Autoritatea de Supraveghere Financiara (ASF)

Overview

The Autoritatea de Supraveghere Financiara (ASF), known in English as the Financial Supervisory Authority, is Romania's autonomous, independent regulatory authority responsible for the supervision and regulation of the capital markets, insurance and reinsurance markets, and private pension system. Established on 26 April 2013, the ASF was created through the merger of three predecessor authorities: the National Securities Commission (Comisia Nationala a Valorilor Mobiliare — CNVM, established 1994), the Insurance Supervisory Commission (Comisia de Supraveghere a Asigurarilor — CSA, established 2001), and the Private Pension System Supervisory Commission (Comisia de Supraveghere a Sistemului de Pensii Private — CSSPP).

The ASF operates alongside the Banca Nationala a Romaniei (BNR, A227), which handles banking supervision, payment institution licensing, payment system operation, and monetary policy. Romania maintains a split regulatory model: BNR covers central banking and banking sector prudential supervision, while ASF covers securities, insurance, and pensions. This division creates a clear institutional separation between banking/payments oversight (BNR) and capital markets/insurance/pensions oversight (ASF).

The ASF is the sole national authority competent to represent Romania at the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA), the International Organization of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS).

Current President: Alexandru Petrescu (appointed December 2023, serving a 5-year term)

Headquarters: Splaiul Independentei nr. 15, Sector 5, 050092 Bucuresti, Romania

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

Financial Supervisory Authority of Romania

Overview

The Financial Supervisory Authority (Autoritatea de Supraveghere Financiara — ASF) is an autonomous, specialized administrative authority with legal personality, independent and self-financed, responsible for the regulation and supervision of Romania's non-banking financial markets. The ASF was established on 26 April 2013 through the merger of three predecessor regulators, creating a unified supervisory authority for capital markets, insurance, and private pensions.

Organizational Status: Autonomous administrative authority with legal personality, independent from the government, self-financed from supervisory fees and contributions levied on regulated entities. Reports to the Romanian Parliament.

Current Leadership: Alexandru Petrescu, President (appointed 19 December 2023 for a 5-year term). The ASF Board comprises 9 members: 5 executive members (the President, the First Vice-President, and 3 Vice-Presidents) and 4 non-executive members, all appointed for 5-year terms starting 19 December 2023.

Supervisory Mandate: The ASF authorizes, supervises, and controls entities operating in the capital markets, insurance/reinsurance markets, and private pension system. It is the competent national authority for implementing and monitoring directly applicable EU legislation (regulations) in these fields and for transposing EU directives into national regulatory frameworks.

Legal Basis

The ASF operates under the following primary legal framework:

• Government Emergency Ordinance No. 93/2012 (GEO 93/2012) — foundational legislation establishing the ASF, defining its structure, functions, independence, and supervisory authority; approved and supplemented by Law No. 113/2013
• Law No. 113/2013 — parliamentary approval and supplementation of GEO 93/2012, confirming ASF's establishment, organization, and functioning
• Law No. 24/2017 on Issuers of Financial Instruments and Market Operations — primary capital markets legislation replacing the earlier Law 297/2004; transposing MiFID II/MiFIR and Market Abuse Regulation (MAR)
• Law No. 126/2018 on Financial Instruments Markets — implements MiFID II requirements for trading venues, investment firms, and market structure
• Law No. 237/2015 on Insurance and Reinsurance — transposition of Solvency II framework; defines authorization, prudential standards, and supervision of insurance undertakings
• Law No. 1/2020 on Occupational Pensions — regulation of occupational pension schemes
• Law No. 411/2004 on Private Pension Funds — second-pillar mandatory private pension regulation (Pillar II)
• Law No. 204/2006 on Voluntary Pensions — third-pillar voluntary private pension regulation (Pillar III)
• Government Emergency Ordinance No. 32/2012 on Insurance Intermediaries — insurance distribution regulation
• EU Regulation 2023/1114 (MiCA) — Markets in Crypto-Assets Regulation; ASF has designated supervisory responsibilities for certain crypto-asset service providers in the capital markets domain

Predecessor Legislation:

• Law No. 297/2004 on Capital Markets — former primary capital markets law, now largely superseded by Law 24/2017 and Law 126/2018
• The ASF inherited all rights, obligations, and regulatory instruments of CNVM, CSA, and CSSPP upon their dissolution in 2013

Capital Markets Supervision

The ASF regulates Romania's capital markets infrastructure and investment services:

