on Amendments to the Securities Market Act and Other Associated Acts (8 SE), initiated by the Government, which transposes into Estonian law the relevant EU directive concerning financial collaterals and securities settlement. It specifies the register acts related to the securities accounts in the Estonian Central Register of Securities, in particular those concerning pledging of securities, and enables persons to open a securities account directly in the Estonian Central Register of Securities without the intermediation of a bank or another account administrator. The amendments enable and facilitate even greater integration of Estonian securities market and parts of its infrastructure, such as the securities settlement and payment system, with that of other European states and other foreign states. Tallinn Stock Exchange and the Estonian Central Register of Securities are already closely connected with the financial markets and securities transfer organisations and settlement systems of other Baltic states and Poland as well as Scandinavian countries and the USA. The new regulation is expected to increase the cost-effectiveness, attractiveness, transparency and credibility of the Estonian securities circulation and, consequently, its competitiveness.
The Riigikogu deliberated at the second reading the Bill on Amendments to the Land Tax Act Exempting Home Owners from Land Tax (51 SE), initiated by the Estonian Reform Party Faction and the Pro Patria and Res Publica Union Faction. The deliberation was adjourned due to the end of the working hours of the sitting. It will be resumed in the next working week.
The overview of courts administration, administration of justice and uniform application of Acts, by Chief Justice of the Supreme Court Märt Rask, will also be discussed in the next working week.
The Riigikogu Press Service
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