Bucharest Stock Exchange’s Rasdaq market will be dismantled

Newsroom 01/10/2014 | 00:27

The Romanian Parliament adopted a bill on Tuesday abating the Rasdaq market and issuers listed on this segment will transfer to a regulated market or an alternative trading system (ATS) or will be delisted.

928 companies are presently listed on Rasdaq, the electronic stock exchange, with a share capital of EUR 1.71 million. The regulated market at BVB trades shares from 81 companies, with a total share capital of EUR 29.4 billion.

“All activity on the Rasdaq market and the unlisted securities market will end after 12 months since the law comes into effect”, according to the bill passed on Tuesday by the the chamber of deputies.

The companies listed on Rasdaq must make a decision within 120 days of the law coming into effect about switching to a regulated market or an alternative system. If no such decision is made, then sharehholders will have the right to retreat from the shareholder structure. If such a decision is made, then the ASF must be approached for allowing the company to trade on a regulated market or an alternative system. If once again, ASF denies the company this request, the shareholders right to remove themselves from the company is reactivated.

The bill has been placed with the secretary general for the moment, awaiting constitutional inquiries.

In 2004, stock exchanges in EU were classified as regulated markets or ATS. Ever since then, Rasdaq could no longer be considered a regulated market, as was the intention in 1996 when it was founded, but the National Securities Commission (CNVM) didn’t classify it as an ATS either. CNVM did establish that issuers and companies on Rasdaq must follow the same rules as a regulated market, such as launching public offers. Prosecutors and the European commission both have asked in the past for the status of the electronic stock exchange to be clarified.



BR Magazine | Latest Issue

Download PDF or read online: October 2022 Issue | Business Review Magazine

The October 2022 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Globalworth Successfully Addressing Market Challenges From a Position
Newsroom | 26/10/2022 | 17:53

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of business-review.eu
    I agree with the storage and handling of my data by business-review.eu
    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue