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Glossary

Salt la:  a b c d e f g h i j l m n o p q r s t w

Accepted market practices: : This practices are referring to the practices used in one or more markets and accepted by National Securities Commission in accordance with the European procedures.

Account : Account of financial instruments opened in the BVB system, used in transaction business (placing orders and managing stock transactions).

Accumulated interest: : The share of the current coupon value corresponding the elapsed days from the current coupon period, starting with the date of issue or the previous coupon date, inclusive, and ending with the transaction’s settlement date, exclusive. The accumulated interest is expressed as a percentage of the current value of the obligation’s principal or of the title state interests’ nominal value. For bonds, the accumulated interest may be positive or negative.

Admission prospect for transaction: : A prospectus prepared in accordance with NSC Regulation 1/ 2006 to admission of financial instruments on the regulated market managed by BVB.

Alternative trading system: : a system which brings together more parties which buy and sell financial instruments, in a manner that results in the conclusion of contracts, also called multilateral trading system.

Appeals Committee: : Body of BVB competent in the advisory material to solve complaints against the decissions of ratifying the participants and agents of exchange, which is organized and operates in accordance with the Rules of organization and functioning of BVB.

Asset management company: : legal person constituted as a joint stock company under Law 31/1990 with subsequent modifications and additions, only under the authorization NSC, has as main activity the administration collective investment in transferable securities (OPCVM) or, provided authorization CNVM, the administration of other collective investment undertakings (AOPC), to which it is subject to prudential supervision.

Bear market: : Market of securities or financial goods with prices downward in the fall.

Best price : Order price with the highest priority of execution, namely the highest price for buying or the lowest price for sale of a symbol in a market.

Beta : Coefficient, measuring the volatility of individual financial securities compared with a group standard, taken as a unit, any title with a financial high beta coefficient is more volatile than the market and any financial title with a low beta coefficient indicates a slower reaction than market’s variations.

Board of administration (BA): : Abbreviated name of the board of administration, body governed by law 31/1990 and law no. 297/2004.

Bond : The general term for a long-term loan in which a borrower agrees to pay a lender an interest rate (usually fixed) over the length of the loan and then repay the principal at the date of maturity. Bond maturities are usually 10 years or more, with 30 years quite common. Bonds are used by corporations and federal, state, and local governments to raise funds. Most bonds are negotiable, or can be readily traded prior to their maturity date. The price at which a bond sells depends on the original amount borrowed, the interest rate the bond pays, and comparable interest rates and returns on other investments in the economy.

Brokers’ Association: : Professional nonprofit association of intermediaries of securities, legal, authorized by the CNVM, with the goal of promoting and representing the interests of the broker’s community.

Bucharest Stock Exchange (BSE): : market operator and system operator, which provides investors covered markets of financial instruments, on view and on time, and alternative trading systems, by information systems, mechanisms and rules for appropriate for transactions performing with financial instruments under the law conditions and articles of association contitutive act of BSE.

Bull Market : Market of financial titles or goods with prices upward in the climb

Buyer’s and special operations markets: : “Order-driven” type of markets in which the financial instruments which are the object of the public offers operated through Bucharest Stock Exchange are being traded or other methods of financial instruments selling stipulated in special laws as well as in the privatization materials.

Central Depositary: : Is the institution which provides storage, register, clearing and settlement services, which involves transactions with financial instruments and other related operations as defined in the Law no.297/2004 on capital market and the Regulation of CNVM no. 13/2005 on the authorization and operating of The Central Depositary, the clearing houses and the central contacts. It has the quality to manage a payment system which ensures the funds’ clearing and the operations’ settlement with financial instruments, according to the provisions of the BNR Regulation no. 1/2005 payment systems which secures funds clearing, changed and completed by the BNR Regulation no.9/2005.

