Lawmakers endorsed Dan Radu Rusanu as ASF president with 364 to six votes and Daniel Daianu as first vice-president.
The authority will have three vice-presidents: Tudor Daniel George, Mircea Ursache and Ion Giurescu.
The non-executive members of the ASF board include: Marian Sarbu, Biro Albin Marian Marzac, Corneliu Moldoveanu, Gheorghe Marcu and Dorina Teodora Mihailescu.
The 11 ASF members are appointed to a five-year term.
The opposition Democratic Liberal Party (PDL) will contest their appointment with the Constitutional Court, senator Cristian Radulescu said before the vote.
Democrat liberals argue that, although ASF is under the authority of the Parliament, it includes 10 members proposed by ruling alliance USL, one by the Democratic Party of Hungarians in Romania and no member proposed by PDL.
Prime Minister Victor Ponta said recently the government would downsize the board of the Financial Supervisory Authority and would place an 85% tax on the severance pay former members of the institutions reorganized into ASF had decided for themselves. He added the board would be downsized from 19 to 11 members.
The Financial Supervisory Authority was set up on April 29 through the reorganization of insurance regulator CSA, securities commission CNVM and private pension system regulator CSSPP.