The most powerful department within the National Securities Commission (CNVM) has changed its management: Vladimir Cojocaru, one of the survivors of the SAFI and FNI scandals, has been replaced as head of the General Supervisory Department by Ciprian Copariu, former head of the Issuers Department.The main responsibilities of the National Securities Commission are the supervision and monitoring of investors and companies active on the capital market. Weaknesses in the exercise of these responsibilities have enabled situations like the SAFI Invest fraud, and the historic FNI and FNA bankruptcies to occur, scandals that severely tarnished the image of the local capital market. The move comes only a few weeks after a historic decision of the High Court of Justice in the FNI case. More specifically, on September 22nd the High Court of Cassation and Justice issued an irrevocable and enforceable decision whereby the CNVM, alongside Nicolae Popa, Ioana Maria Vlas, and other accused in the FNI case, is forced to pay damages to former FNI depositors. The amount that CNVM is set to pay for inadequate FNI supervision is 50 million euros, according to some estimates.
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