Measures to prevent and combat aggressive capital market advertising techniques

Emergency Ordinance no. 71/2024 was published in Part I of the Official Gazette on 25 June 2024. The ordinance amends and supplements various normative acts and introduces measures to prevent and combat the use of aggressive advertising and communication techniques by entities not registered with the Financial Supervisory Authority.

The most important aspects of the new legislation are as follows:

• the blocking by the Financial Supervisory Authority of access to the websites of unauthorised entities promoting investment services that practice deception, manipulation and aggressive advertising techniques.
• the provision of alternative means of financing to municipalities executing development projects through the capital market, by issuing bonds with a prospectus addressed to all investors.

These measures aim to help develop the domestic bond market by creating a safer environment for investors and protecting local investors and increasing the transparency of municipal bond issues.

Source: Emergency Ordinance no. 71/2024 amending and supplementing various normative acts, as well as introducing measures to prevent and combat the use of aggressive advertising and communication techniques by entities not registered with the Financial Supervisory Authority.