Class of securities: : Includes securities of the same type (stock, bonds, warrants, rights, preferences, etc..) having the same terms and characteristics (nominal value, voting rights, right to payment of dividends and rights of preference - for shares - and the nominal value, price, interest, duration / maturity, terms of redemption, repayment plan, the conversion rights - for bonds) and are issued by the same issuer.

Clearing member: : In the member from the regulated market of goods, services and derivatives, who is also a member or shareholder at a clearing house and, thereby, has the right to register to clearing house all the transactions performed by the brokerage companies.

Client : Any natural or legal person to whom an S.S.I.F. provides investment and/or ancillary services.

Client Account: : Account of financial instruments opened by a Participant, on behalf of a client who does not fit into categories Insider, Staff, House, Institution.

Close links: : The situation in which two or more natural or legal persons are linked by: a) participation, which shall mean the ownership, direct or by way of control, of 20% or more of the voting rights or share capital of an undertaking; b) control, which shall mean the relationship between a parent undertaking and a subsidiary or a similar relationship between any natural or legal person and an undertaking; any subsidiary undertaking of a subsidiary undertaking shall also be considered a subsidiary of the parent undertaking which is at the head of those undertakings; a situation in which two or more natural or legal persons are permanently linked to one and the same person by a control relationship shall also be regarded as constituting a close link between such persons.

Closing price: : The price at which the last transaction is executed for a symbol in a given market during a trading session.

Collective investment undertakings: : Organised undertakings, with or without legal personality, hereinafter called O.P.C. which attract, either privately or publicly, the financial resources of natural and/or legal persons, in order to invest them in accordance with the provisions of this law and with the regulations issued by CNVM.

Commission : Perceived amount by S.S.I.F. for intermediation services performed on a regulated market for financial instruments.

Common shares (stocks): : Class of shares issued most frequently by companies, which gives the holder the right to vote in the general meeting of shareholders the right to collect dividends.

Coupon bonds: : The bonds with interest whereby the Issuer is obliged to pay the owner a sum of money at specified time intervals and to repay the full or the remaining amount due of the principal.

Coupon date: : The day when the Issuer’s obligation to make the payment of a coupon and/or a share of the principal ( or nominal value for government bonds ) to the owner of the bond/government bond becomes due. This date is settled within the coupon.

Coupon period: : The time interval, expressed in days, between the day the coupon is being issued and the date of the the first coupon or the time interval between the previous coupon and the date of the current coupon. According to the the period of the coupon, the coupon can be normal, short or long.

Coupon rate : Annual percentage rate expressed as a percentage of the value of current bond principal or the nominal value of a state title with interest. It is used to determine the value of coupon.

Coupon: : The amount of money properly to the interest, calculated for the coupon period, due periodically by the issuer (Ministry of Economy and Finance, in the case of state securities) bond holders or government bond holders and will be paied according to the document or prospectus of the issue.

Cum-coupon period: : The time interval expressed in days, beginning with the date the coupon is being issued or the date of the previous coupon (including this day) and the refrence day (including this day).

Cum-coupon transaction: : Transaction which has its settlement in the cum-coupon period.

Current coupon: : a coupon whose coupon period did not end at the date of tranzaction discount, whose obligation to pay becomes payable to the nearest coupon payment date, established in the document or prospectus of the issue.

Deal : Firm offer to buy or to sell a certain amount of financial instruments, which is sent directly to a trader named initiator who forwards it to another trader called contact. The identity of the parts is not revealed to other Participants.

Depositary: : It represents that credit institution in Romania, authorized by the National Bank of Romania, according to the banking legislation, or the branch of a credit institution, authorized in a member state, advised by CNVM to store, in terms of safety, all the assets of a O.P.C.V.M.

