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    Law no. 113/2013 for the approval of the Government Emergency Ordinance no. 93/2012 on the establishment, organization and functioning of the Financial Supervision Authority
Law no. 113/2013 for the approval of the Government Emergency Ordinance no. 93/2012 on the establishment, organization and functioning of the Financial Supervision Authority

(Published in the Official Gazette, Part I no. 234 of 23/04/2013).

The Romanian Parliament adopts this law.

Art. I. - The Government Emergency Ordinance no. 93 of December 18, 2012 on the establishment, organization and functioning of the Financial Supervision Authority, published in the Official Gazette of Romania, Part I, no. 874 of December 21, 2012, with the following amendments and completions:
1. Article 1 is amended to read as follows:
"Art. 1. - (1) This emergency ordinance regulates the establishment, objectives, attributions, organization and functioning of the Financial Supervision Authority.
(2) The Financial Supervisory Authority, hereinafter referred to as FSA, is established as an autonomous, specialized administrative authority, with legal personality, independent, self-financed, which exercises its duties according to the provisions of this emergency ordinance, by taking over and reorganizing all duties and prerogatives National Securities Commission (CNVM), Insurance Supervisory Commission (CSA) and Private Pension System Supervision Commission (CSSPP).
(3) In the exercise of its attributions, established by the present normative act, the activity of A.S.F. it will not be restricted by any other authority.
(4) A.S.F. has its headquarters in Bucharest and may have secondary offices and representative offices as required. "
2. Article 2 shall read as follows:
"Art. 2. - (1) For the purposes of this emergency ordinance, the A.S.F. exercises attributions of authorization, regulation, supervision and control over:
a) intermediaries of operations with financial instruments; financial investment service companies; collective investment undertakings; investment management companies; financial investment consultants; financial instrument markets; market and system operators; central depositories; clearing-settlement houses; central counterparties; market operations; securities issuers; Investor Compensation Fund; other natural or legal persons carrying out activities according to the provisions of Law no. 297/2004 regarding the capital market, with the subsequent modifications and completions, to the Government Emergency Ordinance no. 32/2012 on collective investment undertakings in investment securities and investment management companies, as well as for the amendment and completion of Law no. 297/2004 on the capital market, Government Emergency Ordinance no. 25/2002 regarding the approval of the Statute of the National Securities Commission, approved with modifications and completions by Law no. 514/2002, with subsequent amendments and completions, Law no. 253/2004 regarding the final character of the settlement in the payment systems and in the settlement systems of the operations with financial instruments, with the subsequent modifications and completions, to the Government Ordinance no. 9/2004 regarding some financial guarantee contracts, approved with modifications and completions by Law no. 222/2004, with the subsequent amendments and completions, to the Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and completions by Law no. 227/2007, with subsequent amendments and completions;
b) commercial insurance, reinsurance and reinsurance companies, mutual companies, hereinafter referred to as insurers and reinsurers, as well as insurance intermediaries, supervision of insurers and reinsurers operating in or from Romania, supervision of insurance intermediaries and reinsurance, as well as other activities related to them, according to the provisions of Law no. 136/1995 on insurance and reinsurance in Romania, with subsequent amendments and completions, Law no. 32/2000 regarding the insurance activity and the insurance supervision, with the subsequent modifications and completions, Law no. 260/2008 on the compulsory insurance of dwellings against earthquakes, landslides and floods, republished, Law no. 503/2004 on financial recovery and bankruptcy of insurance companies, with subsequent amendments;
c) the private pension system, according to Law no. 411/2004 regarding the privately administered pension funds, republished, with the subsequent modifications and completions, to the Government Emergency Ordinance no. 50/2005 regarding the establishment, organization and functioning of the Supervisory Commission of the Private Pension System, approved with modifications and completions by Law no. 313/2005, with subsequent amendments and completions, Law no. 204/2006 on voluntary pensions, with subsequent amendments and completions, Law no. 187/2011 on the establishment, organization and functioning of the Fund for guaranteeing the rights in the private pension system, Government Emergency Ordinance no. 61/2008 on the implementation of the principle of equal treatment between women and men regarding access to goods and services and the provision of goods and services, approved with amendments by Law no. 62/2009;
d) all entities, institutions, market operators and issuers of securities, as well as operations and financial instruments regulated by secondary legislation issued prior to the entry into force of this emergency ordinance by the National Securities Commission, the Insurance Supervisory Commission, The Supervisory Commission of the Private Pension System in support of and for the implementation of the primary legislation related to the financial market.
(2) A.S.F. is the competent authority in Romania within the meaning of art. 22 para. (1) of Regulation (EC) no. 1,060 / 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as subsequently amended and supplemented, and has the powers and competences established by it, exercised in accordance with the provisions of its own statute.
(3) A.S.F. is the competent authority in Romania within the meaning of art. 11 of Directive 2003/6 / EC of the European Parliament and of the Council of 28 January 2003 on the misuse of confidential information and market manipulation, as subsequently amended and supplemented.
(4) A.S.F. is the competent authority in Romania within the meaning of art. 48 of Directive 2004/39 / EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, amending Council Directives 85/611 / EEC and 93/6 / EEC and Directive 2000/12 / EC of the European Parliament and of the Council European Parliament and of the Council and repealing Council Directive 93/22 / EEC.
(5) A.S.F. is the competent authority at national level for the application and monitoring of the normative acts of direct applicability issued at the level of the European Union, in the fields provided by this normative act, as well as for the transposition and implementation in national legislation of those provisions issued at the EU Council, EU Parliament , The European Commission and other European authorities.
(6) A.S.F. is the only national authority competent to represent Romania's interests in the International Organization of Securities Commissions - IOSCO, the European Securities and Markets Authority - ESMA, the European Insurance and Occupational Pensions Supervisory Authority - EIOPA and the International Association of Insurance Supervisors IAIS, being a full member of these international authorities, on the basis of applicable international law. "
3. Article 4 is amended to read as follows:
"Art. 4. - A.S.F., the members of the management and its staff shall not request and accept instructions of any kind from any other institution, body or authority in the exercise of their duties conferred by law."
4. In Article 6, paragraph 1 is amended to read as follows:
"Art. 6. - (1) The attributions and prerogatives conferred by the A.S.F., including the conditions for exercising them, as well as the measures and sanctions that may be applied by the A.S.F. are those of the normative acts provided in art. 2 paragraph (1)."
5. Article 7 is amended to read as follows:
"Art. 7. - (1) Any natural or legal person has the right to address the competent courts if he is considered harmed by the improper application or non-application by the A.S.F. of the provisions of this emergency ordinance.
(2) A.S.F. it is the only authority able to rule on the considerations of expediency, the assessments and the qualitative analyzes underlying the issuance of its acts. "
6. The title of Chapter III is amended to read as follows:

