From today capital market investors will be free to buy stock in financial investment companies (SIFs) up to a limit of 1% of their share capital, following the lifting by the Bucharest Stock Exchange of restrictions limiting investors to a maximum 0.1% in SIF capital.
The National Securities Commission (CNVM) believes investors should be allowed to purchase stakes of over 0.1% starting today, even though the SIFs are yet to modify their operating regulations to allow investors to buy more than 0.1% in their share capital.
"The ordinance on SIFs comes in two parts: one, which sets the holding threshold at 1%, and another, which specifies that SIFs must modify their operating regulations to reflect this, otherwise this move is considered as made.
"The modification of constitutive documents has nothing to do with the introduction of the 1% threshold," Paul Gabriel Miclaus, deputy CNVM chairman, told Ziarul Financiar.
Following the government ordinance on SIFs, the stock market asked the Commission for its opinion as to a possible lifting of the limit, to which, through its answer, the CNVM gave the green light to raising the limit on Tuesday.
Besides the answer it gave on Tuesday, over the next two weeks the CNVM is to issue a number of regulations related to the sale of investor stock that exceeds the 1% threshold and the suspension of investor voting rights.
The CNVM deputy chairman added that the regulations would not include stipulations for persons acting as a team, who are allowed to buy stakes higher than 1% as the ordinance does not forbid this.
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