CNVM is short on cash

The National Securities Commission, (CNVM), the supervision
and regulating authority of the capital market in Romania, is
seeking around 5.2 million RON (1.25 million euros), asking
investment funds and SIFs (Financial Investment Companies) to pay
commissions due in the first six months of the year and in advance,
offering 5% discount of the sum owed. The commission, which had
around 3 million RON left in its accounts at the beginning of 2009,
is having cash flow problems. “We are not the only ones who are
having financial difficulties at this time. This measure would
allow us to avoid problems with paying our employees,” CNVM sources
said. The commission has budgeted 33.2 million RON (8 million
euros) in ordinary revenues and similar expenses, with the biggest
expenses being salaries of the over 200 employees, estimated to
amount to 26.2 million RON (6.3 million euros) this year. The 200
supervise the activity of only 2,500 employees in brokerage firms,
investment funds and SIFs. The average salary anticipated for a
CNVM employee in 2010 is around 2,000 euros, almost 17% less than
the 2,400 maximum salary in 2007. The main stream of revenue of
CNVM is a yearly commission of 0.1% of the value of SIF and
investment fund assets, of around 11 billion RON (2.66 billion
euros).