Bucharest, 11 October 2023 - In September 2023, the Council of the Financial Supervisory Authority 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
Clabucet Estival 2002 S.A. Neptun
Sanctioning Clabucet Estival 2002 S.A. Neptun with a warning for not complying with the obligation to draw up, 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.
Hotel Club Estival 2002 S.A. Neptun
Sanctioning Hotel Club Estival 2002 S.A. Neptun with a warning 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.
Renewable Holding Management S.A. București
Sanctioning Renewable Holding Management S.A. București with a warning 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.
Organe de Asamblare S.A. Brașov
Sanctioning Organe de Asamblare S.A. Brașov with a warning 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.
Arcelormittal Hunedoara S.A.
Sanctioning Arcelormittal Hunedoara S.A. with a warning 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.
Electroconstrucția Elco S.A. Timișoara
Sanctioning Electroconstrucția Elco S.A. Timișoara with a fine in the amount of RON 36,600 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, as well as for failure to comply with the measures established by the supervisory and control acts adopted by ASF.
Imposing on Electroconstrucția Elco S.A. Timișoara the obligation to take the necessary measures to ensure the necessary conditions for the publication of the audit reports for the financial years 2021 and 2022, within 60 days from the date of communication of the decision.
Nemo Expres Logistic S.A.
Sanctioning Nemo Expres Logistic S.A. with a warning 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.
Bricomat S.A. Sibiu
Sanctioning with a fine in the amount of RON 15,000 of Bricomat S.A. Sibiu 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 with all its components.
Imposing on Bricomat S.A. Sibiu the obligation to take the necessary measures to ensure the necessary conditions for the publication of the Financial Report for the financial year 2022, including the audit report for the financial year 2022, within 60 days from the date of communication of the decision.
Minexfor S.A. Deva
Sanctioning Minexfor S.A. Deva with a warning for not complying 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.
Banat Estival 2002 S.A. Olimp
Sanctioning Banat Estival 2002 S.A. Olimp with a warning for not complying 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.
Balea Estival 2002 S.A. Neptun
Sanctioning Balea Estival 2002 S.A. Neptun with a fine of RON 15,000 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. Imposing on Balea Estival 2002 SA Neptun of the obligation to take the necessary measures in order to ensure the necessary conditions for the publication of the Financial Report for the financial year 2022, including the financial statements audited by a financial auditor/audit firm, within 60 days from the date of communication of the decision.
Mecanica Rotes S.A. Târgoviște
Sanctioning Mecanica Rotes S.A. Târgoviște with a warning 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.
Mobila S.A. Rădăuți
Sanctioning Mobila S.A. Rădăuți with a warning 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.
Banca Comercială Română S.A. – depozitar
Sanctioning Banca Comercială Română (depositary of assets for investment funds) and Mrs. Alexandra Dumitrașcu - Depository Team Coordinator. The main situations identified concerned operational issues related to the certification of erroneous reporting by an alternative investment fund manager, i.e. the non-reporting of an investment fund exceeding an investment limit.
SAI Erste Asset Management S.A.
Sanctioning with a warning of Mr. Mihnea Bărbulescu - Member of the Management Board and Mrs. Alina Florența Topală - Customer Service Analyst. The establishment of a plan of measures for the company, with the role of preventing or correcting situations potentially generating deficiencies and optimising the activity. The main situations identified concerned operational issues related to the updating of the profile of some clients with individual portfolios managed by this IMC.
Nova Vision Investments AFIA S.A.
Sanctioning Mrs. Dana Jeaninne Lazăr as General Manager and Mrs. Gabriela Ivan as Deputy General Manager with a fine of RON 11,100 and RON 10,100 respectively for the fact that, in their capacity as representatives of the company, they did not ensure that the AIFM continuously complied with the legal requirements underlying its authorisation and operating requirements.
The establishment of a plan of measures for Nova Vision Investments AFIA S.A. whereby the company, within a maximum of 90 days, is required to: request the opinion of the Financial Supervisory Authority in order to transfer the assets of the AIFs managed following the replacement of the AIFM by another AIFM, in accordance with the provisions of Articles 54-59 of the ASF Regulation no. 9/2014 on the authorisation and operation of investment management companies, undertakings for collective investment in transferable securities and depositories of undertakings for collective investment in transferable securities, as amended and supplemented, in conjunction with the provisions of Art. 25 para. (1) of ASF Regulation no. 10/2015 on the management of alternative investment funds, as amended and supplemented, either to adopt the necessary measures to continuously comply with the conditions that were the basis for the authorisation and the conditions of operation, namely (a) to have a level of own funds and initial capital, as well as in order to (b) ensure the key functions within the company, namely compliance officer and risk manager, in compliance with the applicable legal provisions and to request the authorisation of the Financial Supervisory Authority for the changes ordered in the organisation and operation of the company and for the persons appointed to key positions.
Macofil S.A. Târgu Jiu
Sanctioning Macofil S.A. Tg. Jiu with a warning for non-compliance with the provisions of 74 para. (6) of Law no. 24/2017, by not publishing within the legal deadline the notification received on 17.01.2023 from the shareholder Mănișor Vlad Mihai.
PIAȚA ASIGURĂRILOR
Asicons Broker de Asigurare S.R.L. was fined RON 8,900 for the following facts:
Mrs. Muntean Elena Cristina, executive manager of the brokerage company Professional Broker de Asigurare S.R.L., was fined RON 9,000 for failure to comply with the provisions of Art. 40 para. (4) of ASF Rule no. 22/2021 on insurance distribution, in conjunction with the provisions of Art. 14 para. (1), letter a) of Law no. 236/2018 on insurance distribution.
Mr. Rucărean Ioan, executive manager of the brokerage company Professional Broker de Asigurare S.R.L. was fined RON 9.000 for failure to comply with the provisions of Art. 40 para. (4) of the ASF Rule no. 22/2021 on insurance distribution, in conjunction with the provisions of Art. 14 para. (1), letter a) of Law no. 236/2018 on insurance distribution.
Holfin Insurance Reinsurance Broker S.A. was sanctioned with a written warning for non-compliance with the provisions of Art. 22 para. (8) of the ASF Rule no. 22/2021 on insurance distribution.
Iq Med Broker de Asigurare S.R.L. was fined RON 5,000 for the following facts:
Artimm General Asig Broker de Asigurare S.R.L. was fined RON 9,200 for the following facts:
Crux Insurance Broker S.R.L. was sanctioned with the withdrawal of the brokerage company's operating license, as well as its removal from Section I and transfer to Section II of the Register of Principal Brokers, for the following facts:
Interasig Broker - Broker de Asigurare S.R.L. was fined RON 5,000 for failure to comply with the provisions of Art. 22 para. (2) of the ASF Rule no. 22/2021 on insurance distribution.
Insurom Broker de Asigurare-Reasigurare S.R.L. was fined RON 5,000 for failure to comply with the provisions of Art. 22 para. (2) of the ASF Rule no. 22/2021 on insurance distribution.
Exe Premium Broker de Asigurare-Reasigurare S.R.L. was fined RON 13,400 for the following facts:
Sirius Broker de Asigurare S.R.L. was sanctioned with a written warning for non-compliance with the provisions of Art. 22 para. (13) of the ASF Rule no. 22/2021 on insurance distribution.
PRIVATE PENSION
Raiffeisen Bank S.A., as an intermediary of voluntary pension funds, was sanctioned with a written warning and was issued with an administrative warning for operational errors regarding workflows related to the marketing of voluntary pension funds.
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