Depozitarul Central : este institutia care furnizeaza servicii de depozitare, registru, compensare si decontare a tranzactiilor cu instrumente financiare precum si alte operatiuni in legatura cu acestea astfel cum sunt definite in Legea nr. 297/2004 privind piata de capital si Regulamentul CNVM nr. 13/2005, privind autorizarea si functionarea Depozitarului Central, caselor de compensare si contrapartilor centrale, avand calitatea de administrator al unui sistem de plati care asigura compensarea fondurilor si decontarea operatiunilor cu instrumente financiare, in conformitate cu prevederile Regulamentului BNR nr. 1/2005 privind sistemele de plati care asigura compensarea fondurilor, modificat si completat prin Regulamentul BNR nr. 9/2005.

Distance contract: : Any contract concerning financial investment services, concluded between an intermediary, as a bidder, and an investor, as recipient of financial investment services, within a sales system or financial investment services providers on distance, organized by the bidder, who, for carrying a contract, uses only one or more means for distance communication, starting with the moment when the contract was signed, until expiry.

Distributed stocks : small number of shares within a larger number of shzares of a single securitz that are sold consistentlz over a long period of time as opposed to all at once. This is done to avoid causing fluctuations in price

Dividends : Share of the net profit which is distributed periodically as amounts of money or shares to a company’s shareholders; the dividends must be stated as an income in the year when they are received, being taxable.

Equity securities: : shares and other transferable securities equivalent to shares in companies, as well as any other type of transferable securities giving the right to acquire any of the aforementioned securities as a consequence of their being converted, or the right conferred by them being exercised, provided that securities of the latter type are issued by the issuer or by an entity belonging to the group of the said issuer.

Ex date: : The date of trading within BVB, the date when the buyers of a share do not benefit anymore by the rights of the share and over whom don’t reverberate the decisions of the General Meeting of Shareholders.

Ex-coupon date (for bonds): : The settlement date of transactions made through the B.V.B. system, the date when the buyers of a bond don’t benefit anymore by the payment of a current coupon and/or a share of the principal. The ex-cupon date is the working day right next to the reference date and marks the beginning of the ex-coupon period. There are determined ex-coupon dates for each coupon period except the last coupon period.

Ex-coupon period: : Represents the time interval, expressed in days, between the ex-coupon date (including this date) and the current coupon date (exclusive).

Ex-coupon transaction: : Transaction which has its settlement in the ex-coupon period.

Exchange Council: : Board of Directors of Bucharest Stock Exchange

Financial calendar: : Calendar of Financial Communication of an issuer, for carrying the information periodically.

Financial instruments : Mean: a) transferable securities; b) units in collective investment undertakings; c) money market instruments including government securities with maturity less than one year and deposit certificates; d) financial-futures contracts, including equivalent cash-settled instruments; e) forward interest-rate agreements, hereinafter referred to as FRA ; f) interest-rate, currency and equity swaps; g) options to acquire or dispose of any instruments falling within the scope of subparagraphs a) – d), including equivalent cash-settled instruments; this category includes options on currency and on interest rates; h) derivatives on commodities; i) any other instrument admitted to trading on a regulated market in a Member State or for which a request for admission to tarding on such a market has been made.

Financial Investment agent: : A natural person who, under the full and unconditional responsibility of only one investment firm, provides investment services exclusively on behalf of the investment firm wich employs him.

Financial investment services companies SSIF: : legal persons, constituted in the form of joint stock companies, issuing shares, according to Law 31/1990 with subsequent modifications and additions, as their exclusive business services and financial investment that only under the authorization of CNVM.

Firm quotation: : The ensemble consists of a firm offer for sale or a firm offer for buying imputted for a number of government bonds in the main market, by a Market Maker of the regulated market, recorded for the respective series.

Forced liquidation: : The forced operation of closing open positions.

Forward contract: : It is a private agreement to buy or sell, to deliver and to pay at a future date a certain commodity, currency or financial asset at a price set upon closing the transaction.

Futures contract: : A standardized agreement traded on BMFMS (Scholarship Monetary-Financial and Sibiu Goods), to buy a commodity, asset or financial at the payable due contract at a price set upon closing the transaction.

