Kiri

Saatja: Valner Lille <[email protected]> Saadetud: 05.05.2023 17:54 Adressaat: <[email protected]>; MKM info <[email protected]>; <[email protected]>; TTJA <[email protected]>; <[email protected]>; <[email protected]>; Anu Kaup <[email protected]>; <[email protected]>; NASDAQ Tallinn <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]>; <[email protected]> Koopia: Siiri Tõniste <[email protected]>; Thomas Auväärt <[email protected]>; Kristen Leppik <[email protected]> Teema: Väikesemahuliste väärpaberipakkumiste teabedokumendile kohalduvate nõuete ühtlustamisest Baltikumis Manused: image001.gif; image002.png; Final_ Annex 1.docx; Final_ Annex2.docx Tere! Suur tänu kõigile, kes allpooltoodud konsultatsiooni raames tagasisidet andsid. Oleme nüüd kolme Balti riigi vahel moodustatud töögrupis jõudnud ühise nägemuseni teabedokumentide nõuete ja sisu ühtlustamiseks. Ühistööna valminud kavandid on esitatud manustes (Annex 1 ja 2). Kuna tegu on kolme Balti riigi esindajate ühiste dokumentidega, on need esitatud inglise keeles. Hiljem plaanime peegeldada lõplike kokkulepitud dokumentide sisu rahandusministri määruse nr 7 „Nõuded väärtpaberite pakkumise teabedokumendile“ muudatustes. Ühtlasi plaanime antud töögrupis kokkulepitust lähtuvalt tõsta väärtpaberituru seaduses väikesemahuliste väärtpaberipakkumiste künnist, mille puhul kohaldatakse ülal mainitud rahandusministri määrust, 5 miljoni euro pealt 8 miljoni euro peale. Ootame manustatud dokumentides esitatu kohta ka teiepoolseid arvamusi ning kommentaare. Oleksime tänulikud, kui saaksite need saata meile hiljemalt 26.05.2023. Parimate soovidega, Valner Lille Nõunik Finantsteenuste poliitika osakond Rahandusministeerium From: Kristen Leppik <[email protected]> Sent: Wednesday, October 19, 2022 7:12 PM To: [email protected]; MKM info <[email protected]>; [email protected]; [email protected]; [email protected]; [email protected]; 'advokatuur advokatuur ee' <[email protected]>; [email protected]; NASDAQ Tallinn <[email protected]>; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected]; [email protected] Cc: Thomas Auväärt <[email protected]>; Siiri Tõniste <[email protected]> Subject: Küsimused rahandusministri määruse "Nõuded väärtpaberite pakkumise teabedokumendile" kohta ning teabedokumendile kohalduvate nõuete ühtlustamisest Baltikumis WARNING - External email; exercise caution. Tere! Pöördume teie poole palvega anda tagasisidet 2022. aasta veebruaris jõustunud rahandusministri määrusele nr 7 „Nõuded väärtpaberite pakkumise teabedokumendile“ (edaspidi rahandusministri teabedokumendi määrus), mida kohaldatakse väiksemahuliste väärtpaberite pakkumiste puhul, st väärtpaberite pakkumistele koguväärtuses 1-5 miljonit eurot. Samuti anname teada, et Balti riikide vahel on moodustatud töögrupp, milles arutatakse võimalusi väiksemahuliste väärtpaberite pakkumise teabedokumendi nõuete ühtlustamiseks ning tunnustada Balti riikides koostatud teabedokumente kõigis kolmes Balti riigis. Kuivõrd eelviidatud nõuete ühtlustamise eesmärgil oleks vaja teha ka teatavaid muudatusi rahandusministri teabedokumendi määruses (ja võimalik, et ka seaduses), siis sooviksime teie tagasisidet allolevatele küsimustele seoses nimetatud rahandusministri määruse ja selle praktikas kohaldamisega: 1. Kas te olete täheldanud (väiksemahuliste) väärtpaberite emissioonide arvu suurenemist võrreldes näiteks aasta taguse perioodiga? 2. Võrreldes varem kehtinud rahandusministri teabedokumendi määrusega laiendati sellel aastal jõustunud redaktsioonis määruse kohaldumise erandeid – sh määrust ei kohaldata, kui väärtpaberite kohta on avalikustatud teave, mis vastab kauplemiskoha poolt väärtpaberite pakkumise või kauplemiskohas kauplemisele võtmise korral koostatavale ja avalikustatavale teabele. Kas praktika viitab sellele, et väärtpaberiemissioonide kohta avalikustatavaid teabedokumente koostatakse pigem rahandusministri teabedokumendi määruse või kauplemiskoha reeglite alusel? 3. Kui väiksemahuliste emissioonide puhul lähtutakse teabedokumendi koostamisel pigem kauplemiskoha reeglitest, siis mis on teie arvates põhjused selle valiku tegemisel? 4. Kas teie arvates on rahandusministri teabedokumendi määruses punkte, mille täitmine või mille kohta teabe avalikustamine ei ole põhjendanud või on emitendile põhjendamatult kulukas? 5. Kas teie arvates on rahandusministri teabedokumendi määruses puudujääke (eeskätt investorkaitse osas) või aspekte, mida tuleks täiendada/täpsustada – näiteks, kas väärtpaberite emitendil peaks olema kohustuslik raamatupidamise aastaaruande audit või ülevaatus? 6. Kuidas teie arvates mõjutaks Eesti finantsturge väiksemahuliste väärtpaberite pakkumise lävendi tõstmine tänaselt viielt miljonilt eurolt kaheksale miljonile eurole? 7. Kuidas teie arvates mõjutaks Eesti ja Balti finantsturge väiksemahuliste väärtpaberite pakkumise nõuete ühtlustamine ja teabedokumentide vastastikune tunnustamine Balti riikide vahel? 