Țuca Zbârcea & Asociații to take part in the Working Group on reform of the Romanian capital markets
Țuca Zbârcea & Asociații has recently embarked on a new pro bono initiative gathering top players in the Romanian financial investment market to optimize and develop the legal framework in the capital markets` sector.
The capital market teams at Țuca Zbârcea & Asociații, and teams from 9 different banks/investment companies, as well as 7 leading law firms have undertaken a unique advocacy initiative in Romania by constituting a Working Group on capital markets regulation.
The main target of the Working Group is to make proposals to the competent regulatory authorities on the amendment of existing laws, regulations and procedures in view of optimizing the current capital market legal framework, harmonizing it with the relevant international standards and practices, while also encouraging the revival of foreign and local investment in the Romanian capital markets – as a source of economic growth through the diversification of the financing sources.
Țuca Zbârcea & Asociații’s team shall mainly consist of Ștefan Damian, Deputy Managing Partner and Silvana Ivan, Managing Associate.
“We are certainly glad that such an important step was made in regards to the reform of the Romanian capital markets and that top market players responded so promptly and positively to this unique initiative. Our experience has shown that certain improvements to the existing legal framework are necessary, especially considering that international markets have been using at length many mechanisms and instruments which are not regulated in Romania”, stated Silvana Ivan, Managing Associate at Țuca Zbârcea & Asociații.
“The projects announced by the local authorities could contribute to a revival of the capital markets during the next period. Still, adequate capital market legal and regulatory framework is necessary to restoring market liquidity in a financial crisis so that the initiative launched by Raiffeisen Capital & Investment augurs well for the development of this sector and the attraction of new investors”, added Ștefan Damian, Deputy Managing Partner at Țuca Zbârcea & Asociații and head of the firm`s capital markets practice group.
Țuca Zbârcea & Asociații provides legal assistance services on various regulatory matters pertaining to the capital markets sector (legal requirements and relevant procedures for the admission to the capital market, acquiring participations and exiting procedures, listing and delisting procedures, public offerings etc), establishment and operation of listed companies, investment firms, investment management companies (SAI) and other top players on the market, as well as assistance on various capital market operations, including preparing and conducting initial and secondary public offerings, special transactions with securities etc. The team has dealt with complex projects in Romania, such as the first listing of an international company in Romania, thus enabling important legislative amendments, more notably as regards the implementation of the legal framework required for cross-border securities settlement and trade.