General Meeting Of Shareholding: : A.G.A. -Abbreviated name of the General Meeting of shareholders, judicial institution regulated by Law 31/1990. May be ordinary, in which case it will curtail AGAO or extraordinary case in which will condense AGAE.

Government bond price : The price of a government bond issued with a 365 days due date represents the buying price or the selling price expressed as a percent from the face value/nominal value. It is calculated by the system using the earning yield inserted in a firm or informative price quotation, deal or order

Gross price for bonds : Gross price for bonds or state titles with interest, issued with maturity greater or equal to 365 days represents the price which includes accumulated interest, said in a firm or informative quotation, deal or order entered in the BVB. It is expressed as a percentage of principal amount of the bond or of the nominal value of a state title.

Group : An association of companies made up of a parent company, its subsidiaries and the entities where the parent company or its branches hold equity participation, as well as companies tied together by a relationship that requires account consolidation and annual report consolidation

Group account in BVB system: : Work account used in an order and alows, through the instrumentality of the mechanisms of subscription and allocation, to achieve the transactions operations by only one command and presents common features of price for individual account components.

Handling Market: : a) transactions or trading orders; 1. which could give false signals or misleading in connection with the demand, supply or price of financial instruments, 2. which keeps, through the action of one or more persons acting together, the price of one or more financial instruments to an abnormal or artificial level, b) transactions or trading orders involving fictitious devices or any other form of deception, c) dissemination of information through media, including internet or through any other means that give or may give false signals or misleading information on financial instruments, including the dissemination of false news and rumors or misleading in conditions in which the person who disseminated the information knew or should have known that the information is false or misleading.

Home Member State: : a) the Member State where the registered office of the investment company or the management company is situated; if, under its national law, the firm has no registered office, the home Member State is that in which its head office is situated; b) the Member State where the registered office of the body which providestrading facilities is situated; if, under its national law, the body has no registered office, the home Member State is that in which the body’s head office is situated; c) the Member State where the registered office of a management company of an undertaking for collective investment in securities, established as open end investment fund, is situated, as well as the Member State where the registered office of the investment company is situated, in the case of an undertaking for collective investment in securities established as an investment company.

Host Member State: : a) the Member State in which an investment company or a management company has a branch or provides services; b) the Member State, other than the home Member State of the undertaking for collective investment in securities, where the securities issued by the latter are traded .

House account: : Account of financial instruments opened in its own name by a Participant. An account of House can not be part of a group.

Informative quotation: : the intention, not the obligation, to buy or sell a number of financial instruments at a given price.

Initiating firm: : Participant who provide support for issuers in order to be admitted and promoted to trading.

Insider: : account of financial instruments held by a customer who has access to confidential information and / or privileged in relation to an issuer whose financial instruments are admitted on the regulated market managed by the BVB, and also by a customer who holds or has held for at least 1 year the position of signifiant shareholder to at least one company whose shares are admitted to trading on the regulated market managed by the BVB. Categories of initiated persons are stipulated in the CNVM regulation.

Insolvency proceedings: : collective measure provided by the Law no. 253/2004 on settlement finality in payment and securities settlement systems or by the foreign legislation either to wind up a participant or to reorganise it, where such measure involves the suspending of, or imposing limitation on, transfers or payments.

Intermediaries: : Investment firms authorised by R.N.S.C., credit institutions authorised by the National Bank of Romania according to the relevant banking legislation, as well as other such entities authorised in Member or non-Member States to carry out investment services such as those referred to in art. 5.

Investment Consultancy: : Personal recomandation offered to a client, concerning one or more transactions with financial instruments.

Investment firm: : Has the meaning laid down in art. 7, paragraph (1), point 6 of Government Emergency Ordinance no.99/2006 on credit institutions and capital adequacy, that is any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis.

