Romania might lift quarterly financial reporting requirements for BVB-listed companies

The obligation of quarterly financial reporting for companies listed on the main market of the Bucharest Stock Exchange (BVB) could be lifted as a result of a draft amendment to Law 24/2017 on issuers of financial instruments proposed by Romania's Ministry of Finance.

Thus, in Article 61, paragraph 1 of Law 24/2017, the part stipulating that issuers prepare, make available to the public and transmit to the Financial Supervisory Authority and the market operator quarterly, semi-annual and annual reports would be modified, being replaced by "issuers draw up, make available to the public and send semi-annual and annual reports to the ASF and the market operator," Ziarul Financiar reported.

Analysts, however, warn that such a move would decrease the degree of transparency of companies and would lead to a worsening of corporate governance, which would, in principle, be negatively reflected in the share price and increase its volatility.

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