Sanctioning decisions adopted by the ASF Council in February 2025

Bucharest, 7 March 2025 - The Council of the Financial Supervisory Authority adopted, in February 2025, 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

Generali Romania Asigurare Reasigurare S.A. was sanctioned with a fine of RON 113,600, thus being violated:

• 18 para. (4) of ASF Rule no. 20/2017 on motor insurance in Romania, as subsequently amended and supplemented;
• 21 para. (1) of Law no. 132/2017 on compulsory motor civil liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;
• 21 para. (2) of Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;
• 21 para. (4) of Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;
• 21 para. (5) of Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented;

 

Omniasig VIG S.A. - the company was sanctioned with a written warning for failing to report to the ONPCSB all foreign transfer operations whose value exceeds the equivalent of EUR 10,000.

ABC Insurance S.A. - sanctioning the company with a fine in the amount of RON 260.100 and establishing measures for failure to comply with certain legal provisions regarding the method of establishing the best estimate of technical reserves related to guarantee insurance contracts.

D&CA Insurance Broker S.R.L. - - sanctioning the company with a fine in the amount of RON 5,000 for failure to comply with the provisions of art. 22 para. (10) of ASF Rule no. 22/2021 on insurance distribution and art. 11 para. (14) of Law no. 236/2018 on insurance distribution.

Energy Broker de Asigurare 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.A.I. Certinvest S.A.

Sanctions/measures ordered following the periodic inspection:

• Imposing on S.A.I. Certinvest S.A. of a plan of measures.
• Sanctioning S.A.I. Certinvest S.A. with a fine in the amount of RON 54,100
• Sanctioning Mr. Alexandru Voicu, as General Manager, with a fine in the amount of RON 14,800.
• Sanctioning Mrs. Alina - Florentina Huidumac - Petrescu, in her capacity as Deputy General Manager, with a fine in the amount of RON 10,000.
• Sanctioning Mrs. Ancuța - Florica Popescu, in her capacity as Compliance Manager / RCCO, with a fine in the amount of RON 10,000.
• Sanctioning Ms. Ana Irina Racolța with a fine in the amount of RON 5,400, in her capacity as Manager of the Compliance Department / RCCO.
• Sanctioning Mrs. Irina Adriana Mocanu with a fine in the amount of RON 13,000, as Chief Accountant.
• Sanctioning Mrs. Elisabeta Popescu, as Accountant, with a fine in the amount of RON 5,700.
• Sanctioning Ms. Eugenia Liliana Nuțu, as Sales Advisor, with a fine in the amount of RON 5,000.
• Sanctioning Mrs. Sorina Butea, as Human Resources Manager, with a fine in the amount of RON 6,800.

The main situations identified and sanctioned during the inspection concerned organizational and operational aspects related to the identification and management of conflicts of interest, as well as the signing of documents/reports submitted to the Authority.

 

S.S.I.F. Goldring S.A.

Sanctions/measures ordered following the periodic inspection:

• Imposing a plan of measures on S.S.I.F. Goldring S.A.
• Sanctioning S.S.I.F. Goldring S.A. with a fine in the amount of RON 73,150.
• Sanctioning Mr. Virgil Adrian Zahan with a warning, in his capacity as General Manager.
• Sanctioning Mr. Cristian Vasile Sabău with a fine in the amount of RON 32,230 in his capacity as Deputy General Manager, Compliance Officer and ML/TF directly responsible manager.

The main situations identified and sanctioned during the inspection concerned:

• organizational and conduct issues related to the aggregation of client orders, respectively mandatory notifications to the authority;
• organizational/procedural/operational aspects relating to the keeping of internal records/internal records, i.e. the proper information of clients in certain situations;
• procedural and operational aspects of assessing/monitoring/documenting ML/TF (money laundering and terrorist financing) risks and the proper application of know-your-customer measures, i.e. reporting suspicious transactions and foreign transfers.

 

MCA Intelifunds Limited Limassol S.A. – Bucharest Branch

Sanctions/measures ordered as a result of the periodic control: a fine of RON 14,500 imposed on MCA Intelifunds Limited Limassol S.A. – Bucharest Branch.

