CNVM makes 2m-euro "profit"

The National Securities Commission (CNVM) ended last year with a surplus (difference between revenues and spending) worth 7.6 million RON (2.1 million euros), mainly due to the increase in the activity of the capital market. CNVM funds itself mainly from commissions it collects from investors, brokers and other institutions of the capital market. Brokers on the Stock Exchange have been unhappy with taxes and commissions levied by the Commission for a while, claiming they are too big and hinder the development of the market. The CNVM last year saw total revenues worth 24.4 million RON (6.7 million euros), of which current revenues over the course of 2005 stood at 19.89 million RON (5.5 million euros), with the rest being the balance from the beginning of the year, while expenditures amounted to 16.8 million RON (4.6 million euros). In 2004, the CNVM had posted current revenues worth 14.89 million RON (3.67 million euros) and total expenditures worth 22.29 million RON (6.15 million euros). ZF