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Decisions of the Financial Supervisory Authority’s Board


Bucharest, 19 March 2015– In its meeting of 18 March 2015, ASF Board approved the Rule on the management of operational risks arising from the IT systems used by the entities regulated, authorised/licensed and/or supervised by the Financial Supervisory Authority.

Its current form includes the proposals and observations resulting from the public consultation process to which the draft legislation was subject between 27 January and 22 February 2015, to the extent that they have complied with the initial objectives. The rule will be accompanied by Implementation Guidelines whichtake into account the best practices for each of the mandatory activities to be undertaken by the regulated entities, structured similarly to documents drafted by international bodies (ESMA, EIOPA). The guidelines will be published on ASF website.

The Council heard the proposal of the European Commission to build a Capital Markets Union. The proposal, currently in public debate at the European level until mid-May, aims to identify possible short-term and long-term measures to create deeper and more integrated capital markets, its ultimate objective being to develop a more diversified financial system for European businesses (other than those provided by the banking sector), reducing the cost of capital, and boosting economic growth and job creation in the 28 Member States of the EU.

ASF Board approved the Assessment Report of RoClear clearing-settlement system run by Depozitarul Central SA, based on the recommendations of ESCB-CESR for securities settlement systems of the European Union. 


The following were also approved during the meeting:

-  withdrawal from trading of the shares issued by M.J.MAILLIS ROMANIA SA Ilfov, given the completion of the procedure for the withdrawal of shareholders;
-  the mandatory public takeover offer document of AMPLO SA Ploiești;
-  registration of the increase in the share capital of CERSANIT ROMAN SA, Roman, with ASF.

As a result of the registration of share capital increases, revocations and appointments of administrators or change of registered headquarters, amendments to the instruments of incorporation of several brokers and insurance undertakings were approved.

ASF Board also discussed and approved the following:

-  the request by Depozitarul Central SA to validate the new administrators of the company;
-  the request by SAI BROKER SA for authorisation of the Open-end Investment Fund PROSPER INVEST;
-  the request by Franklin Templeton Investment Management Ltd United Kingdom-Bucharest Branch (FTIML) for approval of the changes in the documents considered upon the registration of Fondul Proprietatea SA, namely the investment management contract.

160 agents were proposed for license/relicense to carry out marketing activities of pension funds, while the licenses for another 166 marketing agents were withdrawn. Two persons with managerial positions/important positions for two pension fund administration companies were also approved.

The inspection actions carried out at Depozitarul Central SA, ARCA BROKER DE ASIGURARE-REASIGURARE SRL were discussed during the meeting, being also approved to carry out an inspection in the case of SMARALD BROKER DE ASIGURARE SRL.

ASF Board was informed of the progress of the “Project for creation of a centralized infrastructure”. As part of the programmes for infrastructure and Governance of the IT strategy of ASF, the project aims at making the IT resources management system more efficient, increasing the functionality of the electronic mail platform, and improving IT security at the level of users within the organisation.

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.

More information may be found at www.asfromania.ro