{"id":2457,"date":"2020-03-27T03:32:26","date_gmt":"2020-03-27T03:32:26","guid":{"rendered":"https:\/\/www.rtpr.ro\/uncategorized-ro\/disclosure-obligations-for-listed-companies-during-the-time-of-covid-19-what-to-consider\/"},"modified":"2022-06-27T15:07:14","modified_gmt":"2022-06-27T15:07:14","slug":"disclosure-obligations-for-listed-companies-during-the-time-of-covid-19-what-to-consider","status":"publish","type":"post","link":"https:\/\/www.rtpr.ro\/ro\/rtpr-emergency-journal\/disclosure-obligations-for-listed-companies-during-the-time-of-covid-19-what-to-consider\/","title":{"rendered":"Obliga\u021bii de raportare continu\u0103 ale societ\u0103\u021bilor listate \u00een vremea Covid-19: ce ar trebui avut \u00een vedere?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2457\" class=\"elementor elementor-2457 elementor-1407\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a42d87 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a42d87\" 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-2dc2c1a\" data-id=\"2dc2c1a\" 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-f7b45af elementor-tabs-view-horizontal elementor-widget elementor-widget-tabs\" data-id=\"f7b45af\" 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-2591\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-2591\" 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-2591\" aria-expanded=\"false\">Rom\u00e2n\u0103<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-2591\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-2591\" tabindex=\"0\" hidden=\"false\"><p>Epidemia de Covid-19 a avut deja un impact asupra majorit\u0103\u021bii business-urilor din jurisdic\u021biile afectate, iar <strong>societ\u0103\u021bile listate nu reprezint\u0103 o excep\u021bie<\/strong>. \u00cen vreme ce printre principalele priorit\u0103\u021bi ale oric\u0103rei societ\u0103\u021bi se afl\u0103 \u00een prezent protec\u021bia salaria\u021bilor \u0219i adoptarea de strategii pentru dep\u0103\u0219irea acestor momente dificile, \u00een privin\u021ba societ\u0103\u021bilor listate, <strong>obliga\u021biile de raportare continu\u0103<\/strong> trebuie, de asemenea, s\u0103 r\u0103m\u00e2n\u0103 pe lista de priorit\u0103\u021bi.<\/p><p><span style=\"color: #b23400;\"><strong><em>Cadrul legal.<\/em><\/strong><\/span> Potrivit Regulamentului privind Abuzul de Pia\u021b\u0103 (<strong>MAR<\/strong>), emiten\u021bii de instrumente financiare (i.e., at\u00e2t capital, c\u00e2t \u0219i instrumente de \u00eendatorare), listate at\u00e2t pe pia\u021ba reglementat\u0103 (e.g., segmentul de pia\u021b\u0103 principal operat de Bursa de Valori Bucure\u0219ti) sau pe un sistem multilateral de tranzac\u021bionare (e.g., pia\u021ba AeRO) au obliga\u021bia de a dezv\u0103lui c\u0103tre pia\u021b\u0103 informa\u021bii privilegiate care \u00eei privesc direct, \u00eentr-un mod complet \u0219i prompt.<\/p><p>Din punct de vedere al legisla\u021biei na\u021bionale, obliga\u021bia este detaliat\u0103 din perspectiva cerin\u021belor de timp \u0219i a procedurii \u00een Regulamentul nr. 5\/2018 emis de Autoritatea de Supraveghere Financiar\u0103 din Rom\u00e2nia (<strong>Regulamentul 5<\/strong>, respectiv <strong>ASF<\/strong>), care prevede de asemenea o list\u0103 de exemple de informa\u021bii care sunt considerate informa\u021bii privilegiate, sub rezerva \u00eendeplinirii testului privind informa\u021biile privilegiate prev\u0103zut de MAR.<\/p><p><span style=\"color: #b23400;\"><strong><em>Context.<\/em><\/strong><\/span> \u00cens\u0103 ce modific\u0103ri a determinat epidemia de Covid-19? Obliga\u021bia de mai sus r\u0103m\u00e2ne una care se \u00eencadreaz\u0103 \u00een mersul obi\u0219nuit al activit\u0103\u021bii emiten\u021bilor \u0219i existen\u021ba pandemiei (aproape) \u0219i-a pierdut caracterul de noutate pentru mediul de afaceri, \u00eens\u0103 impactul specific al consecin\u021belor sale asupra emiten\u021bilor trebuie analizat cu deosebit\u0103 grij\u0103 \u00een lumina MAR.