“The Financial Supervisory Authority, or ASF, will be established as an autonomous managerial authority that will take over all the attributions and prerogatives of the existing securities commission CNVM, the insurance supervisory commission CSA and the private pension supervisory commission CSSPP,” the government said in a draft emergency ordinance.
The new regulatory authority, which will be set up by March 2013 at the latest, will be self-financed, the government said.
In its rationale to the draft ordinance, the government said the creation of a single administrative authority in the financial sector was prompted by “continuous dysfunctions” in the capital and insurance markets.
“Such dysfunctions are likely to undermine consumer trust in the services offered through the financial system,” the government said.
Romania’s planned financial supervisory authority will be run by a 15-member council, which will be appointed by parliament.