The Financial Supervisory Authority’s president will be named based on his expertise and the Central Bank’s stance.
Ponta added the new authority should be set up by March 15.
ASF will be established as an autonomous managerial authority that will take over, by March 2013, all the attributions and prerogatives of the existing securities commission CNVM, the insurance supervisory commission CSA and the private pension supervisory commission CSSPP.
“There will be lower expenses, higher efficiency and a coordination with the Central Bank, to provide each time, no matter what happens in the political and governmental sector, as BNR has made so many times lately, a pillar of stability (..) both of the banking and non-banking market(..),” said Ponta.
Isarescu said during Tuesday evening meeting with the Premier that unifying the supervisory authorities of the non-banking financial market into a single decision-making institution is being recommended by the European Central Bank (ECB), especially in the countries with a small-sized market.
“ECB recommended that countries with small non-banking financial institutions, such as Romania, should unify the supervisory institutions. As you well know, 94% of the financial brokerage is on the banking market. It is a small luxury to keep three institutions for 3% or 4% of the market,” said Isarescu.
He added that Romania has afforded this risk by now but the European trend and the ECB development requires such a measure.
Isarescu also said to the support of establishing the new single decision-making institution that Romania should have a sole representation in the European Systemic Risk Board and must set up a representative at the EU’s level on macroprudential policies.