<\/p><p>Timpul r\u0103m\u00e2ne de esen\u021ba obliga\u021biilor emiten\u021bilor de dezv\u0103luire a informa\u021biilor privilegiate. \u00cen vreme ce at\u00e2t Autoritatea European\u0103 pentru Valori Mobiliare \u0219i Pie\u021be (<strong>ESMA<\/strong>) c\u00e2t \u0219i ASF au dat dovad\u0103 de flexibilitate \u00een ultimele s\u0103pt\u0103m\u00e2ni \u00een abordarea lor privitoare la diverse obliga\u021bii ale actorilor principali de pe pie\u021bele de capital, cu privire la acest subiect ESMA a emis o recomandare menit\u0103 s\u0103 \u00eent\u0103reasc\u0103 angajamentul de transparen\u021b\u0103 deja existent, afirm\u00e2nd c\u0103 \u201e<em>Emiten\u021bii ar trebui s\u0103 dezv\u0103luie c\u00e2t de repede posibil orice informa\u021bii relevante semnificative privitoare la impactul COVID-19 asupra <strong>fundamentelor, perspectivelor sau situa\u021biei lor financiare<\/strong> [\u2026]<\/em>\u201d.<\/p><p>Prin urmare, desi este de a\u0219teptat ca epidemia s\u0103 aduc\u0103 cu sine o serie de provoc\u0103ri \u00een procesul intern de analiz\u0103 al emiten\u021bilor privitor la dezv\u0103luirea informa\u021biilor privilegiate, conformarea cu cerin\u021ba de a dezv\u0103lui asemenea informa\u021bii de \u00eendat\u0103 ce acest lucru este posibil \u0219i \u00een orice caz \u00een termen de 24 de ore de la producerea evenimentului sau de la momentul la care emiten\u021bii iau cuno\u0219tin\u021b\u0103 de acesta \u00ee\u0219i men\u021bine importan\u021ba.<\/p><p><span style=\"color: #b23400;\"><strong><em>Ce ar putea reprezenta informa\u021bie privilegiat\u0103 \u00een contextul actual?<\/em><\/strong><\/span> Misiunea emiten\u021bilor de a determina dac\u0103 o anumit\u0103 informa\u021bie reprezint\u0103 informa\u021bie privilegiat\u0103, \u00een special dac\u0103 aceasta are caracter precis \u0219i m\u0103sura \u00een care, dac\u0103 ar fi f\u0103cut\u0103 public\u0103, ar putea influen\u021ba semnificativ pre\u021bul ac\u021biunilor \u0219i\/ sau obliga\u021biunilor emitentului (sau al altor instrumente financiare) este posibil s\u0103 se dovedeasc\u0103 a fi mai dificil\u0103 dec\u00e2t de obicei, av\u00e2nd \u00een vedere ritmul rapid al evolu\u021biei epidemiei \u0219i incertitudinea \u0219i volatilitatea ridicat\u0103 pe care le-a cauzat deja.<\/p><p>Orice analiz\u0103 trebuie realizat\u0103 \u021bin\u00e2nd cont de faptul c\u0103 testul prev\u0103zut de MAR se aplic\u0103 prin raportare la un <strong>investitor rezonabil<\/strong>. Prin urmare, informa\u021bia ar fi considerat\u0103 a avea un efect semnificativ asupra pre\u021bului valorilor mobiliare dac\u0103 este probabil c\u0103 un investitor rezonabil ar utiliza respectiva informa\u021bie \u00een fundamentarea deciziei sale de investi\u021bie. Acest aspect justific\u0103 (\u0219i poate chiar face necesar\u0103) o abordare prudent\u0103 \u00een defavoarea unei abord\u0103ri relaxate c\u00e2nd este pus\u0103 \u00een discu\u021bie dev\u0103zluirea informa\u021biilor privilegiate.<\/p><p>Lista de exemple prev\u0103zute de Regulamentul 5, men\u021bionat\u0103 mai sus, cuprinde at\u00e2t circumstan\u021be de fapt cu efect semnificativ asupra activit\u0103\u021bii emiten\u021bilor, c\u00e2t \u0219i ac\u021biuni de natur\u0103 opera\u021bional\u0103 \u00eentreprinse \u00een efortul de a dep\u0103\u0219i aceast\u0103 perioad\u0103 care ar putea s\u0103 ne capteze aten\u021bia \u00een contextul Covid-19, dintre care men\u021bion\u0103m:<\/p><ul><li><span style=\"color: #b23400;\"><strong><em>Infrastructura contractual\u0103<\/em><\/strong><\/span> \u2013reducerea valorii contractuale sau \u00eencetarea \u00eenainte de scaden\u0163\u0103 a rela\u0163iilor contractuale cu acela\u015fi contractant, care au generat sau care urmau s\u0103 genereze, individual