The Romanian Financial Supervisory Authority (ASF) published a roundup of sanctioning decisions adopted in January 2025, imposing penalties and remedial measures on non-bank financial market entities and individuals for breaches of applicable sector rules. In the insurance market, Vector Broker de Asigurare – Reasigurare S.R.L., Oxigen Insurance - Broker de Asigurare S.R.L. and Rom Insurance Broker de Asigurare S.R.L. received written warnings for breaches of Article 22(13) of ASF Norm No. 22/2021 on insurance distribution. Comisasig Broker de Asigurare S.R.L. was temporarily barred from carrying out distribution activities and fined RON 9,800 for multiple breaches of ASF rules on distribution, professional training of insurance and reinsurance distributors and financial year-end closing. On the capital market, Perseus Fintech S.A. was fined RON 53,455 for failing to comply with ASF-imposed obligations, failing to respond to ASF requests and not publishing its H1 2024 semiannual financial report, while Raiko Transilvania S.A. was fined RON 59,850 for failing to comply with ASF-imposed obligations and not publishing its H1 2024 semiannual financial report. Perseus Fintech must publish the H1 2024 semiannual report on the system operator’s website and submit it to ASF, including all component elements, within 30 days of the individual act entering into force. ASF also imposed a plan of measures on BRD-Groupe Société Générale S.A., acting as depositary for funds managed by SAI Star Asset Management S.A., SAI Atlas Asset Management S.A., STK Financial AFIA S.A. and BT Asset Management SAI S.A., after inspection work identified operational issues including errors in preparing detailed investment statements. In the private pensions sector, NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A. was assigned a plan of measures and three department coordinators, Mihaela Botezatu, Florina–Mihaela Decei and Cornel Ianache, were each fined RON 2,000 for deficiencies in operational processes.
Romanian Financial Supervisory Authority 2025-02-20
Romanian Financial Supervisory Authority imposes January sanctions across non-bank markets with fines up to RON 59,850 and a temporary insurance distribution ban
In January 2025, the Romanian Financial Supervisory Authority (ASF) sanctioned non-bank financial entities for regulatory breaches. Actions included fines and restrictions on insurance brokers for distribution rule violations, and penalties on Perseus Fintech S.A. and Raiko Transilvania S.A. for not publishing financial reports. ASF also mandated corrective measures for BRD-Groupe Société Générale S.A. and NN Pensii Societate de Administrare due to operational deficiencies.