Investment fund: : Collective investment undertaking with no legal personality

Involved persons: : a) persons that control or are controlled by an issuer or that are under joint control; b) persons that participate directly or indirectly to the conclusion of agreements in order to obtain or exercise voting rights jointly, if the shares subject to the agreement grant controlling position; c) natural persons within issuing companies that are part of the company’s control and management; d) spouses, relatives and in-laws, second rank ones included, of the natural persons referred to in subparagraph a), b) and c) ; e) persons that are able to appoint the majority of Board members within an issuer.

Issuance date: : The date when the interest of the first coupon for a bond/government bond begins to accumulate( the date when de government bond was issued ). Issuer: Entity that holds legal status or not and that has issued, is issuing or plans to issue financial instruments.

Issue series: : Unique alphanumeric code that identifies an issue of bonds of an issuer or an issue of government bonds.

Issuer: : Entity that holds legal status or not and that has issued, is issuing or plans to issue financial instruments.

Joint account investment: : Investment made in the account of two or more persons or over which two or more persons have rights that can be exercised by the signature of one or more of the persons mentioned.

Last day of trading: : Last working day of the expiration month.

Law 297/2004: : Law no. 297/2004 on the capital market, with subsequent modifications and additions.

Law 31/1990: : Law no. 31/1990 on commercial companies, republished, with subsequent modifications and additions.

Liquidation: : Closing a position through a transaction of the same size and opposite content.

Long position: : If one futures contract has been bought, the buyer has a long position. A person that has bought 10 futures contracts on Gold that person would have 10 position long on Gold. The transactors taking a long position on the market is expecting the prices to rise. They expect to make a profit by selling the contracts later at a better price than the one with which they purchased the contracts initially.

Lump account: : Account of financial instruments opened by a custodian Participant / Agent, where the financial instruments are registered under the clients whose mandatory is the participant / agent custodian.

Main market: : The market assigned by the Bucharest Stock Exchange as the refrence market for each symbol that is being traded in the Bucharest Stock Exchange.

Margin call: : Request with a compulsoriness title, supplementing the requirement of funds, so that the sum of the "house" account or "clients" account to raise to the level of the margin.

Mark to market: : Daily adjustment of margin accounts to reflect profit or loss for open positions. Marking to market is achieved at the quotation price of the trading session, if the clearing house doesn’t decide otherwise.

Market Maker: : A S.S.I.F. which holdsitself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against its proprietary capital at prices defined by it.

Market Symbol: : a symbol combination with a market in which the symbol is traded on BVB and train toghether a logic unit managed independently.

Maturity date : Last working day of the month when the contract expires; at the end of the day the house of compensation, as specified in contracts, validates all remaining open positions.

Maturity date (bonds): : The maturity date of a bond is the date when the issuer must pay the value of the loan to the investor. It represents the last coupon date of a bond. On this date the payment of the last coupon and/or the integral/residual value of the principal becomes due. For government securities it represents the date when the obligation to pay the nominal value of a state title with discount becomes due or the last coupon date of title state interest when the obligation to pay the last coupon and the nominal value is due.

Maximum price fluctuation (market BMFMS): : Highest price that a contract can change during a trading session.

Medium price: : Price which represents a weighted average of prices to the volume of transactions concluded in a given market during a trading session, rounded to the nearest step price.

Member States: : the Member States of the European Union and the other states which belong to the European Economic Area.

Membership Card: : Package of 20 BMFMS shares for the founders or 50 shares for other members, whose back holds gives the right to trade on BMFMS markets.

Minimal order volume: : The minimum amount of financial instruments admitted when placing an order in the stock trading system.

Monitoring: : Continuous supervision, performed by specialized personnel in compliance with the legal purview regarding trading financial instruments on the regulated market.

Movebile values (securities): : a). shares issued by a company and other securities equivalent to these ones, negociated on the capital market; b).bonds or other account claims, including government bonds with the maturity greater than 12 months, that are negociated on the stock exchange; c). any other negociable titles on a regular basis which give the right to purchase such securities by subscription or exchange giving place to a cash settlement, excluding instruments of payment.

