BSE and CNVM agree on how to solve RASDAQ market unknown
After more than two years of talks and uncertainty, the capital market arbiter (CNVM) and the Bucharest Stock Exchange (BSE) have agreed RASDAQ market must be dissolved, with the most valuable issuers on this market set to be transferred to the BSE and the rest to the alternative trading system.
According to BSE proposals on the CNVM table, RASDAQ issuers
with a market capitalisation of at least 1m euros will be selected
by the Bucharest Stock Exchange to be transferred to the BSE
regulated market, while the rest of RASDAQ listed companies will go
to its Alternative Trading System (ATS).
The BSE also proposed that the eligible issuers should get derogation from some criteria.
Of the over 1,400 companies listed on RASDAQ, around 400 qualify for transfer on the BSE, but the move will not be possible without the agreement of their shareholders.
In six months after CNVM stipulation on RASDAQ market comes into effect, the selected issuers will convene the General Meeting of shareholders to decide whether to enter the BSE or ATS. If they agree, the companies have another six months to draw up the admission to trading prospectus and submit it to the CNVM for approval.