8. Leedus on sisse seatud võlakirjaomanike usaldusisiku (ingl. k bondholders trustee) nõue, mille kohaselt iga Leedu ettevõtja, kes soovib emiteerida võlakirju koguväärtuses üle ühe miljoni euro, peab sõlmima lepingu võlakirjaomanike usaldusisikuga, kes esindab võlakirjaomanike huve – st sisuliselt olema võlakirjaomanike esindaja ja nende huvide kaitsja. Selleks on tal õigus nõuda emitendilt emissiooniga seotud dokumente, sõlmida kolmandate isikutega lepinguid (võlakirjaomanike nõusolekul), esindada võlakirjaomanikke kohtumenetluses, kutsuda kokku võlakirjaomanike koosolekuid, teha soovitusliku iseloomuga arvamusi võlakirjaomanikele, pandi  või hüpoteegiga tagatud võlakirjade puhul on tal pandi- või hüpoteegipidaja õigused, jne. Kas teie arvates on Eestil vaja sarnast (kohustuslikku) võlakirjaomanike usaldusisiku süsteemi? Leedu võlakirjaomanike usaldusisiku süsteemi tutvustav esitlus ning Leedu asjakohase seaduse ingliskeelne tõlge on tutvumiseks lisatud kirja manusesse. Palume võimalusel teie tagasisidet ülaltoodud küsimustele hiljemalt 10. novembriks 2022.a. Parimat soovides Kristen Leppik | Nõunik/Counsel Finantsteenuste poliitika osakond/Financial Services Policy Department Tel: +372 611 3093 | [email protected] Rahandusministeerium/Ministry of Finance Suur-Ameerika 1, Tallinn 10056 | www.rahandusministeerium.ee  Säästa loodust ja ära prindi seda e-kirja! Käesolev e-kiri võib sisaldada asutusesiseseks kasutamiseks tunnistatud teavet. This e-mail may contain information which is classified for official use. ******************************************* CONFIDENTIALITY AND PRIVACY NOTICE: This e-mail and any attachments are for the exclusive and confidential use of the intended recipient and may constitute non-public information. Personal data in this email is governed by our Privacy Policy at https://www.nasdaq.com/privacy-statement unless explicitly excluded from it; please see the section in the policy entitled “Situations Where This Privacy Policy Does Not Apply” for circumstances where different privacy terms govern emailed personal data. If you received this e-mail in error, disclosing, copying, distributing or taking any action in reliance of this e- mail is strictly prohibited and may be unlawful. Instead, please notify us immediately by return e-mail and promptly delete this message and its attachments from your computer system. We do not waive any work product or other applicable legal privilege(s) by the transmission of this message. *******************************************  Säästa loodust ja ära prindi seda e-kirja! Käesolev e-kiri võib sisaldada asutusesiseseks kasutamiseks tunnistatud teavet. This e-mail may contain information which is classified for official use.  Säästa loodust ja ära prindi seda e-kirja! Käesolev e-kiri võib sisaldada asutusesiseseks kasutamiseks tunnistatud teavet. This e-mail may contain information which is classified for official use. Annex 1 CONTENT Summary 1.1. O n a maximum of two A4-format pages, a comprehensively presented key information related to the issuer and the securities being offered that is essential to the investors. 1.2. A warning regarding the risks associated with the specific offer of securities, the issuer, the field of economic activity of the issuer and the securities being offered. 1.3. A statement, that this information d ocument i s not a prospectus within the meaning of Regulation (EU) 2017/1129 and the information there in has not been verified or approved by the national competent authority designated by each Member State in accordance with that Regulation or another supervisory authority. 1.4. Information whether the suitability of the security for the investor has been assessed based on the experience and knowledge of the investor, if applicable . 1.5. T he notion that by making an investment, the investor acknowledges the risks referred to in the information document, including the risk that the security may lose part or all of its value. 1.6. The date and validity period of the information document. 2 . The information related to the issuer 2 .1. The name of the issuer , LEI code (if applicable) , legal form, country of incorporation , date of registration and registration number , registered address, other contact information, term of establishment (if applicable ) and the law regulating the activities of the issuer . 2 .2. A reference to the issuer’s web site where the information document and its supplements (if any) , the issuer’s A rticles of A ssociation , financial statements and the audit or r e port (if any) and other relevant documentation has been /will be published. 3 . Risks associated with the issuer and securities to be issued 3 .1. General description of various risks associated with the issuer and investing, including an ove r view of risks relating to the issuer’s economic results, markets, products, unaudited financial statements and (or) a negative auditor's opinion, operational risks and restrictions as well as legal proceedings that have affected or might affect the operation of the issuer in the future ; 3 .2. Risks associated with issued securities . 4 . The aim of raising capital 4 .1. Type of securities issued and the amount of capital that the issuer is seeking to raise. 4 .2. Description of the aim of raising capital and intended target group (or groups) of investors. 4 . 3 . The amount of capital used to fulfil the aim or aims noted in point 4 .1, shown as a sum or as a percentage from the total amount of the capital raised. 