• Stock Exchange Oversight: Supervision of the Bucharest Stock Exchange (Bursa de Valori Bucuresti — BVB), including the Main Market, AeRO (SME growth market), and the Sibiu Stock Exchange (now integrated into BVB)
• Investment Firms: Authorization and ongoing supervision of investment firms, brokers, and tied agents under MiFID II/MiFIR framework
• Investment Funds: Regulation of management companies, UCITS funds, alternative investment funds (AIFs), and fund managers (AIFM Directive transposition)
• Central Depository: Oversight of Depozitarul Central S.A. (Romanian central securities depository) and settlement infrastructure
• Issuers and Listed Companies: Supervision of disclosure requirements, prospectus approval, takeover bids, and market conduct for listed entities
• Market Conduct: Enforcement of Market Abuse Regulation (MAR) — insider dealing, market manipulation, and unlawful disclosure of inside information
• Crowdfunding: Supervision of crowdfunding service providers under the European Crowdfunding Service Providers Regulation (ECSPR)
• Crypto-Asset Service Providers: Designated authority for certain crypto-asset services under MiCA where they fall within the capital markets domain

Key Markets: Bucharest Stock Exchange (BVB) with the Main Market (equity, bonds, structured products) and AeRO Market (SME growth platform).

Regulated Entities (Capital Markets): Approximately 30+ investment firms, 40+ management companies, central depository (Depozitarul Central), and market operators.

Insurance and Reinsurance Supervision

The ASF regulates Romania's insurance sector with comprehensive oversight under the Solvency II framework:

• Life and Non-Life Insurance: Authorization and ongoing supervision of insurance and reinsurance undertakings operating in Romania
• Solvency Requirements: Full implementation of Solvency II framework (Directive 2009/138/EC) including Solvency Capital Requirement (SCR), Minimum Capital Requirement (MCR), technical provisions, and Own Risk and Solvency Assessment (ORSA)
• Insurance Distribution: Supervision of insurance intermediaries (brokers and agents) under the Insurance Distribution Directive (IDD — Directive 2016/97/EU)
• Consumer Protection: Policyholder protection, complaints handling, product oversight and governance (POG), and transparent product information requirements
• Group Supervision: Oversight of insurance groups and cross-border operations within the EU single market
• Motor Insurance: Specific oversight of motor third-party liability insurance (RCA) market, including premium monitoring and claims handling standards — an area of particular regulatory focus in Romania
• Insurance Guarantee Fund: Coordination with the Policyholders' Guarantee Fund (Fondul de Garantare a Asiguratilor — FGA) for policyholder protection in insolvency cases

Regulated Entities (Insurance): Approximately 30+ insurance companies, reinsurers, and several thousand registered insurance intermediaries operating in Romania.

Private Pension System Supervision

The ASF supervises Romania's multi-pillar private pension system:

• Pillar II — Mandatory Private Pensions (Fonduri de Pensii Administrate Privat): Established under Law 411/2004; mandatory contributions redirected from the social security system; ASF authorizes pension fund managers, investment policies, custodians, and auditors
• Pillar III — Voluntary Private Pensions (Fonduri de Pensii Facultative): Established under Law 204/2006; voluntary pension savings with tax incentives; ASF authorizes fund managers and oversees investment policies
• Occupational Pensions: Regulation under Law 1/2020 implementing the IORP II Directive (Directive 2016/2341/EU)
• Pension Fund Managers: Authorization, capital requirements, fitness and propriety standards, and ongoing supervision of pension fund management companies
• Investment Oversight: Monitoring of pension fund investment portfolios including asset allocation limits, diversification requirements, and performance reporting
• Member Protection: Participant information standards, transfer rights, benefit calculations, and complaint handling

System Scale: Romania's Pillar II system covers approximately 7-8 million participants with assets under management exceeding EUR 20 billion (2025 estimates), making it one of the larger mandatory funded pension systems in Central and Eastern Europe.

AML/CFT Coordination

The ASF's AML/CFT role operates within Romania's coordinated framework:

• Supervisory Function: ASF supervises AML/CFT compliance for entities under its authority — investment firms, management companies, insurance companies, insurance intermediaries, and pension fund managers
• Coordination with ONPCSB: Romania's Financial Intelligence Unit is the Oficiul National de Prevenire si Combatere a Spalarii Banilor (ONPCSB, formerly ANAF-FIU); ASF coordinates on suspicious activity reporting and intelligence sharing
• Customer Due Diligence: Verification of CDD, enhanced due diligence, beneficial ownership, and PEP screening by regulated entities
• Sanctions Compliance: EU and UN sanctions lists screening and enforcement requirements
• Cross-Border Coordination: Cooperation with EU and international AML authorities

Note: BNR (A227) handles AML/CFT supervision for banks and payment service providers, while ASF handles AML/CFT supervision for capital markets, insurance, and pension entities.

