The present study analyses certain new elements introduced by the Law no. 297/2004 on the capital market. This law certainly represents a normative act imposed by the need to harmonize the Romanian legislation with the Community legislation.

Thus, the study presents briefly the role of the Romanian authority of supervision and regulation in the field of capital market – the National Securities Commission. Since 2001, this authority had begun the elaboration of the new legislation in the field. Based on the projects proposed by the National Securities Commission, the Government had adopted four emergency ordinances in order to regulate the capital market and the stock exchanges.

The study tries to show that, despite the amendments of the Romanian legislation in order to harmonize it with the Community Law, sometimes it has been ignored the national specificity and the fact that it is not possible to transpose all the European directives into the Romanian legislation.

Within this context, this study presents mainly certain notions which are specific for the field, according to the legislation in force (the Law no. 297/2004): capital market, securities market, regulated market, stock exchange, issuer etc.