The Romanian National Securities Commission (NSC) has published new instructions on the registration of securities in Romania.
Issued on May 12th, 2005, the Instruction no. 7 says all registrar companies, the Central Settlement and Depository (SNCDD), custodian banks, the electronic market RASDAQ and the Bucharest Stock Exchange (BSE) have the obligation to adapt their software in order to register and number securities.
This is going to be a separate registration process based on different classification of securities, identifying each class of securities and each issued serial inside the same class. All involved entities have the obligation to inform the National Securities Commission upon finalisation of their software adaptation and the registrars have to be consolidated until June 1st, 2005, according to HVB Bank’s Romanian representative Irina Savastre.
After June 1st, 2005 all registrations, depositary, custody, trading, transfer and settlement of securities will have to be performed in accordance with the new details. Although Instruction no. 7 has already been published in the Official Gazette, no processes thereto have been defined yet. Therefore, it is expected that the Stock Exchange Association, supported by local brokers will appeal the NSC instruction in the coming days, the HVB representative said.