The Financial Supervision Authority (ASF) submitted to the Ministry of Finance the revised form of the draft law for the amendment and completion of Law 24/2017 on the issuance of financial instruments and market operations, according to a press release sent to AGERPRES on Monday.
According to the same source, the revised form of the draft law was approved by the Council of the Authority in the meeting of June 11, 2024.
The draft law will follow the approval process by the Government and, subsequently, parliamentary debate. It may undergo, as the case may be, modifications and additions during the approval process carried out by the Ministry of Finance.
"This legislative initiative pursues the transposition into national legislation of two European directives and the fulfillment of some objectives from the National Strategy regarding the development of the capital market in Romania for the period 2023-2026, representing a crucial step for the consolidation of the capital market in Romania," the same source informs.
Among the most important amendments and additions to the legislation on the issuance of financial instruments and market operations are: the simplification of the procedures and the reduction of the period of time required for drawing capital, the term for exercising the right of preference.
Other changes concern the transmission for publication and the speedy publication of some decisions by the Official Journal.
Among the modifications is the execution of a judicial decision of annulment or declaration of nullity.
The Financial Supervisory Authority is the national authority, established in 2013 for the regulation and supervision of insurance markets, private pensions, as well as the capital market. ASF contributes to the consolidation of the integrated operating framework of the three sectors, which total over 10 million participants.
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