On 8 April 2015 the Board of the Romanian Financial Supervisory Authority (ASF) approved a regulation that lays down the rules applicable to the case of listing on the market in another EU Member State through depositary interests of shares admitted to trading on a regulated market in Romania and issued by a company established in Romania.
Such depositary interests related to shares are defined as documents equivalent to shares, conferring on the holder the right to settle such interests through an electronic system governed by the legislation of another EU Member State, which provides that the settlement of the shares through the clearing and settlement system is performed only through such depositary interests. One depositary interest shall represent one share.
The most prominent local issuer that has requested the approval of such rules is Fondul Proprietatea, the shareholders of which have already decided to proceed with the secondary listing on London Stock Exchange by using depositary interests.
Impact on investors: Romanian companies can now use depositary interests for dual listing on the market of another EU Member State.