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Cnvmr.Ro) on Their Issuance Date, and Weekly, in the Electronic Version of the R.N.S.C ROMANIAN NATIONAL SECURITIES COMMISSION Annual Report 2012 Bucharest, 2013 ROMANIAN NATIONAL SECURITIES COMMISSION Annual Report 2012 Report on Budget Execution Auditor’s Report on Budget Execution Bucharest, June 2013 TABLE OF CONTENTS Page ANNUAL REPORT I. ROMANIAN NATIONAL SECURITIES COMMISSION 1. PRESENTATION AND CORE OBJECTIVES 1 2. ROMANIA’S CAPITAL MARKET 3 3. ACTIVITY 5 3.1. REGULATION 5 3.1.1. Regulations issued by R.N.S.C. 5 3.1.2. Regulations issued by capital market institutions and approved by R.N.S.C. 16 3.1.3. Draft legislation issued by other authorities and reviewed by R.N.S.C. 17 3.2. AUTHORISATION 18 Authorisation and registration of regulated entities 3.2.1. 18 with the R.N.S.C. Public Register 3.2.2. Authorisation and approval of market operations 26 3.3. OFF-SITE AND ON-SITE SUPERVISION 30 3.3.1. Supervision of regulated entities 30 3.3.2. Supervision of securities issuers 36 3.3.3. Supervision of financial instruments trading 42 3.3.4. On-Site Inspection 45 3.3.5. Legal Activity 48 3.4. PUBLIC INFORMATION AND INVESTOR PROTECTION 52 3.4.1. Supervisory disclosure 52 3.4.2. Information of public concern 52 3.4.3. R.N.S.C. publications and other communication media 53 R.N.S.C. COOPERATION WITH OTHER ROMANIAN PUBLIC 3.5. 55 INSTITUTIONS AND AUTHORITIES 3.6. INTERNATIONAL RELATIONS 56 3.6.1. Relationship with European Union institutions 56 3.6.2. Relationship with other international bodies 62 Notifications received by R.N.S.C. from competent authorities 3.6.3. 64 of EU Member States II. THE ROMANIAN CAPITAL MARKET 1. DEVELOPMENTS 69 2. REGULATED MARKETS 75 2.1. THE BUCHAREST STOCK EXCHANGE 75 2.2. SIBEX - SIBIU STOCK EXCHANGE 80 COMPARISON BETWEEN REGULATED MARKETS IN ROMANIA AND 2.3. 84 SIMILAR MARKETS IN OTHER EU MEMBER STATES 3. ALTERNATIVE TRADING SYSTEMS 90 3.1. BUCHAREST STOCK EXCHANGE - System operator 90 3.2. SIBEX - SIBIU STOCK EXCHANGE - System operator 92 4. THE RASDAQ MARKET SECTION 93 5. SECURITIES ISSUERS 95 6. BROKERS ON REGULATED MARKETS 97 7. COLLECTIVE INVESTMENT UNDERTAKINGS 100 8. FOREIGN INVESTMENTS ON THE CAPITAL MARKET 112 9. CLEARING AND SETTLEMENT SYSTEMS 115 i 9.1. THE CENTRAL DEPOSITORY 115 9.2. THE SIBEX DEPOSITORY 118 9.3. THE ROMANIAN CLEARING HOUSE 119 9.4. THE BUCHAREST CLEARING HOUSE 121 10. THE INVESTORS COMPENSATION FUND 123 III. ANNEXES Investment firms authorised and registered with Annex 1 127 the R.N.S.C. Public Register as of 31.12.2012 Credit institutions - Romanian legal persons registered with Annex 2 129 the R.N.S.C. Public Register as of 31.12.2012 Asset management companies authorised and registered with Annex 3 130 the R.N.S.C. Public Register as of 31.12.2012 Open-end investment funds authorised and registered with Annex 4 131 the R.N.S.C. Public Register as of 31.12.2012 Closed-end investment funds registered with the R.N.S.C. Public Register Annex 5 133 as of 31.12.2012 Financial investment companies registered with the R.N.S.C. Public Register as Annex 6 134 of 31.12.2012 Annex 7 Depositories registered with the R.N.S.C. Public Register as of 31.12.2012 135 Annex 8 Training bodies certified by R.N.S.C. as of 31.12.2012 135 Annex 9 Natural person investment advisors as of 31.12.2012 136 Annex 10 Legal person investment advisors as of 31.12.2012 136 Annex 11 Valuators registered with the R.N.S.C. Public Register as of 31.12.2012 137 Investment firms from other EU Member States registered with Annex 12 137 the R.N.S.C. Public Register as of 31.12.2012 Credit institutions from other EU Member States registered with Annex 13 137 the R.N.S.C. Public Register as of 31.12.2012 Undertakings for collective investment in transferable securities from Annex 14 138 EU Member States whose units are distributed in Romania as of 31.12.2012 Annex 15 Performance indicators of open-end investment funds in 2012 144 Annex 16 Performance indicators of closed-end investment funds in 2012 147 Annex 17 S.I.F. portfolio structure and evolution in 2012 versus 2011 147 Annex 18 S.I.F. key figures in 2012 versus 2011 150 Annex 19 Consolidated S.I.F. portfolio structure 151 Annex 20 Fondul Proprietatea key figures in 2012 versus 2011 152 Annex 21 Market shares of asset management companies in 2012 152 REPORT ON BUDGET EXECUTION 155 AUDITOR’S REPORT ON BUDGET EXECUTION 165 ii List of tables Table Page 1. Regulations issued by R.N.S.C. 9 2. Instructions issued by R.N.S.C. 11 Amendments to regulations issued by capital market institutions and approved 3. 