Romanian Financial Supervisory Authority (ASF)
Supervises Romania’s insurance, pensions, and securities markets.
Tags:Forex RegulationBasic Information
The Romanian Financial Supervisory Authority (ASF), known in Romanian as Autoritatea de Supraveghere Financiară, is the primary regulatory body overseeing non-banking financial markets in Romania. Established to ensure stability and transparency in financial services, ASF operates under the authority of the Romanian Parliament and is headquartered at Splaiul Independenţei nr. 15, sector 5, 050092 Bucharest, Romania. Its official website (asfromania.ro) provides regulatory updates, investor guidelines, and supervisory reports in both Romanian and English.
Historical Background
ASF was founded on April 26, 2013, through the merger of three former regulatory agencies: the Insurance Supervisory Commission (CSA), the National Securities Commission (CNVM), and the Private Pension System Supervisory Commission (CSSP). This consolidation aimed to streamline oversight of Romania’s insurance, capital markets, and private pensions sectors under a single authority, enhancing regulatory efficiency and alignment with EU financial standards.
Legal Authority and Regulatory Framework
ASF derives its mandate from Romanian legislation, including the Insurance Law (Law No. 237/2015) and EU directives such as Solvency II. It collaborates with international bodies like the European Insurance and Occupational Pensions Authority (EIOPA) and the International Association of Insurance Supervisors (IAIS) to enforce governance, solvency, and consumer protection standards. Key regulations under its purview include motor third-party liability insurance (RCA) and private pension fund rules.
Core Responsibilities and Supervised Sectors
ASF regulates three primary sectors:
- Insurance-Reinsurance: Authorizes and monitors insurers, including compulsory policies like motor liability and professional indemnity insurance.
- Capital Markets: Supervises securities trading, investment firms, and market transparency.
- Private Pensions: Oversees mandatory and voluntary pension funds, ensuring compliance with contribution and solvency requirements.
It also enforces anti-fraud measures and reviews financial disclosures, as seen in its 2020 Balance Sheet Review of Romanian insurers.
Contact Details and Verification
Address: Splaiul Independenţei nr. 15, sector 5, 050092 Bucharest, Romania
Website: asfromania.ro
Verification: To confirm if a financial entity is ASF-regulated, visit the “Supervised Entities” section on its website or contact ASF’s Public Relations Office via email/phone for official documentation.