Municipal Bonds: : Bonds issued by the authorities of local government of cities, towns and communes.

Naked position: : Opened position which does not have the maintenance margin covered

Negative accumulated interest: : Is the accumulated interest corresponding to the number of days left from the current coupon, starting with the transaction’s settlement date, inclusive, ending with the coupon date, exclusive.

Net price : : For bonds or state titles with interest, issued with maturity greater or equal to 365 days represents the price which does not including accumulated interest, mentioned in a firm or informative quotation, deal or order entered in the BSE system. It is expressed as a percentage of principal amount of the bond or of the nominal value of a state title.

Netting : The conversion into one net claim or one net obligation of all claims and obligations resulting from transfer orders which a participant or participants either issue to, or receive from, one or more other participants with the result that only a net claim can be demanded or a net obligation owed.

Offeror or person making an offer: : Means a legal entity or individual which offers securities to the public or offers to buy securities.

Open position: : A futures contract or other financial instrument that it hasn’t been closed through a contrary opperation

Open-end investment fund: : Collective securities investment scheme with no legal personality, whose units are subject to ongoing issuing and repurchasing

Opening price: : The price at which the first transaction is executed for a symbol in a given market during a trading session.

Options : Contracts between a buyer and a seller, giving to the buyer the rights but not the obligation to buy or sell a particular asset - commodities, financial titles or menetary instruments, at a certain future date, as obtained in exchange of payment to the seller of a premium.

ORC : Trade Register Office

Order : Instruction to buy or sell a certain financial instrument.

Parent undertaking : : legal person, shareholder or associate of a firm which can be found in one of the following situations: a) holds directly or indirectly the majority voting rights in the company; b) may appoint or discharge the majority members of management and control or other decision-making persons in the company; c) may exercise significant influence over the entity where it acts as shareholder or associate, based on the clauses included in the contracts signed with that entity or based on certain provisions included in the instruments of incorporation of that entity; d) he is shareholder or associate in an entity and: 1. has appointed alone, as a result of exercising his voting rights, the majority members of management and control bodies or the majority managers of subsidiaries during the last two financial years, or, 2. it controls, on its own, based on an agreement signed with the other shareholders or associates, the voting rights majority.

Participant to the trading system of B.V.B: : Intermediaries/ Financial services investments companies that are registred in the Public Register of the National Securities Commission (CNVM).

Participation titles: : units or shares issued by collective investment undertakings according to their legal form.

Persons acting in concert: : two or more persons, linked by a concluded agreement or by a gentlemen’s agreement in order to enforce a common policy regarding an issuer. The following persons are presumed to act in concert, if no adverse evidence is in place:a) involved persons; b) the parent company together with its subsidiaries, as well as any of the subsidiaries of the same parent company among themselves; c) a firm with its Board members and with the involved persons, as well as these persons among themselves; d) a firm with its pension funds and with the management company of these funds.

Positive accumulated interest: : Is the accumulated interest corresponding the number of days left from the issue date, in case of the first coupon’s period, or the previous coupon’s date, till the settlement date of the transaction, exclusive.

Pre-emptive right: : The right of the common shares’ owners to buy, with priority, at the subscription price, shares from a new issue of the same company, before they will be available on the market.

Preffered shares: : Owner's preference to offer payment of dividends, but not the right to vote in the general meeting of shareholders.

Principal: : Value corresponding to a bond loan, excluding interest on it, which the issuer agrees to repay it at maturity. The principal may have unique value only when there is only one drawback, or current value, in case of an advance repayment. Coupon rate is applied to the current value of the principal.