"CHAPTER III
The management, organization and operation of the A.S.F. "
7. In Article 8, paragraphs 1 and 3 are amended to read as follows:
"Art. 8. - (1) The FSA is chaired by a council composed of 17 members, of which one president, a first vice-president and 3 vice-presidents, who are executive members. Each of the 3 vice-presidents has specific attributions corresponding to one of the 3 sectors of financial supervision In the decision of the Romanian Parliament to appoint them, the financial supervision sector for which they are appointed is established.The other 12 members are non-executive members.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . . ..
(3) The reunited commissions provided in par. (2) performs the selection of candidates to be appointed, exclusively on the basis of professional experience in the financial field, credit institutions and / or non-banking financial institutions of at least 7 years for members forming the executive management and of at least 5 years for other members . "
8. In Article 9, after point (a), a new point (a1) is inserted, with the following wording:
"a1) hold a diploma in long - term higher education;".
9. In Article 9, points (b) to (d) are amended to read as follows:
"b) not to be senators, deputies or members of any political party or political organization during the term of office;
c) not to exercise another profession or not to hold a public or private position, except for the possibility of carrying out didactic activities and scientific research, avoiding the conflict of interests;
d) not to be members of the boards of directors, supervisory boards, directorates or boards of auditors, not to hold the position of director or other positions in the following entities:
1. those concerning the activity of intermediaries in financial instruments and collective investment undertakings;
2. investment management companies;
3. those concerning the activity of insurers, reinsurers, insurance and reinsurance intermediaries and other related activities;
4. those concerning the private pension system, according to Law no. 411/2004, republished, with subsequent amendments and completions;
5. financial investment companies; ".
10. In Article 9, the following point, point (d1), is inserted after point (d):
"d1) not to hold them and / or their family members up to the third degree, including, directly or indirectly, a shareholding of more than 5% of the capital of the entities referred to in letter d) or of voting rights or a shareholding that allows exercising significant influence over decision - making in their general meeting or board of directors; ".
11. In Article 9, point (g) is amended to read as follows:
"g) not to be spouses or relatives or relatives up to the third degree with the members of the Government and the members of the Board of Directors of the National Bank of Romania."
12. In Article 10, paragraph 1 is amended to read as follows:
"Art. 10. - (1) The dismissal of a member of the A.S.F. Council is made according to the procedure provided in art. 8 paragraph (2), when he no longer meets the conditions provided in art. 9."
13. Article 13 is amended to read as follows:
"Art. 13. - (1) The President represents the A.S.F. as an autonomous administrative authority, as a legal person under public law and in common law relations and is an authorizing officer.
(2) In case of temporary impossibility to exercise the prerogatives of the president, the representation of the A.S.F. reverts to the First Vice-President. "
14. In Article 14, paragraphs 1 to 3 are amended to read as follows:
"Art. 14. - (1) The convocation of the A.S.F. Council is made by the president and / or first vice-president whenever necessary or at the request of at least 9 of its members.
(2) The A.S.F. deliberates validly in the presence of at least half plus one of its members, including the chairman or, in his absence, the first vice-chairman.
3. Decisions shall be taken by 2/3 of the members present. "
15. Article 15 is amended to read as follows:
"Art. 15. - (1) The organizational structure, the number of positions, the attributions of management and execution of the personnel, the criteria of hiring and selection of the personnel to ensure the development in good conditions of the activity are established by the A.S.F.

