The independent financial weekly "Bursa", known for its
ground-breaking coverage of the black market and the emerging
securities market, has been the target of threatened legal
action. On 12 April 1996, the National Securities Commission
(CNVM) issued a statement declaring that "trading shares listed
or unlisted on the Bucharest Stock Exchange by unauthorized
persons through ads published in the newspaper `Bursa' could be
defined as a violation of Law No. 52/1994, Art. 114,
intermediating securities without authorization, punishable by a
fine or prison term of three months to two years." The CNVM has
also informed other newspapers that "Bursa" is accused of
publishing stock quotations from both listed and unlisted
companies in free classified ads placed by brokers under their
own or assumed names.




Given that "Bursa" published an article in November 1995 critical
of the CNVM, some independent observers have concluded that the
threat of legal action against the newspaper was motivated by a
desire to suppress such reporting.

Recommended Action

Send appeals to authorities:

expressing concern that the CNVM's announcement was intended to
intimidate "Bursa" from engaging in its
internationally-recognized right to publish news and other
information

pointing out that threats against news outlets covering free
markets, whether in news stories or in advertising, signal a
clear intention to suppress the independent media

asking that they ensure that the CNVM and any other state
authorities refrain from any attempt to censor or curtail
legitimate publishing activity

Appeals To

His Excellency Ion Iliescu
President
Office of the President
Piata Victoriei 49-53
Bucharest, Romania
Fax: +40 1 312 11 79

Please copy appeals to the originator if possible.