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Decisions of the Financial Supervisory Authority’s Board


Bucharest, 12 March 2015
In its meeting of 11 March 2015, the Financial Supervisory Authority’s Board heard and discussed the Romania Country Report drawn up by the European Commission, including the conclusions relating to the development stage of the non-banking financial market, presented in the document. In this respect, the report states that the valuation process of on balance sheet assets and liabilities from the insurance sector is carried out in accordance with the programme agreed with the European Commission, and notes the potential of the capital market as a funding source for companies.

The Board debated and approved the Report on the development of the local capital market as at 31 December 2014. The Board addressed also the Activity Report of the Policyholders’ Guarantee Fund and the budget execution of such institution for 2014, which information shall be made publicly available on www.asfromania.ro.

At the same time, ASF approved a recalibration of the objectives of STEAM Project – the Action Plan for obtaining the Emerging Market Status, given the developments on the capital market since the start of this project and until present, but also the dynamics of the European legislation in this field. On this occasion, the new membership of the Steering Committee, which shall monitor the implementation of the stages of this project, was approved.

The Board also approved the withdrawal from trading and the deregistration from ASF’s records of the shares issued by two companies (FOREST AGRO SERVICE SA DEALU MORII Bacău and SIAJ SA Tulcea) and the admission to trading in the Alternative Trading System operated by BSE of the shares issued by:

- PETROCART SA Piatra Neamț

- INOX SA Măgurele

- DUCATEX SA Jilava.

The Board approved two documents regarding the conduct of some public purchase offers and takeover bids of shares. The Board also approved the issuance of the Securities Registration Certificate for SN NUCLEARELECTRICA SA BUCUREȘTI corresponding to the registration of the increase in such company’s share capital with ASF.

As a result of the registration of name changes, increases or decreases in the share capital, sales and assignment of shares, the amendments of the constitutive acts for some brokers, insurance undertakings and pension funds were approved.

During the meeting, the appointment of four persons for managerial positions (Presidents of Boards of Directors, Vice-Presidents of Executive Boards and other key positions) for insurance undertakings, and also the license/re-license of 69 marketing agents for the performance of activities within private pension funds were approved, while withdrawing the licenses for 13 marketing agents.

During the meeting, the Board also approved the reports drawn up further to the inspection actions carried out at: SSIF Estinvest SA (periodic inspection), SSIF Vienna Investment Trust SA – (periodic inspection), ALLIANZ – ȚIRIAC PENSII PRIVATE SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE SA (unannounced inspection), APF – Societate de Administrare a Fondurilor de Pensii Facultative SA and at Fondul de Pensii Facultative Pensia Mea  (unannounced inspection), Generali Societate de Administrare a Fondurilor de Pensii Private SA, as administrator of FPF Stabil – (unannounced inspection)

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.