English
• The capital market watchdog accuses the Exchange of not carrying out its duty of monitoring trades
• Businessman Cătălin Chelu is reported as having sold around 3% of the shares of "Spit" during the period reviewed by the CNVM
Anca Dumitru, the general manager of the Bucharest Stock Exchange, was sanctioned by the Romanian Securities Commission (CNVM), at the end of May, because the Bucharest Stock Exchange refused to present the Commission with a study of the trades involving shares of "Spit" Bucovina (SPTU) which took place between June 21st-August 13, 2007.
Last week, the CNVM rejected the contestation submitted by Anca Dumitru, and it considered that the general manager of the Exchange deserved the warning it received.
Whereas Anca Dumitru refused to discuss the decision of the Romanian National Securities Commission, saying that she had no comment to make on the situation for now. Stere Farmache, the chairman of the BSE considers that the sanction will have no repercussions on the image of the BSE, which recently self-listed.
"In 2007, Mrs. Anca Dumitru handled the Rasdaq market, she wasn"t yet the general manager of the BSE. I do not think that the sanction affects the image of the Bucharest Stock Exchange. Our policy is that we do not comment on the decisions of the CNVM", Stere Farmache said for BURSA.
• CNVM: The Stock Exchange was required to answer any questions concerning possible violations o the rules of the regulated market
The address exchange between the officials of the BSE and those of the Commission reveal the fact that the BSE refused to review the information it had available on the trades with SPTU stock and to clarify whether it had uncovered any irregularities in those trades.
"As market operator, the Bucharest Stock Exchange, had the obligation, which it did not fulfill, to answer to the requests made by the specialized department of the CNVM to analyze and supply the information concerning possible violations of the rules of the regulated market managed by the BSE, as well as the causes which could have prevented the orderly execution of the trades", the Commission states in its answer to the contestation made by of Anca Dumitru. Anca Dumitru claims that "the BSE does not have the general legal capacity to issue reviews, points of view, opinions concerning actions of investors and market participants". The General Manager of the Exchange added that "in the period that the CNVM is referring to (...) there were no complaints or notifications from the specialized department of the BSE nor any complaint or notification addressed by the CNVM or third party".
• Trades that took place at a price nearly 8 times as high
In the period between June 21st-August 13th 2007, the trades with SPTU shares reported on the website of the Bucharest Stock Exchange are those by which the businessman of Galaţi Cătălin Chelu sold approximately 3% of the company, which manufactures car parts and accessories.
As a result, during the reviewed period, Cătălin Chelu reported the sale of approximately 200,000 shares of SPTU, at prices ranging between 9.5 lei and 11.8 lei/share. During that period, the price of SPTU shares fluctuated between 1.2 and 13.4 lei/unit. The price at which the trades occurred is one of the factors that drew the attention of the CNVM, because the officials of the BSE said in one of the notes sent to the Commission "that, during the month of June 2007, the SPTU stock did not have a fluctuation limit compared to the reference price, according to the Regulation no. 19/2005".
The aforementioned regulation states that "the price at which trades may take place may not fluctuate by more than +/- 25% compared to the reference price". The Bucharest Stock Exchange is entitled to draw up every month the list of companies for which the maximum price fluctuation interval applies.
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