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EstoniaRiigi Teataja

Estonia revises market-price priority for investor-protection valuations

From 7 September, valuation tie-breaks refer to statutory regulated markets; investment-firm reports also use a revised futures definition.

By Taxxa AI OyPublished 7 September 2026

Financial Sector & Markets

Estonia’s investor-protection valuation rules now give priority to regulated markets within Väärtpaberituru seadus § 3(2), replacing references to stock exchanges when equally recent closing prices must be distinguishedRiigiteataja. The change took effect on 7 September 2026Riigiteataja. The same amendment changes the trading-venue wording in the futures definition used for investment-firm supervisory reportsRiigiteataja.

The valuation procedure applies to investment institutions covered by Tagatisfondi seadus § 43(1)Riigiteataja—investment firms, credit institutions and fund managers authorised for the specified portfolio-management or custody services—and the foreign institutions’ Estonian branches covered by §§ 45(2) and 46. For branches, the statutory rules distinguish insufficient home-country protection from an EEA institution’s application for supplementary protection.

The starting point remains the valuation-day closing price on a regulated market in the security issuer’s home country. If that price is unavailable, the procedure uses the preceding day’s closing price or the latest known closing price. Where several home-country markets exist and timing cannot distinguish which closing price is closest to the valuation day, § 10(3) now prioritises a market within Väärtpaberituru seadus § 3(2)Riigiteataja. If several such markets exist, the highest price appliesRiigiteataja. Where the home-country markets fall outside that statutory category and timing cannot distinguish them, § 10(4) likewise uses the highest closing priceRiigiteataja.

The statutory category covers a multilateral system organised or managed in Estonia or another EEA state and supervised by an EEA state. It brings together buying and selling interests on uniform terms to conclude contracts through continuous, regular trading, and only a regulated-market operator may organise or manage it. The valuation procedure’s broader market definition also includes other regularly organised markets through which the public can buy or sell securities.

The amendment repeals the procedure’s separate stock-exchange definition and its provision extending the traded-security concept to listed securitiesRiigiteataja. Section 10(1) now expressly identifies a traded security as one traded on a regulated marketRiigiteataja.

The existing inactivity safeguards continue to matter. After ten working days without a transaction on a home-country regulated market, valuation moves to the closest closing price on other regulated markets where the security trades, using the same tie-break rules if necessaryRiigiteataja. After ten working days without a transaction on any regulated market, the latest closing price or bid quotation applies, whichever better reflects market valueRiigiteataja. After twenty working days without trading on any relevant regulated market, § 11’s non-traded-security valuation rules apply. Decisions under §§ 10–12 must be justified in writing if Tagatisfond or Finantsinspektsioon requests it.

For supervisory reporting, a future is now a forward on standardised terms that can be traded on a regulated securities marketRiigiteataja; the previous wording referred to trading on an exchangeRiigiteataja. This definition sits in the reporting framework for investment firms, foreign investment-firm branches and investment-firm consolidation groups.

The changes are made by §§ 1–2 of the 12 August 2026 Regulation No 13Riigiteataja, „Rahandusministri määruste muutmine tulenevalt väärtpaberibörsi ja reguleeritud väärtpaberituru regulatsioonide ühtlustamisest“, amending Regulation No 40 § 8(6) and Regulation No 121 §§ 2 and 10Riigiteataja.

Review market-price priority in investor-protection valuation methods and the futures definition used in investment-firm reporting against the provisions effective from 7 September.

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