Privileged information: : (1) By "privileged information" means information of a precise nature which has not been made public, which relates directly or indirectly to one or more issuers or to one or more financial instruments, which, if it would be submitted to the public, it could have a significant impact on the price of those financial instruments, or the price of derivative financial instruments that are connected with. (2) When referring to derivatives on goods, "privileged information" means information of precise nature which has not been made public and that relates directly or indirectly to financial derivatives and the market participants that traded those derivatives are expecting to receive it, in accordance with accepted market practices. (3) For persons responsible for executing orders on trading financial instruments, "privileged information" means also the nature of precise information, transmitted by a client in connection with its orders that have not been executed yet, in relation directly or indirectly to one or more issuers or to one or more financial instruments, information which, if it would have been madepublic, could have significant effects on the price of those financial instruments or the price of derivative financial instruments that are connected with.

Public distributed shares dispersion (free float) : The percentage representing the public distributed shares’ distribution is calculated as a ratio between the number of public distributed shares and the total amount of issued shares beeing in circulation and belonging to an Issuer.

Public offer : Means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable the investor to decide to sell, purchase or subscribe to these securities. This definition shall also be applicable to the placing of securities through financial intermediaries

Qualified investor: : a) legal entities which are authorised to operate in financial markets, including credit institutions, investment undertakings, other authorised or regulated financial institutions, insurance companies, collective investment schemes and their management companies, pension funds as well as entities not so authorised or regulated whose corporate purpose is solely to invest in securities; b) local and central public administration authorities, central credit institutions, international and supranational institutions such as the International Monetary Fund, the European Central Bank, the European Investment Bank and other similar international organisations; c) other legal entities that meet two of the following three criteria: 1. an average number of employees during the financial year larger than 250; 2. a total balance sheet exceeding the equivalent of 43,000,000 euro; 3. an annual net turnover exceeding the equivalent of 50,000,000 euro; d) certain natural persons, subject to mutual recognition. C.N.V.M. may choose to authorise natural persons who are residents in Romania and who apply to be considered as qualified investors if these persons meet at least two of the following criteria: 1. the investor has carried out transactions of a significant size on a regulated market at an average frequency of, at least, 10 per quarter over the previous four calendar quarters; 2. the size of the investor’s securities portfolio exceeds 500,000 euro; 3. the investor works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment; e) certain SMEs, subject to mutual recognition. C.N.V.M. may choose to authorise SMEs which have their registered office in Romania and which apply to be considered as qualified investors. For the purpose of this law, „small and medium-size enterprises” are those companies, which, according to their last financial statements reported, do not meet two of the three criteria set out in subparagraph c).

RASDAQ (Romanian Association of Securities Dealers : Regulated market, established for share trading distributed under the Mass Privatization Program, which stopped operating independently after the merger with BSE.

Reference Date for government bonds ( the current : The date that serves for the identification of the government bonds’ owners who have the right to receive on maturity the nominal value ( in the case of a state title with discount ), the current coupon and/or a share of the nominal value, integral or residual value of the nominal value ( in the case of a title state interest ) according to the issue prospectus. There should be established reference dates for each coupon period in part.

Reference price: : of a symbol in a trading session, from which is calculated price variation of the symbol during a trading session, valid in all markets in which it is a symbol traded. It is the closing price recorded in the main market of the symbol in the previous trading session. If the last transaction is a cross transaction, it will be stated expressly that the reference price is the price resulting from a cross transaction. The reference price for a financial instrument as state title may be settled in accordance by the Director General of BVB through other methods, after consulting with the Issuer.

Registration date: : The date when the management of a joint stock company identifies and acknowledges the owners of the shares who will benefit by the effects of the General Meeting of Associates.

Regulated entities: : Natural and legal persons as well as entities with no legal personality whose activity is regulated and/or supervised by CNVM.

Right to vote: : The inalienable right of the common shares’ owners to express their opinion through vote, in the General Meeting of Shareholders.

Romanian Clearing House: : Company stock, independent of Financial and Monetary Exchange of Goods Sibiu, with clearing role , settlement and guarantee of transactions execution.

