Bucharest, 8 August 2023 - In July 2023, the Council of the Financial Supervisory Authority adopted several decisions sanctioning entities/individuals operating in the non-banking financial market for violating some provisions of the relevant legislation.
CAPITAL MARKET
SINATEX S.A.
Sanctioning Sinatex S.A. with a warning for breach of the obligation provided for in Articles 122 and 124 of Law No 24/2017, in conjunction with the provisions of Art. 223 letter A para. (1) of ASF Regulation No 5/2018, namely for failure to comply with the obligation to prepare, publish and submit to ASF and the system operator, within the legal deadline (no later than 4 months after the end of the financial year), the Annual Report for the financial year 2022.
METTEXIN S.A.
Sanctioning Mettexin S.A. with a warning for breach of the obligation provided for in Art. 122 and 124 of Law No 24/2017, in conjunction with the provisions of Art. 223 letter A para. (1) of ASF Regulation No 5/2018, namely for failure to comply with the obligation to prepare, publish and submit to ASF and the system operator, within the legal deadline (no later than 4 months after the end of the financial year), the Annual Report for the financial year 2022.
Sanctioning Mr. Ștefan Claudiu Iulian with a fine of RON 13,600, in his capacity as Chairman of the Board of Directors of Mettexin S.A., for committing the contravention provided for in Art. 146 para. (2) letter a) of Law No 24/2017, namely for failure to comply with the measure established by ASF Decision No 1741/29.12.2022, which concerned the obligation to publish the audited financial statements for the financial year 2020, within the deadline mentioned in the individual act.
Sanctioning Mr. David Burnei with a fine of RON 12,600, in his capacity as Member of the Board of Directors of Mettexin S.A., for committing the contravention provided for in Art. 146 para. (2) letter a) of Law No 24/2017, namely for failure to comply with the measure established by ASF Decision No 1741/29.12.2022 which concerned the obligation to publish the audited financial statements for the financial year 2020, within the deadline mentioned in the individual act.
Sanctioning Mrs Maria Baranga with a fine of RON 12,600, in her capacity as Member of the Board of Directors of Mettexin S.A., for committing the contravention provided for in Art. 146 para. (2) letter a) of Law No 24/2017, namely for failure to comply with the measure established by ASF Decision No 1741/29.12.2022 which concerned the obligation to publish the audited financial statements for the financial year 2020, within the deadline mentioned in the individual act.
SOCIETATEA DE CONSTRUCȚII NAPOCA S.A.
Sanctioning the company Societatea de Construcții Napoca S.A. with a warning for violating the provisions of Art. 65 in conjunction with the provisions of Art. 176 of Law No 24/2017, namely for failure to comply with the obligation to prepare and publish, within the legal deadline (no later than 4 months after the end of the financial year), the Annual Financial Report for the financial year 2022, which includes the financial statements in the European Single Electronic Format (ESEF), audited by a financial auditor.
Imposing on Societatea de Construcții Napoca S.A. the obligation to take the necessary measures to prepare and publish the Annual Financial Report for the financial year 2022, in compliance with the European Single Electronic Format (ESEF), within 30 days from the date of communication of the decision.
DUPLEX S.A.
Sanctioning the company Duplex S.A. with a fine of RON 53,700 for breach of the obligation provided for in Art. 122 and 124 of Law No 24/2017, in conjunction with the provisions of Art. 223 letter A para. (1) of ASF Regulation No 5/2018, namely for failure to comply with the obligation to prepare, publish and submit to ASF and the system operator, within the legal deadline (at the latest 4 months after the end of the financial year), the Annual Report for the financial year 2022.
Sanctioning Mr Neag Adrian Sabin with a fine of of RON 30,000, as sole shareholder of Duplex S.A., for committing the contravention provided for in Art. 146 para. (2) of Law No 24/2017, namely for failure to comply with the measure established by ASF Decision No 1739/29.12.2022 which concerned the obligation to publish the audited financial statements for the financial years 2020 and 2021, within the deadline mentioned in the individual act.
Imposing on the company Duplex S.A. the obligation to take the necessary measures to ensure the publication of the audited financial statements for the financial years 2020, 2021 and 2022 and of the full report of the financial auditor in accordance with the relevant legal provisions, within 90 days from the date of entry into force of the individual act.
S.S.I.F. GOLDRING S.A.
Following the results of a regular inspection, the following sanctions were imposed:
The company was also required to draw up a plan of measures to remedy certain shortcomings/mitigate certain risks identified during the audit.
