The Senate modified, after Snoop's investigation, the “Coupon Law”, which affects 5 million Romanians. Sorin Grindeanu admits PSD's mistake
The senators decided to fundamentally modify the law by which Romanians could lose their shares in the “Great Coupon”, but also the money due as compensation. CNA and ASF will be obliged to carry out information campaigns in the coming years so that all people know where they have shares and what their value is. Fractions of shares regain their “property right”, a right lost in the law voted in December 2025, at the PSD initiative. The final decision belongs to the deputies.
With 75 votes in favor and 32 abstentions, the senators “corrected” the law voted in December 2025 in the Chamber of Deputies. AUR senators and those of the “Pace” group abstained, PNL, PSD, USR and UDMR voted “for”.
The main change, initiated by the PNL and supported by all parties, consists in the fact that fractions of shares regain their right of ownership. Also, CNA and ASF will be obliged to carry out information campaigns about the shares owned by Romanians.
“It was a mistake,” Sorin Grindeanu, PSD president, justified last year's vote last week. Until the question received from Snoop, PSD had not reacted on the subject for three months, although it had been asked to present a point of view.
The change in the law on shares occurred at the end of 2025 after an amendment submitted by the president of the Economic Policy Commission, Costel Dunava (PSD).
What Snoop revealed
The investigative website Snoop.ro revealed, in February 2026, that more than 5 million Romanians risk being left without actions and the money due as compensation. The amendment was initiated by a PSD deputy and voted by all parties in the Chamber of Deputies.
Also, Snoop.ro proved that the amendment was written by the Association of Fund Administrators, and the PSD deputy took it over as he received it by email.
After the publication of the investigation, the PNL announced that it would amend the law to return to the previous situation. The law of December 2025 stipulated that fractions of shares no longer benefit from property rights, but only represent debt rights. That is, the money due as compensation could be lost within three years if it was not claimed.
For example, a person can currently own 10 shares of one leu at a SIF. Five SIFs operate in Romania. If the share increases to 20 lei following a process of consolidation of the value of the shares, the person who owned 10 shares of 1 lei will only own half of a share of 20 lei.
In this case, he is no longer a shareholder. The amount of 10 lei is deposited in an account. If not claimed within three years, it reverts to SIFs and listed companies that have consolidated their share value.
The stake for this amendment was more than 100 million euros, market sources claimed for Snoop.ro.
The president of the budget committee in the Senate, Gabriela Horga (PNL), said on Monday that the amendment submitted by the PSD in the Chamber of Deputies was one “that no one knew”. Moreover, the law affecting 5 million Romanians had only been voted in the Chamber of Deputies, without the senators being informed about the changes made.
“The important change that was made through an amendment without transparency led to panic in the financial markets, five million Romanians who owned shares could lose their shares and compensation,” said Horga in the Senate.
ASF permanently opposed
The Financial Supervision Authority permanently opposed the amendment of the law and last year informed the president Nicușor Dan about the problems in the law.
Horia Gustă, the president of the Association of Fund Administrators from Romania, said in the budget-finance committee of the Senate last week that “fractions of shares are not recognized by anyone in Europe as a property right”.
“The law that makes the fraction imprescriptible returns us to an inequitable situation,” Gusta said at last week's meeting.
He pleaded for the limitation period to be increased from 3 to 5 years, during which the people who own shares should be informed. The senators rejected his version.
“This amendment does not help anyone”, was the position of Horia Gustă, expressed in the Budget-Finance Committee of the Senate.
“A topic like this must be debated with maximum transparency”, replied the president of the Finance Budget Committee in the Senate.
The final vote for returning to last year's situation belongs to the Chamber of Deputies. Until then, the law voted in 2025 and the amendment introduced by PSD remain in force.
