Romania’s Sec Comm OKs Lucian Isac As Central Depository’s Interim Admin

The Board position remained vacant after CNVM has forbiden Nicolae Rusu, the president of brokerage company Orizont Vest Oradea, to further activate on the capital market.

Isac will be the interim administrator until the Depository’s shareholders meet to vote an administrator, the institution announced Wednesday.

Isac has already submitted his candidacy for the administrator position, alongside with Iancu Stavrositu (president of brokerage company Interfinbrok Corporation Constanta) and Septimiu Stoica, former president of the Bucharest Stock Exchange and current head of the Romanian Commodities Exchange.

End-January, CNVM fined Rusu with 5,000 lei (EUR1=RON4.2329) and nixed him to act on the capital market for three year, also withdrawing the authorization of his brokerage company Orizont Vest Oradea due to serious infringements of the capital market regulations.

In January, CNVM decided that Rusu is incompatible with both the position of secretary general of the Bucharest Stock Exchange and the one of Central Depository's Board member.

The Central Depository has a share capital of RON21.7 million. The Bucharest Stock Exchange is its main shareholder, with a 57% stake.

The Depository’s shareholding also includes the five regional investment funds SIFs, lenders UniCredit CA-IB Romania, BRD-Groupe Societe Generale, Raiffeisen Bank, ATE Bank Romania, BancPost, investment funds Romanian American Enterprise Fund and Broadhurst Investment Limited, Romania’s Chamber of Commerce and Industry, Central European Financial Services, alongside with companies Siti and Danas Expertize si Servicii Financiar Contabile.