The main deficiencies found concerned:
S.A.I. SIRA S.A.
Following the results of a regular inspection, the following sanctions were imposed:
The company was also required to draw up a plan of measures to remedy certain shortcomings/mitigate certain risks identified during the audit.
The main deficiencies found concerned:
organisational issues relating to the level of approval of changes to the company's organisation chart, long periods of time when the BoD did not consist of at least three members, the company's management was not ensured by at least two people, and the internal audit function was not maintained at company level;
operational issues relating to the lack of regular assessment of the business continuity and contingency plan, failure to prepare its own ML/TF risk assessment, failure to give increased attention to certain transactions for adequate, documented and formalised monitoring to identify unusual or suspicious transactions, failure to report a transaction.
INSURANCE MARKET
UNIQA ASIGURĂRI S.A. was fined RON 5,000 for non-compliance with the provisions of Art. 14 para. (1) and Art. 12 par. (6) of Law No 236/2018 on insurance distribution, as amended.
ARPEMIX - CONSULT BROKER DE ASIGURARE S.R.L. was sanctioned with a written warning for failure to comply with the deadline for fulfilling the obligation established in Art. 22 para. (13) of ASF Rule No 22/2021 on insurance distribution.
DAW MANAGEMENT - BROKER DE ASIGURARE S.R.L. was sanctioned with a written warning for failure to comply with the obligation established in Art. 22 para. (2) and para. (13) of ASF Rule No 22/2021 on insurance distribution.
INTEGRA BROKER DE ASIGURARE S.R.L. was sanctioned with a written warning for failure to comply with the deadline for fulfilling the obligation established in Art. 22 para. (13) of ASF Rule No 22/2021 on insurance distribution.
MEDIA INVEST BROKER DE ASIGURARE S.R.L. was sanctioned with a written warning for failure to comply with the deadline for fulfilling the obligation established in Art. 22 para. (13) of ASF Rule No 22/2021 on insurance distribution.
ASKO ASSEKURANZ BROKER DE ASIGURARE S.R.L. was sanctioned with a written warning for failure to comply with the deadline for fulfilling the obligation established in Art. 22 para. (13) of ASF Rule No 22/2021 on insurance distribution.
BDT BROKER DE ASIGURARE S.R.L. was sanctioned with a written warning for failure to comply with the deadline for fulfilling the obligation established in Art. 22 para. (8) of ASF Rule No 22/2021 on insurance distribution.
COVER BROKER DE ASIGURARE S.R.L. was fined RON 5,000 for failure to comply with the obligation established in Art. 22 para. (2) of ASF Rule No 22/2021 on insurance distribution.
AMSTERDAM BROKER DE ASIGURARE S.R.L. was fined RON 9,100 for the following:
failure to comply with the provisions of Chapter 12 - Chart of Accounts - item 514 Class 4 - "Third party accounts", respectively Class 6 - "Expenditure accounts" of the SF Rule No 36/2015 on the Accounting Regulations for the individual annual financial statements and consolidated annual financial statements applicable to brokerage companies engaged in insurance and/or reinsurance distribution, as amended and supplemented;
failure to comply with the provisions of Art. 9 para. (1) of the Rules on the procedure for the supervision, in the insurance sector, of the application of international sanctions implemented by the Insurance Supervisory Commission Order No 13/2009 (in force until 01 January 2021), which is also maintained by the new legislation, i.e. the provisions of Art. 9 para. (1) of ASF Regulation No 25/2020 (in force as of 02 January 2021).
PRIVATE PENSIONS
BRD Societate de Administrare a Fondurilor de Pensii Private S.A. was fined RON 68,000 for identifying deficiencies in operational processes.
Mr Radu Adolf Chirac, in his capacity as Investment Director of BRD Societate de Administrare a Fondurilor de Pensii Private S.A., was sanctioned with a written warning for not having exercised his right to vote at all general meetings of shareholders of companies in whose share capital the assets of the voluntary pension fund were invested.
Benefit Broker de Pensii Private S.R.L., as a private pension broker, has been warned for not having fulfilled its obligation to submit to the Financial Supervisory Authority, by 15 April 2022, the individual annual financial statements for 2021, in the form required by the provisions of ASF Rule No 7/2017 on the preparation and submission of individual annual financial statements of entities in the private pension system, as amended.
Authorization
Supervision
Legislation
Consumers
Reports
Sanctions
