The National Securities Commission (CNVM), the capital market supervision and ruling authority, has for this year budgeted a 75% increase in salary expenditures to 36m lei (8.75m euros) and wants to hire 86 people to reach a total number of 307 employees, according to the institution's spending and revenue budget.
CNVM currently has 221 employees, making the Commission the second largest authority after the National Bank of Romania, where over 1,700 people work.
According to ZF's estimates, around 2,000 professionals operate on the capital market, meaning that each CNVM employee supervises 9 market employees. In the banking system, which employs around 67,000 people, the ratio is 1 to 39.
The Commission has lately coped with a rising number of scandals on the capital market, including irregularities unveiled in the management of a SIF, frauds at brokerages or problems in the carrying out of tender offers.
To tighten control in 2011, CNVM wants to boost the number of employees to 307 from 221 at present and to raise the level of salary expenses to 36m lei, up 75% from the 2010 budget.
The National Securities Commission (CNVM), the capital market supervision and ruling authority, has for this year budgeted a 75% increase in salary expenditures to 36m lei (8.75m euros) and wants to hire 86 people to reach a total number of 307 employees, according to the institution's spending and revenue budget.
CNVM currently has 221 employees, making the Commission the second largest authority after the National Bank of Romania, where over 1,700 people work.
According to ZF's estimates, around 2,000 professionals operate on the capital market, meaning that each CNVM employee supervises 9 market employees. In the banking system, which employs around 67,000 people, the ratio is 1 to 39.
The Commission has lately coped with a rising num
