Bucharest
10 December 2014
Reporter: Stephanie Palmer
BNY Mellon supports new rules in Romania
BNY Mellon has welcomed new rules that make it easier for foreign investors to buy securities in Romanian companies.

The Romanian Financial Supervisory Authority (FSA) agreed to allow Romania-based companies to issue depository receipts (DRs) in other European Union (EU) states and to utilise DRs for non-capital raising technical listings and secondary public offerings.

The decision was made last year, and by November 2013, Romania’s largest natural gas producer and supplier, Romgaz, listed its global depositary receipts (GDRs) on the London Stock Exchange (LSE).

In July this year, power supplier and distributer, Electrica also registered on the LSE.

Christopher M. Kearns, CEO of BNY Mellon's depositary receipts business, said: "The new FSA rules will help Romanian companies diversify their investor base and provide more opportunities for foreign investors to participate in an exciting growth market."

The Romanian economy is thought to be growing at four times the rate of the eurozone, and the country is rich in energy reserves.

Kearns added: "As depositary bank for both Romgaz and Electrica, BNY Mellon is at the forefront of this evolution in the market."

The new rules from the FSA follow a similar move from the Taiwan Financial Supervisory Commission to allow for a non-capital raising depositary receipts. BNY Mellon was also active in developing new guidelines for Taiwan, and hopes to attract greater foreign investment to the jurisdiction.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
AxiomSL appoints new CEO for APAC
28 April 2017 | Singapore | Reporter: Stephanie Palmer
Peter Tierney has joined AxiomSL as CEO for the Asia Pacific region, based in Singapore
Northern Trust lands £6.7 billion Northern Irish pension mandate
27 April 2017 | Belfast | Reporter: Stephanie Palmer
Northern Trust has been appointed to provide global custody and a range of other services for £6.7 billion in pension fund assets belonging to the Northern Ireland Local Government Officers’ Superannuation Committee
State Street reports double-digit custody and administration growth
27 April 2017 | Boston | Reporter: Stephanie Palmer
State Street has seen a 10.7 percent increase in assets under administration and custody, ending Q1 2017 with just shy of $30 trillion
Linedata bolsters TA solution
26 April 2017 | London | Reporter: Stephanie Palmer
Linedata has upgraded it Linedata solution for transfer agents, to help clients to cope with increasing regulatory reporting requirements
Euronext launches French funds solution
26 April 2017 | Paris | Reporter: Stephanie Palmer
Euronext is set to launch its new solution making it easier to invest in open-end funds registered or passported in France
Esprow launches MiFID II compliance platform
26 April 2017 | New York | Reporter: Becky Butcher
Esprow has launched ETP GEMS, a global exchange and markets simulation platform that provides an on-demand testing environment to facilitate compliance with MiFID II
Opus expands APAC horizons
26 April 2017 | Singapore | Reporter: Stephanie Palmer
Compliance and risk management solution provider Opus has expanded its presence in Asia, opening a new office in Singapore
More news