The authority is preparing a set of modifications meant to radically change SIFs. The first may emerge this very week: the acquisition of shares among SIFs. Lifting the holding threshold will be a lengthier process, though.
ASF has submitted to the Chamber of Deputies an amendment to the Emergency Ordinance 32/2012 to align requirements on SIF quorum in general assemblies to those set by the law of commercial companies, namely 25%.
Another change of regulation SIFs have been requesting from the capital market sheriff for years relates to the possibility of one SIF buying shares from another. On the short term, lifting the restriction would mean rising demand for SIF shares as such acquisitions would be equivalent with buyback programs and back prices on the bourse.
Asked whether raising the holding cap in SIFs, currently at 5% of the capital, is a priority for 2014, ASF official said that the subject would not be approached this year.
Another issue is the uncertain status of the RASDAQ market. The official assured that the “RASDAQ epopee” will end this year. A normative act initiated by the Finance Ministry, including ASF proposals, rules on the dissolution of the market.
Another priority for 2014 is the setting up of a Central Counterparty, an institution that would render stock trades more secure and allow for the re-creation of the derivatives market.
(English version by Catalina Apostoiu)