The Cabinet approved amendments and supplements to the legislation in a move to increase shareholder transparency in the banking sector. The bill covers the laws on financial institutions, joint stock companies, capital market, bank recovery and resolution and activity of banks, IPN reports.

The amendments are aimed at ensuring better corporate governance and at attracting high-quality investors to the banking system. The bill was drafted within the program signed with the International Monetary Fund and was consulted with responsible agencies and ministries and with international experts.

“We aim to have these amendments adopted by the meeting of the IMF Board, as we planned. The reforms initiated in the banking sector should be completed so that we know that we will never encounter problems in this field, either related to shareholder transparency or evasions and frauds,” stated Prime Minister Pavel Filip.

The Cabinet also approved a bill to amend and supplement a number of legal acts and clarify the provisions of the legal norm that concerns the method of determining the period and selling price of bank shares.