March 27, 2018 – European Central Bank has revoked AS Versobank’s license as of 26th March 2018. The reason behind the decision is that the bank has continuously failed to follow and comply with anti money laundering and counter terrorism rules.

According to FSA ruling as of 26th March 2018 all AS Versobank’s transactions and procedures, including payments to depositors and other creditors are stopped immediately.

Nasdaq CSD management has adopted a decision to terminate AS Versobank’s participation in Nasdaq CSD.

UPDATE: Transfer of administration rights of the securities accounts opened via Versobank AS (10586461)

Considering that the Management Board of Nasdaq CSD revoked an account operator status of Versobank AS (registry code 10586461) with its decision dated 26.03.2018, and that in the event of revocation of the account operator status the registrar needs to organise the transfer of administration rights to the acting account operators (Subsections 2 and 3 of § 36 of Securities Register Maintenance Act), the Management Board of Nasdaq CSD SE resolved:

1. To allow the transfer of administration rights with regard to securities accounts opened via Versobank AS in accordance with points 2 – 3 starting from 28.03.2018.

2. Basis for the transfer of administration rights with regard to securities accounts opened via Versobank AS is the instruction from the holder of securities account (so opened) provided to the acting account operator of the Estonian register of securities (“new account operator”) which provides the transfer of the entire balance of securities recorded in the securities account opened via Versobank AS to the new securities account opened in the name of the same holder via new account operator (Portfolio Transfer).

3. Provisions of the Rules of Nasdaq CSD and Nasdaq CSD Operating Manual shall apply with regard to other aspects of data processing activities required for the transfer of the entire balance of the securities account.

If you have any questions, please send them to csd.estonia@nasdaq.com.


27.03.18