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Friday, April 28, 2017 
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About the Authorized Advisors

The Authorized Advisors have a crucial role in trading a company on AeRO.

The Authorized Advisors are companies experienced in the field of company financings and are nominated by the Bucharest Stock Exchange. In order to become an Authorized Advisor, a company needs to meet all the requirements of the Bucharest Stock Exchange.

The role of the Authorized Advisor

  • carry out analysis of the company listing opportunity;
  • offer advice on drafting the documentation required for the listing on AeRO;
  • draft, together with the company, the presentation document for listing;
  • carry out an evaluation of the company that is to be listed on AeRO;
  • support the company in financing activities through shares offer;
  • after the listing on AeRO, provide assistance to the company for complying with the regulatory reporting obligations.

The Authorized Advisors can be legal entities authorized by BVB. The Authorized Advisors shall grant assistance to the future issuer for drafting the application for the listing and certify the accuracy of the information and documents supplied; they will also continue to assist the issuer after the listing in relation to reporting requirements for a period of 12 months following the listing. This period can be extended or shortened by BVB, at the request of the issuer.

In assessing the opportunity for nominating the candidate for Authorized Advisor, BVB shall take into account a set of features, such as the history of listing activities and assistance granted to companies for financing through the capital market, the existence of employees Authorized by the Financial Supervisory Authority, the experience on the financial market of shareholders that manage the company, of the members of the Board of Directors and of the Executive management, etc.

Any entity interested in becoming an Authorized Advisor shall submit to the Bucharest Stock Exchange a series of documents, in accordance with the Technical specifications issued by BVB, available here.

The entities that apply for the position of Authorized Advisor need to submit to the Bucharest Stock Exchange a procedure by which they undertake to restrict the trading periods with regard to inside information concerning the issuers assisted by the Authorized Advisor, to which the Advisor has access in the process of meeting his obligations under this quality.

Following the analysis of applications, the Bucharest Stock Exchange will conduct interviews with the candidates, as it will deem fit. The Bucharest Stock Exchange is entitled to act at its discretion in relation to the application and interpretation of criteria, as it deems fit.

A participant in the trading system of the Bucharest Stock Exchange is qualified as Authorized Advisor on the basis of a simple application.

The Bucharest Stock Exchange can approve the application of an entity without taking into account the above-mentioned criteria, if it appreciates the reputation of the applicant sufficient as a well-known operator of capital market.

The Bucharest Stock Exchange will analyse the applications and can request additional information. After the Bucharest Stock Exchange agrees to the application of the Authorized Advisor, it will sign a Collaboration Agreement. The Bucharest Stock Exchange will include the name of the entity on the list of Authorized Advisors, available on its Internet webpage, together with the presentation document.

AeRO Contact


Issuers Department

e-mail: ats@bvb.ro
phone: +4 0213 179.922