16 by R.N.S.C. 4. Draft legislation issued by other authorities and reviewed by R.N.S.C. 17 Investment firms which notified their intention to provide investment services 5. 20 in other EU Member States 6. Prospectuses for the public offering of shares approved in 2012 27 7. Prospectuses for the public offering of bonds approved in 2012 28 8. Evolution in the number of public offerings in the period 2008-2012 29 9. Evolution in the value of public offerings in the period 2008-2012 29 10. Sanctions enforced in 2012 with respect to investment firms 31 11. Requests for information received from other public institutions 32 12. CIUs as of 31.12.2012 33 13. Evolution in the number of Securities Registration Certificates by underlying operation 38 14. Complaints received by R.N.S.C. with regard to issuers compliance 42 15. Requests for information received from other State institutions 42 16. Number of financial instruments on B.S.E. 43 17. Number of derivatives contracts on SIBEX 44 18. Main themes of inspections conducted in 2012 46 19. Sanctions enforced in 2012 following inspections 47 20. Requests for information submitted/received in 2012 63 21. Evolution of B.S.E. and RASDAQ indexes in 2012 73 22. Evolution of futures trading on B.S.E. 78 23. Number of futures contracts by maturity dates 79 24. Number of futures and options contracts traded on SIBEX in 2012 81 25. Contracts traded on SIBEX in 2012 83 26. Market capitalisation of main European exchanges in 2012 versus 2011 85 27. Derivative indexes on European markets in 2012 86 28. Evolution of main European stock indexes in 2012 versus 2011 87 29. Transactions executed on the B.S.E.-operated A.T.S. 90 30. Transactions executed on the SIBEX-operated A.T.S. 92 31. RASDAQ listed companies 94 32. Structure of issuers listed on the B.S.E. regulated spot market 96 33. Structure of transactions executed by brokers in 2012 97 34. Participants in the B.S.E. trading system 98 35. B.S.E. brokers in 2012 98 36. SIBEX and B.S.E. brokers in the period 2008-2012 99 37. SIBEX brokers in 2012 99 38. Number of investors in open-end investment funds in 2012 versus 2011 101 39. Net asset values of open-end investment funds in 2012 versus 2011 101 40. Market shares of open-end investment funds in 2012 versus 2011 102 41. Number of investors in closed-end investment funds in 2012 versus 2011 104 42. Net asset values of closed-end investment funds in 2012 versus 2011 104 43. Market shares of closed-end investment funds in 2012 versus 2011 104 44. S.I.F. capitalisation in the period 2011-2012 108 45. Evolution of the P/E Ratio of S.I.F. shares 109 46. Net asset values of S.I.F. 110 47. Fondul Proprietatea shareholder structure in the period 2011-2012 111 48. The net asset value of Fondul Proprietatea 111 49. The portfolio structure of Fondul Proprietatea 111 50. Share sales and purchases by non-residents according to home country 113 51. Share sales and purchases by non-residents according to line of business 114 iii Table Page 52. Registry activities of the Central Depository 117 53. Clearing and settlement activities of the Central Depository 117 54. Registry activities of the SIBEX Depository 118 55. Clearing and settlement activities of the SIBEX Depository 118 56. Average daily derivatives trading volumes in the period 2008-2012 120 57. Average monthly open positions in the period 2008-2012 121 58. Evolution of futures contracts in 2012 121 59. Evolution in the number of Investors Compensation Fund members 123 60. Evolution of annual contributions by Investors Compensation Fund members 124 61. Evolution of initial contributions by Investors Compensation Fund members 124 List of figures Figure Page 1. Investment firms by initial share capital and type of business 19 Investment firms by residence of natural and legal person shareholders who hold 2. 20 direct/indirect control positions 3. Asset management companies by line of business 21 4. Number of R.N.S.C. website visitors/views in 2012 54 5. Website visitors from outside the country in 2012 (%) 55 Investment firms from other EU Member States registered with 6. 64 the R.N.S.C. Public Register Credit institutions from other EU Member States registered with 7. 65 the R.N.S.C. Public Register Long-term evolution of main international stock market indexes 8. 69 in the period 2008-2012 (%) 9. Short-term evolution of main international stock market indexes (%) 70 10. Short-term evolution of main B.S.E.
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