(2) The A.S.F. Council approves the organizational chart, the organization and functioning regulation and the internal regulation and establishes by its own regulation the regime and the principles regarding the remuneration of the members of the Council and of the employed personnel. On this basis, the Council shall decide on the remuneration of its members and staff, taking into account the level of remuneration accorded to similar positions and functions in the financial market. "
16. In Article 18 (2), after point (c), a new point (d) is inserted, with the following wording:
"d) income from the alienation of fixed assets and inventory items from one's own patrimony, which have become available."
17. In Article 18, a new paragraph 3 is inserted after paragraph 2, with the following wording:
"(3) Expenditures shall be determined by the annual budget of the A.S.F., in accordance with its objectives and tasks."
18. Article 19 is amended to read as follows:
"Art. 19. - (1) The annual budget of revenues and expenditures is approved by the A.S.F. Council and is verified in execution, according to the practices and procedures of the internal control and audit.
2. The surplus in the revenue and expenditure budget recorded at the end of the year shall be carried over to the following year as a source of financing and the deficit shall be covered from the following year 's sources. "
19. In Article 22, paragraph 1 is amended to read as follows:
"Art. 22. - (1) ASF takes over from the National Securities Commission, from the Insurance Supervisory Commission and from the Private Pension System Supervisory Commission, based on handover-takeover protocols concluded with each of the they, within 15 days from the date of appointment of the members of the FSA Board, but not later than April 30, 2013, the cash available in the accounts and the patrimony established on the basis of the financial statements prepared according to Article 28 paragraph (1) of the Accounting Law no. 82/1991, republished, as subsequently amended and supplemented, as well as the other rights and obligations arising therefrom. "
20. Article 24 is amended to read as follows:
"Art. 24. - (1) ASF exercises its prerogatives provided in art. 2 paragraph (1) starting with the date of concluding the handover-takeover protocol provided in art. 22 paragraph (1), but not later than April 30 2013. On the same date, the National Securities Commission, the Insurance Supervisory Commission and the Private Pension System Supervisory Commission are abolished and the mandates of the members of these authorities, respectively of the members of their management, cease by right.
(2) Until the date of signing the handover-takeover protocol, under the conditions of par. (1), the National Securities Commission, the Insurance Supervisory Commission and the Supervisory Commission of the Private Pension System shall continue their activity according to the legislation in force. "
21. In Article 25, a new paragraph 3 is inserted after paragraph 2, with the following wording:
"(3) The Investor Compensation Fund - S.A., the Insured Guarantee Fund and the Benefit Guarantee Fund of the private pension system shall be administered and used according to the specific destinations of each of these funds."
Article II - (1) The Authority for Administration of State Assets takes over without payment all the rights and obligations of the National Securities Commission, resulting from the legal acts by which the National Securities Commission was obliged, as a civilly liable party, to pay compensations to investors to the Fund National Investment.
(2) The Authority for State Assets Administration is subrogated in all procedural rights and obligations of the National Securities Commission and acquires the procedural quality it has, at the date of entry into force of this law, in all lawsuits and requests pending before the courts. judicial, regardless of whether it is the trial phase or the forced execution.
(3) Execution of the payment obligations of the Authority for the Administration of State Assets provided in par. (1) shall be ensured from the revenues of the budget of revenues and expenditures related to the activity of privatization and capitalization of state assets.

This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 and of art. 76 para. (1) of the Romanian Constitution, republished.

PRESIDENT OF THE CHAMBER OF DEPUTIES

VALERIU-ŞTEFAN ZGONEA

PRESIDENT OF THE SENATE
GEORGE-CRIN LAURENŢIU ANTONESCU

Bucharest, April 23, 2013
Nr. 113



 


16/02/2021
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