Sanctioning decisions and other measures adopted by the ASF Council in February 2024

Bucharest, 29 March 2024 - In February 2024, the Council of the Financial Supervisory Authority adopted several sanctioning decisions as well as a series of measures applicable to entities/persons operating in the non-banking financial market for breaching certain provisions of the relevant legislation.

INSURANCE MARKET

Asigest Broker de Asigurare - Reasigurare S.R.L. was sanctioned with a written warning for failure to comply with the provisions of Article 22 para. (13) of the ASF Rule no. 22/2021 on insurance distribution.

Artimm General Asig Broker de Asigurare S.R.L. was sanctioned with a written warning for failure to comply with the provisions of Article 22 para. (13) of the ASF Rule no. 22/2021 on insurance distribution.

Top Insurance Broker de Asigurare - Reasigurare S.R.L. was sanctioned with a written warning for failure to comply with the provisions of Article 22 para. (2) of the ASF Rule no. 22/2021 on insurance distribution.

Consultant A.A. – Broker de Asigurare S.R.L. was fined RON 27,300 for the following:

• failure to comply with the provisions of Art. 14 para. (1) letter a) of Law no. 236/2018 on insurance distribution, as amended and supplemented, in conjunction with the provisions of Art. 40 para. (4) of ASF Rule no. 22/2021 on insurance distribution;
• failure to comply with the provisions of Art. 45 para. (2) letter b) of ASF Rule no. 22/2021 on insurance distribution;
• failure to comply with the provisions of Art. 45 para. (2) letter e) of ASF Rule no. 22/2021 on insurance distribution;
• failure to comply with Art. para. (5) letter b) item (i) of ASF Rule no. 22/2021 on insurance distribution, in relation to the provisions of Art. 8 para. (5) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with Art. 4 para. (12) of ASF Rule no. 22/2021 on insurance distribution, in relation to the provisions of Art. 35 para. (8) letter d) of Law no. 236/2018 on insurance distribution, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 3 para. (1) of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorised/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as subsesequently amended and supplemented;
• failure to comply with the provisions of Art. 15 para. (1) in relation to Annex 2 letter B item 2 of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorised/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 15 para. (1) in relation to Annex 2 letter F item 2 of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorised/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as subsequently amended and supplemented;
• failure to comply with the provisions of Art. 48 letter c) of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorised/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as subsequently amended and supplemented;

CAPITAL MARKET 

S.S.I.F. BRK Financial Group S.A.

• Sanctioning S.S.I.F. BRK Financial Group S.A. with a fine of RON 76,950;
• the establishment of a plan of measures for the company, in order to remedy the deficiencies identified/with the role of preventing or correcting situations potentially generating deficiencies and optimizing the activity;
• sanctioning with of a fine of RON 18,300 of Mrs. Amalia Maria Bărăian, as ML/TF Compliance Officer;
• sanctioning with of a fine of RON 1,900 of Mr. Răzvan Legian Raț, as ML/TF Compliance Officer;
• sanctioning with of a fine of RON 1,900 of Mrs. Ioana Cristina Sechel, as risk manager;
• sanctioning with of a fine of RON 1,700 of Mrs. Liana Anca Coroș, as risk manager;
• sanctioning with of a fine of RON 3,000 of Mrs. Monica Adriana Ivan, as substitute of the risk manager;
• sanctioning with of a fine of RON 5,800 of Mr. Radu Simion Francisc Dianu, as a person who provided investment services and activities;
• sanctioning with of a fine of RON 2,300 of Mr. Lucian Ghiran, as a person who provided investment services and activities;
• sanctioning with of fine of RON 5,500 of Mr. Cristian Meștereagă, as a person who provided investment services and activities;

The main situations identified concerned operational issues such as: placing clients in ML/TF (money laundering/terrorist financing) risk classes, applying know-your-customer measures, how to conclude addenda to intermediation contracts, risk management/how to grant and extend loans. 

TERRA ESTIVAL 2002 S.A. NEPTUN

Sanctioning the company with a warning for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline.

UNIREA S.A. CLUJ NAPOCA

Sanctioning the company with a warning for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline.

ICSH S.A. Hunedoara

Sanctioning the company with fine amounting to RON 15,000 for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline.

UZTEL S.A.

Sanctioning the company with a warning for failure to prepare the financial statements for the year 2022 in accordance with the applicable requirements (IAS 16 - Tangible assets - revaluation of fixed assets).

ONE UNITED PROPERTIES S.A.

Sanctioning the company with a warning for not complying with the obligation to prepare and publish a report on significant transactions concluded with affiliated parties, as well as their auditing.

S.I.A.C.P. Sparking Capital S.A.

Sanctioning the company with a warning for failure to comply with the obligation to submit to ASF the annual report for the financial year 2022, within the deadline provided by law.

S.S.I.F. Share Invest S.A.

Sanctioning the company with of fine of RON 10,300. S.S.I.F. Share Invest S.A. did not fulfil, for the reference date 30.11.2023, the conditions imposed at the initial authorisation in terms of the level of initial capital required for the company to be authorised to operate.

PRIVATE PENSION

Mrs. Alexandra Dumitrașcu, in her capacity as Coordinator of the Deposit Team of Banca Comercială Română S.A., was sanctioned with a written warning and was given an administrative warning after identifying deficiencies in operational processes.

Mrs. Georgiana Șuleapă, as Director of the Back Office Department of S.A.I. Raiffeisen Asset Management S.A., was sanctioned with a written warning after identifying deficiencies in operational processes.

Mr. Adrian Resmerită, in his capacity as Director of the Product Management and Distribution Department of S.A.I. Raiffeisen Asset Management S.A., was subject to the administrative measure of warning after identifying deficiencies in operational processes.

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