The Romanian National Securities Commission gets left without a vice-president, until autumn

• The plenum of the parliament never got around to validating the candidate for the position of vice-president of the Romanian Securities Commission, proposed by the National Liberal Party

• This is the last session of the Parliament before its members go on holiday

Alexe Gavrilă, nominated by liberals for the position of vice-president of the CNVM, will now need to wait for autumn to be validated by the members of the commission, which will return their holiday. On Tuesday, the MPs did not even have the time to vote on the nomination.

As a result, the Romanian Securities Commission will be left without a vice-president until autumn, Paul Miclăuş the former vice-president of the CNVM, whose mandate ended this week, said for BURSA. The appointment of the Alexe Gavrilă at the CNVM could only take place if the members of the Parliament were to reunite in an extraordinary session.

The nomination made by the National Liberal Party, which received the position of the vice-president of the CNVM, by way of the political algorithm, has caused some raised eyebrows, as the resume of Alexe Gavrilă does not include activities directly related to the capital markets. Right now, Alexe Gavrilă is a vice-president of the Competition Council, a position he has been holding since September 2006. Prior to this date he served for almost two years as a secretary general of the National Sports Agency.

The former vice-president of the Commission, Paul Miclăuş, said for BURSA, that he would have wanted a second mandate.

"I would have liked another mandate, but I am not familiar with the criteria that the leaders of the NLP used when nominating Mr. Alexe Gavrilă. I received no complaints about my activity as vice-president of the CNVM", said Mr. Miclăuş.

He has been working with the CNVM since 2000. He was a member of the National Interim Securities Commission for seven days, then served as an advisor to the chairman of the CNVM (until September of the same year) and then served as a member of the Romanian National Securities Commission, according to the resume posted on the institution s website. Miclăuş took over the position of vice-president in June 2005, with backing from the liberals.

"I will probably remain with the CNVM over the next weeks, serving as advisor, and I will then decide on the direction which I will follow. For now, I will get a vacation, because it has been a very tense period", said the former vice-president of the CNVM. He added that he had several job offers, such as working as an international officer in the financial sector, in the private sector, or in a local financial institution.

"My decision will depend on the reaction of the market and on the offers that I will receive of course, but you must understand that I am not in a position to beg anyone", said Miclăuş.

The former vice-president of the CNVM is an Economics PhD, with his dissertation being titled "The actuality of the Bucharest Stock Exchanges for the Romanian economy". His resume includes several degrees received after the graduation of several seminars on the capital markets, and research scholarships at universities in France and Great Britain.

Paul Miclăuş was sued in September 2006, together with other commissioners of the CNVM, in the "Rompetrol" case.