ECOFIN adopted the package to integrate capital markets / Nazare: the measure could bring more capital to Romanian companies

The Economic and Financial Affairs Council of the European Union (ECOFIN) adopted on Tuesday the legislative package for the integration and supervision of capital markets, after more than ten years of discussions and ten months of intensive negotiations. Romanian Finance Minister Alexandru Nazare announced that the measure aims to reduce fragmentation and bureaucracy at European level.

The MISP package introduces an alternative framework under which large companies will be able to operate in several member states through an “investment passport.” According to Nazare, the new rules could facilitate Romanian companies’ access to financing and investors from other European countries.

The legislation simplifies the cross-border activities of companies and financial institutions and establishes clearer rules for their supervision. Romania also supported strengthening the powers of national authorities in cases of violations committed by foreign investment firms operating on the local market.

Another objective is to improve Romanian authorities’ access to data on transactions carried out by investors in Romania, including those conducted on the capital markets of other member states. Negotiations with the European Parliament will begin after it adopts its position, with a view to finalizing the new rules.