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    THE NEW LEGAL REGIME APPLICABLE TO REGISTERED alternative investment fund managers

THE NEW LEGAL REGIME APPLICABLE TO REGISTERED alternative investment fund managers

The new regulatory framework in the field of registration and operating conditions of alternative investment fund managers that benefit from the exception to authorization provided by art. 2 of Law no. 74/2015 (e.g.: registered alternative investment fund managers), introduced by Regulation no. 11 / 03.08.2021 for the amendment and completion of the A.S.F. Regulation no. 10/2015, approved during the meeting of the ASF Board of Directors held on 28 July 2021 has as specific purpose the increase of the degree of flexibility and harmonization of the applicable legal framework with regard to alternative investment funds and their managers, so as to stimulate and encourage the registration and operation of these types of entities in Romania in order to contribute to the ultimate goal of growth and development of the domestic investment fund industry, especially of venture capital and private equity funds.

This initiative also aims to adapting the process of setting up / operation of registered investment fund managers to the new market reality, given that, after the compliance with the new legal framework applicable to collective investment undertakings, the national fund industry is entering a new stage of development, which must also be supported by the initiatives of the regulatory and supervisory authority.

The main amendments and completions to the A.S.F. Regulation no. 10/2015 made by this this initiative are:

- the introduction of the possibility for the registered alternative investment fund managers to be set up as SRL as well;

- cutting the red tape from the registration process of alternative investment fund managers, by reducing the number of documents and information required to be submitted to ASF;

- eliminating the obligation of registered alternative investment fund managers to prepare and submit certain procedures to A.S.F.;

-  eliminating the obligation for registered alternative investment fund managers to have a compliance officer and a risk manager;

- the possibility of sending the necessary documentation in electronic format;

- the preparation by the alternative investment fund managers of a report that will be sent to ASF annually instead of quarterly.


This regulatory approach is undertaken as part of a broader ASF initiative to review primary / secondary regulations incidental to collective investment undertakings and their managers, with the aim of simplifying and cutting the red tape from the process of authorizing collective investment undertakings and authorizing / registering managers, standardize as much as possible the documentation required for authorization / registration so as to have a simpler and more flexible procedure and last but not least harmonize these authorization / registration procedures / rules with those applied at European level by other Member States, in order to ensure a competitive level of the Romanian fund industry.



About the Financial Supervisory Authority

The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance markets, private pensions, as well as the capital market. The FSA contributes to strengthening the integrated functioning framework of the three sectors, amounting to over 10 million participants. More information can be found on www.asfromania.ro.