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Board and Organization

The Financial Supervisory Authority is managed by a Board consisting of 9 members: 5 executive members, namely, the President, the First Vice President and 3 Vice Presidents, and 3 non-executive members. They were appointed for a 5-year mandate, starting from 14 November 2018.


The message of Chairman of the Board of the Financial Supervisory Authority, Mr. Leonardo Badea

The Financial Supervision Authority (ASF) is a young institution with fundamental attributions and responsibilities on the non-banking financial market in Romania (insurance market, capital market and private pension market) amounting to more than 100 billion lei and has an impact on about 10 million citizens.

Established in 2013, through the merger of the former Insurance Supervisory Commission, the Private Pension System Supervisory Commission and the National Securities Commission, ASF has undertaken two strategic missions: the stability and development of the markets it supervises, and consumer protection of non-banking financial products.

In order to achieve the objectives it has set, ASF has carried out a laborious process of redesigning the supervisory activity (risk-based), which it has adapted to the latest European recommendations as well as to the primary and secondary legislative framework governing the non-banking financial sector in Romania.

At the same time, the Authority has also transformed the regulatory and licensing process so as to increase the efficiency of this activity and has taken action to reduce the costs of participating companies in the three markets.

In the field of consumer protection, ASF has implemented best practice in the field and has substantially made the entire communication and customer relationship process more transparent.

In addition, ASF is in the process of developing a comprehensive national financial education program, the primary purpose of which is to inform citizens on financial products and their rights in relation to companies of the non-banking financial market.

In order to be able to implement these significant changes, which involve a continuous approach, ASF has undergone a process of strengthening institutional capacity through the development, education and professional training of staff as well as the development of an efficient infrastructure and adequate supervisory capability, aligned with the best international practice.

On the external side, ASF contributes fully to the European institutional construction through experts nominated within the working groups set up at the level of the international supervisory authorities (ESMA, EIOPA, IOSCO, IAIS etc).

Five years after its establishment, I can say that ASF is a modern European institution, that is constantly concerned with the development and stability of supervised markets and also consumer-oriented.

The Board members of the Financial Supervisory Authority

   1. Leonardo Badea - President - executive member 
   2. Elena Doina Dascălu - First Vice President - executive member 
   3.  Gabriel Grădinescu - Vice President - executive member - financial instruments and investments sector
   4. Cristian Roșu - Vice President - executive member - insurance-reinsurance sector
   5. Daniel Ştefan Armeanu - Vice President - executive member - private pensions system sector
   6. Jozsef Birtalan   - Nnon-executive member
   7. Ioan Gheorghe Țara - non-executive member
   8. Aura Gabriela Socol  - non-executive member
   9. Ovidiu Răzvan Wlassopol - non-executive member

ASF's organization chart 

The President represents ASF as an autonomous administrative authority, as a public law legal person and in common law relationships, and it is a credit authorising entity.

If the President is temporarily unable to exercise his prerogatives, the representation of ASF devolves upon the First Vice President. The ASF Board is convened by the President and/or the First Vice-President whenever necessary or at the request of at least 5 of its members.

The ASF Board validly deliberates in the presence of at least half plus one of its members, including the President or, in his absence, the First Vice President.

Decisions are adopted by the vote of 2/3 of the attending members.

The organizational structure, the number of positions, the management and execution powers of the personnel, the employment and selection criteria of the personnel ensuring the performance of the activity in good conditions are determined by the ASF’s Board.

The ASF Board approves the organizational chart, the organization and operation regulation, the internal regulation and establishes, by its own regulation, the regime and principles concerning the remuneration of Board members and of the employed personnel. Based on it, the Board decides on the remuneration of its members and of the employed personnel, taking in consideration the remuneration granted to similar functions and positions in the financial market.

The annual income and expenditure budget is approved by ASF and is verified during execution in accordance with the practices and procedures of internal control and audit.

The expenditures are established in ASF's annual budget, in accordance with its objectives and tasks.

The surplus in the income and expenditure budget recorded at the end of the year is carried forward as a source of funding in the following year, and the deficit is covered from the sources of the following year.