UniCredit Bank S.A.
Summary:
The Law no.10/2015 that approved “Emergency Ordinance no. 32/2012 on undertakings for collective investment in transferable securities and investment management firms and amending and supplementing Law no.297/2004 on capital market” entered into force on 15 January, 2015.
Fri, 16/01/2015
The Law no.10/2015 published on 12 January, 2015 in the Official Gazette and entering into force starting with 15 January 2015 approved and amended the “Emergency Ordinance no. 32/2012 on undertakings for collective investment in transferable securities and investment management firms and amending and supplementing Law no.297/2004 on capital market”. The main changes to the Law no.297/2004 consist of:
| • | Empowering Romanian Financial Supervisory Authority (ASF) as provider of professional training and skills evaluator in the capital market. ASF has also the right to automatically recognize equivalent diplomas and certificates issued by international organizations; | |
| • | Strengthening the ASF powers of control and surveillance of the capital market. As a supervisory body of the capital market, ASF can act in cooperation with other market entities or authorities and also may notify the competent judicial bodies; | |
| • | Allowing members of the brokerage firm Board of Directors/Supervisory Board to simultaneously hold membership on the Board only at most two other entities authorized by the ASF; | |
| • | Reducing the quorum and voting majority requirements needed for the General Shareholder Meetings of the financial investment companies (SIFs). The quorum and the voting majority requirements are now equal to the ones stipulated in the Romanian Company Act (Law no. 31/1990 of companies). Changes to be made to the Company's articles of association for inclusion of the new quorum and majority requirements will be registered with the Trade Register, by the decision of the board of directors/supervisory board of SIFs only after obtaining authorization from the ASF. | |
Impact on investors: Amendments to the Law on capital market regulations are aiming to harmonize the current national legislation with the existing European regulations and directives on the capital market.