The government approved on Thursday a bill drafted by the Financial Supervisory Authority (ASF), providing for the establishment of the European Single Access Point (ESAP), a centralized platform at EU level that will facilitate investors' access to financial and sustainability information.
According to the Finance Ministry, the law transposes the provisions of the ESAP Package, which will provide investors with free and non-discriminatory access to essential data about issuers, fund managers, investment firms and other entities. It will operate as a single digital information library covering from financial reports to sustainability data.
The regulatory act introduces a derogation from the Companies Law, allowing boards of directors to approve bond issues without the need to call an Extraordinary General Meeting of Shareholders (EGMS), subject to certain conditions. This measure will reduce bureaucracy and stimulate the attraction of capital through the bond market, contributing to increasing liquidity and investor numbers.
The law implements the recommendations of the Organization for Economic Cooperation and Development on corporate governance. The measures introduced include the clarification of independence criteria for the members of audit committees and the improvement of transparency of transactions with affiliated parties, requiring for a previous assessment by an auditor.
The draft law ensures legal protection for the members of the Council and the ASF staff for actions taken in good faith and without tort in the performance of their supervisory duties. This essential measure, requested by the OECD in Romania's accession process, strengthens the independence and efficiency of the institution.
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