Investment regulation - Romania
Holding restrictions
Certain ownership limits apply to both foreign and local shareholding in Romania.
According to Law 24/2017, for shares traded in the Romanian regulated market, investors reaching, exceeding or going below voting rights of 5%, 10%, 15%, 20%, 25%, 33%, 50%, 75% in a publicly traded company must report via disclosure form such changes within three business days of the trade date to the issuer, the Financial Supervisory Authority and the Bucharest Stock Exchange (BSE).
When monitoring and disclosing ownership, thresholds take both direct and indirect holdings into consideration. Non-compliance with the threshold-reporting requirement may result in a fine of 0.1 to 10%of the turnover achieved in the previous fiscal year.
Disclosure requirements
For details of the local domestic disclosure requirements, please refer to the Disclosure Requirements.