Most penalties, namely RON3.6 million, were imposed on those who breached legal stipulations on the obligation of launching public takeover bids. These fines weigh 75% in the total RON4.89 million.
Over the past 5 years, the unclear status of RASDAQ market has posed the biggest problems to the watchdog and to the capital market as a whole.
The biggest fines were dictated against some firms registered in the Belize islands. Fines of several hundred thousand lei were also imposed on Catalin Chelu, one of the most controversial investors on the bourse.
ASF also discovered irregularities with brokerages last year and the cases involving Harinvest and Actinvest hurt the capital market’s reputation.
The bourse’s heavyweights did not escape the authority’s scrutiny, either.
The fines ASF imposed on capital market entities are transferred to the state budget as revenue, but Mircea Ursache, ASF vice-president, wants to change this: “We want to propose that 50% of imposed fines to be registered as ASF’s own revenues”.
(English version by Catalina Apostoiu)