ARIR supports 5 measures to enhance pre-listing communication for companies, in the context of the reviews of the AeRO market regulations


Bucharest, June 22, 2023 – ARIR (Romanian Investor Relations Association), the promoter of the Investor Relations (IR) concept, welcomes the efforts of the Financial Supervisory Authority (ASF) and the Bucharest Stock Exchange (BVB) to consolidate the AeRO segment and announces its willingness to support the publicly announced initiative of ASF and BVB to enhance transparency and increase the level of trust in the AeRO market of BVB.

ARIR believes that a natural step in the evolution of the AeRO market is a gradual increase in transparency, which would provide confidence to investors and allow companies to prepare for acceding the Main Market. We consider that the market has proven its efficiency for the majority of the companies listed in recent years, and it is important to maintain the attractiveness of this market for growing companies and investors.

We support the observance of two main objectives:

  • Access to information for investors, especially during the pre-listing phase, for a longer period to familiarize themselves with the issuer.
  • Maintaining relatively easy access for issuers to stock exchange mechanisms, at a level that does not burden companies interested in listing on this segment.

In this regard, ARIR proposes 5 measures:

  1. Encouraging more intensive pre-listing communication of companies by creating tools such as an IPO Watchlist, which will:
    1. Bring to the public’s attention companies intending to list with a sufficiently long period before the final decision
    2. Allow for a longer monitoring of management and of the financial and operational results of the companies.
  2. Careful management of short-term and long-term expectations regarding the company’s prospects, described in the presentation documents while providing detailed explanations regarding the use of funds raised from investors, as well as periodic reporting on the results of fund utilization. It should also include the elements on which operational achievements are based and the risks that the company is exposed to, which can affect post-listing results.
  3. Encouraging Investor Relations (IR) activity before listing through the application of the “Act as a Listed Company” concept, implemented in other developed capital markets, for at least one year prior to the actual listing, to validate the company’s readiness for listing.
  4. Updating the website of the companies seeking listing with a dedicated section on corporate governance and IR, aligning with the requirements of VEKTOR AeRO, an indicator developed by ARIR to measure companies’ communication with investors. This section should also include the financial and audit reports for the previous year.
  5. Establishing a pre-listing framework for dialogue between companies and experienced market investors and analysts.

The recommendations proposed by ARIR are provided as guidance and are not an exhaustive list of proposals for amending the BVB Code to achieve the stated objective.



About the Romanian Investor Relations Association (ARIR):


ARIR is the promoter of the Investor Relations (IR) concept in Romania and we believe that by following standards of transparency, corporate governance and proactivity in communicating with investors, our members will benefit from added value, attract funding more easily, have the reputation and trust necessary for the continued development of their business.


The Romanian Investor Relations Association – ARIR was founded at the initiative of Daniela Serban in November 2018 together with the founding members: Bucharest Stock Exchange (BVB), ALRO, Electromagnetica, Franklin Templeton Management – Bucharest, Hidroelectrica, Nuclearelectrica, Teraplast, Transelectrica and Tony Romani. The following companies have joined the community: Electrica, OMV Petrom, Antibiotice, Purcari, Idea Bank, BRK Financial Group, Banca Transilvania, Transgaz, MedLife, Romcarbon, Farmaceutica REMEDIA, Autonom, IMPACT Developer & Contractor, One United Properties, Transport Trade Services, Patria Bank, Connections Consult, BRD – Groupe Société Générale, Rompetrol, Agista, Mecanică Fină and AQUILA as Associate Members.  INNOVA Project Consulting, ENVISIA, RTPR, Mazars, Marsh Broker for Insurance – Reinsurance and Dentons became Affiliated Members.

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