Sanctioning decisions adopted by the ASF Council in November 2024

Bucharest, 11 December 2024 - The Council of the Financial Supervisory Authority adopted, in November 2024, several sanctioning decisions, as well as a series of measures applicable to certain entities/persons operating in the non-banking financial market for violation of certain provisions of the relevant legislation.

INSURANCE MARKET

Romasig Broker de Asigurare S.R.L. was sanctioned with a fine in the amount of RON 6,600 for the following:

• failure to comply with the provisions of Article 11 para. (12) of Law no. 236/2018 and Art. 26 para. (1), para. (8) letter a) item (i), Art. 29 para. (1) letter a) item (i) of ASF Rule no. 22/2021, in conjunction with the provisions of Chapter I, sub-chapter 1.2, item 12 para. (1), letters c) and e) of the Annex to ASF Rule no. 9/2020, sub-chapter 1.3, item 19 para. (1), letter c), e), g) and h) and item 20 para. (1), letter a), item (ii) of the Annex to ASF Rule no. 9/2020;
• failure to comply with the provisions of Art. 11 para. (12) of Law no. 236/2018 and Art. 26 para. (1), para. (8) letter b), Art. 29 para. (1) letter b) of ASF Rule no. 22/2021, in conjunction with the provisions of Chapter I, sub-chapter 1.1.3., item 14 para. (1) letter a) item (ii) and item 14 para. (1¹) of the Annex to Rule no. 34/2020;
• failure to comply with the provisions of Art. 12 para. (6) letter a) items (i), (ii), (iv) and letter b) of Law no. 236/2018;
• failure to comply with Art. 13 para. (1) letters a), b), d) and e) pct. (ii) of Law no. 236/2018.

IMOSIG Broker de Asigurare S.R.L. was sanctioned with a fine in the amount of RON 16,100 and the withdrawal of the brokerage company's operating license for the following:

• failure to comply with the provisions of Article 11 para. (12) of Law no. 236/2018 and Art. 26 para. (1), para. (8) letter a) item (i), Art. 29 para. (1) letter a) item (i) of ASF Rule no. 22/2021, in conjunction with the provisions of Chapter I, sub-chapter 1.2, item 12 para. (1), letters c), d) and e), sub-chapter 1.3, item 19 para. (1) letters b), c), e), f) and h) and para. 20 para. (1) letter a) item (ii) of the Annex to ASF Rule no. 9/2020;
• failure to comply with the provisions of Article 11 para. (12) of Law no. 236/2018 and Art. 26 para. (1), para. (8) letter b), Art. 29 para. (1) letter b) of ASF Rule no. 22/2021, in conjunction with the provisions of Chapter I, sub-chapter 1.1.3, item 14 para. (1) letter a) item ii) and para. (1¹) letter c) of the Annex to ASF Rule no. 34/2020;
• failure to comply with the provisions of Art. 11 para. (5) of Law no. 236/2018;
• failure to comply with the provisions of Art. 11 para. (4) of Law no. 236/2018;
• failure to comply with Art. 12 para. (6) letters a) and b) item (i) of Law no. 236/2018;
• failure to comply with the provisions of Art. 13 para. (1) letters a) - e) of Law no. 236/2018;
• failure to comply with Art. 14 para. (1) letter a) of Law no. 236/2018, in conjunction with the provisions of Art. 40 para. (4) of ASF Rule no. 22/2021;
• failure to comply with the provisions of Art. 14 para. (1) letter b) and para. (6) of Law no. 236/2018 in conjunction with the provisions of Art. 38 para. (2) and (3) letter a) of ASF Rule no. 22/2021.

Mrs. Lenuța Trip, head of the brokerage company IMOSIG Broker de Asigurare S.R.L. was fined RON 8,600 for failure to comply with the provisions of Art. 26 para. (3) of ASF Regulation no. 22/2021, in relation to the provisions of Art. 26 para. (5) of the same rule.

CAPITAL MARKET

Raiffeisen Bank S.A. (credit institution intermediary)

Sanctions/measures ordered following the periodic inspection:

• Sanctioning Raiffeisen Bank S.A. with a warning
• Imposing an action plan on Raiffeisen Bank S.A..

The situations identified during the control concerned organizational and operational issues related to the prior notification to ASF of some employees involved in the distribution activity.

C.N.T.E.E. Transelectrica S.A.

• Sanctioning C.N.T.E.E. Transelectrica S.A. with a warning for failure to comply with the reporting requirements set out in Art. 65 para. (3) in conjunction with those of Article 110 of Law no. 24/2017, respectively for failing to ensure the compliance of the financial statements for the financial year 2023 with IFRS (namely IAS 38 Intangible Assets);
• Imposing on C.N.T.T.E.E. Transelectrica S.A. the obligation to take the necessary measures to transmit the preparation and publication of the consolidated financial statements for the year 2024 with restatement of the opening balances, in accordance with the provisions of Article 65 para. (3) in conjunction with Article 110 of Law no. 24/2017.