English
Following the publication of the article "The CNVM shirks its duties" - (,,C.N.V.M. se derobează de atribuţii"), which was published on March 30th, 2012 in the BURSA newspaper, the CVNM feels that it needs to make the following clarifications:
The drafting of the measure no. 11/28.03.2012 was done in compliance with the competence and the duties of the CNVM it had been legally granted through its Bylaws and it took under consideration the manner of organization and functioning of the market operator.
Thus, according to the provisions of the law, the regulations issued by the CNVM concerning the functioning of the market operators will also concern the organizational structure of the market operator.
Through this measure, the CNVM has pursued the streamlining of the activity of the market operator. The measure does not represent a transfer of the legal competences of the CNVM, their delegation or the substitution of the institution of the inspector - whose duties are stipulated in art. 135 paragraph (3) of the Law of the Capital Market. Thus, the title of the article ,,The C.N.V.M. shirks its duties" is inaccurate and tendentious, as is the mention that the general inspector of the Exchange, Mr. Ionel Oprea, resigned on April 7th, 2004.
In this context, we have to emphasize that there are substantial differences between the competences of the representative of the internal audit department and those of the inspector. Thus, the former is an employee of the market operator, and their main duties are to make sure that the company and its employees comply with the applicable provisions of the law, whereas the duties of the inspector appointed by the CNVM were aimed mostly at the oversight of the trades concluded on the regulated market managed by the market operator, supervision which is currently being done in real time by the CNVM through the market supervision department, which means that the existence of an inspector is no longer justified.
We emphasize that the implementation of the provisions of the Measure no. 11/2012 is intended to set up internal rules to prevent risks and to inform the managers about their possible occurrence. Basically, the internal audit which market operators are required to perform, merely represents an alignment with the regulations in the industry which apply to brokerage firms and the Investment Management companies. Referring to the Central Depositories and the Settlement Houses, it must be said that the same duties will be imposed through the amendments which are made to the Regulation no. 13/2005.
Also, this measure is also being taken in the European context concerning the manner of implementation at the EU member states level of the ESMA guide concerning the systems and audits in an automated trading environment for trading platforms, investment firms and the competent authorities , which will set up a series of additional obligations for the staff in charge of compliance, obligations for which ensuring compliance requires specialized employees, with a high level of understanding of the operation of the trading systems.
Given the things said above, we think that the statements of the article are unwarranted, show a superficial knowledge or even ignorance of the legislation of the stock market and they adulterate and undermine the constant efforts of the CNVM to strengthen and improve the legal environment which regulates the stock market and its specific entities.
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