5 . Description of the securities being offered and the terms and conditions of the offer 5 .1. Regarding the securities being offered, the following information shall be included: 1) d escription of the securities being offered, type and the total number of securities, their nominal value and other characteristics . Time period of raising capital and description of accepted types of capital; 2) p rice per security or the mechanism for determination thereof ; 3 ) e xpected timetable of the offer, action s required to apply for the offer ; 4 ) t he conditions for paying for the issued securities and the conditions for transferring securities to investors or holding securities in the name of investors; 5) c onditions for over- and undersubscription, results and distribution plan. If applicable, restrictions for transfer of securities ; 6) i f the capital raised is covered by a guarantee , then the conditions of such guarantee. If the capital raised is not guaranteed, a relevant not e shall be added; 7) a description as to whether, to which extent and for which reason certain investors are preferred; 8 ) n ame of the central securities depository where the securities are registered. If the securities are not registered in a central securities depository, then the name and description of the registrar and the relevant register; 9 ) t he conditions of withholding income tax from securities; 1 0 ) t he outcome in case the offer fails and o ther important conditions related to the offer of securities. 5 .2. For equity securities, the following additional i nformation shall be included: 1) Share premium and total votes granted by the issued shares ; 2) i f securities are issued in relation to a merger, division or by gaining control over another legal person, then an overview of the nature and cost of the transaction shall be included. 3) r ights attributed to holders of equity securities including the procedure for receipt of dividends (if any is provided), voting rights, right to participate in distribution of profits, also the investor’s rights concerning the distribution of the assets of the issuer in case the issuer would be liquidated and all restrictions of the rights; i n case of preferred shares, dividend on preferred shares . 5 .3. For bonds, the following additional information shall be included: 1) sale price and redemption price of the bond; 2) if applicable, the rate of interest paid and the dates and conditions of paying the interest, redemption date and conditions for redemption; 3) conditions for early redemption and other (e.g. when applicable – information on a pledge , information about the agreement with the bondholders' trustee, if any ) ; 5 .4. Information related to whether, when and how the securities will be admitted to trading on a trading venue . 5 . 5 . If applicable, regarding technology and technology-based solutions ( for example, if the issuer uses the option to issue securities using DLT ) , the following information shall be included : 1) i n case the securities are represented in electronic format, and they are digitally transferable, preservable or tradable and registered in a distributed ledger or another secure system based on similar technology, then a description of technology which allows the raising of capital and transferring the securities to investors, including a description on how a sufficient level of security of the technology is ensured shall be included ; 2) i n case the issuer is raising capital directly from investors, then a description of the technical solutions being implemented shall be included, including the conditions for verifying a person’s identity and their right of withdrawal from the agreement ; 3) i ndependent third party (an auditor, expert, etc.) opinion on technology used for the issuance and accounting of securities? 5.6. General policy of distribution of profits and other benefits to investors, and benefits paid or allocated to managers and employees of the issuer. 6 . Description of i ssuer ’ s activity and future prospects 6 . 1 . At a minimum, the following information shall be submitted regarding the prior activity of the issuer: 1) w here applicable, a description of the structure of the issuer’s consolidation group and information on the group of companies, which the issuer belongs to; 2) o verview of the issuer’s main activity , th e services provided and the description of the principal markets in which the issuer operates , including information on key events having impact on the operation of the issuer during the previous and current reporting year s ; 3) w here applicable, an overview of projects which aimed to raise capital and that were either intermediated or made by the issuer in the last 12 months. An overview of the projects by related persons under which capital was raised in the last 12 months ; 4 ) i n case the issuer has issued instruments that have not been realized by the start of the offer, but which enable its holders to redeem ownership in the issuer, then a description of such instruments and how reali s ing the said instruments affect the ownership structure of the issuer; 5 ) f uture prospects of the issuer, its aims and strategies. An overview of the largest investments . 6 . 