The European Union's Economic and Financial Affairs Council (ECOFIN) has adopted the capital markets integration and supervision package, a key-component for Europe, Finance Minister Alexandru Nazare announced on Tuesday.
"More capital, less fragmentation, less bureaucracy. ECOFIN has adopted the capital markets integration and supervision package, a key component for Europe. First of all, we have an investment passport. Thanks to the alternative framework, large companies will be able to operate in multiple countries simultaneously. This means more capital and greater potential, including for the Romanian capital market," Nazare said in a video post on his Facebook account.
The official highlighted that, after more than ten years of discussions, negotiations over the past ten months led to a compromise and the adoption of the legislative package. "These discussions lasted over 10 years. However, in the last 10 months, this package has made significant progress. We managed to reach a compromise within those 10 months. We were deeply involved in the negotiations for this legislative package, cooperating with both the National Bank and the Financial Supervisory Authority; we negotiated right up to the last moment with all the finance ministers and succeeded in getting it adopted. This package means more funding for Romanian companies, enabling them to access capital," said the Minister of finance.
In his post, Nazare noted that the MISP package for capital market integration reduces disparities and barriers between national markets, simplifies cross-border operations for firms and financial institutions, and establishes clearer rules for their supervision at the European level.
"For Romania, this means new opportunities for Romanian companies to attract investors and funding from other European states, as well as simpler conditions for conducting cross-border activities," the minister wrote on social media. He emphasized that he also advocated for strengthening the Romanian authorities' capacity to intervene effectively in cases of violations committed by foreign investment firms operating on the Romanian market, "for better investor protection."
"Another important outcome for Romania is improved access for Romanian authorities to transaction data regarding investors based in Romania, including when those transactions take place on the capital markets of other Member States. I have actively participated in discussions on this subject over the past ten months to ensure that Romania's interests and the specific characteristics of a capital market that is still developing are reflected in the final version of the legislative package," Alexandru Nazare noted.
According to the cited source, the next step involves negotiations with the European Parliament, which will begin once the Parliament has adopted its position, aimed at finalizing the new European rules.
