Amendments to FSA Regulations

UniCredit Bank S.A.
Summary: 
FSA approved the amendments to regulations issued by the former CNVM
Thu, 28/08/2014

Dear Client,

Financial Supervisory Authority (FSA) has published the Regulation no. 13/21.08.2014 that changes existing regulations issued by the former Romanian National Securities Commission (CNVM). The amendments were adopted to the secondary legislation and refer to the following regulations:

  • Regulation no. 13/2005 on the authorization and functioning of the central depository, clearing houses and central counterparties;
  • Regulation no. 1/2006 on issuers and securities operations;
  • Regulation no. 32/2006 on financial investment services;
  • Regulation no. 5/2008 on the establishment of measures to prevent and combat money laundering and terrorist financing through the capital market;
  • Regulation no. 6/2009 on the exercise of certain rights of shareholders in general meetings of companies.

The most important changes introduced by the FSA Regulation no. 13/21.08.2014 are:

  • Issuers will be required to provide the information regarding the call of the General Shareholder Meeting in English;
  • A shareholder can appoint one or more proxies through a power of attorney. If several such proxies are designated, the power of attorney will also have to specify the order in which the proxies in question may exercise their mandate;
  • Rules concerning IPOs provide the option of having the prospectuses be drawn up in a widely spoken foreign language other than Romanian, but in every case where the IPO/the admission to trading of securities takes place in Romania, the existence of a summary prospectus in Romanian will be mandatory;
  • „Pay-date“ and „Ex-date“ concepts are introduced for the first time in Romanian secondary legislation of capital market.

FSA Regulation no. 13/21.08.2014 will enter into force after the publication in the Official Gazette.

The Amendments follow the S.T.E.A.M. Project initiated by FSA for obtaining the status of emerging market.

Impact on investors: FSA enacted the Regulation no. 13/21.08.2014 which follows the S.T.E.A.M. Project for obtaining the emerging market status.

Related Newsflash: FSA launches a reform project for the capital market