Versobank AS transacts its business on the Estonian banking market under the credit institution license issued by the Bank of Estonia on 28 September 1999. Versobank AS is authorised to provide banking and investment services (inter alia, accept and transfer securities, execute Clients’ orders in the name of the Clients, operate the Clients’ current accounts, trade with securities, manage securities portfolios, offer consultations in investment related matters, manage issuing and placement of securities, as well as render other investment related services).
As of 29 March 2012 the core investors of Versobank AS are investors from Ukraine. More detailed information about the shareholders and the management board of the Bank is available on our site in the “About the Bank” section.
Should you have any questions, please contact our staff.
1. Protection of Client’s Securities
Securities owned by the Clients of the Bank do not constitute a part of the assets of Versobank AS. Securities traded on Estonian, Lithuanian and Latvian stock exchanges, as well as any other securities registered in the Estonian Central Register of Securities are held separately on the account opened by the Client.
Any other securities are held on the nominee accounts of the Bank held with foreign brokers. Securities of Clients and of the Bank are always held separately.
Transactions carried out on the Tallinn Stock Exchange are protected by the Guarantee Fund, which is established out of the cash contributions of the members of the exchange.
Resources of the guarantee fund will be applied if a member of the exchange becomes bankrupt or if a member of the exchange has insufficient securities or resources to make a transaction on the exchange.
Investments are guaranteed and indemnified by the Guarantee Fund in the amount of their value on the date of indemnification, however the amount shall not exceed EUR 20 000 per one investor in one investment institution.
Please review the Principles of Holding and Protection of Client’s Assets
2. Protection of Deposits and Moneys
Pursuant to the law deposits are protected by the Guarantee fund. A deposit is indemnified in full, however the amount of the indemnity shall not exceed EUR 100 000 per a depositor in one credit institution.
3. Avoidance of Conflict of Interest
In order to protect Clients’ interest and the investment and ancillary investment services provided by the Bank, internal rules have been established for the personnel of Versobank AS. These rules have made it possible to successfully avoid conflicts of interest.
Please review the Brief description of the conflict of interest avoidance rules
4. Control of the Bank’s Business
The Bank’s business and the assets of the Bank’s Clients are supervised by the Financial Supervisory Authority (Sakala 4, Tallinn, 15030, www.fi.ee ) that regularly verifies the required adequacy of resources, the compliance with the law, and the overall reliability of the Bank.
5. Language of Communication and Provision of Information
Communication between the Bank and its Clients, as well as record maintenance takes place in the language preferred by the Client, unless the parties have agreed otherwise.
The means of communication between the Bank and the Client are: telephone, telefax, e-mail, the internet-banking system; the Client is also offered a possibility of a personal contact at the central office of the Bank. The above listed means of communication can also be used as channels for transacting with securities.
In accordance with the contract between the Bank and the Client information concerning the provision of investments services is forwarded to the Client by e-mail and/or on paper using the following channels: postal services, electronic mail, internet banking system, the Bank’s website or at the central office of Versobank AS.
Depending on the type of contract(s) concluded with the Client the Client may review any information concerning the performed transaction through our internet banking system, or alternatively the Client can receive a confirmation through a reliable data carrier at the latest on the workday following the date of completing the transaction, or at the latest on the workday following the day when the respective confirmation was received from the third party.
6. Other Important Documents
- General Terms and Conditions of the Framework Agreement on Transactions with Securities
- Principles for safekeeping and protecting assets of customers
- Best Client Order Handling Policy
- Information about the Guarantee Fund statutory investor protection
- Questionnaire for assessing the appropriateness and suitability in deciding the scope of investment services
- Application to reclassify a retail client into a professional client
- Description of securities and risks related to securities