BSE approves financing for any company through alternative system

The Bucharest Stock Exchange (BSE) is set to launch an alternative trading system called CAN (Companii si Actiuni Noi - new companies and shares) soon, though which almost any firm can raise cash turning to the mass of investors on the BSE provided that it should meet transparency criteria, just like companies listed on the regulated market do. The institution's representatives say the only conditions companies must meet to be accepted in this system is for them to file an application for admission on the BSE and sign a contract with the Central Depositary, draw up a company presentation document respectively, with all these procedures carried out along several weeks. As the market is not regulated, the company does not need the approval of the National Securities Commission (CNVM) for it to float, or an offering draft, with all admission procedures being much simplified. " (...) In principle, since the BSE admission application is filed, it can take even two weeks until effective listing," specified Anca Dumitru, general manager of the Bucharest Stock Exchange.