"The increase in tariffs was necessary since the new capital market law no longer includes a number of operations that used to generate revenue for CNVM, the most important of which being the provision whereby shareholders that own more than 90% in a company were bound to hold a tender in view of having the company delisted," said Ciprian Ene, CNVM's spokesman. ""
However the move led brokers to voice a series of concerns in respect of the decision by the capital market supervisory authority.
One element of the new regulations stipulates that a 0.04% level of tax will be applied to transactions in bonds and preference rights in the first six months of this year and which will be modified or maintained in the second half of the year. There was a zero tax on the transactions in bonds in 2003 and 2004.
"The bond market is much too fragile at the moment to have tariffs levied on transactions with these securities. CNVM should encourage the development of the market, not hinder it," one broker said, not wishing to be named. Other issues raised by brokers centre on CNVM's increasing of the tariffs for issuing and rejecting operating licences for entities on the capital market. The fee now levied on financial investment service companies is 100 million or 200 million ROL, depending on the share capital.
"We believe it is unfair to have to pay this money regardless of whether the licence is issued or the application denied. If the application file does not contain all the necessary documents for whatever reasons, CNVM can reject it without letting us know what documents are missing, just to increase its revenues," a broker said.
CNVM representatives say the fee is necessary because it is actually a document-processing fee. "The rejection of a file always comes with an explanation. As to the institution rejecting files just to increase its revenues, that's a biased way of putting it. CNVM has an image to protect, it has moral conduct as an institution and we cannot compromise like that," Ene said. catalin.ciocan@zf.ro
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
