Sanctioning decisions adopted by the ASF Council in November 2023

Bucharest, 13 December 2023 - In November 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 infringing certain provisions of the relevant legislation.

 

CAPITAL MARKET

 

SERVICE NEPTUN S.A.

Sanctioned with a warning for failure to publish the financial statements for the financial year 2022 within the legal deadline.

 

PETAL S.A. HUȘI

Sanctioned with a warning for failure to publish the financial statements for the financial year 2022 within the legal deadline.

 

MW GREEN POWER EXPORT S.A.

Sanctioned with a warning for failure to publish the financial statements for the financial year 2022 within the legal deadline.

 

ELEFANT ONLINE S.A.

Sanctioned with a fine in the amount of RON 15,700 for failure to comply with the obligation to publish the financial statements for the financial year 2021 and 2022 within the legal deadline. The imposition on the company of the obligation to take the necessary measures to publish the annual financial report for the financial years 2021 and 2022 with all its items, within 90 days from the date of communication.

 

PRIMA CONSTRUCT S.A.

Sanctioned with a fine in the amount of RON 24,200 for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline.

 

EXPLOATARE PORTUARĂ DROBETA S.A.

Sanctioned with a fine in the amount of RON 15,000 for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline.

 

ROMANȚA ESTIVAL 2002 S.A.

Sanctioned with a warning for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline.

 

RAIKO TRANSILVANIA S.A.

Sanctioned with a fine in the amount of RON 37,400 for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline. The imposition on the company of the obligation to take the necessary measures to publish the annual financial report for the financial year 2022 with all its items, within 60 days from the date of communication.

 

INTERNAȚIONAL CAVIAR S.A.

Sanctioned with a warning for failure to comply with the obligation to publish the financial statements for the financial year 2022 within the legal deadline.

 

ROPHARMA S.A.

Sanctioned with a warning for failure to comply with the obligation to prepare and publish a report on, and audit the significant transactions with affiliated parties.

 

COMELF S.A.

Sanctioned with a warning for failure to comply with the obligation to prepare and publish a report on, and audit, the significant transactions with affiliated parties.

 

SAI SIRA S.A.

Sanctioned with a fine for failure to comply with: the conditions on which the authorisation was based, i.e. ensuring the number of executives of the company, a unitary system, the operating rules of the audit committee, ensuring the internal audit function.

 

INSURANCE MARKET

 

BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP S.A. was fined RON 681,600 for the following:

• failure to comply with the provisions of Art. 26 para. (2) letter a) sentence 1 in conjunction with the provisions of Art. 29 para. (1) of Law no. 237/2015, as well as with the provisions of item 1.16 letter a), Guideline no. 4 ‚ORSA Policy’ of the EIOPA BOS 14/259 Guidelines implemented by ASF Rule no. 35/2015 on quality requirements established by the European Insurance and Occupational Pensions Authority;
• failure to comply with the provisions of Art. 26 para. (2) letter (a) sentence 1 and letter (e) in conjunction with Art. 28 para. (2) letter f) of Law no. 237/2015 and the provisions of item 1.59 letter c), Guideline 22 - Reinsurance and other risk mitigation techniques - risk management policy, of Annex no. 1 EIOPA-BoS-14/253 EN - ASF Rule no. 35/2015;
• failure to comply with the provisions of Art. 210 para. (1) in conjunction with the provisions of Art. 211 para. (1) of Delegated Regulation (EU) 2015/35;
• failure to comply with the provisions of Art. 142 para. (6) of Delegated Regulation (EU) 2015/35;
• failure to comply with the provisions of item 571 of the Annex to the ASF Rule no. 41/2015 for the approval of the Accounting Regulations on the individual annual financial statements and consolidated annual financial statements of entities carrying out insurance and/or reinsurance activities, as subsequently amended and supplemented;
• failure to comply with the provisions of Chapter 12 Chart of Accounts Group 31, Group 32 and Group 39, in conjunction with the provisions of Chapter 14 Function of accounts Group 31, Group 32 and Group 39 accounts of the Accounting Regulations on individual annual financial statements and consolidated annual financial statements of entities conducting insurance and/or reinsurance business approved by ASF Rule no. 41/2015;
• failure to comply with the provisions of Art. 6 para. (1) and Art. 7 para. (1) and para. (2) of ASF Rule no. 33/2017 on the organisation of archiving activities in entities authorised/approved, regulated and supervised by the Financial Supervisory Authority, as amended and supplemented.

 

BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP S.A. was fined RON 80,000 for the following:

• failure to comply with the provisions of Art. 7 para. (3) and para. (7) of Law no. 129/2019 on preventing and combating money laundering and terrorist financing, as well as amending and supplementing certain regulatory acts, regarding the obligation to report external transfers to and from accounts, in RON or in foreign currency, to ONCPSB (National Office for Preventing and Combating Money Laundering);
• failure to comply with the provisions of Art. 24 para. (1) and para. (3) of Law no. 129/2019, in conjunction with the provisions of Art. 4 para. (1) and Art. 47 para. (3) and para. (7) of ASF Regulation no. 13/2019;
• failure to comply with the provisions of Art. 24 para. (6) of Law no. 129/2019 in conjunction with the provisions of Art. 10 para. (2) of ASF Regulation no. 13/2019;
• failure to comply with the provisions of Art. 24 para. (1) and para. (3) of Law no. 129/2019 in conjunction with the provisions of Art. 21 para. (1), para. (3) and para. (4) and Art. 47 para. (3) and para. (7) of ASF Regulation no. 13/2019.

