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Capital Market Law
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Capital Market Law
Primary
level
Secondary
level
Tertiary
level

Primary level - legislation issued by the Romanian Parliament and represented by Law no. 297/2007, Law no. 10/2015 regarding the capital market, with the following amendments and completions:

  • Law no. 208/2005 for amending art. 285 of Law no. 297/2004;
  • Government Ordinance no. 41/2005 that regulates some financial measures, Ordinance published in the Official Journal of Romania no. 677/2005;
  • Law no. 97/2006for approving the Government Ordinance no. 41/2005-published in the Official Journal of Romania no.375/2006;
  • Emergency ordinance 32/27.06.2012 regarding collective investment undertakings in transferable securities and asset management companies, as for amending and supplementing Law no. 297/2004 regarding the capital market.
  • Law no. 297/2004 amended as of 21-11-2015.

Secondary level - regulated by the National Securities Commission, public institution with responsibilities in regulating and supervising the Romanian capital market. This level supplements the first one and sets the legal scope for each sub-sector of the capital market. Legislation at this level is issued in the form of Regulations and instructions and, under certain situations and with temporary nature are presented as Executive Orders.

Secondary legislation is divided in several sub-sectors, as follows:

  • Financial investment services-sets the conditions for authorizing the intermediaries and in order to perform financial investment services;
  • Collective investment undertakings/depositories/investment management companies-set the conditions under which the investment management companies and the investment companies can get the authorization, as well as the ways the investment management company can authorize and manage the investment fund. It also sets the conditions under which the credit institution can become a depository and the operations a depository can perform;
  • Market operators /regulated markets-set the conditions under which market operators can be authorized and in their turn can authorize, organize and administer regulated markets/non-regulated markets;
  • Clearing house/central depository ?sets the conditions under which a clearing house/central depository can be authorized, as well as the conditions under which these entities can perform safekeeping activities, clearing and settlement services for the trades with financial instruments;
  • Investors compensation fund-sets the conditions under which the compensation fund was established and the conditions under which this institution guarantees a certain level, the investments accomplished by the investors under certain circumstances;
  • Issuers and operations with securities- set the procedure through which a company can acquire the issuer status, as well as the conditions under which the public offers can take place;

Tertiary level - is regulated by the market operator related to the conditions and the possibilities of an intermediary to perform trades with financial instruments on the regulated /non-regulated markets organized and administered by the respective market operator. Legislation of the capital market at this level is presented under the form of Regulations and procedures.

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