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High standards close to EC

Low level

(7) Rights of minority shareholders:

(a) preemptivel right

Exists

Exists

Exists

Exists

Exists

No data

(b) qualified (or higher) majority during important decisions

75 %

66 %

75 %

2/3 of the chartered capital

May be 50%, 2/3, 3/4, 4/5

2/3 of quorum 75%

(c) takeover rules

Exists

No

Exists

No

No data

No data

(d) cumulative voting

Exists

No data

No data

No data

Exists

No data

(e) limitations for a number of votes per 1 shareholder

n.m.

May be

May be

n.m.

May be

May be

(f) independent directors

Exists

No data

No data

No data

No data

No data

(g) rules for important transactions

Exists

No data

No data

No data

No data

No data

(8) Participation of employees in Supervisory board

n.m.

1/3-1/2, if more than 50 employees

1/3, if more than 200 employees

n.m.

n.m.

n.m.

(9) Minimum quorum for meeting

More than 50 %

30 %

More than 50 %

According to the charter

n.m.

50 %

(10) Number of votes per one share

As a rule 1

1

Not limited

1

One to five

1

(11) Insider dealing prohibited

Yes

Yes

Yes

Yes

Yes

Yes

(12) Enforcement

Weak

Weak

Weak

Weak

Weak

Weak

* n.m. - not mentioned in legislation. Data may be obsolete. According to (EBRD,1997), in 1997 a number of countries have enacted modern company laws (Czech Republic, Estonia, Hungary, Lithuania, Poland, Slovak Republic, Slovenia and Uzbekistan).

** In reality depends upon: (a) rules of excess to shareholders registers and (b) prospects of the formation of depositary system resembling German (where depositary banks vote for shareholders who did not express their opinion on the subjects of agenda). This directly contradicts the rules in USA where such votes are cancelled.

Sources: RF laws; Bohm A., ed., 1997; , , 1994; ..., 1995; EBRD, 1998.

Table 5.Comparative corporate securities market development data, end 1996-end 1997

Czech Rep.

Hungary

Poland

Russia

Romania

Slovenia

Slovakia

Capitalization:

USDbn / % GDP

18,1/39

5,3/12

8,4/7

68/11

0,9/2

2,5/15,9

2,2/12

Trading Volume:

USDbn / % of capitalization

8,4/47

1,6/31

5,4/64

3,0/8

0,5/55

0,7/33

2,3/106

Number of listed shares

1000 tot.

50 liquid

50 (types A and B)

129 (incl. NIFs)

30000 tot.

150 liquid

60 (two tiers)

73

19

Number of securities dealers

460 licensed

98 licensed

50 (incl. 16 banks)

1561

100

42

n.d.

% of trading on stock exchange market

3

86

n.d.(OTC since 1997)

2

n.d.(BSE andRASDAQ)

100

n.d. (diff. Markets)

Universal Banking

Yes

Since 1997

Yes

Yes with restrict.

No

Yes

Yes with restrict.

Central Depository (or Central Clearing and Settlment entity)

Yes

KELER (all clearing and settl. for BSE)

Yes

No

Central Company for clearing and Settl.

Central clearing corp.

Yes

Independent Securities Commission

Since 1998

Integr. office for banking and secu-rities under Go vernment

Since 1991

Since 1993, under President

Yes, under Parlia-ment

Yes

No, control office within MF

Securities Law

Act on securities; Act on stock exchange; New law (1997)

Law on securities issues and stock exchange (1990)

Law on securities trading and inve-stment trusts (1991)

1996 Law on Securities Market

1994 Securities Law

1994 Law on Securities Market (new will be close to EC)

New (1998)

Insider Laws, Investor Protection, Disclosure and Compliance Regulation

Yes, with weak enforce-ment

Well developed standards (close to IOSCO)

Well developed standards(close to IOSCO)

Yes, with weak enforce-ment

Yes, with weak enforce-ment

standards developed with weak enforce-ment

Yes, with weak enforce-ment

Source: Thiel, 1998; RF FCSM; countries legislation.

Table 6. Bankruptcies in some transition economy countries

1990

1991

1992

1993

1994

1995

1996

1997

1998

Russia:

Number of bankruptcies filed

-

-

-

100

240

1108

2618

5810*

12 781*

Recognized as bankrupt

-

-

-

50

n.d.

n.d.

1035

2600 **

4747**

Czech Rep.:

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