THE LEGAL STATUS OF THE SHARES TRADED ON RASDAQ MARKET
Journal Title: Challenges of the Knowledge Society - Year 2015, Vol 5, Issue 0
Abstract
RASDAQ Market was launched in Romania in 1996, appeared as a mirroring of the well-established American market NASDAQ (which stood for National Association of Securities Dealers Automated Quotations). The role designated for RASDAQ was as platform for valuing papers issued in the privatization program in Romania (mass privatization process - MPP). In fact the participating companies to MPP had the legal obligation, under first Romanian Capital Market Law, No 52/1194, to be listed on a stock exchange. Although it attended a US regulatory model, RASDAQ had to adapt to European rules with the accession of Romania to the European Union. The relevant EU rules (i.e., Directive 2004/39/EC on markets in financial instruments – MiFID, about to be replaced by Directive 2014/65/EU – MiFID II) provide for only two types of trading systems, i.e. regulated markets and multilateral trading facilities (MTF), while the RASDAQ Market securities fall under none of these two trading systems regulated by MiFID1. After an entire decade of uncertainty concerning the status of the RASDAQ, Romanian legislator settled the situation of shares traded on this market. This regulation means the end for RASDAQ. Law No. 151/2014 provides that the RASDAQ Market is to be closed within twelve months as of the effective date of such law (October 27, 2014). To this end companies listed on the RASDAQ Market will have to opt for listing on a regulated market or on a MTF or for becoming private companies. Such option rests on the hands of shareholders. Going private asks for shareholders’ rights protection so Romanian Financial Supervisory Authority (FSA) provides a procedure implementing the right to withdraw from the company of the dissenting shareholders and for computing compensation for their shares (FSA Regulation No. 17/2014).
Authors and Affiliations
Cristian GHEORGHE
Keywords
Related Articles
- EP ID EP95343
- DOI -
- Views 159
- Downloads 0
TERM OF THE PATENT. PREMISES FOR THE CREATION OF THE SUPPLEMENTARY PROTECTION CERTIFICATE
The legal nature of the rights derived from the patent was object of numerous theories and discussions in literature. Their main features represent recognized characteristics for the property right, nevertheless the limi...
CONSIDERATIONS ON GOOD ADMINISTRATION
The concept of good administration has a double meaning, concerning on one hand the means of providing services by the public authorities, and on the other hand, measures concerning the relation between the public author...
THE REGULATION. THE DECISION. THE DIRECTIVE. LEGISLATIVE DIFFFERENCES
The article is set to establish the elements that determined the European legislator, within the Lisbon Treaty, to conclude that for certain regulatory domains a specific type of legislative act is to be used (regulation...
THE FUNDAMENTS OF EXPLANATORY CAUSES
The new Criminal Code in the specter of the legal life the division of causes removing the criminal feature of the offence in explanatory causes and non-attributable causes. This dichotomy is not without legal and factua...
THE LEGAL PROTECTION OF REFUGEE: WESTERN BALKANS
States have been granting protection to individuals and groups fleeing persecution for centuries; however, the modern refugee regime is largely the product of the second half of the twentieth century. Like international...