Electrica Furnizare
THE "FUTURE OF THE SIFS AND OF THE PROPRIETATEA FUND" CONFERENCE / BEFORE THE ELECTIONS AT THE SIFS
BURSA 30.03.2017

ALINA VASIESCU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * Dan Paul, the Association of Brokers: "I am curious if sanctions for acting in concert in the General Shareholder Meetings of the SIFs will also apply to the Veranda group"
     * Ursache: "I am considering limiting, through a regulation, the right to buybacks and capital reductions to at most one or two a year"
       Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF), has announced yesterday that the institution will sanction shareholders acting in concert, prior to the general shareholder meetings scheduled next month at the SIFs, and the voting rights of the groups acting in concert will be capped at 5% - the holding cap set by the law.
     He said: "Regardless of what happens, as long as the current legislation exists (ed. note: the 5% holding cap in the SIFs), any relationship between shareholders, as innocent as it may seem, will be the object of acting in concert and the suspension of the voting rights".
     The ASF official warned: "Our information (ed. note: of the ASF) has a high degree of accuracy".
     According to Mr. Ursache, the ASF recently notified the criminal investigation bodies, after an investor reported an acting in concert, due to the absurd price that a stock deal was performed at.
     Dan Paul, the president of the Association of Brokers, issued a public challenge to Mircea Ursache: "I am curious if the sanctions for acting in concert for the general shareholder meetings of the SIFs, will also include the Veranda group, without any connection to any mall in Bucharest. I am curious if that acting in concert sanction will happen. If not I will try to help you on that through official avenues".
     In August 2015, SIF Moldova took over the position of SIF Oltenia in the project of the Veranda mall, developed by the Pogonaru family in the Obor area of Bucharest.
     At the time, the management of SIF Moldova announced that its subsidiary - Real Estate Asset SA - acquired 6,555,211 shares of Prodplast Imobiliare (PPLI) which developed the Veranda mall, worth 39.9 million lei and 643,859 shares in Nord worth 4.8 million lei.
     The Pogonaru-Ciurezu conflict had previously extended to the plan for the financing of the "Veranda" mall as well.
     "The creation of a sovereign investment fund - an absolute necessity for the country's development"
     Romania can currently hope for the emerging status, says Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF), who mentioned that once that status is achieved, "investors need to be offered something".
     He says: "Whereas a few years ago we lost by a whisker to an Asian country, today I think that by meeting the criteria that international ratings firms have set, we can hope to getting access to the emerging status level. But with what? Regulations alone aren't enough. With an oversight system based on risk, under international consulting, it is not enough. You have to give investors something".
     The ASF official mentions that Poland made a 2.6 billion Euros deal some time ago, by buying the 32.8% stake which UniCredit Italia sold in PKO Bank, the second largest Polish bank. "Poland bought that bank through the government fund and an insurance company fully owned by the state, with the executive thus becoming the biggest shareholder of that bank", Mr. Ursache says.
     According to him, over the last few days, the ASF had meetings with AmCham, the Coalition for Romania's Development, the Coalition for Romania's Modernization, the EBRD, for talks concerning the government's need to continue the listings, or the creation of a sovereign fund.
     "I think that today, the observations and proposals that all of these partners have offered show that the creation of the sovereign investment fund is not just an item in a governing program, but an absolute need for Romania's development", warns Mircea Ursache, who stresses that the ASF, as regulator, wants a sovereign fund, that would be active on the capital market, not one that operates as a commercial company that only manages some blocks of shares.
     Out of all the privatization proceeds, almost 7 billion Euros, according to the NBR, there are 2.2 billion left in the accounts of the State Treasury, which will obviously not be enough to cover the investments of 10 billion Euros which the Romanian governments plans to make by 2020.
     "I do not want an original national legislation on the stock market, but a national legislation that is tied to the European one"
     According to ASF vice-president Mircea Ursache, the most important thing that the capital market is currently focused on is, , the application of the MIFID II European directive. "The draft law has been submitted to the Parliament, and the debates will begin within the specialized commissions", he said. "We are ending a legislative chapter which will bring about complete changes in terms of the national regulation, meaning that all of our legislation will be an European one. I do not want an original national legislation on the stock market, but a national legislation that is tied to the European one. That's what MIFID II does".
