Thus, the former head of Bucharest bourse operator BVB (BVB.RO) and the head of financial instrument trading and sales within lender BCR were fined with 5,000 lei (EUR1,149) each.
Valerian Ionescu was fined because BCR, who is a liquidity provider for Erste Bank products, violated liquidity provider principles on 136 different occasions between June 2011 and January 2012, according to the analysis.
“For the abovementioned violations, Valerian Ionescu is held accountable, as he could have prevented the deeds but didn’t,” the CNVM decision notes.
At the same time, Valentin Ionescu, as leader of the market operator throughout the unfolding of the violations, was fined because BVB announced the violations only after a request was made in this respect, and not as soon as the violation was noted, thus breaching CNVM regulations.
The investigation came from a request filed by the Stock Market Investors Association, early February, for investigation of transactions with certain structured products issued by Erste. The request came after the BVB raised several issues upon dismissing Valentin Ionescu from his general manager position.