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DRAFT RULE on the calculation method by the ASF Board of the reference fees for the compulsory insurance against civil liability for prejudices caused to third persons through vehicle and tram accidents

08/05/2017

Art. 1 – General Provisions
(1) This rule regulated the methodology applied by the Financial Supervisory Authority, hereinafter referred to as ASF, for the calculation method of the reference fees for the compulsory insurance against civil liability for prejudices caused to third persons through vehicle and tram accidents, hereinafter referred to RCA, according to the provisions of art. 18, para. (2) of the Emergency Ordinance no. 54/2016 on the compulsory insurance against civil liability for prejudices caused to third persons through vehicle and tram accidents, hereinafter referred to as OUG no. 54/2016.
(2) For the implementation of this rule, insurers authorized to practice RCA shall submit to ASF the data requested by it. 

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Download HERE the full text of the Draft Rule.

DRAFT REGULATION amending and supplementing The Regulation of the ASF no. 16/2014 on revenues of the ASF

17/03/2017

Art. I. - Regulation of the Financial Supervisory Authority no. 16/2014 on revenues of the Financial Supervisory Authority, published in the Official Journal of Romania, Part I, no. 899 of 11 December 2014, with further amendments, shall be amended and supplemented as follows: 

1. In article 2 paragraph (2), after letter e), a new letter shall be introduced, letter f), with the following content:

„f) undertakings for collective investment in transferable securities, hereinafter referred to as UCITS - open-end investment funds and investment companies, which cumulatively fulfill the following conditions: ........

 Download HERE the full text of the Draft Regulation.

DRAFT RULE amending and supplementing the Accounting Regulations on individual annual financial statements and consolidated annual financial statements of entities carrying out insurance and/or reinsurance activities, approved by Rule of ASF no.41/2015

07/03/2017

Art. I – The Accounting Regulations on individual annual financial statements and consolidated annual financial statements of entities carrying out insurance and/or reinsurance activities, approved by Rule of the Financial Supervisory Authority no. 41/2015, published in the Official Journal of Romania, Part I, no. 2 and no. 2 bis of 4 January 2016, shall be amended and supplemented as follows:
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Download HERE the full text of the Draft Rule. 



DRAFT RULE on the rights, obligations, competences and designation of the special administrator

18/10/2016


Art. 1. (1) In accordance with the provisions of Art. 16 of Law. 503/2004 on the financial recovery, bankruptcy, dissolution and voluntary liquidation in the insurance activity, republished, as subsequently amended and supplemented, hereinafter referred to as Law No. 503/2004, in the event of applying the method for financial recovery of the insurance/reinsurance undertakings through special administration, as provided in art. 8, paragraph (1) letter b) of the same law, the Financial Supervisory Authority, hereinafter referred to as ASF, shall designate, by decision, a special administrator.
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Download HERE the full text of the Draft Rule. 


DRAFT RULE on the biannual accounting reporting system for private pensions

04/08/2016
Art. 1. - This rule regulates the preparation and submission of biannual accounting reports for entities authorized, regulated and supervised by the Financial Supervisory Authority, hereinafter referred to as A.S.F., for private pensions.
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Download HERE the full text of the Draft Rule.
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About Financial Supervisory Authority

The Financial Supervisory Authority (ASF) was established as an autonomous, specialized, with legal status, independent, self-financed administrative authority, exercising its duties by taking over and reorganizing all duties and powers of the National Securities Commission (CNVM), the Insurance Supervisory Commission (CSA) and the Private Pension System Supervisory Commission (CSSPP).

ASF is the Romanian competent authority within the meaning of Art. 22 Para (1) of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as subsequently amended and supplemented, and it has the duties and competencies established by it, exercised in accordance with its own statute.

ASF is the Romanian competent authority within the meaning of Art. 11 of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation, as subsequently amended and supplemented.

ASF is the Romanian competent authority 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 and repealing Council Directive 93/22/EEC.

The Financial Supervisory Authority (ASF) is the national authority competent to enforce and monitor the observance of the directly applicable regulatory acts issued by the European Union, in the fields provided by this regulation, and for the transposition into the national legislation of the provisions issued by the EU Council, EU Parliament, European Commission and by other European authorities.

ASF is the only national authority competent to represent Romania’s interests before the International Organization of Securities Commissions – IOSCO, the European Securities and Markets Authority – ESMA, the European Insurance and Occupational Pensions Authority – EIOPA and the International Association of Insurance Supervisors – IAIS, being a rightful member of such international authorities, based on the applicable international legislation.