The National Securities Commission (CNVM), the regulating andsupervisory authority of the capital market, was left without oneof its vice-presidents this summer after the candidate proposed byPNL (National Liberal Party) - Alexe Gavrilă, failed to receive thevote of Parliament. Now, PD-L senators want their own party topropose the vice-president.
Because they are endorsed by Parliament, all seven members ofthe CNVM management team are proposed and backed by a politicalparty, while competences of the person set to be involved insupervising the capital market are secondary.
Since PD-L is the party that holds majority in Parliament,Ovidiu Marian, president of the Senate's Budget and FinanceCommittee, is considering nominating another person than thatchosen by PNL.
"With one member - Carmen Negoiţă, PD-L is weakly represented inthe CNVM management team. Considering that PD-L holds majority inParliament, we are considering other names than those proposed byPNL, we might even propose a representative," says Senator OvidiuMarian.
In order to validate CNVM decisions, at least five members needto attend deliberations.
The stake is high - a place in the CNVM management, consideringthat pay can exceed 4,000 euros a month, and that commissioners aredirectly involved in supervising investors, stock exchanges, andcompanies operating on the capital market.
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