BUSINESS

ASF approves modification of BVB Code

The Financial Supervisory Authority (ASF) has approved a series of modifications proposed by the Bucharest Stock Exchange (BVB) for the BVB Code, modification that concern a new segmentation of the regulated market and measures meant to enhance the visibility and liquidity of the shares floated, BVB announced yesterday.
According to these modifications, the issuers can and are encouraged to issue communiqués or reports during the trading session, the financial instruments will no longer be suspended from being traded on the day of the issuer’s General Shareholders’ Assembly meeting, and categories 1, 2 and 3 for shares will be replaced with the Premium and Standard categories.
At the same time, if during the trading session an issuer is about to issue a communiqué/report that might significantly influence the price/yield or the decision to invest, the issuer has to notify the BVB at least 5 minutes before doing so.
Another improvement brought to the BVB Code stipulates that the issuer’s financial instruments can no longer be suspended from transactions during the days in which General Shareholders’ Assembly meetings take place, BVB falling in line with international standards through this amendment. These new provisions will come into force starting on November 10, 2014.
On the regulated market, categories 1, 2 and 3 of shares will be replaced by two new categories: Premium and Standard. Apart from the general criteria that shares have to fulfill in order to be admitted on the regulated market, for admission in the Premium category the free-float market value has to be of at least EUR 40 M.

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