The Romanian Financial Supervisory Authority (ASF) announced that Romania’s Chamber of Deputies, acting as the decision-making chamber, has adopted a bill amending the capital markets framework for issuers and market operations, with measures intended to speed up capital raising and refine investor-protection and disclosure rules. For share capital increases by companies whose shares are traded on the capital market, the minimum period for exercising pre-emption rights would be reduced from 30 days to 14 calendar days, but not less than 10 business days. The bill introduces deadlines for transmitting resolutions on changes to issuance characteristics or the number of securities to the Trade Register within three business days of adoption, and for publication in Romania’s Official Gazette within five business days from acceptance of the issuer’s filing. It also sets out how final court judgments that annul or declare null a resolution approving a share capital increase are to be executed. Quarterly financial reporting is maintained, with the publication deadline extended from 45 to 60 days and an option not to publish the administrators’ report, while issuers required to prepare consolidated reporting would produce condensed interim half-year financial statements in line with international accounting standards for interim reporting. The bill, drafted by ASF following market consultations and aimed in part at supporting EU transposition and Romania’s 2023–2026 national capital market strategy, will be sent to the President of Romania for promulgation.

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