Sanctioning decisions adopted by the ASF Council in August 2025

Bucharest, 25 September 2025 - In August 2025, the Financial Supervisory Authority Council adopted several sanctioning decisions, as well as a series of measures applicable to entities/persons operating in the non-banking financial market for violating certain provisions of the relevant legislation.

CAPITAL MARKET

UniCredit Bank (intermediary credit institution and depositary)

Measures ordered following the periodic inspection:

• establishment of a plan of measures to be implemented by UniCredit Bank;
• issuance of a warning to UniCredit Bank.

The main issues identified during the inspection concerned operational aspects relating to the notification of ASF on certain matters and the delayed publication of an OTC transaction through an approved publication arrangement (APA).

Transilvania Investments Alliance S.A. 

Measures ordered following the unannounced inspection: Transilvania Investments Alliance S.A. was tasked with establishing a plan of measures. The main elements identified concerned organizational/procedural aspects relating to the relationship between AIFM and its subsidiaries.

Measures ordered following the ongoing monitoring:

• A fine of RON 399,000 imposed on Transilvania Investments Alliance S.A;
• A plan of measures imposed on the company.

The main elements identified concerned procedural/operational aspects related to the prevention/management of situations giving rise to conflicts of interest.

SAI Capital Point S.A.

Decision No. 839/27.08.2025 was issued to suspend the issuance of securities of FIA Certinvest Acțiuni, managed by SAI Capital Point S.A.

FIA Certinvest Acțiuni received requests for full redemption from the four investors in the fund on 01.07.2025. As the company did not comply with the provisions of the fund documents and did not honor the redemptions by the time of the decision, in order to protect the public interest and investors, ASF decided to suspend the issuance of fund units for a period of 90 days. During this period, the administrator must initiate the liquidation of assets and honour redemption requests in an orderly manner.

INSURANCE MARKET

In August 2025, two insurance companies, BRD Asigurări de Viață S.A. and ABC Insurance S.A., were sanctioned with a written warning and a fine of RON 43,300, respectively, for delaying the reporting of information to ASF.

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