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Our Mission


The Financial Supervisory Authority (ASF) contributes to the consolidation of an integrated operation and supervisory framework of the non-banking market, of the participants of and operations performed on such markets and aims at:

  • ensuring the stability, competitiveness and proper operation of the financial instruments markets, promoting the trust in these markets and in the investments in financial instruments, and ensuring the protection of operators and investors against disloyal, abusive and fraudulent practices;
  • promoting the stability of the insurance activity and protecting the rights of policyholders;
  • ensuring the efficient operation of the private pension system and protecting the interests of the participants and beneficiaries.

ASF exercises authorisation, regulation, supervision, and control powers over:

(a)    the intermediaries of financial instruments operations; the financial investment undertakings; undertakings for collective investment; investment management companies; financial investment consultants, financial instruments markets; market and system operators; central depositories; clearing houses; central counterparties; market operations; securities issuers; investment compensation fund; other natural or legal persons conducting activities in accordance with the provisions of Law No. 297/2004 on the capital market, as subsequently amended and supplemented, Government Emergency Ordinance No. 32/2012 on undertakings for collective investment in securities and investment management companies, and for the amendment and supplementation of Law No. 297/2004 on the capital market, Government Emergency Ordinance No. 25/2002 approving the statute of the National Securities Commission, approved as amended and supplemented by Law No. 514/2002, as subsequently amended and supplemented, Law No. 253/2004 on the final nature of settlement in the payment systems and in the financial instruments operations settlement, as subsequently amended and supplemented, Government Ordinance No. 9/2004 on certain financial security contracts, approved as amended and supplemented by Law No. 222/2004, as subsequently amended and supplemented, Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented;

(b)   insurance, insurance-reinsurance and reinsurance companies, mutual undertakings, hereinafter referred to as insurers or reinsurers, and the insurance intermediaries, supervision of insurers and reinsurers conducting their activity in or from Romania, supervision of the insurance and reinsurance intermediaries’ activity, and other activities related thereto, in accordance with the provisions of Law No. 136/1995 on insurance and reinsurance in Romania, as subsequently amended and supplemented, Law No. 32/2000 on the insurance activity and supervision of insurers, as subsequently amended and supplemented, Law No. 260/2008 on compulsory home insurance against earthquakes, landslides and floods, republished, Law No. 503/2004 on the financial redress and bankruptcy of insurance companies, as subsequently amended;

(c)    the private pension system, according to Law No. 411/2004 on the privately managed pension funds, republished, as subsequently amended and supplemented, Government Emergency Ordinance No. 50/2005 on the establishment, organization and operation of the Private Pension System Supervisory Commission, approved as amended and supplemented by Law No. 313/2005, as subsequently amended and supplemented, Law No. 204/2006 on voluntary pensions, as subsequently amended and supplemented, Law No. 187/2011 on the establishment, organization and operation of the Private Pension System Rights Guarantee Fund, Government Emergency Ordinance No. 61/2008 on the implementation of the principle of equal treatment between men and women with regard to access to services and products and the supply of services and products, approved as amended by Law No. 62/2009;

(d)   all entities, institutions, market operators and security issuers, and over the financial operations and instruments regulated by the secondary legislation issued by the National Securities Commission, the Insurance Supervisory Commission, the Private Pensions System Supervisory Commission prior to the entry into force of this emergency ordinance to support and implement the primary legislation related to the financial market.