Decisions imposing sanctions adopted by the A.S.F. ‘s Board in October 2024

Bucharest, November 6^th, 2024 – In October 2024, the Board of the Financial Supervisory Authority adopted several decisions imposing sanctions on entities/persons operating in the non-banking financial market for violation of some provisions of the relevant legislation.

INSURANCE MARKET

NN Asigurări de Viață S.A.  was:

• Fined by Lei 29,800 for failure to comply with the provisions of Act 129/2019;
• Fined by Lei 10,000 for failure to comply with the provisions of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorized/approved/registered, regulated and/or supervised by the Financial Supervisory Authority.

Madam Cîrstei Adriana was fined by Lei 26,900, in her capacity as a compliance officer of the Company Onix Asigurări S.A., for non-compliance with Act no. 219/2019.

Campion Broker de Asigurare și Reasigurare S.R.L. was fined for the following deeds:

• failure to comply with Art. 4 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 amended and supplemented;
• the provisions of Art. 4 para. (12) of ASF Rule no. 22/2021 on insurance distribution, in relation to the provisions of Art. 35 para. (8) lit. c) and d) of Law no. 236/2018 on insurance distribution, as amended and supplemented

            OVB Allfinanz România 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 ASFR Rule no. 22/2021 on insurance distribution
• fined for the following deeds:
• failure to comply with Art. 4 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 the provisions of Art. 13 para. (1) sub-para. e) item (iii) of Law 236/2018 on insurance distribution, as subsequently amended and supplemented;
• non-compliance with the provisions of Art. 16 para. (2) letter a) of ASF Regulation no. 4/2018 on the management of operational risks generated by the IT systems used by entities authorized/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as amended and supplemented.

            AON România Broker de Asigurare-Reasigurare S.R.L. was fined for having committed the following deeds:

• non-compliance with the provisions of Article 13 para. (1) letters a) and b) of Law no. 236/2018 on insurance distribution, as amended;
• Failure to comply with the provisions of Art. 4 para. (5) lit. b) item (ii) of ASF Rule no. 22/2021, 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 the provisions of Art. 4 para. (12) of ASF Rule no. 22/2021, 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. 16 para. (2) lit. a) of ASF Rule no. 4/2018 on the management of operational risks generated by the IT systems used by entities authorized/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as subsequently amended and supplemented;
• non-compliance with the provisions of Art. 16 para. (2) letter e) of ASF Rule no. 4/2018 on the management of operational risks generated by the IT systems used by entities authorized/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as subsequently amended and supplemented.

CAPITAL MARKET

Prebet Aiud S.A.

The Company titled Prebet Aiud S.A. was sanctioned with a warning for failing to ensure the preparation, publication and submission to the market operator of reports on any significant related party transactions and for failing to ensure, at the end of each half-year, the assessment by a financial auditor of the fairness and justification of significant transactions entered into during the period and the publication of the related audit report.

Impact Developer & Contractor S.A.

              The Company Impact Developer & Contractor S.A. was sanctioned with a warning because it failed to comply with the transparency obligation to publish and submit to the regulated market operator and the ASF the semi-annual audit report on significant related party transactions in the first half of 2024.

  Ropharma S.A.

              The Company Ropharma S.A. was fined by Lei 20,800 for failure to comply with the periodic reporting obligations, i.e. failing to take the necessary measures to ensure that an audit report on significant related party transactions entered into during the first semester of 2024 is prepared and published to the ASF and the market operator.

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

Mister Terzi Petre was sanctioned with a warning, in his capacity as an independent member of the Audit Committee of S.A.I. Atlas Asset Management S.A., for failure to comply with the provisions of Article 32 of ASF Rule no. 13/2019.

Mister Teodorescu Constantin Dorin was sanctioned with a warning, in his capacity as a member of the Audit Committee of S.A.I. Atlas Asset Management S.A., for failure to comply with the provisions of Article 32 of ASF Rule no. 13/2019.

S.A.I. Swiss Capital Asset Management S.A.

S.A.I. Swiss Capital Asset Management S.A. was fined by Lei 47,500 for failure to comply with the provisions of Article 22 para. (3) of Government Ordinance No. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law No. 297/2004 on the capital market.

Mr. Răzvan-Marian Bucur was fined by Lei 11,400 , in his capacity as member of the Board of Directors of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Art. 34 para. (2) letter b) of GEO no. 32/2012 on Undertakings for Collective Investment in Transferable Securities and Investment Management Companies, as well as amending and supplementing Law no. 297/2004 on the Capital Market.

Mister Florin-Costel Isac was fined by Lei 11,400, in his capacity as member of the Board of Directors of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Art. 34 para. (2) letter b) of GEO no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law no. 297/2004 on the capital market.

Mister Florin-Costel Isac was fined by Lei 11,400, in his capacity as member of the Board of Directors of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Article 34 para. (2) letter b) of GEO no. 32/2012 on Undertakings for Collective Investment in Transferable Securities and Investment Management Companies, as well as for amending and supplementing Law no. 297/2004 on the Capital Market.

Mister Robert-Iulian Dănilă was fined by Lei 11,400, as member of the Board of Directors of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Art. 34 para. (2) lit. b) of GEO no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law no. 297/2004 on the capital market.

Mrs. Ioana-Valeria Avram was fined by Lei 10,500, in her capacity as General Manager of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Art. 34 para. (2) letter b) of GEO no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law no. 297/2004 on the capital market.

Mister Florin-Costel Isac was fined by Lei 11,400, in his capacity as member of the Board of Directors of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Article 34 para. (2) letter b) of GEO no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law no. 297/2004 on the capital market.

Mister Robert-Iulian Dănilă was fined by Lei 11,400, as a member of the Board of Directors of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Article 34 para. (2) letter b) of GEO no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law no. 297/2004 on the capital market.

Madam Ioana-Valeria Avram was fined by Lei 10,500, in his capacity as General Manager of S.A.I. Swiss Capital Asset Management S.A., for failure to comply with the provisions of Article 34 para. (2) letter b) of GEO no. 32/2012 on Undertakings for Collective Investment in Transferable Securities and Investment Management Companies, as well as amending and supplementing Law no. 297/2004 on the capital market.