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The Decisions adopted by the Council of the Financial Supervisory Authority - 08.07.2020

Bucharest, July 8, 2020 – Within today’s meeting, the Council of the Financial Supervisory Authority (ASF) approved measures related to the operating framework of the supervised nonbanking financial markets – insurances, capital market and private pensions, among which:  

A)  Regulation

Instruction related to prorogation of the term provided at Art.5 Para (2) from the Instruction of the financial Supervisory Authority no.3/2020 on the means of submission of the reports and other documents in electronic form by the Financial Supervisory Authority (the instruction will be submitted, for publication, to the Official Gazette of Romania);

The regulation for the amendment and completion of Regulation no.10/2016 regarding the organization and operation of the Financial Supervisory Authority (the regulation will be submitted, for publication, to the Official Gazette of Romania);  

The Recommendations Project for the insurance and reinsurance companies related to certain measures for mitigation of COVID – 19 crisis effects;

The Project of the Norm regarding the reporting obligations and transparency in the occupational pensions system (the project will be published at www.asfromania.ro, for public consultation, for a period of 15 days);

The Project of the Norm for the amendment of Annex no.10 to the Norm of the Financial Supervisory Authority no.24/2015 on the reporting obligations and transparency in the privately administered pensions (the project will be published at www.asfromania.ro, for public consultation, for a period of 10 days);

The Project of the Norm for the amendment of Annex no.10 to the Norm of the Financial Supervisory Authority no. 25/2015 on the reporting obligations and transparency in the facultative pensions system (the project will be published at www.asfromania.ro, for public consultation, for a period of 10 days).

B)  Supervision

The status of fulfilment of the measures established by Decision no.199/20.02.2020 for the company Euroins România Insurance Reinsurance SA.  For the failure to fulfill, in due dates, some of the obligations provided in the measures plan being in the responsibility of the company, the Council of the Financial Supervisory Authority has decided the sanctioning of the members of the executive management of Euroins România Insurance Reinsurance SA, as follows: Mr. Mihnea Tobescu, Director general – fine in quantum of 100,000 RON and Mrs. Milena Guentcheva, Deputy Director General – fine in quantum of 50,000 RON.

The results of the periodical control carried out at Generali România Insurance Reinsurance SA, following the performance of the control, did not reveal shortcomings that require the application of sanctionatory measures. The Financial Supervisory Authority has requested the company to communicate the means of implementation of the recommendations formulated within 5 days from the completion thereof.

The results of the periodic control carried out at NN Life Insurances SA. Following the carry out of the periodic control, the Council of the Financial Supervisory Authority has made the decision to sanction the company with written warning for deficiencies found in relation to the means of calculation and payment of the contributions due to the Guarantee Fund of the Insured and the Financial Supervisory Authority. Also, the authority has directed in the charge of the insurer to elaborate a measure plan for the remedy of the found aspects, the maximum time limit for completion of each measure being the date of completion of 2020 financial year.   

The results of the periodic control carried out at SSIF Goldring SA. Following the carry out of the periodic control, the Council of the Financial Supervisory Authority has decided the sanctioning with a warning of the company for some deficiencies in the  follow-up process, at prior recommendations of the internal auditor and in the assessment of the adequacy of the service or investment product, the warning of the responsible person with conformity position/risk assessment and administration, as well as the elaboration of a measures plan, with term of implementation 90 days, for deficiencies remedy.  

C)  Authorization

The appointment of Mr. Pârvu Cătălin Vasile as President, Mr. Dinu Eduard-Mădălin as  Vice -President,  Mr. Manussos Adonios, member within the Board of Administration of the company Piraeus Insurance Reinsurance Broker România SA;

The appointment of Mr. Dan Valentin Gheorghe in the capacity of Investment Director within NN Pensions Joint Stock Administration Company of a Privately Administered Pensions Fund;

The amendments brought to the Articles of Incorporation of the Investors Compensation Fund;  

The authorization of the amendments occurred in the documents of the Open Investment Fund Erste Liquidity Ron administered by SAI Erste Asset Management SA;

The extension with 2 years of the maximum audit period (5 years in a row) by BDO Audit SRL of the financial statements related to years 2020 and 2021 of the Financial Investment Services Company Tradeville SA, as per the Provisions of Art. 21 Letter a) of A.S.F. Norm no. 13/2019;

The extension with 1 year of the maximum audit period (of 5 years in a row) by the current financial auditor Ernst & Young Assurance Services SRL of the financial statements related to year 2020 of Raiffeisen Asset Management SA and for the following OPCVM: FDI Raiffeisen Ron Plus, FDI Raiffeisen Euro Plus, FDI Raiffeisen Ron Flexi, FDI Raiffeisen Dolar Plus, FDI Raiffeisen Confort, FDI Raiffeisen Confort Euro, FDI Raiffeisen Benefit și FDI Raiffeisen România Acțiuni;

The extension with 2 years of the maximum audit period (5 years in a row) by the financial auditor Ernst & Young Assurance Services SRL for BRD Asset Management SAI S.A and the open investment funds administered thereby: FDI BRD Simfonia, FDI BRD Bonds, FDI BRD Diverso, FDI BRD Stocks, FDI BRD Euro Fond, FDI BRD Global and FDI BRD USD Fund;

The extension with 2 years of the maximum audit period (5 years in a row) by the financial auditor Romar-Co Audit SRL of the financial statements related to years 2020 and 2021 of the company SSIF Finaco Securities SA;

Registration at ASF of the characteristics of the company Socep SA Constanța, following the merger by absorption of the company Casa de Expediții Phoenix SA Constanța and approval of the document drafted in view of admission to trade of the stock issued by the company Socep SA Constanța following the merger.

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About ASF

ASF is the national authority set up in 2013 through OUG 93/2012 approved by Law 113/2013, for the regulation and supervision of insurance markets, private pensions and the capital market. ASF contributes to strengthening the integrated operating framework of the three sectors, which amounts over 10 million participants. More information can be found at www.asfromania.ro.