Title: Estonian Court to Hear First Insider Trading Case: Analyst Dmitri Vassiljev Charged

Significant Development in Estonia’s Financial Sector

• Former analyst at SEB Enskilda AS, Dmitri Vassiljev, is the first defendant in an insider trading case to be brought before an Estonian court.
• The Estonian Prosecutor’s Office has accused Vassiljev of using privileged access to non-public information.

Insider Trading Allegations and Consequences

• Alleged insider trading activities took place before TeliaSonera AB’s buyout offer announcement.
• Following the announcement, AS Eesti Telekom experienced a 23% increase in share prices, and TEO enjoyed a 30% surge.
• Estimated undeclared profits generated by Vassiljev: around €125,000.

FIA’s Response and Regulations

• The Financial Supervision Authority (FIA) stated, “Insider trading undermines trust and fairness in financial markets.”
• Regulations allow for fines of up to 2 million krooni (€117,000) and prison terms of up to three years.

Growing Concerns and Anticipated Regulations

• Concerns from the Estonian financial community regarding insider trading activities.
• Impending regulations could potentially establish fairer financial markets.

Impact and Precedent

• Closely monitored by the Estonian public and the global financial community.
• Potential influence on insider trading regulations and enforcement in other European countries.