A.G.A./A.G.M. – Short for Annual General Meeting, a legal institution recognized by Law 31/1990. It can be ordinary, the short term being OGM, or extraordinary, the short term being EGM.

Actionar/Shareholder – Institutional investor or natural person that owns at last one a common or preferred share in a company.

Actionar semnificativ/Significant shareholder – A natural/legal person or group of persons acting in concert and directly or indirectly hold in a firm 10% or more of the share capital or of the voting rights, or hold enough to exercise a significant influence over the decisions taken in the General Meeting of the Shareholders or in the Board, by case.

Actiune/Share  Evidence of ownership that represents an equal proportion of a firm’s capital. It entitles its holder (the shareholder) to an equal claim on the firm’s profits and an equal obligation for the firm’s debts and losses. Two major types of shares are (1) ordinary shares (common stock), which entitle the shareholder to share in the earnings of the firm as and when they occur, and to vote at the firm’s annual general meetings and other official meetings, and (2) preference shares (preference stock) which entitle the shareholder to a fixed periodic income (interest) but generally do not give him or her voting rights.

Actiuni distribuite public/Common shares  The difference between the total number of shares issued and circulating of an Issuer and the number of shares held by a central or local public authority, by a natural or a legal person who acquired the shares held by the central or local public authorities, whose right to trade is restricted by law or by contractual obligations, as well as the treasury shares of the respective Issuer.

Activ financiar/Financial asset – Asset that defines the owner’s financial rights, and also the future rights for futures incomes resulting from funds capitalization. Financial assets include, but are not limited to, securities, instruments issued by a company, instruments such as stock indices, interest rates, sinthetic instruments that are based on the interest rate, instruments based on national currency, convertible currencies, futures contracts, option contracts, other derivatives qualified by F.S.A./R.N.S.C.

Activ suport/Underlying asset  Financial instrument, stock or currency index, interest rate, commodity, or combinations of these instruments or shares, as well as any other asset, instrument, indicator or unit of measurement whose yield, value or size represents the base of a structured product’s value.

Administrarea portfofoliilor clientilor/Portfolio management  Managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments.

Agent custode/Custodian – An intermediary which is enlisted in the F.S.A./R.N.S.C. Registry and its activity is the safekeeping and administration of financial instruments on behalf of its clients, including carring out custody and related services to it, such as cash/collateral management and has contracted to participate in the system of a central depository.

Agent de bursa/Exchange Tied Agent – Is the natural person authorized by the BSE Board and by F.S.A./R.N.S.C., as an agent for investment services, for negotiate offers and conclude transactions on the regulated market only in the name of an intermediary.

Agent de compensare decontare/The Clearing-Settlement Agent  Is the agent for financial investment services registered with the F.S.A./R.N.S.C. registry, an employee of a clearing member, who is carrying out financial derivatives clearing-settlement operations by means of the electronic clearing-settlement system.

Agent delegat/Tied agent  Legal or natural person who, under full and unconditional responsibility of only one S.S.I.F. on whose behalf it acts, based on a contract, promotes investment services and/or ancillary services to clients or prospective clients, receives and transmits instructions or orders from the client in respect of investment services or financial instruments, places financial instruments and/or provides to clients or prospective clients consulting services in respect of those instruments or services.

 Agent de decontare/Settlement agent  An entity that makes available to other participants in the settlement system, settlement accounts through which transfer orders are settled and that system can give credits to those intermediaries and / or central counterparty, to settlement purposes.

Agent de derivate/Derivatives agent  Is the natural person employed by a trading member, to whom BSE granted the right to place stock exchange orders and to carry out transactions with FD by means of the electronic trading system.

Agent pentru servicii de investitii financiare/Investment agent  A natural persons who, operates exclusively on behalf of the investment firm whose employees are, and cannot provide activities and investment services on their own.

Analist financiar/Financial analyst  A relevant person who produces the substance of investment research.

Analiza fundamentala/Fundamental analysis  A method of evaluating a security that entails attempting to measure its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. Fundamental analysts attempt to study everything that can affect the security’s value, including macroeconomic factors (like the overall economy and industry conditions) and company-specific factors (like financial condition and management). Fundamental analysis is about using real data to evaluate a security’s value. Although most analysts use fundamental analysis to value stocks, this method of valuation can be used for just about any type of security.

Analiza tehnica/Technical analysis  A method of evaluating securities by analyzing statistics generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security’s intrinsic value, but instead use charts and other tools to identify patterns that can suggest future activity. Technical analysts believe that the historical performance of stocks and markets are indications of future performance.

Apel in marja/Margin Call – The mandatory demand, formulated by a central counterparty clearing to a clearing member and, if applicable, to central counterparties which have interoperable arrangements, or by a clearing member to a client or a non-clearing member for framing in margin account limits.

Arbitraj/Arbitrage – The simultaneous purchase and sale of an asset in order to profit from a difference in the price. It is a trade that profit by exploiting price difference of identifical or similar financial instruments, on different markets or in different forms.Arbitrage exists as a result of market inefficiencies; it provides a mechanisme to ensure price do not deviate substantially from fair value for long periods of time.

Ask (Pret)/Ask  Selling quotation on market. This quotation is formed of quantity and price.

Asociatia Brokerilor/Broker association – Professional nonprofit association of intermediaries of securities, legal, authorized by the F.S.A./R.N.S.C. with the goal of promoting and representing the interests of the broker’s community.

Autoritatea de Supraveghere Financiara (A.S.F.)/Financial Supervisory Authority (F.S.A.) – Is established as an autonomous administrative authority, specialist, with legal personality, independent, self-financed, exercising powers under the provisions of Emergency Ordinance nr.93/2012, by taking over and reorganizing of all the powers and prerogatives of the National Securities Commission (NSC), the Insurance Supervisory Commission (CSA) and the Supervisory Commission of Private Pension System (PPSSC).