FEAS Yearbook FEAS Yearbook 2003 | Page 37

BUCHAREST STOCK EXCHANGE TRADING CLEARING & SETTLEMENT Days Hours: Regular equities Odd lot equities Deal equities Unlisted equities Public offer equities Buy-in equities Sell-out equities Order bonds Deal bonds Market segmentation System: trading system, clearing-settlement and registry system Mechanisms Market makers/specialists Instruments Currency Real time information Monday-Friday 10:00-14:30 10:15-14:15 10:15-14:15 10:00-14:15 Only when necessary Only when necessary Only when necessary 11:00-13:00 11:00-13:00 Equities: first tier, base tier, plus (transparency) tier, unlisted tier; Bonds: municipal bonds, corporate bonds; international tier Equities: electronic systems integrated in real time; Bonds: electronic integrated trading platform designed and implemented in-house Common shares: single price auction, multiple price auction, order driven, dealing; corporate bonds: multiple price auction, quote driven, dealing; municipal bonds: order driven, quote driven, dealing No Stocks, municipal bonds and corporate bonds Local currency Equities and bond: market depth and basic data (volumes, prices, indexes) STRUCTURE & REGULATIONS Legal Regulation Securities market regulations Trading rules Surveillance Corporate actions Trading halts regulations Investor protection Interest income Capital gains No T+3 Yes Net settlement for money and gross settlement for securities common shares, municipal bonds & government securities Clearing Multilateral netting DVP Yes Clearing institution Performed by the Stock Exchange Registry Risk sharing Yes Margin/lending No Custodians Commercial banks FOREIGN PARTICIPATION Special statutes within the law Self-regulated institution BSE and National Securities Commission (NSC) BSE BSE and NSC Yes Yes Yes Foreign investors No restrictions Investment limitations No limitations Repatriation No restrictions TAXES Cash dividends Central depository Period Registered Settlement 2003-TOTAL TURNOVER BY SECTOR Natural person: residents: 5% and non-residents: if double taxation agreement exists it prevails; if not 5%; Legal person: residents: 10% (dividends are not included in the profit) and non-residents: if double taxation agreement exists it prevails, if not 25% of total net profit Natural person: residents: 1% and non-residents: 1%, in case of submission of fiscal residence certificate issued by authorities from the country of residence; if not, 10%; Legal person: residents: 1% and non-residents: if double taxation agreement exists it prevails, if not 10% Natural person: residents: 1% and non-residents: if double taxation agreement exists it prevails; if not 1%; Legal person: residents: 25% of total net profit and non-residents: if double taxation agreement exists it prevails, if not 25% of the net capital gain of portfolio per brokerage house 17.5% Pharmaceuticals 17.5% Energy 3.1% Chemicals 3.2% Materials 7.4% Equipment 47.7% Banks & financial services 2.2% Services 1.4% Consumer goods 2004 HOLIDAY CALENDAR Jan. 1, 2; Apr. 12; Dec. 1 MINIMUM LISTING REQUIREMENTS Requirements Prospectus Special requirements Category First Tier EUR 8,000,000 3 No n/a Shares: 15% minimum Bonds: 30% minimum 1,800 shareholders with the exception of management and employees 2 3 No Common shares, municipal and corporate bonds Yes (Central Depository function will be performed by the Stock Exchange Registry) Yes No Additional special requirements n/a n/a Minimum paid-in capital Years of business activity Capitalization of issue Free float Free float ratio Minimum # of shareholders Minimum years of positive financial results # prior years audited financial accounts # times dividends distributed in last 3 years Whole class of securities to be issued Listing agreement with Central Depository Category Base Tier EUR 2,000,000 No No n/a n/a Category PLUS Tier EUR 2,000,000 No No n/a n/a No No No 1 No Common shares, municipal and corporate bonds Yes (Central Depository function will be performed by the Stock Exchange Registry) Yes No No 1 No Common shares, municipal and corporate bonds Yes (Central Depository function will be performed by the Stock Exchange Registry) Yes To be listed on the "First Tier" or "Base Tier" at BSE; the implementation of Corporate Governance Code n/a FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004 PAGE 35