Following the publication of the article "The CNVM shirks its duties" - (,,C.N.V.M. se derobează de atribuţii"), which was published on March 30th, 2012 in the BURSA newspaper, the CVNM feels that it needs to make the following clarifications:

The drafting of the measure no. 11/28.03.2012 was done in compliance with the competence and the duties of the CNVM it had been legally granted through its Bylaws and it took under consideration the manner of organization and functioning of the market operator.

Thus, according to the provisions of the law, the regulations issued by the CNVM concerning the functioning of the market operators will also concern the organizational structure of the market operator.

Through this measure, the CNVM has pursued the streamlining of the activity of the market operator. The measure does not represent a transfer of the legal competences of the CNVM, their delegation or the substitution of the institution of the inspector - whose duties are stipulated in art. 135 paragraph (3) of the Law of the Capital Market. Thus, the title of the article ,,The C.N.V.M. shirks its duties" is inaccurate and tendentious, as is the mention that the general inspector of the Exchange, Mr. Ionel Oprea, resigned on April 7th, 2004.

In this context, we have to emphasize that there are substantial differences between the competences of the representative of the internal audit department and those of the inspector. Thus, the former is an employee of the market operator, and their main duties are to make sure that the company and its employees comply with the applicable provisions of the law, whereas the duties of the inspector appointed by the CNVM were aimed mostly at the oversight of the trades concluded on the regulated market managed by the market operator, supervision which is currently being done in real time by the CNVM through the mar