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June 25, 2022

Parliament Okays SIF ownership cap increase from 1 pc to 5 pc

The Chamber of Deputies approved yesterday, with 170 votes to 63, a draft law that raises the ownership limit from 1 pc to 5 pc of the total share capital issued by each of the five Financial Investment Companies (SIF), Mediafax informs. The law now must be promulgated by President Traian Basescu and afterwards it will be published by the Official Gazette. During debates, PSD Deputy Victor Neacsu proposed returning the draft law to the Budget, Finance and Banks Committee, for clarifications, but the proposal was rejected. After the law is published by the Official Gazette, SIFs have 60 days to call General Meetings of Shareholders (AGA) in view of modifying their constitutive documents so that to include the new cap. If they fail to do so, the statutes will be considered as modified by right, with the new ownership cap. The conditions are stipulated in the report of the Budget, Finance and Banks Committee of the Chamber of Deputies.

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