     MIFID II brings about strict requirements for portfolio management, said Mr. Ursache. "Aside from the fact that it is a challenge for the capital market, MIFID II will involve large financial and human resources for everybody. Basically the compliance costs for the new requirements will be significant".
     According to the ASF official, another major concern of the authority at the moment are the problems of the market, mainly the 1st Tier of the Central Depository.
     "Last week, we discussed this issue with the EBRD representatives as well. We have four initiatives for the resolution of the 1st Tier issue. There are four options aside from the ones proposed by the BSE and the Association of Brokers, one actually proposed by the EBRD: the creation of a sovereign fund, that would be managed by a fund manager with an international reputation and which would actually take over the management of the existing shares in all inactive accounts", said Mr. Ursache, who added: "A second option concerns the SIFs directly: all the inactive funds of the 1st Tier of the Depository be used by the SIFs. There is another option launched in the market laboratories, which stipulates the AAAS taking over all inactive accounts".
     Mircea Ursache said: "I am proposing that in the near future we have a debate on which option should be chosen, so that we can take to the Parliament the most needed proposal, which would resolve the issue of the almost 250 million Euros that are frozen in inactive shares held in the Central Depository".
     According to the ASF official, the SIFs hold assets of over 7.5 billion lei, "but also a history full of controversies". He said: "Today, the SIFs are no longer those companies in which the holders of vouchers from the mass privatization program hold the majority. The core question is: is it still necessary for these funds to be regulated through the law, against the will of the shareholders? Can the state still intervene in their decision making process? Can the right of ownership be obstructed through a law that is today unconstitutional? What is the reason for a market not to honor free competition, where we have a fund which has no holding cap and then we have the SIFs, where the government, through an old law, obstructs the shareholders' decision making?"
     Mr. Mircea Ursache emphasizes that there are no reasons for concern over various interest groups taking control: "From that point of view, I am the one who oversees things and I don't see that kind of transactions occurring following such a decision. I can assure you that the law will have express provisions concerning the appearance of shares hidden or parked by some investors".
     Mr. Ursache stressed that the ASF has access to any bank account, to any transfer in the international banking system: "We know at any moment the acquisitions, transfers, and reimbursements of money to investors. There is a signal that I am sending very clearly: no abuse, no intervention, no pressure will be done once a law is passed concerning the freedom of the owners of the SIFs, the shareholders, to decide on their internal issues, such as the holding cap".
     Changes concerning the evaluations and interviews of candidates for executive positions in the entities overseen by the ASF
     Mr. Ursache said that last week, the ASF succeeded, "with the help of the market and the firm intervention of the market officials", to change and approve the new procedure concerning the interviews of key persons for top positions in entities overseen by the ASF.
     "The validation interview, together with the analysis of their resume and of their good professional reputation will be proposed by the sector, and the evaluation commissions will only be appointed by the vice-president of the sector, based on the importance of the position that we are evaluating", said Mircea Ursache, who added: "The market pays a lot of attention to our issues, the reactions that we got to a procedure (ed. note: the evaluation procedure) are useful".
     The regulations concerning the evaluation of executive positions has been challenged by the market, especially after the ASF did not authorize Mihai Fercală as head of SIF Transilvania, in October 2016, claiming that he wasn't familiar with the activity of the company. The Brokers' Association challenged the regulation in question in court.
     "I don't think it's the job of the ASF to get involved in the investment policy"
     "I don't think it's the job of the ASF to get involved in the investment policy, as long as it is done correctly, to the shareholders' benefit, for profit", said Mr. Ursache, who stressed: "The issue of buying back shares, reducing the share capital, the distribution of money to shareholders is being heavily discussed lately, as a result of the policy of the Proprietatea Fund. From my point of view what is happening is legal.
