# Romanian financial market and regulatory developments

> Live situation record from CLSTR: https://clstr.news/situations/romanian-financial-market-and-regulatory-developments
> Updated: 2026-08-31T17:14:39.000Z. Sources: 9. Developments: 3.

The Romanian financial regulatory landscape and the Bucharest Stock Exchange (BVB) have seen recent developments regarding market structure and corporate transitions.

The Financial Supervisory Authority (ASF) has approved a new Multilateral Trading System (MTS) Code, reorganizing the market into three segments: the SME Growth Market, the Base Market (AeRO Market), and an International MTS for instruments admitted to trading on other regulated markets. Designed to align with European MiFID II standards, the SME Growth Market aims to support small and medium-sized enterprises by providing access to simplified European growth prospectuses and dedicated support programs. BVB CEO Remus Vulpescu described the move as a strategic step to modernize the capital market and provide high-potential companies with a clear pathway toward funding.

In a related market movement, real estate investment holding company Novere Capital S.A. officially transferred its shares from the AeRO market to the BVB Regulated Market on August 31. With a market capitalization exceeding 77 million lei at the time of transfer, the move is intended to increase visibility among institutional investors and provide better access to financing. However, recent financial data for Novere Capital shows mixed results; while the company reported a net profit of 2.85 million lei for the first half of the year, this was driven by financial income rather than core operations, which resulted in an operating loss of 2.38 million lei.

## Timeline

### 2026-08-31: Bucharest Stock Exchange receives approval for new MTS Code

The Bucharest Stock Exchange is launching a new SME Growth Market following regulatory approval, aligning the Romanian capital market with European standards to facilitate SME financing.

2 sources. https://clstr.news/cluster/bucharest-stock-exchange-receives-approval-for-new-mts-code

### 2026-08-31: Novere Capital transfers to Bucharest Stock Exchange Regulated Market

Novere Capital has moved from the Bucharest Stock Exchange's AeRO market to the Regulated Market, seeking greater investor visibility despite recent operating losses reported in its semi-annual results.

3 sources. https://clstr.news/cluster/novere-capital-transfers-to-bucharest-stock-exchange-regulated-market

### 2026-08-26: ASF approves Bucharest Stock Exchange Code for SMEs and new pension rules

Romania's Financial Supervisory Authority approved the Bucharest Stock Exchange Code for SMEs, new private pension accounting rules, and several investment fund authorizations.

6 sources. https://clstr.news/cluster/asf-approves-bucharest-stock-exchange-code-for-smes-and-new-pension-rules

---
Cite as: Romanian financial market and regulatory developments. CLSTR, https://clstr.news/situations/romanian-financial-market-and-regulatory-developments