{"id":2435,"date":"2020-04-10T10:36:20","date_gmt":"2020-04-10T10:36:20","guid":{"rendered":"https:\/\/www.rtpr.ro\/uncategorized-ro\/listed-companies-shareholders-meetings-during-the-state-of-emergency\/"},"modified":"2022-06-27T13:30:46","modified_gmt":"2022-06-27T13:30:46","slug":"listed-companies-shareholders-meetings-during-the-state-of-emergency","status":"publish","type":"post","link":"https:\/\/www.rtpr.ro\/ro\/rtpr-emergency-journal\/listed-companies-shareholders-meetings-during-the-state-of-emergency\/","title":{"rendered":"Societ\u0103\u021bi listate &#8211; adun\u0103rile ac\u021bionarilor pe durata st\u0103rii de urgen\u021b\u0103"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2435\" class=\"elementor elementor-2435 elementor-1518\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-118b3eec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"118b3eec\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-605f4608\" data-id=\"605f4608\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fc662f9 elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"fc662f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-2641\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-2641\" aria-expanded=\"false\">Rom\u00e2n\u0103<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-2641\" aria-expanded=\"false\">Rom\u00e2n\u0103<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-2641\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-2641\" tabindex=\"0\" hidden=\"false\"><p>Dup\u0103 declararea st\u0103rii de urgen\u021b\u0103 \u00een Rom\u00e2nia, prin Decretul Preziden\u021bial nr. 195\/2020 (<strong>Decretul Preziden\u021bial<\/strong>), din ce \u00een ce mai multe m\u0103suri drastice au fost adoptate de guvern, pentru a preveni r\u0103sp\u00e2ndirea COVID-19. \u00cen acest context, Autoritatea de Supraveghere Financiar\u0103 (<strong>ASF<\/strong>) a aprobat, la data de 8 aprilie 2020, <em><span style=\"color: #b23400;\">Regulamentul nr. 5\/2020 pentru adoptarea unor m\u0103suri referitoare la desf\u0103\u0219urarea adun\u0103rilor generale ale emiten\u021bilor pe perioada existen\u021bei st\u0103rii de urgen\u021b\u0103 generate de Covid-19<\/span> <\/em>(<strong>Regulamentul 5\/2020<\/strong>), care este de a\u0219teptat s\u0103 intre \u00een cur\u00e2nd \u00een vigoare, odat\u0103 ce acesta va fi publicat \u00een Monitorul Oficial.<\/p><p>Acest regulament a fost a\u0219teptat cu interes de c\u0103tre emiten\u021bi, \u00een contextul apropierii rapide a datei la care <strong>aprobarea obligatorie a situa\u021biilor financiare anuale<\/strong> urmeaz\u0103 s\u0103 aib\u0103 loc.<\/p><p>Regulamentul 5\/2020 va fi <span style=\"color: #b23400;\"><strong>aplicabil<\/strong> <\/span><strong>pe \u00eentreaga durat\u0103 a st\u0103rii de urgen\u021b\u0103<\/strong>.<\/p><p><span style=\"color: #b23400;\"><strong>1. Entit\u0103\u021bile vizate \u0219i aplicabilitatea<\/strong><\/span><\/p><ul><li><span style=\"color: #b23400;\"><strong><em><u>Entit\u0103\u021bile vizate<\/u><\/em><\/strong><\/span><em>. <\/em>Noile cerin\u021be se vor aplica \u00een contextul organiz\u0103rii adun\u0103rilor generale ale ac\u021bionarilor (<strong>AGA<\/strong>) <strong>emiten\u021bilor <\/strong>(i) ale c\u0103ror <span style=\"color: #b23400;\">sedii sociale<\/span> sunt situate \u00een <span style=\"color: #b23400;\">Rom\u00e2nia<\/span> \u0219i (ii) ale c\u0103ror <span style=\"color: #b23400;\">ac\u021biuni<\/span> sunt admise la tranzac\u021bionare <strong>pe o pia\u021b\u0103 reglementat\u0103<\/strong> (e.g., segmentul de pia\u021b\u0103 principal administrat de Bursa de Valori Bucure\u0219ti (<strong>BVB<\/strong>)) sau \u00een cadrul unui <strong>sistem multilateral de tranzac\u021bionare<\/strong> (e.g., pia\u021ba AeRO).<\/li><li><span style=\"color: #b23400;\"><strong><em><u>Aplicabilitatea<\/u><\/em><\/strong><\/span><em>. <\/em>Regulamentul 5\/2020 va fi aplicabil pentru acele AGA \u00een leg\u0103tur\u0103 cu care termenele-limit\u0103 de transmitere c\u0103tre emitent a \u00eemputernicirilor\/ buletinelor de vot prin coresponden\u021b\u0103 vor fi ulterioare cu cel pu\u021bin patru (4) zile lucr\u0103toare datei de intrare \u00een vigoare a Regulamentului 5\/2020.