     Theories such as «let's look into a solution to tax this distribution just to make that money be paid out through dividends» is totally wrong. You can't tax the money that gets returned through the reduction of the share capital".
     Mr. Ursache added: "I have acknowledged what the market has conveyed to me, I am analyzing this kind of proposals, including the one of limiting through a law the right to do buybacks and capital reductions to a maximum of once or twice a year, but from my point of view, the return to the introduction of barriers in the market doesn't help anybody, especially as we all want a free, European market, that gets attached to the European program to create a unified capital market, that would follow its flow and route until 2019, when that goal is achieved".
     Mircea Ursache also said that he wants to develop the relationship with auditors, which is very important for the ASF, currently, in the exercising of the authority's power.
     "In other European countries, the national authorities work directly with the auditors", Mircea Ursache stressed.
     On the other hand, he also reminded of the law of prevention: "I have proposed that for everything that means an offense, the ASF to be part of that law as well". Mr. Ursache added: "If somebody wants to eliminate somebody from the market, through sanctions, then those sanctions need to be accompanied by the suspension of the license as well. The mere sanction does not represent the end of the operation of the overseen entities. We have to lobby with the Parliament to have the law of prevention operate when it comes to these sanctions concerning reporting". 

     Mircea Ursache: "Starting with March 15th 2014 so far, we have 29 tariff cuts and eliminations implemented by the ASF".

 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
Actualitate - vezi toate știrile mai jos.
Politică, 08:24
UPDATE
     * ACTUALIZARE 14:54
     Consiliul Suprem de Apărare a Țării (CSAT) a aprobat, astăzi, participarea țării noastre la inițiativa Uniunii Europene în domeniul apărării, potrivit unui comunicat de presă al Administrației Prezidențiale.
     * ACTUALIZARE 14:50 Ședința CSAT s-a încheiat
     * ACTUALIZARE 14:30 Ședința Consiliului Suprem de Apărare a Țării (CSAT) a început, la Palatul Cotroceni
     ---------
     Consiliul Suprem de Apărare a Țării (CSAT) se va reuni astăzi, începând cu ora 14:00, a anunțat săptămâna trecută purtătorul de cuvânt al președintelui, Mădălina Dobrovolschi, precizând că vor fi discutate aplicarea cooperării structurate permanente (PESCO) și efectele sale asupra României.  detalii
Internaţional, 15:55
REUTERS:
     Andrej Babis, considerat favorit la câștigarea alegerilor legislative din Cehia, promite că va investi masiv în infrastructură, va scădea TVA și va reduce povara fiscală pentru companii și muncitori, însă toate aceste promisiuni ar putea pune în pericol echilibrul bugetar, informează Reuters.  detalii
Piaţa de Capital, 15:50
     Sebastian Valentin Dumitrescu, acționar în vârstă de 94 de ani al "Oil Terminal" (OIL), a cerut convocarea Adunării Generale Ordinare a Acționarilor (AGA) în vederea alegerii membrilor Consiliului de Administratie prin metoda votului cumulative, potrivit unui raport remis astăzi Bursei de Valori București (BVB).  detalii
Companii-Afaceri, 15:43
     Consiliul Concurenței analizează tranzacția prin care compania Georg Fischer AG achiziționează toate părțile sociale ale companiei Eucasting RO SRL de la acționarii actuali, respectiv Federica Mapelli și Elffe System SRL din România, informează instituția prin intermediul unui comunicat de presă.  detalii
Bănci-Asigurări, 15:27
DE LA ÎNCEPUTUL ACESTUI AN,
     Fondul Național de Garantare a Creditelor pentru IMM-uri (FNGCIMM) a emis în favoarea beneficiarilor Agenției pentru Finantarea Investițiilor Rurale (AFIR), 1057 de scrisori de garanție pentru restituirea avansului, în valoare totală de 1,85 miliarde de lei de la începutul acestui an și până la 16 octombrie 2017, aproape jumatate din acestea fiind emise în ultimele trei luni.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
