Role of the Authorized Advisor
The Authorized Advisors (AAs) have an indispensable role in listing shares and bonds on AeRO market. Authorized Advisors are companies experienced in the field of corporate financing and are nominated by the Bucharest Stock Exchange. The role of an Authorized Advisor is to:
- carry out analysis of the company’s listing opportunity;
- offer advice on drafting the documentation required for listing on AeRO;
- draft, together with the company, prospectus or memorandum (depending on the type of offering);
- carry out valuation of the company;
- carry out the offering process (IPO, private placement or technical listing);
- after listing on AeRO, provide assistance to the company for complying with the regulatory reporting obligations for at least one year (this period can however be extended or shortened by BVB, at the issuer’s request)
Authorized Advisors are legal entities authorized by BVB. Authorized Advisors support potential issuers with drafting all the necessary documentation as well as they certify the accuracy of the information and documents submitted. The role of an Authorized Advisor continues after the listing, as it he has a role in assisting the issuer in fulfilling the reporting obligations for a period of 12 months following the listing.
You can find the full list of the Authorized Advisors below.
Do you want to become an Authorized Advisor for AeRO?
When assessing a candidate for an Authorized Advisor, BVB takes into account a set of features such as: listing experience, the existence of employees authorized by the Financial Supervisory Authority (ASF), the experience in the financial market of company’s shareholders, members of the Board of Directors and the Executive management etc. Bucharest Stock Exchange reserves a right to approve an application of an entity without taking into account the above-mentioned criteria, if it considers the reputation of the applicant is sufficient and the company is a well-known operator of the capital market.
Any entity interested in becoming an Authorized Advisor shall submit to the Bucharest Stock Exchange a series of documents, in accordance with the technical specifications issued by BVB, available here. The entities that apply for the position of Authorized Advisor need to submit to the Bucharest Stock Exchange a procedure by which they undertake to restrict the trading periods with regard to inside information concerning the issuers assisted by the Authorized Advisor, to which the Advisor has access in the process of meeting his obligations under this quality.
Bucharest Stock Exchange will analyze the applications submitted and reserves a right to request additional information. Following the analysis of applications, Bucharest Stock Exchange will conduct interviews with the candidates as it deems fit. Bucharest Stock Exchange is entitled to act at its discretion in relation to the application and interpretation of criteria. After the Bucharest Stock Exchange agrees for a company to become an Authorized Advisor, the two entities sign a Collaboration Agreement. Bucharest Stock Exchange will then include the name of the entity on the list of Authorized Advisors, available on its Internet webpage, together with a presentation document provided by the company.
You can find the current list of the Authorized Advisors below.
The list of Authorized Advisors