Romania creates sole financial surveillance authority for capital market, insurance, private pensions

Romania has decided to create a Sole Financing Surveillance Authority (ASF), which will start monitoring the capital market, private pensions and insurance market from March 15, 2013.

The new state body will replace the Romanian National Securities Commission, the Insurance Surveillance Commission and the Private Pensions Surveillance Commission.

The three bodies together have 450 employees and ended the year 2011 on losses, because of their high staff expenses.

This project to replace almost all financial surveillance bodies – excluding the Romanian Central Bank, came unexpectedly and stirred some unhappiness on the market, as the three institutions have operated for the last 20 years.

The Government will implement the change via an emergency ordinance.

Adapted from Romania-insider