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    Press release: Sanction decisions adopted by the A.S.F. Council in July 2022

Press release: Sanction decisions adopted by the A.S.F. Council in July 2022

Bucharest, 10 August 2022 - In July 2022, the Council of the Financial Supervisory Authority adopted several decisions sanctioning entities/persons operating in the non-banking financial market for violation of certain provisions of the relevant legislation.

 

CAPITAL MARKET

S.I.F. Banat Crișana S.A.

Following the results of a periodic inspection of S.I.F. Banat Crișana S.A., the following measures were ordered:

  • sanction S.I.F. Banat - Crișana S.A. with a warning;
  • to impose a warning on Bogdan Alexandru Drăgoi, in his capacity as Chairman of the Board of Directors and General Manager;
  • a fine of 1,600 lei for Mrs Teodora Sferdian, in her capacity as Deputy General Manager;
  • a fine of RON 1 600 on Eugen Ioan Cristea, as Compliance Officer (RCCO);
  • the imposition of a warning on Mr Daniel Gavrilă, in his capacity as Director of the Investment Department and designated person of the PCSB - CFT;
  • the imposition of a warning on Mr Rachid El Lakis, as Investment Analyst;
  • the imposition of a warning on Mr Gabor Horvath, as Investment Analyst;
  • the sanctioning with a warning of Mr Lucian Popa, as investment analyst;
  • a fine of 1,600 lei was imposed on Mr Miron Urs as investment analyst;
  • a warning to Ms Laura Anca, as designated person PCSB - CFT;
  • the imposition of a warning on Ms Nicoleta Zoț, as designated person PCSB - CFT;
  • warning Mr Sorin Marica, as Chairman of the Nomination and Remuneration Committee;
  • the warning to Mr. Marcel Pfister, as member of the Nomination and Remuneration Committee;
  • the warning to Mr. Ionel Marian Ciucioi, as member of the Nomination and Remuneration Committee.

At the same time, a plan of measures to remedy certain deficiencies/mitigate certain risks was imposed on the company.

The main weaknesses found concerned issues related to the procedural/organisational framework, operational activity and the management of operational risks generated by the IT systems used.

 

Amundi Asset Management S.A.I. S.A.

Following the results of a regular audit at Amundi Asset Management S.A.I. S.A., the following measures were ordered:

  • sanction Amundi Asset Management S.A.I. S.A. with a warning;
  • to impose a warning on Mr Florin Dolea, in his capacity as Managing Director;
  • to warn Mr Ioan Marin Gheorghiu, as Deputy General Manager;
  • to warn Mr Hannes Roubik, as member of the Board of Directors;
  • to warn Mr Philipp Gamauf, as member of the Board of Directors;
  • to  warn Mr Stefano Pregnolato, as member of the Board of Directors.

The company was also required to draw up a plan of measures to remedy certain deficiencies/mitigate certain risks.

The main deficiencies found concerned aspects of the work of the internal audit function, operational work and the management of operational risks arising from the IT systems used.

 

Depozitarul Central S.A.

Following the results of a periodic audit at the Central Depository S.A., a plan of measures was imposed to mitigate some risks/implement proactive measures.

 

S.A.I. Raiffeisen Asset Management S.A.

Following the results of a regular audit of Raiffeisen Asset Management S.A., the following measures have been taken:

  • sanction Raiffeisen Asset Management S.A. with a warning;
  • to impose a warning on Mr Filip Răzvan Szilagyi, in his capacity as Chairman of the Board of Directors and General Manager;
  • the sanctioning with a warning of Ms Andra Mucenic, as Compliance Officer (RCCO);
  • warning Mr Cătălin Nicolae Munteanu, as member of the Board of Directors;
  • the admonition of Ms Emilia Mihaela Bunea, as member of the Board of Directors.

At the same time, a plan of measures to remedy certain deficiencies/mitigate certain risks was imposed on the company.

The main deficiencies identified concerned aspects of the organisational framework, operational activity and the management of operational risks arising from the IT systems used.

 

S.S.I.F. Optimus Fintech S.A.

Following the evaluation of the results of the analysis carried out by S.A.M.I.I.P. and S.S.C. on the fulfilment of the conditions imposed by the operating licence of S.S.I.F. Optimus Fintech S.A., the following measures were ordered:

  • sanction S.S.I.F. Optimus Fintech S.A. with a warning and with the suspension of the operating authorisation for a period of 90 days in order to adopt the following measures necessary to remedy the situation, namely:
    1. Increasing the share capital above the level of EUR 125,000 required by the legislation in force for carrying out the activities authorised by Decision No 167/12.12.2019;
    2. registration of the company as a member of the Investor Compensation Fund;
    3. the appointment of a director to the vacant position that arose in the Board of Directors during the period of suspension of the operating authorisation;
    4. appointment of the second director and the person(s) responsible for the compliance/risk management function;
    5. approval of the intention to hold a qualifying holding in the case of a significant new shareholder.

 

INSURANCE

Insurance companies

ABC Asigurări - sanctioning the company with a fine of 314,700 lei for:  

  • the non-separation of the tasks actually performed from the key functions established at company level;
  • inadequate functioning and inadequacy of the company's internal control mechanisms over underwriting activity within the corporate governance system.

Sanctioning the members of the Board of Directors (BoD) with a fine, for each member, in the amount of 11,700 lei for delegating powers of the BoD to the Risk Management Committee:

  • Hristofor Mircea Florin - Chairman of the Board of Directors
  • Pascu Florin - Member of the Board
  • Fundeanu Mihaita Petrus - CA member
  • Podolau Florea - CA member
  • Radu Ioan - CA member
  • Bindileu Elena Silvia - CA member
  • Timofti Emil - CA member

Euroins - Sanctioning with a fine in the amount of 125,400 lei of the general director of the company, Tanja Blatnik, for failure to submit on time the annual financial statements for 2021.

 

Intermediaries

One Insurance Broker - Reinsurance S.R.L. - Sanctioning with a written warning for making changes to the brokerage company's articles of association without the approval of the A.S.F. (i.e. extension of the administrator's mandate for 10 years and change of registered office).

Best AS Broker de Asigurare - Reassurance S.R.L. - Sanctioning with the withdrawal of the operating licence for non-compliance with Article 2 of the A.S.F. Decision no. 19/12.01.2022 (i.e. failure to submit to the A.S.F., within 90 days, the complete documentation on the appointment of a new executive manager).

 

PRIVATE PENSIONS

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.