ASF modernizes and adapts capital market legislation to national and international developments

Bucharest, 6 February 2024 – The Financial Supervisory Authority (ASF) today held a series of consultations, attended by representative professional/professional associations and representatives of the capital market infrastructure, on the proposals contained in a draft regulatory act aimed at amending and supplementing specific legislation and establishing measures to prevent and combat advertising and aggressive communication techniques practised by entities that are not registered with the Financial Supervisory Authority.

The development of the draft regulatory act takes into account the strategy of ASF in terms of the process of continuous updating and improvement of capital market legislation, in order to align it with European legislation, which is also undergoing continuous transformation. The development of the capital market, the improvement of investor protection and the strengthening of ASF’s role are other guidelines of the draft, which are also reflected in ASF’s capital market strategy.

The draft regulatory act focuses on issues that need to be addressed as a matter of urgency, taking into account the dynamics and evolution of the capital market, which require the adaptation of legislation to new situations arising in practice, as well as the need to regulate issues leading to more efficient capital market operations.

The amendments to the legislation covered by the draft regulatory act are to be submitted to the ASF Council for approval and then to the Ministry of Finance. The draft will be subject to public consultation and will then go through all the other stages of the legislative process.

The main changes to capital market legislation covered by the draft regulatory act can be found here.