Local and European capital market leaders gathered recently in Bucharest at Forum by ARIR 2025, at an important moment for the strategic direction of the capital market in the region, to discuss shared challenges and the solutions required for a more dynamic, transparent and connected capital market, the Romanian Investor Relations Association (ARIR) said in a release. From synergies between the region's stock exchanges and the Capital Markets Union, to the Omnibus legislative package, market liquidity, M&A transactions and international expansion, the agenda of the event covered all the essential topics that shape the future of the capital market.
ARIR President and VERTIK Partner Daniela Maior (Serban) said: "We are living in a period of sped up transformation, when artificial intelligence is rewriting not only business models, but also investor expectations and the rules of the game on capital markets. To remain relevant, we must build a flexible regulatory framework, encourage innovation and accelerate the development of financial ecosystems capable of quickly integrating these changes. Romania can be a driver of change, if we act intelligently and collaboratively."
Speaking in the opening of the forum, Finance Ministry official Eliza Gereanu welcomed the signing of the Bratislava Memorandum, a regional initiative of the stock exchanges in Central and Eastern Europe and the European Bank for Reconstruction and Development (EBRD), in support of an integrated and functional market, stressing that "the Capital Markets Union is essential for facilitating access to finance, especially for innovative and sustainable projects. (...) Romania has the potential to become a regional leader in sustainable finance, digital transformation and innovation, but this goal can only be achieved through efficient public-private cooperation and coherent policies."
President of the Bucharest Stock Exchange Radu Hanga presented the stage of discussions and potential ways of cooperation between regional exchanges, underlining the complexity of the gradual harmonization of standards.
The international speakers - Patrick de Cambourg (European Financial Reporting Advisory Group - EFRAG), Luc Vansteenkiste (EuropeanIssuers), Miroslaw Kachnewski (Polish Association of Listed Companies) - asserted the need for a common vision across the EU regarding sustainability reporting and the removal of barriers between markets.
Patrick de Cambourg, Chair of the EFRAG Sustainability Reporting Board, said that through the Omnibus legislative package, the European Commission proposes a significant simplification of sustainability reporting, including a redefinition of the companies that fall within the scope of mandatory reporting, including the introduction of a differentiated threshold for large companies.
Luc Vansteenkiste, Chair of EuropeanIssuers, underlined the importance of aligning with developments in European capital markets, arguing that Europe urgently needs a real capital markets union that would reduce fragmentation, simplify regulations and provide fair access to finance, including for small and medium-sized companies. The ongoing European projects - the Savings and Investments Union and Omnibus - target precisely these aspects, by encouraging local investments and simplifying ESG reporting.
Miroslaw Kachnewski, President of the Management Board of the Polish Association of Listed Companies, said that European capital markets are deeply unbalanced as far as small companies are concerned, which represent the majority of issuers, yet do not benefit from liquidity and investment support. They bear the same compliance costs as large companies, without having real access to international institutional or retail investors, he underscored.
The Savings and Investments Union (SIU) project launched at the European Union level aims to eliminate barriers between financial markets and to direct local economies towards sustainable investments, while stimulating the participation of European citizens in capital markets, facilitating companies' access to financing and creating an efficient common infrastructure for trading and supervision. As a strategic continuation of the Capital Markets Union initiative, it focuses on harmonizing regulations and attracting local investments into the European economy.
Forum by ARIR is an interactive conference, that brings together listed and prospective listed companies, investors, consultants and lawyers, regulatory authorities and the specialized press.
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