The Bucharest Rasdaq market lists 928 companies, with a total market value of RON7.55 billion (EUR1.71 billion), while the regulated market operated by the Bucharest Stock Exchange lists 81 companies, with a market value of RON129.8 billion (EUR29.4 billion).
The bill adopted Tuesday in Parliament sets the activity of the Rasdaq market and unquoted securities ceases within 12 months of the law’s coming into effect.
The unclear statute of the Rasdaq market is an issue that has been dragging for several years and was left unsolved by the former National Securities Commission. The issue led to numerous disputes between the association of capital market investors, the securities commission and the stock exchange.
In 2004, capital markets were split into regulated markets and alternative trading systems on a European level. Since then, Rasdaq may no longer be considered a regulated market, as the securities commission authorized it when it was created in 1996, but the commission didn’t authorize Rasdaq as an alternative trading system either.
Romania risked infringement actions for not clarifying the statute of the Rasdaq market.