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Decisions adopted by the Financial Supervisory Authority’s Board

Bucharest, 26 February 2015 – In its meeting of 25 February 2015, the Financial Supervisory Authority’s Board raised for discussion a draft amending and supplementing “Instruction No. 2/2014 on the application of International Financial Reporting Standards by entities authorised, regulated and supervised by ASF of the Financial Investment and Instruments Sector” and approved the postponement of the obligation to implement IFRS for 1 January 2016 for the entities in the capital market and insurance market. The decision took into account the recommendations of the Ministry of Public Finance in relation to the need to identify specific situations at the level of the entities that will have the obligation to apply IFRS, which would lead to amending and supplementing the fiscal legislation. A working group established at the level of ASF will prepare a work plan along with the market for complying with the new deadlines.

The republication for public consultation for a period of 10 days of the draft regulation amending and supplementing “Regulation No 3/2006 on the authorisation, organisation and operation of the Investor Compensation Fund, as subsequently amended and supplemented” was also approved to extend the time necessary to submit proposals and comments by the parties concerned.

The request of the Bucharest Clearing House (CCB) for authorisation as central counterparty was not approved because the requirements laid down in ASF Regulation No 3/2013 on the authorisation and operation of central counterparties, and in Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR) were not complied with.

ASF’s Board approved the amendments to the articles of incorporation of SIF MUNTENIA SA, in accordance with the Decision of the Board of Administration of Administrator SAI MUNTENIA INVEST SA. The amendments refer to the quorum and voting majority requirements for SIF’s general meetings of shareholders and to the adoption of decisions.

The request for issuing Securities Registration Certificates for the structured products issued by Erste Group Bank AG was approved.

Having regard to the GMS’ decision of PETRODESIGN SA, the withdrawal from trading and the deletion from ASF’s records of the shares of such company were approved.

The amendments of the articles of incorporation of 11 insurance undertakings or insurance brokers and the appointment of 6 persons in managerial positions (Presidents of management boards, general directors and other key positions) of insurance undertakings and brokers were approved.

The periodic inspection reports in the case of Bancpost SA and SSIF Goldring SA were also approved.

The final approval of the amendment of the Prospectus of the voluntary pension scheme for AEGON ESENŢIAL Voluntary Pension Fund, and the license of 43 agents for marketing activities were approved.

The Council heard and discussed the Statistical analysis of the insurance market (based on provisional data) and the Statement of petitions as at 31 December 2014. The same will be published on ASF’s website.

ASF’s Board shall meet every Wednesday to decide on the measures to be adopted for the good operation and effective supervision of non-banking financial markets, participants and operations in these markets. 

 

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About ASF

The Financial Supervisory Authority (ASF) is the institution that authorises, regulates, supervises and controls the entities operating on the non-banking financial market in Romania.

Established in 2013 through assuming and reorganising all powers and prerogatives of the National Securities Commission (CNVM), Insurance Supervisory Commission (CSA) and Private Pension System Supervisory Commission (CSSPP), ASF contributes to strengthening an integrated operational and supervisory frame on three markets amounting to more than 10 million participants.