Sanctioning decisions and other measures adopted by the ASF Council in August 2023

Bucharest, 18 September 2023 - In August 2023, the Council of the Financial Supervisory Authority adopted several decisions sanctioning entities/persons operating in the non-banking financial market for violating certain provisions of the relevant legislation.

CAPITAL MARKET

Chronostyle Internațional S.A.

Sanctioning Chronostyle International S.A. with a warning for not complying with the obligation to prepare, publish and submit to ASF and the system operator, within the legal deadline (at the latest 4 months after the end of the financial year), the Annual Report for the financial year 2022.

Concas S.A.

Sanctioning Concas S.A. with a warning for not complying with the obligation to prepare, publish and submit to ASF and the system operator, within the legal deadline (at the latest 4 months after the end of the financial year), the Annual Report for the financial year 2022.

VES S.A.

• Sanctioning VES S.A. with a warning for failure to prepare and publish, within the legal deadline, the Annual Report for the financial year 2022 in the single electronic reporting format.
• Imposing on VES S.A. the obligation to take the necessary measures to draw up and ensure publication of the Annual Financial Report for the financial year 2022, in compliance with the single electronic reporting format.

Electroageș S.A.

• Sanctioning Electroageș S.A. with a warning for not complying with the obligation to prepare and publish, within the legal deadline (at the latest 4 months after the end of the financial year), the Annual Financial Report in consolidated form for the financial year 2022, including the financial statements in the Single European Electronic Reporting Format (SEFR), audited by a financial auditor.
• Suspension, for the duration of the EGMS of Electroargeș S.A., convened for 16/17 August 2023, of the exercise of the voting rights attached to a number of 16,000,000 ELGS shares, registered with Depozitarul Central on behalf of Investment Constantin SRL, which were the subject of case no. 238/1259/2020, in which the Pitești Court of Appeal delivered Civil Decision no. 448/A-C.

Studioul Cinematografic Animafilm S.A.

Sanctioning Studioul Cinematografic Animafilm S.A. with a fine of RON 22,600 for failure to comply with the obligation to prepare, publish and submit to ASF and the system operator, within the legal deadline (at the latest 4 months after the end of the financial year), the Annual Report for the financial year 2022.

Inox S.A.

Sanctioning Inox S.A. with a fine of RON 15,000 for failure to comply with the obligation to prepare and publish, within the legal deadline, the financial reports for the years 2022 and 2021, including the independent auditor's report.

OTP Asset Management S.A.I. S.A.

Sanctioning OTP Asset Management S.A.I. S.A. with a warning, in view of the identification of operational issues relating to the exceeding, in the case of an investment fund managed by S.A.I., of the investment limit of 20% in deposits made with the same entity, after the expiry of the exemption period of 6 months from the date of authorisation of the fund.

Banca Comercială Română S.A. – intermediary credit institution

Establishment of a plan of measures for the company, with the role of preventing or correcting situations potentially generating deficiencies and optimizing the activity. The main situations identified concerned operational/organisational issues related to the record keeping of operations and direct interaction with customers.

S.A.I. Globinvest S.A.

Warning S.A.I. Globinvest S.A. for failure to comply with the obligation to submit the change in the composition of the Board of Directors of the IMC to ASF for authorization prior to registration with the Trade Register Office.

UCM Reșița S.A.

Sanctioning ICESA S.A. with a fine of RON 72,800, as shareholder of the issuer UCM Reșița S.A., for failure to comply with the obligation to carry out a mandatory takeover bid.

INSURANCE MARKET

Fast Brokers - Broker de Asigurare - Reasigurare S.R.L. was fined RON 21,800 for the following: failure to comply with the provisions of Art. 12 para. (1) and (2), Art. 13 para. (1) letters (a), (b), (d) and (e) and Art. 14 para. (1) letter a) of Law no. 236/2018 on insurance distribution, as well as Art. 38 and 40 of ASF Rule no. 22/2021 on insurance distribution.

Fairway Broker de Asigurare S.R.L. was fined RON 17,900 for failure to comply with the provisions of Art. 35 para. (7) of Law no. 236/2018 on insurance distribution.

Freya Broker de Asigurare S.R.L. was sanctioned with a written warning for failure to comply with the deadline for fulfilling the obligation established in Art. 22 para. (13) of ASF Rule no. 22/2021 on insurance distribution.

PRIVATE PENSION

Banca Transilvania S.A., as a private pension intermediary, was warned for operational errors regarding workflows related to the marketing activity of private pension funds.