Consolidated law almost enacted

The consolidated capital market law draft was finished in September and sent to the European Union institutions for feedback, so that it could be enforced next spring after the debate by the Parliament. “We hope to get the final comments on the consolidated capital market law draft by yearend or early next year,” Paul Miclaus, CNVM commissioner said. The National Securities Commission on Tuesday announced it had completed the institutional affiliation programme with its Italian counterpart, CONSOB (Commissione Nazionale per le Societa e la Borsa). The main result of the programme is the drafting of the consolidated capital market law in line with European Union’s norms in this field. Once all the comments from the EU have come in, the draft will be forwarded to the Parliament for debate, at which time it will be made public. Under the circumstances, the law might enforce next spring. Little is known about the news in the consolidated law at the moment. As CNVM officials say, the law will not include one of the changes some brokers and investors have been pushing for, i.e. increasing the maximum stake an investor may hold in a financial investment company from 0.1% to 1%. ZF