2022 - Private pension market sanctions

The Council of the Financial Supervisory Authority adopted during 2022 several decisions sanctioning entities/persons operating in the private pension market for violation of some provisions of the relevant legislation.

 

July 2022

NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A. - Sanctioning of Mr. Dan - Valentin Gheorghe, as Investment Director of the company, with a fine of 5.600 lei. The Investment Director was found to have committed a breach of the rules on prudential investment of private pension fund assets.


June 2022

Generali Societate de Administrare a Fondurilor de Pensii Private S.A. - Sanctioning with a written warning for a punctual situation of non-compliance with the legal provisions, regarding the administrative measures to be taken in relation to a marketing agent natural person, and the correlative obligation to notify the A.S.F.

 

May 2022

BRD Societate de Administrare a Fundos de Pensii Private S.A:

  Ms Alina Cecilia Andreescu, in her capacity as General Manager of BRD Societate de Administrare a Fondurilor de Pensii Private S.A., was fined RON 100,000 and, in addition, was prohibited, for a period of 180 days, from carrying out the activities regulated by Law no. 411/2004 on privately administered pension funds, republished with subsequent amendments and additions, and Law no. 204/2006 on voluntary pensions, with subsequent amendments and additions. The general manager was held liable for contraventions relating to the making of entries in the accounts, which were not based on supporting documents, were not economically rational, were contrary to the functionality of the accounts and did not reflect the real situation of the assets of the administrator BRD Societate de Administrare a Fondurilor de Pensii Private S.A.

  Mr Laurent Simon Doubrovine, in his capacity as member of the Board of Directors of BRD Societate de Administrare a Fondurilor de Pensii Private S.A., was fined RON 60,800 and, in addition, was banned for a period of 180 days from carrying out the activities governed by Law No 411/2004 on privately administered pension funds, republished with subsequent amendments and additions, and Law No 204/2006 on voluntary pensions, with subsequent amendments and additions.

  Ms Raluca Ioana Moise, in her capacity as member of the Board of Directors of BRD Societate de Administrare a Fondurilor de Pensii Private S.A., was fined RON 60 800 and, in addition, was prohibited, for a period of 180 days, from carrying out the activities governed by Law No 411/2004 on privately administered pension funds, republished as subsequently amended and supplemented, and Law No 204/2006 on voluntary pensions, as subsequently amended and supplemented.

  Mr Arnaud Charles Marie René Brière de la Hosseraye, in his capacity as a member of the Board of Directors of BRD Societate de Administrare a Fondes de Pensii Private S.A., was fined RON 55 500 and, in addition, was prohibited for a period of 180 days from carrying out the activities governed by Law No 411/2004 on privately administered pension funds, republished as subsequently amended and supplemented, and Law No 204/2006 on voluntary pensions, as subsequently amended and supplemented.

  The members of the company's Board of Directors were found to have committed offences, from which it follows that they did not ensure prudent and correct management of the administrator BRD Societate de Administrare a Fondurilor de Pensii Private S.A., which affected the administrator's assets.

  In view of the aforementioned sanctions, the A.S.F. proceeded, in accordance with the provisions of Regulation no. 1/2019 as subsequently amended and supplemented, to reassess the members of the management structure whose authorisations were in force on 11.05.2022. Following the completion of the reassessment process, the A.S.F. Board decided:

  To withdraw the approval granted to Ms. Alina Cecilia Andreescu, as General Manager of BRD Societate de Administrare a Fondurilor de Pensii Private S.A.

  Withdrawal of the approval granted to Mrs Raluca Ioana Moise, as Member of the Board of Directors of BRD Societate de Administrare a Fondurilor de Pensii Private S.A.

  Withdrawal of the approval granted to Mr Arnaud Charles Marie René Brière de la Hosseraye, as Member of the Board of Directors of BRD Societate de Administrare a Fondes de Pensions Private S.A.

BT Pensii Societate de Administrare a Fondurilor de Pensii Facultative S.A.- Mrs. Corina Mădălina Cojocaru, as Deputy General Manager and de jure substitute of the General Manager of BT Pensii Societate de Administrare a Fondurilor de Pensii Facultative S.A. for the period 01.12.2021 - 31.03.2022, was sanctioned with a written warning for a situation of non-compliance with the legal provisions regarding the transfer of a participant to another voluntary pension fund.

 

February 

NN Asigurări de Viață S.A. - Sanctioning with a written warning of Mr. Gerke Anno Witteveen, as substitute of the General Manager, for non-compliance with legal provisions regarding some operational processes.

 


January 

By Decision No 9/07.01.2022, Ms Andreea Marina Pipernea, in her capacity as General Manager of NN Pensii Societate de Administrare a un Fond de Pensii Administrat Privat S.A., was sanctioned with a written warning for non-compliance with legal provisions regarding certain operational processes.

Translated with www.DeepL.com/Translator (free version)