Bucharest, March 17th, 2025 – ARIR (the Romanian Investor Relations Association), the promoter of the Investor Relations (IR) concept, welcomes the entry into force of the amendments to Law no. 24/2017, through Law no. 11/2025, which significantly facilitate and shorten the share capital increase process for companies listed on the Bucharest Stock Exchange. These amendments, adopted following an extensive consultation process, support issuers and investors, bringing Romania closer to international standards in the field.
“The amendments to Law no. 24/2017 bring significant changes to the Romanian capital market, representing one of the most important legislative initiatives for listed companies in recent years. ARIR, together with its members and institutional partners, has actively supported these changes, which will enable companies to attract capital more quickly and efficiently,” stated Daniela Maior (Șerban), President of ARIR, during the ARIR Webinar dedicated to the legislative amendments, attended by representatives of over 50 listed companies.
Among the updates the Law no. 24/2017 received, there are:
- Reduction of the minimum period for exercising preemptive rights in corporate actions from 30 days to 14 calendar days, but no more than 10 business days.
- Accelerated processing of share capital increases by reversing the operational flow: registration will first take place at Depozitarul Central, followed by notification of the Bucharest Stock Exchange (BVB), the Financial Supervisory Authority (ASF), and subsequently the Trade Register Office (ORC).
- Simplification of the reporting process for related-party transactions, in line with European directives, reducing the reporting burden for transactions conducted by listed companies in the ordinary course of business and under market conditions.
- Measures to ensure gender balance in the leadership structures of listed companies, setting clear objectives for the balanced representation of women and men on the boards of directors of listed companies.
These legislative changes represent a significant step towards increasing the attractiveness of the Romanian capital market and improving listed companies’ access to capital market funding, which could now be secured within a few weeks instead of several months as before.
“The new legislation reflects the joint effort of all involved parties – issuers, regulators, ASF, BVB, and Depozitarul Central – to build a more efficient and transparent market. The implementation of these measures will support economic development and strengthen investor confidence in Romania,” added Adrian Tănase, CEO of the Bucharest Stock Exchange, during the opening of the event.
During the ARIR Webinar, representatives of authorities and capital market experts participated, emphasizing the importance of these legislative changes:
- Cătălina Iordan, Financial Supervisory Authority, provided an overview of the legislative process and highlighted the benefits of simplified regulation for issuers and investors, by reducing waiting times and streamlining procedures..
- Gianina Dimitrescu, the National Agency for Equal Opportunities between Women and Men, praised the measures to strengthen gender balance in the leadership structures of listed companies, reaffirming the institution’s openness to collaborating with ARIR and issuers for a smooth transition to the new regulatory framework.
- Silvia Buicănescu, Depozitarul Central, detailed the new operational flow for share capital increases and how it will facilitate a faster and more efficient implementation of the process, demonstrating the institution’s openness to dialogue with issuers for the smooth execution of operations.
- Narcisa Oprea, Schoenherr, welcomed the separation of reporting obligations between equity and bond issuers, as well as the removal of certain related-party transactions from the reporting scope, emphasizing the positive impact on issuer compliance.
- Răzvan Butucaru, Forvis Mazars, clarified the new requirements for sustainability reporting and the obligation to audit them. He also presented a summary of the new European legislative initiatives on sustainability.
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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 Maior (Șerban) in November 2018 together with the founding members: Bucharest Stock Exchange (BVB), ALRO, Franklin Templeton Management – Bucharest, Hidroelectrica, Nuclearelectrica, Teraplast, Transelectrica, and Tony Romani. The following companies have joined the community: Electrica, OMV Petrom, Antibiotice, Purcari, Salt Bank, BRK Financial Group, Banca Transilvania, Transgaz, MedLife, Romcarbon, Farmaceutica REMEDIA, Autonom, IMPACT Developer & Contractor, Transport Trade Services, Patria Bank, BRD – Groupe Société Générale, Rompetrol, Agista, Mecanica Fină, AQUILA, Mecanica Fină, Bento, ROMGAZ, DN AGRAR, Sphera Franchise Group and ROCA Industry as Associate Members. ENVISIA, RTPR, Forvis Mazars, and Marsh Broker de Asigurare – Reasigurare became Affiliated Members.
More information about ARIR: www.ir-romania.ro.
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