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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 Board members of the Financial Supervisory Authority


   1.  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.