The Internal Control System For Companies Listed At Bucharest Stock Exchange (or aiming at)



Consultant / Trainer

Mihaela has over 20 years of experience in the financial markets; currently she is CEO of the Intercapital Invest SA, a business consulting company and an authorized consultant by the BSE for the SMT market. Previously, she has held various management positions in important banking and capital market institutions.

Within the financial market, she has experience in the field of capital market governance and in investment services such as: portfolio management, investment advisory, depository, custody, trading, listing on the BSE quota, financing of companies by issuing shares or bonds.

Mihaela is a business consultant and an authorized trainer for banking and capital market. She has a degree in mathematics, a master in International Financial and Monetary Systems – ATTF Luxembourg and holds relevant international professional certifications such as: International Diploma in Compliance (ICA) and ACI Dealing Certificate.

The companies, as issuers listed on the Bucharest Stock Exchange (BSE), must have a rigorous internal control system consisting of compliance, audit and risk management principles which provides assessment and monitoring mechanisms in accordance with Financial Supervisory Authority (FSA) and BSE standards and also provides specialized advice to the company’s top management in order to achieve its objectives. 

These standards represent the backbone of a sound corporate governance of a company looking for alternative sources of financing on the capital market. This online course present and explain with examples what the integrated internal control system means and how it leads to the best practices in the corporate governance on the capital market. 

Learning Outcomes

  • Understand the organizational requirements of the issuers internal control system 
  • Adopt the requirements for issuers from the perspective of MAD compliance 
  • Align with the best practices of the BSE Corporate Governance Code  
  • Understand the key functions of Investor Relations


  • Organizational requirements of the issuers  internal control system: audit, compliance and risk 
  • Transparency Reports (RM – Regulated Markets / MTF – Multilateral Trading Facility): periodic, continuous and ad-hoc information 
  • Obligations of issuers from the perspective of MAD (Market Abuse Directive) compliance 
    • Identifying inside information in order to disclose it 
    • Preparing the lists of insiders and updating them 
    • Preparation of lists with PDMR (Person Discharging Managerial Responsibilities) and related persons 
    • The obligation to publish the transactions of PDMR (definition of management staff) and of the related persons 
    • The obligation to notify PDMR according to art. 19 of the MAD 
    • Financial calendar 
    • Measures to avoid violation of specific MAD requirements 
  • Issuers compliance with the best practices of the BSE Corporate Governance Code 
  • Implementation program of a Compliance and Audit Assessment  
  • Implementation system of a Risk Assessment within the Internal Control System 
  • Relationship with Investors (IR) 
  • Case Studies 

Target Audience
Top level managers and directors, heads of: compliance, audit, risk, etc.and high level professionals with responsibilities in the relationship with investors, FSA and BSE.

The webinars will be highly interactive, based on discussions and examples.

Number Of Participants: limited to maximum 12

The webinars will be hosted and delivered using Envisia Online Platform, Powered by KNOLYX, a secured e-learning platform, allowing the virtual participation, both from home or from work, with no risks associated, using just a browser. After the registration to the course, one day before the webinars took place, the participants will receive a link to access the virtual classroom.

Duration: 8 hours: 2 sessions of 4 hrs/day – online
Language: Romanian (or English at request)

A certificate of attendance will be issued by the e-learning platform, after the course.

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