CNVM To Cut Fees For Unused Licenses

TRADUS DE ANDREI NĂSTASE
Ziarul BURSA #English Section / 12 februarie 2009

Brokerage firms will pay fees to the National Securities Commission (CNVM) depending on their actual operations and not for all the services for which they have been licensed. The change was made on Tuesday and published on CNVM"s website. This means that brokers can inform CNVM about the services for which they have a license but they do not actually provide, as well as the idle period, in order to pay less license fees to the market regulator.

CNVM made the decision "after having noticed that most financial investment service providers are licensed to provide the full range of investment services, including ancillary services, but do not actually use the full span of their license. The decision also considered the increase in the number of applications for the voluntary revocation of the license issued to operational sites and agents."

These are not the only steps taken by the capital market regulator as a result of the economic crisis and its effects on the Stock Exchange. CNVM"s trading fees will be reduced by 50% between 1 February and 31 July. Further measures include the removal of fees for IPOs that are organized before the listing of companies that are or have been controlled by the State.

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