17.10.2017
BVB
     * Titlurile "Fondul Proprietatea" conduc topul lichidității
       Săptămâna de tranzacționare a debutat cu un rulaj de 32,54 milioane de lei, superior celui înregistrat vineri, de circa 23 milioane de lei, în contextul în care cinci dintre indicii Bursei de...  detalii
16.10.2017
BVB / ÎN ULTIMA ȘEDINȚĂ A SĂPTĂMÂNII,
     * Dragoș Mesaroș, "Goldring": "După demisiile miniștrilor, de joi seară, probabil că investitorii au prins curaj, intrând la cumpărare"
       Ultima ședință de tranzacționare a săptămânii a încheiat în teritoriul pozitiv, toți indicii Bursei de Valori București (BVB) marcând creșteri.  detalii
16.10.2017
BURSELE DIN LUME
     Acțiunile tranzacționate pe piețele europene au înregistrat creșteri vineri, în baza evoluțiilor de pe segmentul materiilor prime.  detalii
13.10.2017
BVB
     * Avans de 0,26% pentru BET-NG
       Piața Bursei de Valori București (BVB) a înregistrat, în penultima ședință de tranzacționare a săptămânii, o lichiditate de doar 20,72 milioane de lei (4,51 milioane de euro), sub rulajul de...  detalii
13.10.2017
BURSELE DIN LUME
     Acțiunile societăților listate pe piețele din Europa au fluctuat ieri, traderii așteptând unele declarații ale președintelui Băncii Centrale Europene (BCE), Mario Draghi, într-un panel de discuții...  detalii
12.10.2017
BVB
     Ședința de tranzacționare de la mijlocul săptămânii a ieșit în evidență prin scăderea tuturor indicilor Bursei de Valori București (BVB), cea mai mare depreciere fiind înregistrată de BET-FI.  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 17 octombrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0589
2,3419
3,1070
3,9868
0,1778
0,6153
0,2206
4,5802
5,1608
1,4882
3,4723
0,2231
0,4911
1,0825
0,0679
0,4784
1,0651
3,8939
0,2911
1,2277
0,5882
0,0600
0,3442
0,2044
2,7972
0,0384
0,1465
1,0601
0,6102
0,1176
161,4840
5,4946
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
16.10.2017
EXCLUSIVE
     * "The US and Saudi Arabia - the main sponsors of terrorism in the world"
     * (Interview with His Excellency, Mr. Hamid Moayyer, ambassador of the Republic of Iran in Romania)
       Donald Trump, the United States president, must decide by October 15th whether or not he will certify if Iran has followed the terms of the nuclear agreement signed in 2015 by Iran and six major western powers.  details
12.10.2017
EARTHLY LAWS, IGNORED ON THE BSE PLANET
     The Bucharest Stock Exchange (BVB), the operator of the Romanian capital market, still stands by the nonsensical claim made by its former CEO Ludwik Sobolewski, that his contract expired on August 21st, but not his mandate.  details
12.10.2017
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
     * Sources: PSD has four names for the head of the ANRE
     * Rumored names: Florentin Pandele, mayor of Voluntari, Iulian Iancu, president of the Industries Commission, former prime-minister Sorin Grindeanu and deputy Eugen Nicolicea
       Niculae Havrileț, the president of the National Authority for Regulation in the Energy Sector (ANRE), together with other members of the Regulatory Committee of the ANRE, will arrive before the Commission for the Investigation of the activity of the ANRE.  details
11.10.2017
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
     Mandatory private pension funds which have invested in Digi Communications, the parent company of RCS&RDS, which was indicted on money laundering and offering bribes, have taken this operating risk into account, by offering a lower price in the IPO, Radu Crăciun, member on the Board of Directors of the Romanian Association of Privately Managed Pensions (APAPR).  details
09.10.2017
     President of BURSA Press Group, Florian Goldstein (MAKE), participated, as speaker, on September 26th, at a debate regarding the future of the European Union, in Brussels, at the invitation of Group of the European People's Party.
