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Constitutional Court to rule on the ownership limit for SIFs

The Constitutional Court will rule on June 2, 2011 on SIF Transilvania's (SIF3) claim that the Government Ordinance from 2005 which increased the ownership limit from 0.1% to 1% is not constitutional.

SIF3 is claiming that the Government did not have the right to impose such a rule on a private company and that an ordinance could not overrule a law as the one which set the limit at 0.1%. Investors should remember that the Government Ordinance was subsequently followed by a law and by a special set of rules issued by the Securities Commission (CNVM). SIF3 shareholders have voted in 2009, thanks to the 1% ownership limit, to hike the limit to 5% but to cap the voting rights at 1%. SIF3 management is claiming that if Constitutional Court decides in its favour, the ownership limit will revert to 0.1% for the other SIFS while for itself will go up to 5%. We remember that Constitutional Court has ruled a few years ago that the 1% ownership limit for SIFs is legal.

Sursa: http://www.rciro.ro

Tags: limit constitutional ownership sif court

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