Bucharest Stock Exchange selects 22 advisors for start-up and SME listings on its new market

Bucharest Stock Exchange (BVB), Romania’s main capital market operator, has selected 22 firms as Authorised Advisors for the new AeRO market, a platform dedicated to early stage companies, start-ups and small and medium enterprises (SMEs), BVB has announced. A total of 19 brokerage firms already active in the markets operated by BVB, as well as three private advisory companies, will try to attract new issuers and investors on this new market segment, which BVB wants to develop following the same model as the NewConnect market in Poland. An Authorized Advisor must offer issuers support before their debut and during the listing process, as well as advise issuers on reporting and transparency requirements after the debut. They will be also responsible for guiding the companies on any arising legal and administrative challenges, as well as for assisting in the preparation of all the relevant information documentation, such as financial reports and other information relevant to investors. The list with the Authorized Advisors for the AeRO market was published on Monday, January 19, 2015,on the BVB website, under the AeRO market section. The list will be updated as BVB will authorize new advisors. Authorised Advisors on the AeRO market segment are only authorised by the Bucharest Stock Exchange, unlike the main market of the BVB, where all intermediaries must be either banks or brokerage firms authorised by the Financial Supervisory Authority (ASF). The costs with the Authorised Advisors are covered by the issuers. The new AeRO market segment will be launched on February 25, 2015. Read more about the new AeRO market here. Andrei Chirileasa, andrei@romania-insider.com