The final vote for the "Rasdaq"?

• The alternative of initiating a draft law is the most likely to happen

The Commissioners of the CNVM have scheduled it for today to render their final vote on the decision for the restructuring of the Rasdaq market, but a new change of mind wouldn't be surprising, considering all the decisions concerning this market have been more than once gracefully avoided at the last minute in the past.

The Romanian National Securities Commission (CNVM) has debated the issue yesterday and has apparently reached the beginning of a solution which could help eliminate the objections raised after the project for the dismantling of the Rasdaq was put up for debate last year. Still, the commissioners have postponed the final vote until today.

Sources close to the situation say that the CNVM will go with the option of initiating a draft law.

The status of the Rasdaq market has raised numerous controversies, over time, because the CNVM has applied rules similar to those used for regulated markets for the Rasdaq market, even though according to the European regulations, it does not meet those requirements.

The draft put up for debate by the CNVM was proposing moving the issuers from the Rasdaq to a regulated market or to one of the alternative trading systems existing in Romania.

The Association of Stock Market Investors (AIPC) later accused the BSE of making its own attempts to have the Rasdaq qualified/authorized as an alternative trading system, without disseminating the information about those actions in the market.

The position of the AIPC is that the amendment of the status of the Rasdaq can only be done through a law issued by Romania's legislative power, and after the completion of a public consultation procedure.

• The BSE: The decision is in the hands of the CNVM

The officials of the Bucharest Stock Exchange yesterday said in a press conference that their proposal concerning the status of the Rasdaq was made in good faith and for the purpose of protecting investors and that from this point on, the decision lies with the CNVM.

Discussing the investors' concern that once transferred to the ATS, the Rasdaq issuers would no longer be governed by the law no. 297 concerning the stock market, the director of the BSE, Anca Dumitru, said that the law in question comprises specific stipulations concerning the ATS, and furthermore, the CNVM can extend its regulations to cover this market segment as well.

"We are hoping that the issuers won't feel any difference", said Lucian Anghel, the president of the BSE.

Victor Cionga, the general manager of the Bucharest Stock Exchange, said that he did not announce the action of the BSE publicly because it was part of a consultation and he did not want to create outside pressure on the regulator.

"The proposal of the BSE complies with the regulations in effect and with the law", said Victor Cionga.

On the other hand, the AIPC had labeled the proposal of the BSE as illegal and occult.

It remains to be seen whether the major disagreement between the AIPC and the BSE will be patched up by the vote of the commissioners of the CNVM.