Obtaining the authorization for a connection between the Polish depository (KDPW) and the Romanian Central Depository, which should allow the listing of the Proprietatea Fund in Warsaw in the next six months, could be a very ambitious target, considers Iwona Sroka, the chairwoman of the KDPW, who has been waiting for a year and a half for the "OK" of the Romanian National Securities Commission.

Iwona Sroka told us, in an interview, that the KDPW has been invited to bring its observations to the project for the modification of the regulations of the Central Depository, initiated by the CNVM, at the end of last year. Since then however, the KDPW has not received any further information about the stage of the amendments in question, as on a local level, the Commission is nearing its disappearance, due to its future integration in the Financial Supervision Authority, together with the Insurance Supervision Commission and the Commission for the Supervision of the Private Pension Funds.

Reporter: Last year, you were holding talks for the indirect connection to the Romanian Central Depository, through a custodian bank, due to the idea that the Proprietatea Fund is looking for the dual listing on the Vienna Stock Exchange. What happened to that plan?

Iwona Sroka: It is true, we have a completed agreement with a Romanian custodian bank, which is just waiting for the approval and the signature.

Unfortunately, in May 2012, the CNVM - the Romanian National Securities Commission, has officially informed us, that any connection by the KDPW to the Romanian market, either direct or indirect, violates some specific rules, and therefore, the plans of the KPDW to open a connection have to wait for the CNVM (or its successor) to bring amendments to the relevant provisions of the regulations.

Reporter: The shareholders of the Proprietatea Fund have app