Capital market institutions

FINANCIAL SUPERVISORY AUTHORITY

The Financial Supervisory Authority (A.S.F.) is an autonomous, independent, self-financed administrative authority, exercising powers under the provisions of the Government Emergency Ordinance no. 93/2013, approved with amendments by Law no. 113/2013, by the acquisition and reorganization of all the powers and prerogatives of the National Securities Commission, Insurance Supervisory Commission and the Commission for the Supervision of the Private Pension System.

BUCHAREST STOCK EXCHANGE

The presence of powerful investors on the emerging Romanian market is an extremely important target, and Bucharest Stock Exchange assumed the mission to contribute to strengthening investors' trust in the potential represented by Romanian companies.

The role of the Bucharest Stock Exchange is to encourage the development of a liquid and efficient capital market, offering equal opportunities and safety to all investors. As a self-regulatory body, the Bucharest Stock Exchange adopts due rules and procedures, which are subsequently subject to the approval of the National Securities Commission.

CENTRAL DEPOSITORY (S.C. DEPOZITARUL CENTRAL S.A.)

The Central Depository provides clearing, settlement, registry, depository and custody services for securities traded on regulated markets and alternative trading systems, as well as any other related operations.

CORPORATE GOVERNANCE INSTITUTE

Business area:

Promote the international knowledge to the employees of public owned companies in Romania and perfecting them theoretically and practically, through international cooperation and standardized surveys (OECD Corporate Governance Principles);

Organize specialized training courses in the capital market field;

Promote the economic and social awareness nationally and internationally;

Roll out projects, training programmes, seminars and conferences for increasing the acknoledgement level for the capital market participants, in general, and for the stock exchange participants, especially.

INVESTOR COMPENSATION FUND

The Investors Compensation Fund (S.C. Fondul de Compensare a Investitorilor S.A) or the Fund is a legal person established in June 2005 as a joint-stock company according to its articles of incorporation, preliminary approved by the Romanian National Securities Commission (Comisia Nationala a Valorilor Mobiliare - C.N.V.M.). The Fund is established under the Law no. 31/1990, with subsequent amendments, in accordance with the provisions of Law no. 297/2004 on capital market and the CNVM Regulation no. 3/2006 on the authorization, organization and functioning of the Investors' Compensation Fund, with subsequent amendments.

The Fund’s main object of activity is to collect contributions from the members and to pay out compensation to the investors when a member fails to return the money and/or the financial instruments owed by or belonging to investors, which have been held and/or managed on their behalf for the provision of investment services, up to the compensation limit established according to the regulations issued by C.N.V.M. All intermediaries authorized to provide investment services and investment management companies that manage individual investment portfolios must be members of the Fund.

Investors compensation is made within the limits established in accordance with CNVM regulations. Starting with 01/01/2012, the Fund compensates the investors equally and without discrimination, with an equivalent in lei of 20,000 euros/investor.