Romanian National Ssecurities Comission (RNSC): : Autonomous administrative authorities, with legal personality, which regulates and supervises the capital market, the regulated markets of goods and derivative financial instruments and institutions and their specific operations.

Rreference date (for bonds): : The date which helps to identify the bonds’ owners who have the right to receive the current coupon and/or a share of the principal or the integral/residual value of the principal, according to the issue document or other rights attested by law. There should be established reference dates for each coupon period in part .

SAGGITARIUS : Electronic trading platform, designed by IT departments of CRC and BMFMS and introduced on 1 June 2000. Saggitarius replaced the floor trading system by auction

SFTP : Informatical intern system of the BVB of transmission electronic data.

Short position: : Someone who sells futures contracts is “short” – for example, if one has 5 contracts short on the US dolar means that that person has sold the 5 contracts. But don’t mistake this concept with the one in which someone who has initially had a long position by buying some future contracts and then sells them in order to close his/her position on the market. The person holding a short position is in fact selling futures contracts which he/she doesn’t hold. The one selling short considers that the prices have a descending trend and sells futures contracts hoping he/she will make a profit by buying them back at a future better price.

Signifiant shareholder: : A natural/legal person or group of persons acting in concert and directlyor indirectly hold in a firm 10% or more of the share capital or of the voting rights, or hold enough to exercise a significant influence over the decisions taken in the General Meeting of the Shareholders or in the Board, by case.

Special sell order: : A method of selling typical for the stock exchange which is performed through the Bucharest Stock Exchange, which consists of a firm offer, expressed by any individual or any artificial person including public institutions involved in the privatization and called Bidder, of selling the stocks that he/she/it has through the tehnical system of the Bucharest Stock Exchange.

Spot contract: : Refers to a cargo that exists when the contract is signed and will be delivered and paid immediately.

Staff account: : Account of financial instruments opened by an Issuer on behalf of administrators, managers, shareholders, auditors, agents for financial services, investments or any other employees or associates of a Participant, as well as people that he is related with.

Stock exchange transaction: : The sale contract of financial instruments registered in the trading system of th Bucharest Stock Exchange.

Stock: : Financial Title negotiable, issued in a materia forml or highlighted by subscription in an account, which represents the holder’s contribution to the capital of a joint stock companies and gives a right of ownership to the issuer.

Symbol type : A type of financial instrument which has a specific currency in which it is traded and a specific currency of settlement.

Takeover bid: : Public purchase offer that results, for the entity that launches it, in the purchasing of more than 33% of voting rights in a company.

Technical specifications: : Documents issued by the Bucharest Stock Exchange aiming to clarify or to interpret tehnical aspects regarding the present Code and regarding the Bucharest Stock Exchange.

Term of validity of orders on the market: : The maximum term which an order on the market is good for on the Bucharest Stock Exchange.

The compensation-settlement and/or register system : System administered by the Central Depository/ Sibex Depository or any other company authorized to administer such a system.

The maximum price variance order: : Maximum percentage variation of the price of the stock orders to the price of reference of the symbol in question.

The regulated market: : A regulated market is a system for trading financial instruments which: a). function regularly; b). is characterized by the fact that the rules/laws/regulations issued and being put to the approval of National Securities Commission set the functioning conditions for a financial instrument , the acces on the market for a financial instrument and conditions for being admitted to trading for a financial instrument; c).complies with requirement of reporting and transparency to ensure investor’s protection established, as well as the regulations issued by the National Securities Commission, in accordance with the European legislation

Tick size : The smallest fluctuation of the price

Titles other than equity securities: : All the securities which are not equity share.

Trading session: : The interval of time in a day when you can execute transactions. The trading program is stipulated in the contract specifications of each futures and options contracts.

Working station: : system comprised of application-client trading of BSE and a participant computer, on which this is installed.

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