The support that SIFs (financial investment companies) arewilling to offer the National Securities Commission (CNVM), throughthe early payment of fees, is likely to play a strategic roleduring next week's debates about lifting the shareholding cap.
"Before paying, we want to meet the Commission's representativesbecause we are talking about early payment of millions. CNVM isasking us to pay a tax in advance. Ultimately, this is atransaction and why would I be interested in paying these fees whenI'm offered a 5% cut, below the level I could get by placing thesame amount of money with a bank?" said Ioan Cuzman, chairman ofSIF Banat-Crisana.
The five SIFs are willing to support the CNVM with cash bypaying in advance fees worth approximately 3.5m RON (850,000euros).
The bill that stipulates the relaxation of the shareholding capfor SIFs from 1% to 5% is to be discussed by the budget commissionof the Chamber of Deputies next week. The commission invited SIFexecutives and CNVM officials to take part in discussions. The sameweek, the SIFs intend to meet with the supervisory authority'srepresentatives to talk about the six-month early payment of the0.1% (annual) fee from the value of net assets.
"We do not want anything in exchange from CNVM. We want tocooperate with CNVM representatives, we do not want any legislativeconcession. We want to have a lucrative relationship with CNVM,"said Ioan Cuzman. The company would pay around 770,000 RON inadvance to CNVM, calculated in relation with its net assets in lateDecember 2009.
SIF Oltenia, with 1.64bn RON assets at the end of December 2009,would pay around 780,000 RON in advance. On the other hand, shouldSIF assets rise by June, the company would have to come up withmore money and should its assets go down during the same period,the company would have to wait to get back the difference fromCNVM.
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