2 . Regarding t he share capital , equity securities , other securities issued by the issuer and its main shareholders , the following information shall be included: 1) s hare capital of the issuer and types of equity securities: the amount of share capital, the number, type and nominal value of the shares (parts), as well as the amount of unpaid part. If the issuer has shares of several categories /types , the number of issued, fully and partially paid up shares, nominal value per share, rights pertaining to each category /type of shares shall be specified for each category /type of shares; 2) debt and (or) other securities issued: type, number , nominal value, interest rate , maturity date and (or) other characteristics applicable to them, rights pertaining to each type of securities. 6 .3. I nformation on the shareholders, whose holding s in the issuer exceeds 5 per cent of the voting share capital, and on the ultimate beneficial owners of the issuer : n ames of persons that hold 5 per cent or more of the share capital or voting rights of the issuer, including the number of shares held by said persons and their shareholding as a percentage. The voting rights shall be determined on the basis of Art 10 of Directive 2004/109/EC (on Transparency). 7 . F inancial information and auditing of annual financial statements : 7 . 1 . Information on accounting standards applicable to the issuer s financial statements and the periodicity applied to the preparation of the financial statements . 7.2 . A nnual financial information of the issuer for the last year . A reference to the website containing at least the issuer’s audited annual financial information (financial statements covering the latest financial year with comparative data , the annual management report and auditor’s report ). If the issuer prepares both separate and consolidated financial statements , provide a reference to both. If the applicable legal acts do not impose an obligation on the issuer to audit annual financial statements - an explanation on this fact and related associated risk factor shall be provided. 7 . 3 . If the issuer is unable to provide a reference to the annual financial report of the last year, due to the short duration of its economic activities , a reference to the financial statements of the shorter (interim or other) period of issuers activity (if any) shall be provided with an additional warning regarding the short duration of the issuer’s economic activities and thereby an additional level of risk associated with such investment. 7 .4. At the i ssuer's choice, the description of most significant financial indicators from the issuer's financial statements, showing its financial condition, such as assets, non-current and current liabilities, equity, etc. and the performance indicators (alternative performance measures ( APM) that best reflect the issuer ’ s performance , calculated based on the data presented in the financial statements (provide an explanation of the use and calculation of such APM) at end of the last accounting period. 8 . Issuers administrative, management or supervisory bodies and its advisors 8 .1. O rganisational structure of the issuer, structure of the executive body and supervisory body thereof, specifying name, surname of the officials of such bodies, the position held by them in the issuer; 8 . 2. t he persons responsible for the offer , including at least the following information: 1) the persons liable for the accuracy of the information in the information document, including their prior experience in the field of activity of the issuer ; 2) a confirmation made by the persons responsible for the accuracy of the information included in the information document regarding , claiming that to the best of their knowledge the information provided in the information document is correct, and that no circumstances that may affect the content of the information document have been omitted ; 8 .3. The persons participating in the offer, including audit firms, advisors, paying agents, offerors, guarantors and other relevant parties, and where applicable, the beneficiaries of the capital raised through the securities offer . If the securities are not offered by the issuer itself, provide the name of the securities offeror, its contact information and disclose mutual relations and conflicts of interest between the issuer and the securities offeror; 8 . 4. A description of any interest, including a conflict of interest that is material to the issue/offer, detailing the persons involved and the nature of the interest. 9 . Additional information 9 .1. Whether the issuer applies corporate governance code (specify which market), if it is applicable to the issuer. 9 .2. Measures implemented to prevent money laundering and terrorist financing and to comply with international sanctions, that the issuer applies during the offer and in other fields of its economic activity, if applicable. 