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    Press briefieng: Decisions imposing sanctions adopted by ASF’s Council in February 2023

Press briefieng: Decisions imposing sanctions adopted by ASF’s Council in February 2023

Bucharest, March 7 2023 In February 2023, the Board of the Financial Supervisory Authority adopted several decisions imposing sanctions on entities/persons operating in the non-banking financial market for violation of some provisions of the relevant legislation.

CAPITAL MARKET

Transilvania Investments Alliance S.A. - further to the results of a periodic inspection conducted, the following sanctions were imposed/ measures were taken:

  • warning imposed on Transilvania Investments Alliance S.A.;
  • Mister Petre NICOARĂ, in his capacity as member of the Supervisory Board, was fined by Lei 5,600;
  • Mister Radu MOMANU, in his capacity as Vice-president of the Supervisory Board, was fined by Lei 5,600;
  • Mister Paul George PRODAN, in his capacity as Chairman of the Supervisory Board, was fined by Lei 5,600;
  • Mister Patrițiu ABRUDAN, in his capacity as member of the Supervisory Board, was fined by Lei 5,600;
  • Mister Radu Claudiu Roșca, in his capacity as board member, was fined by Lei 1,800;
  • Madam Camelia ENE, in her capacity as secretary of the Supervisory Board, was fined by Lei 5,600;
  • Mister Tony-Cristian Răduță- Gib, in his capacity as member of the board, was fined by Lei 1,800;
  • Mister Sorin Rădulescu, in his capacity as Head of Portfolio Management Department, was fined by Lei 3,200;
  • Mister Theo-Dorian BUFTEA, in his capacity as member of the board, was cautioned;
  • Mister Mircea RADUS, in his capacity as Head of Administrative Department, was cautioned;
  • Mister Dragoș Călin, in his capacity as Head of Legal Department, was cautioned.

At the same time, the company was imposed a series of measures to remedy some flaws/ identified situations and risk mitigation.

The main weaknesses found concerned issues of non-compliance with the internal procedural framework and the management of operational risks related to IT systems.

BRD - Groupe Societe Generale S.A. – As a result of the analysis of the transactions carried out by Mr VIGROUX Jean Pierre Georges, member of the Board of Directors of the issuer BRD, the notification of which was made by the duty holder after the deadline of 3 working days from their execution provided for in Article 19 (1) of Regulation (EU) No 596/2014 on market abuse, Mr VIGROUX Jean Pierre Georges was fined by Lei 2,200.

SSIF Blue Rock Financial Services S.A. – Following the failure to publish through an APA (Approved Publication Arrangement), within the time limit prescribed by the legal regulations in force, the OTC sale transaction carried out with shares traded on a trading venue, the following sanctions/measures were ordered:

  • warning imposed on SSIF Blue Rock Financial Services S.A.;
  • warning imposed on Mister ILIE Corneliu Gabriel, in his capacity as person in charge with the compliance function within SSIF Blue Rock Financial Services S.A.

SSIF IFB Finwest S.A. – Following the failure to publish through an APA (Approved Publication Arrangement), within the time limit prescribed by the legal regulations in force, the OTC sale transaction carried out with shares traded on a trading venue, the following sanctions/measures were ordered:

  • warning imposed on SSIF IFB Finwest S.A.;
  • warning imposed on Mister Cătălin DOBRESCU, in his capacity as person in charge with the compliance function within SSIF IFB Finwest S.A.;
  • warning imposed on Mister Lucian Codrin BERAR, in his capacity as person in charge with the compliance function within SSIF IFB Finwest S.A.

 

INSURANCE

Omniasig Vienna Insurance Group S.A. was issued a written warning for the following deeds: violation of Article 21 para. (4) and (2) of the Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented.

Generali România Asigurare Reasigurare S.A. was fined by Lei 54,000 for the following deeds: violation of Article 21 para. (4) and (2) of the Law no. 132/2017 on compulsory motor third party liability insurance for damage caused to third parties by vehicle and tram accidents, as subsequently amended and supplemented.

Prestige Insurance Broker de Asigurare S.R.L. was issued a written warning for violation of the provisions of Article 22 para. (13) of the A.S.F Rule no. 22/2021 on insurance distribution, by failing to submit within the legal deadline to the ASF the amendment to the identity card of the chief executive.

 

PRIVATE PENSIONS

Raiffeisen Bank S.A., as depositary of the assets of privately managed pension funds was sanctioned with a written warning for identifying deficiencies in the workflows related to the activity of depositary of the assets of privately managed pension funds.

Mister Virgiliu Pompiliu ICHIM, in capacity as General Manager of the Company Allianz Țiriac Pensii Private S.A.F.P.P. S.A., was issued a written warning and was fined by Lei 5,100 for operational deficiencies identified in the activity carried out for managed private pension funds.

Madam Oana Viorica VELICU, in her capacity as General Manager of Metropolitan Life Societate de Administrare a unui Fond de Pensii Administrat Privat S.A. was fined by Lei 9,100 and was issued a written warning because weaknesses were found in operational processes.

Madam Dorina-Maria Coșbuc-Ionescu, in capacity as person to have acted as interim internal auditor within NN Asigurări de Viață S.A. during the period from 07/06/2021 to 31/03/2022, was issued a written warning for improperly following up the implementation of the measures ordered for NN Asigurări de Viață S.A.

Madam Georgiana-Mioara DUMITRACHE, in capacity as person to have acted as interim internal auditor within NN Asigurări de Viață S.A. during the period from 01/04/2022- 19/08/2022 was issued a written warning for improperly following up the implementation of the measures ordered for NN Asigurări de Viață S.A.

Madam Andreea Marina PIPERNEA, in capacity as General manager of NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A., was issued a written warning because weaknesses were found in operational processes.

Madam Lavinia Florina MIRANCEA, in her capacity as Deputy Manager of NN Pensii Societate de Administrare a unui Fond de Pensii Administrat Privat S.A. was issued a written warning because weaknesses were found in operational processes.

 

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About the Financial Supervisory Authority
 
The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance, private pension and capital markets. The FSA contributes to strengthening the integrated framework for the functioning of the three sectors, which together account for more than 10 million participants. More information can be found at www.asfromania.ro.