Although the consolidated capital market law has been endorsed without including any specifications on the maximal shareholding cap in SIFs (Financial Investment Companies), things are far from being clear.
Deputies introduced in the capital market law a stipulation forcing the National Securities Commission (CNVM) to issue regulations on SIFs status, which should also include norms about holding stakes in these companies. As a matter of fact, the law leaves CNVM to deal with a large portion of regulations regarding the SIFs.
The commission has yet to decide on the steps to take in order to abide by the law stipulations, all the more so as limiting stakes through a normative document is likely to violate European norms. "The National Securities Commission has not taken an official stand as to the norms that should be issued for SIFs. If we however confine participations in SIFs through regulations, we might have problems with the European Union again," Gabriela Anghelache, CNVM chairperson, told Ziarul Financiar.
The capital market legislation has been modified so as to comply with European norms. The initial draft stipulates a 1% cap in the capital of a SIF that can be held by a single investor, but the stipulation was erased from the draft in the wake of discussions between CNVM and European Commission representatives.
The stipulation according to which CNVM is supposed to issue rules on stakes leaves room for several interpretations. "Rules on stakes may refer to reporting those shareholders who exceed a certain cap. However, this is strictly my opinion. The commission does not have an official position with regard to this draft," says CNVM commissioner Paul Miclaus.
vlad.nicolaescu@zf.ro
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