Enforcement

The ASF maintains comprehensive enforcement authority:

• Administrative Fines: Significant penalties for regulatory violations across all three supervised sectors; fines calibrated to severity, duration, and systemic impact
• Licensing Sanctions: Conditional approval, restrictions, temporary suspension, or revocation of operating authorizations
• Remedial Orders: Directives to remedy breaches, implement governance improvements, or modify business practices
• Market Conduct Sanctions: Enforcement of MAR violations including insider trading and market manipulation; coordination with criminal authorities for serious offenses
• Public Disclosure: Publication of enforcement decisions and sanctions in ASF's official register and on its website
• Insurance-Specific Sanctions: Special administration of troubled insurance companies; withdrawal of insurance licenses; coordination with the Policyholders' Guarantee Fund
• Criminal Referral: Cooperation with Romanian prosecution authorities for criminal financial offenses

Enforcement Track Record: The ASF has been active in enforcement, particularly in the insurance sector where several major companies were placed under special administration or had licenses withdrawn in the 2015-2023 period (notably City Insurance in 2021 and Euroins Romania in 2023).

International Engagement

The ASF actively participates in EU and international regulatory frameworks:

EU Authorities (Voting Member):

• European Securities and Markets Authority (ESMA): Voting member of the Board of Supervisors; participation in regulatory technical standards development and peer reviews; ASF is Romania's sole competent authority for ESMA representation
• European Insurance and Occupational Pensions Authority (EIOPA): Voting member of the Board of Supervisors; participation in Solvency II implementation, IDD coordination, and IORP II oversight
• European Systemic Risk Board (ESRB): Participation in macroprudential surveillance (alongside BNR)

International Organizations:

• International Organization of Securities Commissions (IOSCO): Romania's sole competent representative; participation in standard-setting and regulatory cooperation
• International Association of Insurance Supervisors (IAIS): Insurance sector supervision coordination
• International Organisation of Pension Supervisors (IOPS): Private pension supervision cooperation and standards
• Financial Action Task Force (FATF): Contribution to AML/CFT standards compliance (coordinated with BNR and ONPCSB)

EU Regulatory Transposition: Full implementation of MiFID II/MiFIR, MAR, Solvency II, IDD, IORP II, ECSPR, AIFMD, UCITS V, and emerging frameworks (MiCA, DORA for relevant entities).

Organizational Structure

Governance:

• ASF Board: 9 members (5 executive, 4 non-executive) appointed by Parliament for 5-year terms
• President: Alexandru Petrescu (since December 2023)
• Three Supervisory Sectors: Capital Markets Sector, Insurance-Reinsurance Sector, Private Pension System Sector — each headed by a Vice-President

Internal Organization:

• Capital Markets Supervision Directorate
• Insurance-Reinsurance Supervision Directorate
• Private Pension System Supervision Directorate
• Authorization and Registration Directorate
• Enforcement and Sanctions Directorate
• Legal Affairs Directorate
• International Relations Directorate
• Consumer Protection and Financial Education Directorate

Contacts

Headquarters Address:

Autoritatea de Supraveghere Financiara (ASF)

Splaiul Independentei nr. 15

Sector 5, 050092 Bucuresti

Romania

Phone: +40 21 305 3470

Toll-Free (Romania): 0800 825 627

Fax: +40 21 659 6051

Website: https://asfromania.ro/en/

Email: [email protected]

Office Hours: Monday-Thursday 08:30-17:00; Friday 08:30-14:30

Sources

Regulatory Powers

This entity exercises integrated regulatory powers across multiple non-banking financial sectors:

Regulatory Role and Function

Legal Foundation

Established by Government Emergency Ordinance No. 93/2012, approved and supplemented by Law No. 113/2013. The ASF was created through the merger of three predecessor authorities (CNVM, CSA, CSSPP) into a single integrated supervisory body for non-banking financial markets. The enabling legislation grants the ASF autonomous, independent status with legal personality, self-financing, and accountability to the Romanian Parliament.

Licensing and Authorization Relevance

The Autoritatea de Supraveghere Financiara (ASF) issues authorizations across three non-banking financial sectors:

Payments and Money Movement Relevance

The ASF does not directly regulate payment systems or payment service providers — that authority belongs to BNR (A227). However, the ASF has indirect relevance to payments and money movement through:

Payment Systems Governed or Overseen

The ASF does not directly govern or oversee payment systems. Payment system operation and oversight in Romania is the responsibility of the Banca Nationala a Romaniei (BNR, A227), which operates ReGIS (RTGS), oversees SENT (retail clearing), and coordinates TRANSFOND (automated clearing house).

The ASF's closest intersection with settlement infrastructure is its oversight of:

Relationship to Other Regulators

The ASF operates within Romania's split regulatory architecture alongside several key counterparts:

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Notes on Naming and Language