After five years during which it operated outside the capitalmarket, Property Fund (FP) has a 45-day deadline, until 9th ofApril, to register with CNVM. The stake is represented by the 12.2mRON (3m euros) fees the capital market arbiter should collectannually from the fund's assets. On 23rd of February, CNVM took FPby surprise by conditioning the coming into effect of themanagement contract with Franklin Templeton on FP's registeringwith CNVM in the Other Collective Investment Institutions category.Moreover, the Commission imposed a 45-day deadline for the fund tosubmit documentation. "The fund impacts the capital market and ithas to be registered with the Commission. Our obligation is tomaintain an ordered market. Through the imposed deadline, we wantto speed up the fund's floatation," said Bogdan Chetreanu, acommissioner with CNVM. "CNVM has no legal basis to condition themanagement contract's coming into effect. (...) This conditioningmakes no sense, except if it's in the Commission's interest for thefund to be registered," stated law market sources.
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