Romanian President Emil Constantinescu yesterday addressed a letter to the chairmen of the two Chambers of Parliament, requesting suspension of the National Securities Commission (CNVM) management, until the end of investigations related to the National Investments Fund (FNI). Moreover, the chief of state calls for the establishment of a parliamentary investigation commission that is to identify CNVM’s responsibility in this case.
A statement issued by the National Association of Investors in Romania (ANIR) considers that the crisis situation that affected the capital market following the FNI collapse was triggered mainly by “the constantly lamentable, inconsistent and irresponsible attitude and activity of CNVM.” The association also calls for the immediate dismissal of the Commission’s chairman, atefan Boboc, and for the appointment of a competent specialist to lead this institution and turn CNVM into an efficient and credible institution.
In line with the law on securities and stock exchanges, CNVM has the obligation to secure investors’ protection against unfair, abusive and fraud practices within these domains.
The management of this organism, jointly with representatives of FNI, were heard during last week by the budget-finances Commission within the Senate. The Commission will continue hearings after the pre-electoral holidays.
Contacted by Ziarul Financiar, CNVM vice-president Mirel ?ariuc refused to make a statement in this sense.