The National Securities Commission (CNVM), the capital marketsupervision and ruling authority, has for this year budgeted a 75%increase in salary expenditures to 36m lei (8.75m euros) and wantsto hire 86 people to reach a total number of 307 employees,according to the institution's spending and revenue budget.
According to ZF's estimates, around 2,000 professionals operateon the capital market, meaning that each CNVM employee supervises 9market employees. In the banking system, which employs around67,000 people, the ratio is 1 to 39.
The Commission has lately coped with a rising number of scandalson the capital market, including irregularities unveiled in themanagement of a SIF, frauds at brokerages or problems in thecarrying out of tender offers.
To tighten control in 2011, CNVM wants to boost the number ofemployees to 307 from 221 at present and to raise the level ofsalary expenses to 36m lei, up 75% from the 2010 budget.
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