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Decisions adopted by the Council of the Financial Supervisory Authority - 12.08.2020

Bucharest, August 12th, 2020 – During the meeting held today, the Council of the financial Supervisory Authority (Ro. ASF) has approved measures regarding the framework for the operation of supervised non-banking financial markets – insurance, capital market and private pensions, including:

A)  Regulation

The rule on outsourcing to cloud service providers (the rule will be submitted for publication to the Official Gazette of Romania);

Proposals to amend the provisions of Rule no. 20/2017 on car insurances in Romania (the project will be published on www.asfromania.ro, for public consultation for 10 days);

The draft Regulation for the completion of Article 114 of ASF Regulation no. 9/2014 on the authorization and operation of investment management companies, collective investment undertakings in transferable securities and depositaries of collective investment undertakings in transferable securities, as well as for the amendment of ASF Regulation no. 7/2020 on the authorization and operation of alternative investment funds (the draft will be published on www.asfromania.ro, for public consultation for10 days);

Instruction to amend Annex no. 1 to the Financial Supervisory Authority Instruction no. 2/2016 on the preparation and submission of half-yearly accounting reporting by the authorized entities, regulated and supervised by the Financial Supervisory Authority — Financial Instruments and Investments Sector (the instruction shall be submitted for publication to the Official Gazette of Romania);

Draft Rule on the application of ESMA Guidelines on liquidity stress testing in UCITS and AIFs – ESMA 34-39-897 (the draft will be published on www.asfromania.ro, for public consultation, for 10 days);

Draft Rule for the amendment of Rule no.13/2012 on the actuarial calculation of the technical provision for privately administered pension funds, approved by the Commission’s Decision to Oversee the Private Pension System no. 23/2012 and by the Financial Supervisory Authority’s Rule no. 26/2015 on the actuarial calculation of the technical provision for voluntary pension funds (the project will be published on www.asfromania.ro, for public consultation, for 10 days).

B)   Supervision

The results of the regular inspection at the brokerage company Willis Towers Watson Romania – Insurance - Reinsurance Broker SRL;

 The results of the regular inspection at Unicredit Bank S.A. as depositary of F.P.A.P. Metropolitan Life.

C)  Authorization

Appointment of Mr. Tălpeanu Daniel-Marin in the capacity of Director of SSIF Muntenia Global Invest SA;

Appointment of Mr. Molnăr Octavian, Popa Lucian, Moț Virgil Ilie and Săplăcan Gheorghe (renewal of mandates) and Mr. Bota Dan Antoniu in the capacity of members of the Board of Administration of SSIF IFB Finwest SA;

The change in the organization and functioning of SAI Tradeville asset Management S.A. following the augmentation of the share capital from 390,715.40 RON to 500,715.40 RON;

The change in the Articles of Incorporation of SIF Moldova S.A. due to decrease of the share capital from 100,217,917.60 RON to 98,947,917.60 RON;

The changes that have occurred in the documents of the common funds of Raiffeisen Benefit, Raiffeisen Benefit Euro and Raiffeisen Confort administered by SAI Raiffeisen Asset Management SA;

The extension by 1 year of the maximum audit period of 5 consecutive years for the 2021 financial statements of S.I.F. Transilvania S.A. by the current financial auditor Deloitte Audit SRL;

Approval of the simplified prospectus related to the augmentation of the share capital of S.N. Nuclearelectrica SA;

The issuance of Certificates of Registration of State securities exclusively intended to investors natural persons, issued by the Ministry of Public Finance within Fidelis program;

Approval of classification of the over-the-counter (OTC) derivative contracts concluded intra-group by Heraeus Romania S.R.L. with the company Heraeus Holding GmbH, except for the reporting requirement in Article 9 of Regulation (EU) No 648/2012 (EMIR);

Approval of classification of the OTC derivative contracts concluded intra-group by Siemens Energy S.R.L. with the company Siemens Gas and Power GmbH & Co. KG, except for the reporting requirement in Article 9 of Regulation (EU) No 648/2012 (EMIR);

Amendment of the Individual Act of Accession to the NN Privately Administered Pension Fund by NN Pensions Company Administering a Privately Administered Pension Fund SA.

D)  Miscellaneous

Report on the evolution of the Romanian capital market in Q1 2020, available HERE.

 

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About the Financial Supervisory Authority of Romania (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.