OTP AM's Dragos Manolescu: Legislation in force is obstacle, measure that prevents you from investing

The legislation in force is an obstacle, it is a measure that prevents you from investing and accessing investment funds, it does not encourage you, Dragos Manolescu, deputy general manager of OTP Asset Management told a conference at the Bucharest Stock Exchange (BVB), mentioning that Romania has reached the area of over-regulation and has not adapted to the current technology. 

"A change in legislation is needed. If you want to invest in a mutual fund directly, let's say on a platform, we are stuck in a legislation that is lagging behind by 15-20 years. You therefore have to exchange letters whereas today, if you want to buy Bitcoin, you log in with your phone. (...) It is about legislation. The current legislation is an obstacle, it is a measure that prevents you from investing in and accessing investment funds, it does not encourage you. Somehow we have reached the over-regulation area and we have not adapted to the current technology," Dragos Manolescu said. 

In his turn, Ovidiu Dumitrescu, deputy general manager of Tradeville, said that the legislator should take into account the fact that Romania needs the development of the market and we should not go with the strictest regulation. 

The BVB and the Fund Administrators'Association organized on Monday a debate on the evolution of equity funds with exposure to the Bucharest Stock Exchange in the first quarter, after the Government Emergency Ordinance 114.