Daianu, who attended a capital market-related conference, added that the changes should occur in a quick and “intelligent” manner.
Ludwik Sobolewski, head of the Bucharest Stock Exchange, stated that they should take measures to create market liquidity, given that the capital market “(…) is nearly dying because it is not an attractive place, as big players in economy prefer to get financing from outside the market.”
According to a study carried out by stock exchange representatives, ASF, and public administration representatives, there are eight systemic obstacles to overcome in order to create a modern capital market in Romania.
One of the obstacles is the sluggish process at opening a trading account, which may last for even six months in Romania, compared with a few hours in other countries.
Other mentioned obstacles would be the long, complicated and expensive procedures of fiscal conformity, and also the failure to observe investors’ corporate rights.
According to the study, investors resort to various methods for cashing dividends, while they should be transferred directly to shareholders.
Other obstacles would be the fees charged on the capital market (0.117% for sellers and 0.045% for buyers), which are considered too high, the unclear fiscal aspects for capital market transactions, the sluggish procedure for public offerings and the “old and inflexible” legal system for bond issues.
The International Monetary Fund also approached ASF’s high fees in its latest letter of intent, establishing the authority’s obligation to make all costs transparent and to set up reasonable fees, in accordance with international practices.