Yesterday, the President of the National Assembly of the Republic of Slovenia, Mr. Milan Brglez, and the associates form his Office officially received the PanSlovenian Investors` & Shareholders` Association (VZMD) President, Mr. Kristjan Verbič, and showed great interest in hearing the VZMD initiatives and proposals.(Photo by Barbara Žejavac, the National Assembly of the Republic of Slovenia)
At the meeting, Mr. Verbič presented the standpoints and concrete proposals of the VZMDregarding the issues and regulation of the status of the expropriated holders of shares and subordinated bonds of Slovenian banks, also due to the recent decision of the Constitutional Court of the Republic of Slovenia (VIDEO from the VZMD's press conference). On this occasion, he also presented the VZMD starting points for the special act, which should remedy the unconstitutional lacuna regarding the judicial protection against the Bank of Slovenia's Emergency measures decisions. Furthermore, VZMD proposes solutions entirely based on the provisions from already existing law - specifically the Employment Relationships Act, Labor and Social Courts Act, Court Fee Act, and Non-litigious Civil Procedure Act - and at the same time also proposes that this time the Ministry of Justice should be actively included in the drafting of the special act, in addition to the Ministry of Finance.
Additionally, the VZMD President informed Mr. Brglez of direct and practical aspects and consequences of abolishing the registry accounts of more than 200,000 citizens at the Central Securities Clearing Corporation (KDD). With regard to the acute pertaining issues, he stressed the specific features and importance of thespecial solution »Share SUPPORT«, which VZMD has prepared for minority shareholders, and explained the current VZMD endeavorsrelated to the new amending act of the Book Entry Securities Act (ZNVP-1A), as well as the reasons for VZMD support for the request to adopt the authentic interpretation of this Act, while in the adoption process,the VZMD appealto limit the costs of the trading accounts with brokerage companies and banks for minority shareholders and investors was upheld.
At the meeting, Mr. Verbič also touched upon some questionable and even unconstitutional proposals for changes to the amending act or Proposal for Amendments and Additions of the Financial Instruments Market Act (ZTFI), as proposed by the Ministry of Finance. Additionally, he expressedthe support for the responses of law firms which informed VZMD - in addition to the Ministry of Finance - of their disagreement with the questionable proposals for changes.
The VZMD President described the high-level reception as "an exceptionally positive signal in addressing and settling many burning issues for shareholders and investors, the Slovenian investment environment and climate, the functioning of the financial and capital market, and the general economic structure in the Republic of Slovenia. With regard to the above-mentioned issues as well as VZMD initiatives and proposals, Mr. Brglez showed a high degree of understanding and willingness for constructive settlement of open issues, with a special emphasis on the role of the National Assembly in the preparation and reading of the special act, which was ordered to the National Assembly by the Constitutional Court to remedy the unconstitutional lacuna regarding the judicial protection against the Bank of Slovenia's Decisions on emergency measures of the erasure and expropriation of the holders of shares and subordinated bonds of six Slovenian banks."
VZMD has been active for more than a decade, and has, among other things, endeavored to improve the legal and other frameworks pertaining to shareholders and investment environment - on the national as well as European level. Within this period, the VZMD representatives and associates have actively attended numerous meetings and committees of the working bodies of the National Assembly of the Republic of Slovenia, as well as many presentations, meetings, expert consultations and conferences in Slovenia and abroad.
CONSTITUTIONAL COURT - VZMD also lodged a proposal for the temporary decree for PROHIBITING THE SALE OF Nova KBM bank - to prevent direct damage to the Republic of Slovenia and its citizens
STRESS TESTS – new and obvious proof of the extremely unequal adjudication of Slovenian banks – are they guilty in Brussels or Ljubljana, and what are their motives? The PanSlovenian Shareholders' Association (VZMD) has called on the Bank of Slovenia (BA) and the European Central Bank (ECB) to explain, why only in Slovenia are we left to use »static« and extremely pessimistic assumptions, while in other countries and banks of the EU fresh data and »dynamic« valuations are used and even allow for