<\/li><li>\u00cen cazul AGA deja convocate, reconvocarea sau republicarea convocatoarelor nu vor fi necesare, \u00eens\u0103 vor trebui respectate restric\u021biile detaliate \u00een sec\u021biunea 3 de mai jos, cu ocazia desf\u0103\u0219ur\u0103rii AGA.<\/li><\/ul><p><span style=\"color: #b23400;\"><strong>2. Obliga\u021biile emiten\u021bilor pre-AGA<\/strong><\/span><\/p><p>De principiu, emiten\u021bii care intr\u0103 \u00een domeniul de aplicare al Regulamentului 5\/2020 trebuie s\u0103 asigure organizarea corespunz\u0103toare a AGA, f\u0103r\u0103 \u00eenc\u0103lcarea legisla\u021biei aplicabile, precum \u0219i cu respectarea actelor normative recente av\u00e2nd o natur\u0103 excep\u021bional\u0103 (e.g., Decretul Pre\u0219edin\u021bial, diversele ordonan\u021be militare etc.).<\/p><p>\u00cen acest sens, urm\u0103toarele m\u0103suri (f\u0103r\u0103 limitare la acestea) vor trebui respectate de c\u0103tre emiten\u021bi, \u00een procesul de organizare a AGA:<\/p><ul><li><span style=\"color: #b23400;\">Publicarea de rapoarte curente (care se vor comunica \u0219i c\u0103tre ASF \u0219i BVB) pe website-urile emiten\u021bilor, cuprinz\u00e2nd <strong><u>recomand\u0103ri<\/u><\/strong><\/span> c\u0103tre ac\u021bionari \u00een sensul utiliz\u0103rii <span style=\"color: #b23400;\">mijloacelor electronice<\/span> (\u0219i \u00een sensul evit\u0103rii utiliz\u0103rii, \u00een m\u0103sura \u00een care este posibil, a po\u0219tei sau a serviciilor de curierat), atunci c\u00e2nd ac\u021bioneaz\u0103 pentru exercitarea drepturilor legate de AGA, e.g., (i) c\u00e2nd consult\u0103 materiale aferente AGA respective; (ii) c\u00e2nd propun noi puncte pentru ordinea de zi \u0219i c\u00e2nd formuleaz\u0103 \u00eentreb\u0103ri despre AGA; (iii) c\u00e2nd transmit \u00eemputerniciri \u0219i (iv) c\u00e2nd voteaz\u0103 (se va prevedea expres c\u0103, de preferin\u021b\u0103, voturile vor fi transmise prin <strong>e-mail<\/strong>); \u0219i<\/li><li><span style=\"color: #b23400;\">Publicarea de rapoarte curente (care se vor comunica \u0219i c\u0103tre ASF \u0219i BVB) pe website-urile emiten\u021bilor, cuprinz\u00e2nd <strong><u>inform\u0103ri<\/u><\/strong> <\/span>cu privire la: (i) posibilitatea emiten\u021bilor de a aplica <span style=\"color: #b23400;\">restric\u021biile<\/span> \u00een vigoare la data AGA, cu privire la <u>num\u0103rul de participan\u021bi la evenimente desf\u0103\u0219urate \u00een spa\u021bii \u00eenchise<\/u>, \u00een func\u021bie de deciziile exprese ale autorit\u0103\u021bilor competente, precum \u0219i (ii) un avertisment explicit \u00een sensul c\u0103 participarea la evenimente\/ \u00eentruniri publice desf\u0103\u0219urate \u00een spa\u021bii \u00eenchise, \u00een condi\u021biile impuse de autorit\u0103\u021bi la data AGA, va expune participan\u021bii la o poten\u021bial\u0103 contaminare cu SARS-CoV-2 \u0219i c\u0103 emitentul\/ conducerea acestuia nu pot fi \u021binu\u021bi r\u0103spunz\u0103tori pentru acest risc.<\/li><\/ul><p><span style=\"color: #b23400;\"><strong>3. Votul prin coresponden\u021b\u0103 sau prin utilizarea de mijloace electronice<\/strong><\/span><\/p><p>La momentul actual, av\u00e2nd \u00een vedere restric\u021biile existente \u00een contextul pandemiei COVID-19, emiten\u021bii trebuie s\u0103 asigure posibilitatea ca AGA s\u0103 fie \u021binute exclusiv prin utilizarea votului prin coresponden\u021b\u0103 sau prin utilizarea de mijloace electronice. Totu\u0219i, prezen\u021ba fizic\u0103 este permis\u0103 doar dac\u0103 AGA pot fi \u021binute cu respectarea restric\u021biilor existente, impuse de autorit\u0103\u021bi la data AGA (de exemplu, num\u0103rul de participan\u021bi prezen\u021bi s\u0103 fie inferior num\u0103rului maxim de persoane autorizate s\u0103 participe la \u00eentruniri \u00een spa\u021bii \u00eenchise, spa\u021biul destinat desf\u0103\u0219ur\u0103rii AGA s\u0103 permit\u0103 respectarea m\u0103surilor de distan\u021bare social\u0103 etc.).<\/p><p>Regulamentul 5\/2020 prevede \u00een plus c\u0103, dac\u0103 autorit\u0103\u021bile vor emite decizii cuprinz\u00e2nd restric\u021bii exprese referitoare la organizarea AGA prin prezen\u021ba fizic\u0103, atunci, organizarea AGA prin <strong>utilizarea votului prin coresponden\u021b\u0103<\/strong> \u0219i prin <strong>exprimarea voturilor prin mijloace electronice<\/strong> (dac\u0103 emitentul utilizeaz\u0103 aceste din urm\u0103 mijloace, potrivit legii) va fi obligatorie \u00een toate cazurile.