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

Bucharest, 10 July 2024 - The Council of the Financial Supervisory Authority adopted, in June 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

Proximus Broker de Asigurări S.R.L. was sanctioned with a written warning for failure to comply with the provisions of Art. 22 para. (2) of ASF Rule no. 22/2021 on insurance distribution.

CAPITAL MARKET

S.S.I.F. Interdealer Capital Invest S.A.

• A fine amounting to RON 48,800;
• Establishment of a plan of measures against the intermediary;
• A fine of RON 1,000 lei - Ilona Eniko Câmpean - Economic Director;
• A fine of RON 1,500 - Narcis-Horațiu Benche - Chairman of the Board of Directors;
• A fine of RON 1,500 lei - Daniel Pop - Member of the Board of Directors;
• A fine of 1,400 lei - Sorin-Valeriu Naș - Member of the Board of Directors.

The main situations identified concerned::

• carrying out trading activity conducted on own account, exceeding the scope of activity authorized by ASF;
• failure to ensure the correct and up-to-date organization and keeping of accounts;
• failure to comply with the obligation to maintain the confidentiality of data relating to a client’s activity;
• organizational (designation of a responsible person) and procedural issues related to the prevention and combating of money laundering and terrorist financing.

S.S.I.F. BT Capital Partners S.A.

• A fine amounting to RON 10,600;
• Establishment of a plan of measures for the intermediary;
• A fine amounting to RON 1,500 - Constantin Stirbu – the person providing information on financial instruments, investment services or ancillary services on behalf of the FISC

The main situations identified concerned:

• insufficient steps were not taken to achieve the best possible outcome for a client;
• failure to comply with the provisions of the intermediary’s internal procedures.

S.A.I. Atlas Asset Management S.A.

• A fine amounting to RON 31,300;
• Establishment of a plan of measures against S.A.I. Atlas Asset Management S.A.;
• A fine amounting to RON 31,300 - Dragoș Balaci - Directly Responsible Manager and Compliance Officer on the ML/TF line.

The main situations identified concerned the failure to classify an investor in the appropriate risk category on the ML/TF line.

Meta Estate Trust S.A.

Fining Meta Management Team S.R.L., as Chairman of the Board of Directors of Meta Estate Trust S.A., with a fine amounting to RON 35,500, for failure to comply with the legal and regulatory provisions regarding the holding of the OGMS convened for 17/18.07.2023.  

SSIF Goldring S.A.

• sanctioning Mr. Mihai Octavian Neguț with a fine amounting to RON 1,300, as director of Long Term by Profit Point S.R.L., delegated agent of S.S.I.F. Goldring S.A.;
• sanctioning Mr. Ionuț Bogdan Milea with a fine amounting to RON 1,300 as delegated agent of S.S.I.F. Goldring S.A;
• sanctioning Mr. Ovidiu Dragoș Mesaroș with a fine amounting to RON 1,500, as an individual providing the investment services and activities referred to in item 5 of Section A of Annex no. 1 of Law no. 126/2018 on behalf of S.I.F. Goldring S.A.;
• sanctioning Mr. Cristian Ștefan Ilie with a fine amounting to RON 1,300 lei as a person providing information on financial instruments, investment services or ancillary services on behalf of S.S.I.F. Goldring S.A.;
• sanctioning Mr. Adrian Mihail Georgescu with a fine amounting to RON 1,300 as delegated agent of S.S.I.F. Goldring S.A.;
• sanctioning Mr. Sandu Gabriel Pintea with a fine amounting to RON 4,200 in his capacity as director and sole shareholder of Envision Partners S.R.L., delegated agent of S.S.I.F. Goldring S.A.

Reason for sanctioning: failure to comply with the provisions of Art. 54 and Art. 55 of Law no. 126/2018 regarding the obligation to record telephone calls, electronic correspondence, including face-to-face calls with customers (drawing up minutes).

Sanctioning Mr. Istrătescu Cristian with a warning, as a former delegated agent of SSIF Goldring S.A. for failure to comply with the provisions of Art. 101 para. (2) of Law no. 126/2018 through his action of promoting other investment firms competing with S.S.I.F. Goldring S.A.

SSIF BRK Financial Group S.A. 

Sanctioning SSIF BRK Financial Group S.A. (as an entity providing investment services and activities in Romania) with a fine amounting to RON 13,400.

Reason for sanction:

• The FISC did not report its own trading portfolio for the reference date 31.01.2024 within the legal deadline, contrary to the provisions of Art. 50 para. (1) letter g) of Regulation 5/2019;
• The FISC has made available to ASF untrue information and erroneous, unclear or incomplete documents, likely to mislead ASF or to jeopardize the conduct of supervisory and control activity in breach of the provisions of Article 257 para. (1) letter g of Law no. 126/2018 on the markets in financial instruments.
• The FISC submitted late to ASF the documentation on the authorization of Mr. Dănilă Robert Iulian and Mr. Goia Gabriel, as members of the Board of Directors, contrary to the provisions of Art. 22 para. (6) letter b) of the ASF Regulation no. 1/2019, provisions which state that it must be submitted at least 60 days prior to the date of expiration of the mandates (27.04.2024).

Lion Capital S.A.

Sanctioning Mr. Sorin Marica with a warning, as a member of the Board of Directors of the issuer Lion Capital S.A., for failure to comply with the provisions of Art. 19 (1) of Regulation (EU) No. 596/2014, after exceeding the value threshold provided for in Art. 19 (8) of the same Regulation, in relation to the deadline for notifying the transaction on 16.11.2023 to the issuer and ASF.

PRIVATE PENSION

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

• Eduard-Andrei Stamatescu, as Head of the Operations Department of BRD Societate de Administrare a fondurilor de Pensii Private S.A., was sanctioned with a written warning after identifying deficiencies in operational processes.
• Nicoleta-Germina Dinu, in her capacity as Head of the Accounting Department of BRD Societate de Administrare a Fondurilor de Pensii Private S.A., was sanctioned with a written warning after identifying deficiencies in operational processes
• Establishment of a plan of measures to be implemented by BRD Societate de Administrare a Fondurilor de Pensii Private S.A. in order to remedy deficiencies in operational processes.

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