The National Committee for Macroprudential Supervision (NSCM) is the macroprudential authority within the meaning of the recommendations of the European Systemic Risk Board (ESRB) and the designated authority within the meaning of the CRD (Capital Requirements Directive - Directive 2013/36/EU on the activities of credit institutions and the prudential supervision of credit institutions and investment firms) and CRR (Capital Requirements Regulation - Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms). At national level, Law 12/2017 defines the legislative framework for macroprudential supervision of the national financial system.
CNSM is an inter-institutional cooperation structure, without legal personality, which includes representatives of the National Bank of Romania, the Financial Supervisory Authority and the Government. In the exercise of its duties, the CNSM issues recommendations and warnings to the NBR, the ASF and the Government with a view to maintaining financial stability, subject to the "comply or explain" regime. The NSSC is governed by a General Council composed of 9 members, including 3 representatives of the ASF: President, First Vice-President and a Vice-President appointed by the ASF Council.
The fundamental objective of the NFC is to help safeguard financial stability, including by strengthening the resilience of the financial system to shocks and reducing the build-up of systemic risks, thereby ensuring a sustainable contribution of the financial system to economic growth.
The CNSM has the following tasks: