BUSINESS

European legislation in domestic capital market, needed

Romania must have, in a few years, European legislation in the area of capital market, and in order to meet this objective ‘sweeping the secondary legislation’ is a step that is more than necessary, said, on Tuesday, Mircea Ursache, Vice President of the Financial Supervisory Authority (ASF), on the occasion of the third edition of the conference ‘Financing through Capital Market,’ organized by the Bursa daily, Agerpres informs. ‘The role of the ASF is to implement the European legislation to the letter. Romania, in a few years, must have European legislation. We have begun a process of transforming the capital market. Because of over-regulation, capital market has started to be unproductive. All these add-ons to the law did nothing but burden the market even more. At the moment, sweeping the entire secondary legislation will create a legislative environment favorable to the market. (…) In the coming period we will adopt a normative act to solve, for example, the existing situations on the Rasdaq Market. On July 29, we sent to the Ministry of Finance the final form of the normative act, in line with the observations made by the Ministry of Justice. Also, on July 30, we submitted to Parliament a draft amending the legislation on hedge funds. If these issues are solved, the image of the capital market will be different,’ said Mircea Ursache. According to him, the sanctions will continue for those who breach the market’s rules.

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