Thus, the Commission approved the cut to 30 minutes from one hour of a company’s suspension period during the trading session, in case it transmits information that can significantly influence the price of shares. BVB had requested a reduction down to 15 minutes.
CNVM did not approve BVB’s proposals regarding the elimination of share suspension during a General Meeting of Shareholders which does not have any subjects on its agenda which could influence the price, or, in the case of international companies, if their shares are not suspended on the main market on which they are listed.
“CNVM has not approved these proposals but we believe these modifications introduced into the Stock Exchange Code are a step forward. We will continue to discuss with CNVM the suspension during a General Meeting of Shareholders,” said Stere Farmache, BVB’s General Manager and President.
CNVM officials could not be contacted yesterday for comment.