The main situations identified and sanctioned during the inspection concerned:

• organizational aspects regarding the designation of persons with responsibilities on the ML/TF line and in coordinating the implementation of internal procedures for the implementation of international sanctions;
• operational aspects concerning the reporting of external transfers.

 

Sinatex S.A.

Sanctioning Sinatex S.A. with a fine in the amount of RON 42,105 for failure to comply with the measures established by the supervisory and control acts adopted by ASF, as well as with the reporting obligations.

Imposing on Sinatex S.A. the obligation to take the necessary measures in order to:

• publication on the website of the system operator and transmission to ASF of the annual report for the financial year 2023 including the financial statements audited by a financial auditor/audit firm and the financial report for the first semester of 2024, no later than 90 days from the date of entry into force of the individual act.
• publication on the company's website of the information on the result of the voting for the EGMS convened for 22/23.04.2024 and for the OGMS convened for 07/08.05.2024, within 15 days at the latest from the date of entry into force of the individual act.

 

Mobila S.A. Rădăuți

Fining Mobila S.A. Rădăuți with a fine in the amount of RON 22,400 for failure to comply with reporting obligations.

Imposing on Mobila S.A. Rădăuți the obligation to take the necessary measures to ensure the publication on the system operator's website and the transmission to ASF of the financial report for the first semester of 2024 in its entirety, within 30 days from the date of entry into force of the individual act.

 

S.S.I.F. BRK Financial Group S.A.

Sanctioning S.S.I.F. BRK Financial Group 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 art. 110 of Law no. 24/2017, namely for failing to ensure the compliance of the financial statements for the financial year 2023 with IFRS (namely IAS 36 Impairment of Assets).

Imposing on S.S.I.F. BRK Financial Group S.A. the obligation to take the necessary measures to test for impairment of intangible assets, namely the valuation of inventories at the lower of cost and net realizable value and their presentation in the consolidated financial statements for the financial year 2024 in accordance with the provisions of art. 65 para. (3), in conjunction with the provisions of art. 110 of Law no. 24/2017 on issuers of financial instruments and market operations, republished, as amended and supplemented.

 

COMCM S.A.

Sanctioning COMCM S.A. with a warning for failure to comply with the reporting requirements set out in art. 110 of Law no. 24/2017, namely for failing to ensure compliance of the financial statements for the year 2023 with IFRS (namely IFRS 15 Revenue from Contracts with Customers in terms of presentation requirements, and IFRS 13 Fair Value Measurement in terms of measurement of financial assets).

Imposing on COMCM S.A. the obligation to take the necessary measures in order to present revenues in accordance with IFRS 15 Revenue from Contracts with Customers, respectively the measurement of financial assets in accordance with IFRS 13 Fair Value Measurement and their presentation in the financial statements for the financial year 2024 in accordance with the provisions of art. 110 of Law no. 24/2017 on issuers of financial instruments and market operations, republished, with subsequent amendments and additions.

 

PRIVATE PENSION

NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A.

• Mihaela Botezatu, as Coordinator of the Payments, Claims and Reporting Department within NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A., was fined RON 2,000 for identifying deficiencies in operational processes.
• Florina - Mihaela Decei, in her capacity as Coordinator of the Financial Accounting and Reporting Department within NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A., was fined RON 2,000 for identifying deficiencies in operational processes.
• Cornel Ianache, in his capacity as Coordinator of the Department of Pension Administration and Document Management within NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A., was sanctioned with a fine of RON 2,000 for identifying deficiencies in operational processes.
• Imposing a plan of measures on NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A..

 

Raiffeisen Bank S.A.

• Sorin Sabău, in his capacity as the person responsible for the custody of privately managed pension fund assets within Raiffeisen Bank S.A., was sanctioned with a written warning for identifying deficiencies in operational processes.
• Application of the administrative measure of warning to Raiffeisen Bank S.A. in its capacity as depositary of the assets of the Privately Managed Pension Fund Metropolitan Life for identifying deficiencies in operational processes.

 

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