sau cumulat, cel pu\u0163in 10% din cifra de afaceri net\u0103 sau venitul total, aferente ultimei situa\u0163ii financiare anuale;<\/li><li><span style=\"color: #b23400;\"><strong><em>\u00cenchiderea activit\u0103\u021bii<\/em><\/strong><\/span> \u2013 declan\u015farea unei proceduri de \u00eencetare sau de reluare a \u00eentregii activit\u0103\u021bi sau a unei p\u0103r\u0163i substan\u0163iale a acesteia, precum \u0219i \u00eencetarea sau reluarea efectiv\u0103 a respectivei activit\u0103\u021bi;<\/li><li><span style=\"color: #b23400;\"><strong><em>Eforturi de reorientare<\/em><\/strong><\/span> \u2013 realizarea unui produs, oferirea unor servicii noi sau implicarea \u00eentr-un nou proces de dezvoltare ce afecteaz\u0103 semnificativ resursele emiten\u021bilor;<\/li><li><span style=\"color: #b23400;\"><strong><em>Schimb\u0103ri ale pie\u021bei<\/em><\/strong><\/span> \u2013 situa\u021bii legate de produse sau produc\u021bie care ar putea cauza daune semnificative, produse de emiten\u021bi sau care ar putea afecta emiten\u021bii;<\/li><li><span style=\"color: #b23400;\"><strong><em>Privirea \u00eendreptat\u0103 spre viitor<\/em><\/strong> <\/span>\u2013 intrarea \u00een sau retragerea dintr-o activitate principal\u0103 sau implementarea unor schimb\u0103ri semnificative \u00een politica de investi\u021bie a emiten\u021bilor.<\/li><\/ul><p>Din perspectiva <strong>poten\u021bialelor consecin\u021be pe termen mai degrab\u0103 mediu \u0219i lung <\/strong>ale epidemiei de Covid-19, incapacitatea emiten\u021bilor de a \u00ee\u0219i \u00eendeplini obliga\u021biile de plat\u0103 fa\u021b\u0103 de de\u021bin\u0103torii obliga\u021biunilor emise de ace\u0219tia \u0219i restructur\u0103ri \u0219i reorganiz\u0103ri cu efect semnificativ asupra activelor, datoriilor, capitalurilor proprii, pozi\u021biei financiare \u0219i profiturilor \u0219i pierderilor emiten\u021bilor se afl\u0103, de asemenea, pe lista prev\u0103zut\u0103 de Regulamentul 5.<\/p><p>Desigur, cele de mai sus sunt doar exemple \u0219i reprezint\u0103 doar o parte dintre aspectele pe care orice emitent ar trebui s\u0103 le analizeze, de la caz \u00een caz, \u00een abordarea sa complex\u0103 a procesului de dezv\u0103luire a informa\u021biilor privilegiate, \u021bin\u00e2nd cont de faptul c\u0103 efectul semnificativ asupra pre\u021bului instrumentelor sale financiare men\u021bionat mai sus este prin esen\u021ba sa variabil \u0219i nu ar putea fi furnizate orient\u0103ri generale cu privire la sumele sau procentele pe care le-ar presupune acest efect. Dezideratul <em>business as usual<\/em> pare a fi zilele acestea mai de actualitate dec\u00e2t oric\u00e2nd, iar din perspectiva conform\u0103rii cu obliga\u021biile de dezv\u0103luire a informa\u021biilor privilegiate, un echilibru atent stabilit \u00eentre un flux eficient de comunicare intern\u0103 \u0219i experien\u021ba consultan\u021bilor ar putea reprezenta cheia.<\/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>Epidemia de Covid-19 a avut deja un impact asupra majorit\u0103\u021bii business-urilor din jurisdic\u021biile afectate, iar societ\u0103\u021bile listate nu reprezint\u0103 o excep\u021bie. \u00cen vreme ce\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-2457","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\/2457","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=2457"}],"version-history":[{"count":7,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2457\/revisions"}],"predecessor-version":[{"id":3880,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/posts\/2457\/revisions\/3880"}],"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=2457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/categories?post=2457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rtpr.ro\/ro\/wp-json\/wp\/v2\/tags?post=2457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}