9 .3. Conditions for amending the information document. _______________ Annex 2 G eneral provisions of the public offering document (Information document) The present Rules establish the requirements for publishing the information related to public offers of securities, including requirements to the content of the information, and additional requirements for notifications of such offers. The basis of the se Ru les is Article 3(2) of EU R egulation (EU) 2017/1129 , allowing an EU Member State to decide to exempt offers of securities to the public from the obligation to publish a prospectus provided that: (a) such offers are not subject to notification in accordance with Article 25; and (b) the total consideration of each such offer in the Union is less than a monetary amount calculated over a period of 12 months which shall not exceed EUR 8 000 000 . The Rules are applied to public offers of securities with a total consideration of 1 000 000– 8 000 000 euros calculated in a one-year period of the offer of securities. Duty to prepare a n Information document For offers of securities with a total consideration of 1 000 000–8 000 000 euros calculated in a one-year period, the Issuer shall draft an I nformation document. The requirements to draw an Information document shall not apply: a) to securities and offers, exempted from the Prospectus Regulation ; b ) if a voluntary prospectus for the purposes of Article 4 ( 1) of Regulation (EU) No 2017/1129 of the European Parliament and of the Council for the offer of securities has been drafted ; c) key investment information sheet for the purposes of Article 23 of Regulation (EU) No 2020/1503 of European Parliament and of the Council for the offer of securities (on crowdfunding) has been drafted; Rules are not applicable for the offering of asset-backed securities in Latvia and do not allow the preparation of program-based Information document. General requirements The information document is valid for 12 months from its publication , on the condition that the information document has been updated with relevant information related to significant change or recent development that may affect the assessment of investors. The person or persons that are specified in the information document as liable for the accuracy of the information published in the information document shall be liable for the accuracy of the information published in the information document or its A nnex. The person or persons liable for the accuracy shall either be the I ssuer, the management, administrative or supervisory body of the I ssuer, the offeror of securities, the person seeking admission to trading on a trading venue . The person or persons specified as responsible for the accuracy of the information shall compensate the owner of the security for damage sustained due to the difference between the actual circumstances and the significant information included in the information document, provided that the person liable for the accuracy of the information was or should have been aware of such difference. The aforementioned shall also apply if the significant information published in the information document or its A nnex is incomplete. General r equirements for drafting and publishing the information document The I nformation document shall be drafted in compliance with the content and structure requirements set out in the A nnex 1 . The information document may additionally contain important information other than the one required to be disclosed in the A nnex , if the I ssuer considers it important for the acquisition of securities or the evaluation of the I ssuer's business prospects. The I nformation document should be prepared as a short document that is easy to read and understand. The information published in compliance with the A nnex of the regulation shall be concise, clear and not misleading. To the extent necessary for information comprehensibility, formulas, concepts and other necessary explanations may be provided and information sources indicated . Any conclusions or confirmations of external experts shall specify the experts drafting such conclusions. The I nformation document containing the information set out in the A nnex 1 shall be drafted in the I ssuer ’ s n ational language or in English in case the public offer of securities takes place in other than the I ssuer's Member State of incorporation . In addition, a t the option of the I ssuer , the I nformation document may be translated in another language (-s). The I nformation document shall be published, at a minimum , on the web page of the I ssuer or the person placing the securities, by no later than the starting date of the offer. Amending the information document If the I ssuer becomes aware of any significant circumstances, mistakes or inaccuracies in the information published in the I nformation document that may affect the assessment for the offer which become evident after the publication of the I nformation document, but before the final closing of the offer or before the securities have begun trading on a trading venue, the I ssuer shall draft an A nnex to the I nformation document. If necessary, the I ssuer shall also amend the summary of the I nformation document as well as its translations. The A nnex to the I nformation document shall be published at least in the same manner as the I nformation document that is supplemented with the relevant A nnex. The A nnex of the I nformation document is an integral part of the I nformation document.