Romanian deputies say the draft law on increasing the stake capwill be debated in the plenary session of the Chamber of Deputiesby the end of the current parliamentary session, after no progresshas been made since the beginning of this year.
Since March, the draft law to increase the stake cap from 1% to5% of SIF's (Financial Investment Companies) capital got stuck atthe Budget-Finance Committee of the Chamber of Deputies. Thecommittee needs to put together the final report based on whichdeputies will vote the modification of the capital market law andon raising the stake cap for SIF in a plenary session of theChamber of Deputies.
In the spring of this year the deputies explained the delay indebating the draft law citing ongoing talks with the leadingplayers on the capital market on adding new amendments, and sayingthey were expecting a new point of view from the Government, butthings are unchanged after the two months of parliamentaryholiday.
In the meantime, the Government has been reshuffled, the StockExchange is waiting for its new general manager to be approved, andthe National Securities Commission is awaiting Parliament'sapproval for its second vice-president, a position left vacantafter the term of Paul Miclăuş (endorsed by PNL - National LiberalParty) expired.
"We are awaiting a new point of view from the Governmentconsidering that last year the Government rejected the eliminationof the SIF cap, but last year's draft did not target an increase to5%, it targeted the elimination of the cap. We are hoping theChamber of Deputies will make a decision on the SIF cap in itsplenary session by the end of this parliamentary session," saidAdrian Niţu, secretary of the Committee for Budget, Finance, andBanks.
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