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Ceasing activity of the RASDAQ Market

Law no. 151/2014 for clarifying the legal status of stock exchanged through the RASDAQ Market or through the transferable securities market without a share index was published in the Official Journal of Romania, Part I, no. 774 of the 24th October, 2014.

The law regulates the legal procedure for clarifying the situation of stock traded through the RASDAQ Market, as well as that of stock traded through the market without a share price, in order to conform with the provisions of Law no. 297/2004 regarding the capital market and of Directive 200/39/EC.

The new law establishes that the activity of the RASDAQ Market and that of  stock market without a share index ceases twelve months after the law has taken effect.

The executive boards of companies who hold shares on RASDAQ or on the stock market without a share index are obliged to summon and assure the necessary means for the extraordinary shareholders’ meeting to take place in 120 days after the law has taken effect, in order for them to debate the situation which has arisen from the lack of a legal framework for the RASDAQ Market. Also, the shareholders shall decide in regard with the legal steps to take in order to get the shares issued by the company on a regulated market admitted for trading or admitted for trading in an alternative system, according to the provisions of Law no. 297/2004 and of regulations from the Financial Supervisory Authority (FSA). Should the shareholders fail to take such a decision, they have the right to withdraw from the company within 90 days from the date when the decision of the shareholders’ meeting was published.

If the shareholders approve taking the legal steps to have the shares admitted for trading on a regulated market authorized by the FSA, the company must present the FSA with the admission project for approval, in maximum 90 days from the date when the decision was made in the shareholders’ meeting. Should the FSA reject the admission of  the stock on the regulated market, the shareholders have the right to withdraw from the company.

:: The source: JURIDICE.ro

Andreea BANU

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