2.2. National legislation

The provisions ensuring the application of European legislation at national level in the field of green finance either transpose the provisions of the Directives or regulate situations such as the designation of ASF as competent authority under the European Regulations and the empowerment to apply sanctions in case of non-compliance with the provisions of the Regulations

For the application of Regulation (EU) 2019/2088 (SFDR), it has been envisaged to detail the modalities of monitoring by ASF of certain requirements set out in the Regulation, as well as the establishment (in application of the provisions of Article 14 of the Regulation) of sanctions in case of breach of the provisions of the Regulation. The national provisions have been included in Law 158/2020 for the amendment and completion of some regulatory acts, respectively:

Government Emergency Ordinance no. 32/2012 on undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law no. 297/2004;

Law no. 74/2015 on alternative investment fund managers;

Law no. 126/2018 on markets in financial instruments;

Law no. 237/2015 on the authorisation and supervision of insurance and reinsurance activity;

Law no. 236/2018 on insurance distribution;

Law no. 411/2004 on privately managed pension funds;

Law no. 204/2006 on voluntary pensions;

Law no. 1/2020 on occupational pensions.


In order to ensure proper enforcement of Regulation (EU) 2019/2089, provisions on sanctions in case of non-compliance with the obligations resulting from the Regulation have been introduced in Law No. 158/2020, in the chapter on the amendment of Law No. 126/2018.

The transposition of Directive 2014/95/EU was achieved by:

ASF Rule no. 39/2015 on the approval of Accounting Regulations in accordance with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the ASF in the Financial Instruments and Investments Sector;

ASF Rule no. 1/2017 amending and supplementing the Accounting Regulations on the individual annual financial statements and consolidated annual financial statements of entities conducting insurance and/or reinsurance business, approved by ASF Rule no. 41/2015;

ASF Rule no. 2/2017 amending and supplementing Rule no. 14/2015 on accounting regulations in compliance with the European directives applicable to the private pension scheme.


The provisions of legislative acts that have been issued and will enter into force in the coming period, such as Delegated Directive (EU) 2021/1269, Delegated Directive (EU) 2021/1270 and EU Regulation 2020/852, will also be reflected in national legislation, the texts of which are currently in draft form and await approval.