English• Mihai Fercala hopes to see the threshold raised to 5% by year-end
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The National Securities Commission (CNVM) has denied the request filed by the shareholders in financial investment firm (SIF) Transilvania (SIF3) to increase the holding threshold from the 1% of the share capital stipulated in the Capital Market Law to 5%. SIF Transilvania CEO Mihai Fercala believes that CNVM"s decision is normal and that a solution can only be found in court.
"I didn"t have any illusions about it. I expected that this would be CNVM"s decision, but that doesn"t mean we"re giving up. We will take the case to court and then to the Constitutional Court," Fercala told BURSA. He is optimistic about the future ruling of the Constitutional Court and believes that the 1% threshold will be removed by the end of the year. "I am sure that, once we go to the Constitutional Court, we will manage to raise an exception for unconstitutionality regarding Article 287(1) of the law," Fercala said.
In mid-March, SIF Transilvania shareholders voted to raise the holding threshold from 1% to 5% and sent their decision to modify the articles of incorporation to CNVM for approval, although the capital market regulator had said earlier that any increase in the threshold on share capital holdings would be a violation of applicable laws.
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