The National Commission for Financial Markets started to think up a new strategy for developing the non-banking financial market, IPN reports, quoting the Commission’s deputy head Nina Dosca.
“The current strategy for 2011-2014, approved by law, is expiring and we need a new document for a period of four-five years, which would reflect the changes that occurred meanwhile in the economy and the trends on this market,” said Nina Dosca.
She also said that a large amount of work is to be done on the securities market’s segment that she coordinates to work out the normative framework for the Law on the Capital Market and to adjust it to the provisions of ten European directives that need to be implemented. “There are applicants that want to obtain a license to work on the capital market since September, for an unlimited period, in accordance with the Law on the Capital Market. That’s why we focused first of all on the formulation of the normative document concerning the licensing of the professional participants in the securities market so that they have enough time to prepare the set of documents that must be presented to get the license. We are also to finish the regulations on services and activities. There was registered a normative document concerning the guarantee fund for investors that will be clients of the professional participants in the securities market,” stated Nina Dosca
She added that effort is made in parallel to implement the best European practices as regards work on the capital market so that the professional participants feel comfortable and the observance of laws is not a burden for them, as the legislation must stimulate efficient activity.
According to the data of the National Commission for Financial Markets, 2,362 professional participants worked on the non-banking financial market last year.
