* The capital market watchdog sent one of its representatives to the Sibiu Exchange
According to an Ordinance issued on Friday, the Romanian National Securities Commission (CNVM) is forcing the Board of Directors of the Sibiu Exchange to appoint a temporary administrator, until the next General Meeting of Shareholders, to replace the head of HTI Valori Mobiliare, Cosmin Ivan, who resigned in the beginning of last month.
The capital market watchdog has also forced the Board of Directors of Sibex to summon the General Shareholder Meeting, within two working days after the enactment of the Ordinance, in order to elect an administrator on the vacant seat of the Board of Directors for the remainder of the mandate of Cosmin Ivan, as well as to validate the second manager of the company, according to the company"s bylaws.
The Emergency Ordinance comes as the market had expectations that the Romanian National Securities Commission would validate the members of the Board of Directors elected in the General Shareholder Meeting held at the end of April. However, the enactment of the decision of the General Shareholder Meeting was suspended by a court ruling, at the end of last month, causing the Romanian National Securities Commission to put the validation of the directors elected in April on stand-by.
"We can"t go over the court"s decision, as the rulings of the Court of Sibiu are valid erga omnes (ed. note: binding for everyone)", CNVM commissioner Bogdan Chetreanu said for "BURSA", adding: "First of all, this issue needs to be solved in court, because there is nothing for the Romanian National Securities Commission to validate, given the fact that the election of the new Board of Directors was invalidated. Once we solve this issue, we will go over to validating new administrators ... We don"t expect them to have any eligibility issues.
The Ord
