In the Official Gazette of Romania, Part I, no. 850 of 21st November 2014, the Regulation of the Management Board of the Chamber of Trade and Industry of Romania no. 25/2014 on advising, supervision, control and sanctioning of the activities of commodity exchanges, was published.

The Regulation includes norms regarding the conditions and the procedure of advising, supervision, control and sanctioning of the commodity exchanges, organized in compliance with the provisions of the Law no. 357/2005 on commodity exchanges.

The management board of the Chamber of Trade and Industry of Romania is the authority competent to apply the provisions of the regulation, carrying out this activity through an exchange commission.
The exchange commission is a speciality structure which has the role to advise, to supervise, to control and to sanction the commodity exchange activity, working and taking decisions on behalf of the Board.

According to the regulation, before setting up, the founders of the organising companies of the commodity exchange will solicit the prealable legal and opportunity opinion of the board, submitting to this end all the documents mentioned in the regulation.
The commission decides with regard to the solicitation of advising the setting up of a certain commodity exchange within maximum 30 days as of the date of submitting the documents necessary for advice.
In order to adopt a decision on granting the advice, according to the law, the Commission will check the fulfilment by the solicitant of all the conditions provided by the Law no. 357/2005 and will submit a motivated decision, de facto and ipso jure, which will be notified to the solicitant within 7 days as of the adoption date.

The commission grants the advice also for the operational regulations of the commodity exchanges.
The operational regulations are those regulations of a commodity exchange which are enforceable to the members, clients of the exchange and third parties in the activity carryied out on the markets managed by the exchange.

When exercising the supervision and control attributions, the Commission handles the appeals received from the shareholders, affiliated members and the clients of the commodity exchange regarding the sactions of suspension, exclusion or withdrawal from the transactioning adopted by the council of administration of the commodity exchange.

In case of seriously infringing the legislation and the operational regulation of the commodity exchange, the Commission may apply one of the following sanctions:
– revoking the advice given with regard to an operation regulation;

– suspending the transaction right of a shareholder or of an affiliated member for a period between one month and 6 months ;

– excluding an affiliated member from the transaction;

– revoking the right to access a client of the commodity exchange.

The commission will withdraw the prealable and opportunity notice granted to a commodity exchange in the following situations:
– one of the conditions which is based on advising is not fulfilled;

– the company is in a judicial reorganisation or bankruptcy stage ;

– in any other situation, at the company’s request.

All the decisions of the commission will be subject to ratification of the board on its first meeting which will take place after the date of its issuing.

:: The source: JURIDICE.ro

Denis BORTIS