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EstoniaRiigi Teataja

Estonia unifies regulated-market disclosure in UCITS investment reports

The revised rule sits within annual and half-yearly reporting; investment reports must still disclose every investment and its share of fund net assets.

By Taxxa AI OyPublished 7 September 2026

Financial Sector & Markets Accounting & Reporting

Estonian UCITS investment reports must separately identify securities admitted to trading on the regulated markets specified in the Investment Funds ActRiigiteataja under a provision effective from 7 September 2026. The new wording replaces the previous requirement to distinguish exchange-listed securities from securities admitted to trading on other regulated markets.Riigiteataja

Previously, the provision listed two categories: securities listed on a stock exchange, and other securities traded on the regulated markets covered by the Act.Riigiteataja The replacement uses a single regulated-market category. Fund managers reviewing their reporting classifications should therefore use the revised market-based distinction when presenting the UCITS securities portfolio.

The requirement concerns transferable securities within the Act’s definition, including shares and similar rights, bonds and similar debt obligations, and transferable subscription or other rights to acquire those securities. It refers to the two regulated-market categories specified in the ActRiigiteataja; the reporting provision does not simply cover every venue on which a security can be tradedRiigiteataja.

The first statutory category covers a contracting state’s regulated market as defined in the Securities Market Act, or another market in a contracting state that is recognised by that state, operates regularly and allows the public to buy or sell securities. The second covers a third-country market that is recognised by that state, operates regularly and is publicly accessible for securities transactions, and is either approved by Finantsinspektsioon or named in the fund’s rules, articles of association or prospectus.

The investment report remains part of the fund’s annual and half-yearly reporting package, alongside its accounting report and transaction and brokerage fees report. It must still show all fund investments and each individual investment’s proportion of the fund’s net asset value. Although the reporting regulation applies to all public funds, including pension fundsRiigiteataja, the replaced securities-classification provision specifically addresses UCITS portfoliosRiigiteataja. Where a contractual fund has sub-funds, information for each sub-fund is presented separately.

The amendment is in § 3 of “Rahandusministri määruste muutmine tulenevalt väärtpaberibörsi ja reguleeritud väärtpaberituru regulatsioonide ühtlustamisest”Riigiteataja, adopted on 12 August 2026 as Regulation No 13Riigiteataja, which replaces § 6(3) of Regulation No 8 of 18 January 2017Riigiteataja, “Nõuded avalikustamisele kuuluvate fondi aruannetele”.

Review UCITS investment-report classifications to identify securities admitted to trading on the regulated markets covered by the revised provision.

Sources