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A surprising communiqué of the CNVM yesterday requested that brokers and investors abide the law, when trading the shares of the "Proprietatea" Fund, which is scheduled to begin today.
Beyond the "novelty" that there is indeed a law and a supervisory institution, (as if they hadn"t been around for seventeen years already), the CNVM seems concerned about a certain moment of the launch - the preopen.
We can assume that the scenario that"s got the commissioners all worked up is that something similar to what happened when trading in Rompetrol was inaugurated seven years ago might happen (April 7th, 2004), when the preopen price was set at 106 lei, a level which certain insiders knew in advance - a lawsuit on this matter is still ongoing, in which three commissioners of the Romanian National Securities Commission, and several brokers and investors appear as defendants.
As a side note, the one who took the blame for the trades which took place seven years ago was the broker of "Alpha Finance", for trading on an empty account; at the time, the vice-president of Alpha Bank was Sergiu Oprescu - who was nothing less than the president of the Bucharest Stock Exchange, who is not among the defendants. Moreover, the managing director of "Alpha Finance", Stere Farmache, is the current president of the Bucharest Stock Exchange, who isn"t among defendants either.
An new information, of which we recently obtained proof, proves that, one day prior to the inauguration of trading in Rompetrol stock, "Alpha" requested the lifting of the variation limit. And the management of the Bucharest Stock Exchange, (which is now the management of "Alpha") granted the request.
When looking at the request of seven years ago, it is obvious that "Alpha" knew in advance what the preopen price would be.
It"s worth repeating, neither Oprescu, nor Farmache are among the defendants of "Rompetrol". In fact, the defendants include Gabriela Anghelache, the president of the CNVM and the former commissioners Victor Eros and Paul Miclăuş.
So yesterday"s communiqué of the Romanian National Securities Commission doesn"t seem that surprising anymore - the commissioners are simply scared ...
"Given the admission for trading, on the regulated market managed by SC BVB SA, starting with January 25th, 2011, of the shares issued by SC Fondul Proprietatea SA, the Romanian National Securities Commission urges all market participants and investors to strictly abide by the provisions applicable to the entering and execution of orders, both in the preopen stage, and afterwards.
According to the prerogatives set by its Charter, the C.N.V.M. will step up its oversight and verification of operations involving shares issued by SC Fondul Proprietatea SA, both in real time, as well as after their execution, and it will then drastically sanction any violation of legal provisions pertaining to that issue". (The office of the spokesperson of the CNVM)
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