     The subject of the debate can be synthesized in four questions:
     1. Would it be recommendable for the EU Non-Eurozone States to adopt Euro currency?(...)
     -------------
     Question nr.1 answers given by my fellow citizens are divided, and this summer polemic between the Euro MP Theodor Stolojan and Daniel Daianu (member of the Romanian National Bank Board of Directors) in the financial newspaper BURSA has shaped up the idea we could adopt Euro anytime (given the condition of maintaining the macroeconomic balances), an idea opposed to the one claiming Euro adoption should wait till the convergence criteria would be fulfilled.  details
09.10.2017
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
     * Vasilescu: "There are many crystal ball readers, even in the banking system"
     * UniCredit estimates that the leu will continue to weaken against the Euro to 4.6-4.7, in the first quarter of 2018, and that the policy rate will increase to 2.5%
       UniCredit Bank analysts are issuing a warning that the Romanian government is repeating many of the mistakes that have led to the recession of 2009-2010. The quoted experts are mentioning both the fiscal policy that is risky for the economy, as well as the fact that the leu will significantly weaken in 2018, and the deficit may increase to 3.7%. Among other things, the UniCredit report issued on Friday predicts an EUR/RON exchange rate of 4.7 and a policy rate of 2.5%, for the beginning of next year.  details
05.10.2017
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
     * Ilie Năstase: "If I was Țiriac, I would sue Mugur Isărescu"
       PNL senator Daniel Zamfir, president of the Budget Commission in the Senate, a vocal critic of the banking system, of the NBR and of its governor is adamant about bringing up the activity of the NBR from all angles.  details
03.10.2017
     * The BSE may be taken off the watchlist
     * FTSE only noted improvements when it comes to stock lending, while the liquidity requirement has not yet been met
     * Poland, upgraded to the emerging market status
     * Mongolia and Nigeria, removed from the watchlists
       The Bucharest Stock Exchange (BSE) remains a frontier market, for at least a year, after, on Friday night, FTSE Russell did not give promote it.  details
02.10.2017
     * Iulian Iancu: "We shouldn't stand out by being silent in Brussels and be forced to give natural gas to the neighboring countries, by taking it away from our industrial consumers"
     * Emil Calotă: "If we do not take action, the natural gas stored by the Romanian producers will remain unused, because there will be far cheaper imported gas available"
       The National Authority for the Regulation of the Energy Market (ANRE) has asked for the reconsideration of gas storage policies in Romania to be made a priority, Emil Calotă, the vice-president of the ANRE recently said, in the debates in the Industry Commission of the Romania Parliament about the Draft Law concerning the approval of the Government Emergency Ordinance no.64/2016 for the amendment and completion of the Law of Electricity and of natural gas no. 123/ 2012.  details
29.09.2017
LUCIAN ANGHEL:
     We can't expect Romania to be upgraded to the emerging market status right now, BSE president Lucian Anghel said yesterday, as FTSE Russell will publish today its annual classification report.  details
28.09.2017
     Central European Media (CME), the owner of Pro TV, is currently in negotiations to sell the four TV stations it still holds in Central and Eastern Europe, according to Echo 24, which quotes several concerned sources.  details
27.09.2017
     The Romanian Commercial Bank (BCR) is saying for the first time, that the sale of the Cemacon was made at a price of 1 Euro, and the lender stressed that this was done to save the company.  details
26.09.2017
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
     * Cappon, Prodan and Sobolewski yesterday had their interviews for the position of CEO of the BSE
     Ludwik Sobolewski is no longer the CEO of the Bucharest Stock Exchange (BVB), Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF) said yesterday. He added that the ASF has conducted an analysis concerning corporate governance at the BSE.  details
25.09.2017
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
     The Ministry of Public Finance (MFP) has created the legal framework which will allow it to sell government bonds to the population directly through the State Treasury and intends to use that system for the next issue aimed at individual investors as early as this year, according to market sources.  details
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of the market operator. In his opinion it would be better for the BSE to remain one of the best frontier markets than joining the emerging market and then be demoted, as he told us in an interview.  details
.