Press Release: Sanctioning decisions adopted by the ASF Council in November 2022

Bucharest, 14 December 2022 - In November 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

SSIF VOLTINVEST S.A. - Following the results of a periodic inspection of SSIF Voltinvest S.A., the following sanctions/measures were imposed:

• sanctioning SSIF Voltinvest S.A. with a warning;
• sanctioning Mr. Ion Berbec with a warning of, in his capacity as the compliance officer for the prevention of money laundering/terrorist financing;
• sanctioning of Mr. Adrian Tanciu with a warning, in his capacity as the compliance officer for the prevention of money laundering/terrorist financing and designated person for the administration of international sanctions;
• imposition of a warning on Ms. Anca Georgiana Croitoru, in her capacity as a designated person for the administration of international sanctions.

At the same time, a plan of measures was imposed on the company to remedy some identified deficiencies/situations.

The main deficiencies identified concerned aspects of operational risk management related to IT systems and the procedural/organizational framework.

PRIVATE PENSION

BCR S.A., as a private pension intermediary, was sanctioned with a written warning after identifying deficiencies in operational processes related to the marketing of private pension funds.

Generali Societate de Administrare a Fondurilor de Pensii Private S.A. 

Following the results of an unannounced inspection at Generali Societate de Administrare a Fondurilor de Pensii Private S.A., the following measures were ordered:

• plan of measures to remedy certain deficiencies;
• sanctioning with a fine in the amount of 1,400 lei of Ms. Anne-Marie Mancaș as Chief Financial Officer, Member of the Board of Directors of Generali S.A.F.P.P. S.A. (from 01.10.2019 to 06.07.2021) and Chairman of the Board of Directors of the company (from 07.07.2021 to 12.09.2022).

The main deficiency found concerned operational activity.