OPINIE PRIVIND NECESITATEA ADOPTÃRII UNEI NOI LEGI A PIEȚEI DE CAPITAL SAU, CEL PUȚIN, MODIFICAREA SUBSTANȚIALÃ A ACESTEI LEGI

The study analyses the legal provisions regarding the capital market in terms of the relationship which has to exist between the relevant laws of the European Union, the Romanian law and the normative acts of the National Securities Commission, as an autonomous administrative authority. Certain legislative issues which occurred in the transposition of certain provisions of the European Directives into Romanian laws are identified. These issues generate effects breaching the constitutional principles and, consequently, affect the integrity of the Romanian law system regarding the capital market. The necessary solutions are proposed as well, in order to reestablish the balance between the above mentioned normative acts, as compared to their legal force.