The Council of the Financial Supervisory Authority (ASF) approved the revised form of the draft law for the amendment and completion of Law no. 24/2017 regarding the issuance of financial instruments and market operations, according to a press release from the institution.
This legislative initiative constitutes an important step in strengthening the capital market in Romania, aiming to provide protection and confidence to investors, to facilitate access to capital for companies and, implicitly, to support the development of the domestic economy, states the ASF.
The draft law, developed at the ASF level, aimed at fulfilling Romania's obligations as a member state to transpose into the national legislation the normative acts issued at the European level in the field of issuers and some objectives from the National Strategy regarding the development of the capital market in Romania for the period 2023 - 2026.
The draft law approved by the ASF Council mainly aims at simplifying the procedures and reducing the time required to attract capital.
Thus, provisions are introduced according to which, by derogation from the general provisions applicable in the matter, in the case of capital increases of companies whose shares are traded on the capital market, the minimum term granted for the exercise of the right of preference is reduced from 30 days every 14 calendar days, but not fewer than 10 working days.
It is also considered the transmission for publication and the speedy publication of some decisions by the Official Gazette. Provisions are introduced that establish a maximum term in which the decisions relating to the modification of the characteristics of the issues/number of securities are sent to the Trade Registry Office (3 working days from the date of adoption of the decision), respectively a maximum term in which these decisions are published in the Official Gazette of Romania.
ASF mentions that provisions are introduced that regulate the execution of a court decision that definitively orders the annulment or declaration of nullity of a decision approving a capital increase.
At the same time, the institution specifies that the quarterly report was maintained, increasing the deadline for its publication from 45 days to 60 days. Maintaining the quarterly report generated, for the unity of approach and ensuring the comparability of financial information, the introduction of express provisions that establish that the provisions relating to the content/method of preparing the half-yearly report are also applied accordingly in the case of the quarterly report, an exception being introduced from the obligation the publication of the administrators' report, which can be published optionally.
If the issuer is obliged to prepare consolidated reports, the semi-annual financial report prepared in accordance with the international accounting standards applicable to interim financial reports will contain only the consolidated simplified semi-annual financial statements and the other component documents of the semi-annual financial report and, optionally, the financial statements individual simplified half-yearly reports, as well as the other component documents of the half-yearly financial report.
The draft law for the amendment and completion of Law no. 24/2017 regarding the issuance of financial instruments and market operations was sent to the Ministry of Finance for the continuation of the approval and approval circuit by the Government and, subsequently, parliamentary debate.
The Financial Supervisory Authority is the national authority, established in 2013 by Emergency Ordinance 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance markets, private pensions, as well as the capital market, which totals over 10 million participants.
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