According to the ordinance, 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 market regulator CSA and the private pension system regulator CSSPP.
Central bank governor Mugur Isarescu said last week during a meeting with Ponta 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.