 

BCR ASIGURĂRI DE VIAȚĂ VIENNA INSURANCE GROUP S.A. was fined RON 17,400 for failure to comply with the provisions of Art. 21^2a para. (1) letter a) of GEO no. 93/2012, in conjunction with the provisions of Art. 5 para. (3), Art. 12 para. (2) letter c) of ASF Regulation no. 4/2021 on the inspection activity carried out by the Financial Supervisory Authority, as amended.

 

UNIQA ASIGURĂRI S.A. was fined RON 40,000 for the following:

• failure to comply with the provisions of Guideline no. 7, item 1.34, letter b) of Annex no. 1 EIOPA-BoS14/253 EN - Guidelines on System of Governance, to ASF Rule no. 35/2015;
• failure to comply with the provisions of Art. 28 para. (3) of Law no. 237/2015;
• failure to comply with the provisions of Guideline no. 4 item 1.16 Annex no. 2 EIOPA-BoS-14/259 EN - Guidelines on own risk and solvency assessment, to ASF Rule no. 35/2015;
• failure to comply with the provisions of Art. 26 para. (2) letter b) of Law no. 237/2015.

 

UNIQA ASIGURĂRI DE VIAȚĂ S.A was sanctioned with a written warning for:

• failure to comply with the provisions of Guideline no. 7, item 1.34, letter b) of Annex no. 1 EIOPA-BoS-14/253 EN - Guidelines on System of Governance, to ASF Rule no. 35/2015;
• failure to comply with the provisions of Art. 28 para. (3) of Law no. 237/2015;
• failure to comply with the provisions of Guideline no. 4 item 1.16 Annex no. 2 EIOPA-BoS-14/259 EN - Guidelines on own risk and solvency assessment, to ASF Rule no. 35/2015;
• failure to comply with the provisions of Art. 26 para. (2) letter b) of Law no. 237/2015.

 

OMNIASIG VIENNA INSURANCE GROUP S.A. was sanctioned with a written warning for failure to comply with the provisions of Art. 16 para. (1) letter d) of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorized/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as amended.

 

ASIGURAREA ROMÂNEASCĂ - ASIROM VIENNA INSURANCE GROUP S.A. was sanctioned with a written warning for failure to comply with the provisions of Art. 16 para. (1) letter d) of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorized/approved/registered, regulated and/or supervised by the Financial Supervisory Authority, as amended.

 

LEADER TEAM BROKER DE ASIGURARE S.R.L. was fined RON 51,500 for the following:

• failure to comply with the provisions of Art. 13 para. (1) letter c) item (ii) of Law no. 236/2018 on insurance distribution;
• failure to comply with the provisions of Art. 15 para. (1) of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorised/approved/registered, regulated and/or supervised by the Financial Supervision Authority on insurance distribution;
• failure to comply with the provisions of Art. 16 para. (2) letter c) of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorized/approved/registered, regulated and/or supervised by ASF on insurance distribution;
• failure to comply with Art. 48 letter c) of ASF Rule no. 4/2018 on the management of operational risks generated by IT systems used by entities authorized/approved/registered, regulated and/or supervised by ASF on insurance distribution.

 

LEADER TEAM BROKER DE ASIGURARE S.R.L. was fined RON 11,000 for failure to comply with Art. 21^2a para. (1) letter b) of the Government Emergency Ordinance no. 93/2012 on the establishment, organization and functioning of the Financial Supervisory Authority.

 

CONIMPEX INSURANCE BROKER S.R.L. was fined RON 10,300 for the following:

• failure to comply with the provisions of Art. 4 para. (5) letter b) item (ii) of the ASF Rule no. 22/2021 on insurance distribution, referred to the provisions of Art. 8 para. (5) of Law no. 236/2018 on insurance distribution;
• failure to comply with Art. 4 para. (12) of ASF Rule no. 22/2021 on insurance distribution, in relation to Art. 35 para. (8) letter c) of Law no. 236/2018 on insurance distribution;
• failure to comply with the provisions of Art. 10 para. (2) of Law no. 236/2018 on insurance distribution.

 

 

PRIVATE PENSIONS

 

NN ASIGURĂRI DE VIAȚĂ S.A.

• Andreea-Diana Zamfirescu, in her capacity as Administration Manager of the Voluntary Penions within NN Asigurări de Viață S.A., was fined RON 3,300 and was given an administrative warning after identifying deficiencies in operational processes;
• Claudia Gabriela Constantinescu, in her capacity as Operations Manager of NN Asigurări de Viață S.A., was fined RON 2,100 after identifying deficiencies in operational processes;
• Kuldeep Kaushik, in his capacity as General Manager of NN Asigurări de Viață S.A., was sanctioned with a written warning and was given an administrative warning after identifying deficiencies in operational processes.

 

 

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