<\/p><ul><li>\u00cen aceast\u0103 din urm\u0103 situa\u021bie, emiten\u021bii trebuie s\u0103 publice pe website-ul propriu, cu cel pu\u021bin trei (3) zile lucr\u0103toare anterior datelor limit\u0103 pentru transmiterea \u00eemputernicirilor\/ buletinelor de vot prin coresponden\u021b\u0103, un raport curent (care va fi comunicat \u0219i c\u0103tre ASF \u0219i BVB) \u00een cadrul c\u0103ruia se va preciza faptul c\u0103 AGA respectiv\u0103 nu se poate desf\u0103\u0219ura prin prezen\u021ba fizic\u0103<em>. Regulamentul 5\/2020 nu reglementeaz\u0103 totu\u0219i situa\u021bia tranzitorie \u00een care m\u0103surile care determin\u0103 prezen\u021ba fizic\u0103 s\u0103 fie imposibil\u0103 sunt aprobate \u00een\u0103untrul termenului-limit\u0103 de trei (3) zile lucr\u0103toare. <\/em><\/li><\/ul><p><span style=\"color: #b23400;\"><strong>4. Concluzii<\/strong><\/span><\/p><p>ASF urm\u0103re\u0219te limitarea prezen\u021bei fizice \u00een cadrul AGA, iar acest rezultat va fi, cel mai probabil, atins \u00eentr-o m\u0103sur\u0103 semnificativ\u0103.<\/p><p>Cu toate acestea, \u00een contextul m\u0103surilor aprobate, emiten\u021bii vor trebui s\u0103 se supun\u0103 unor obliga\u021bii de raportare suplimentare, potrivit celor de mai sus.<\/p><p>\u00cen plus, Regulamentul 5\/2020 \u00eenc\u0103 nu adreseaz\u0103 diverse \u00eentreb\u0103ri tehnice cu privire la anumite probleme, printre care: (i) care va fi regimul aplicabil emiten\u021bilor de alte instrumente financiare, av\u00e2nd \u00een vedere c\u0103 Regulamentul 5\/2020 are \u00een vedere doar emiten\u021bii de ac\u021biuni (e.g., adun\u0103rile de\u021bin\u0103torilor de obliga\u021biuni)? (ii) mai este aplicabil\u0103 obliga\u021bia persoanelor din management de a fi prezente la adun\u0103ri? (iii) care va fi abordarea vizavi de cerin\u021ba numirii dintre ac\u021bionari a unui secretar de \u0219edin\u021b\u0103, dac\u0103 niciunul dintre ac\u021bionari nu va fi prezent? (iv) \u00een func\u021bie de poten\u021biale noi m\u0103suri ale autorit\u0103\u021bilor, va exista o flexibilitate a termenului de aprobare a situa\u021biilor financiare anuale? etc.<\/p><p>\u00a0<\/p><p><em>*Aceast\u0103 ePublica\u021bie este furnizat\u0103 de Radu T\u0103r\u0103cil\u0103 P\u0103durari Retevoescu SCA \u00een scop exclusiv de informare \u0219i nu reprezint\u0103 asisten\u021b\u0103 juridic\u0103 sau o ofert\u0103 pentru acordarea de asisten\u021b\u0103 juridic\u0103. Distribuirea acestui document nu d\u0103 na\u0219tere unei rela\u021bii avocat-client. \u00cen cazul \u00een care dori\u021bi s\u0103 solicita\u021bi asisten\u021b\u0103 juridic\u0103 cu privire la oricare dintre aspectele analizate \u00een acest document, v\u0103 rug\u0103m s\u0103 v\u0103 adresa\u021bi persoanei obi\u0219nuite de contact \u00een cadrul Radu T\u0103r\u0103cil\u0103 P\u0103durari Retevoescu SCA la +40 31 405 7777.<\/em><\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Dup\u0103 declararea st\u0103rii de urgen\u021b\u0103 \u00een Rom\u00e2nia, prin Decretul Preziden\u021bial nr. 195\/2020 (Decretul Preziden\u021bial), din ce \u00een ce mai multe m\u0103suri drastice au fost adoptate de guvern, pentru a preveni\u2026<\/p>\n","protected":false},"author":6,"featured_media":2162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[76],"tags":[],"class_list":["post-2435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rtpr-emergency-journal"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/comments?post=2435"}],"version-history":[{"count":6,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2435\/revisions"}],"predecessor-version":[{"id":3830,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2435\/revisions\/3830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/media\/2162"}],"wp:attachment":[{"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/media?parent=2435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/categories?post=2435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/tags?post=2435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}