Sanction decisions and other measures adopted by the ASF Council in March 2024

Bucharest, 12 April 2024 - In March 2024, the Council of the Financial Supervisory Authority adopted several sanctioning decisions, as well as a series of measures applicable to certain entities/persons operating in the non-banking financial market for violation of certain provisions of the relevant legislation.

INSURANCE MARKET

Daw Management Broker de Asigurare S.R.L. was fined 13,900 lei for the following facts:

failure to comply with the provisions of Article 40 para. (4) of the ASF Rule no. 22/2021 on insurance distribution;
failure to comply with the provisions of Art. 13 para. (1) letter e) item iii) of Law no. 236/2018 on insurance distribution, as amended.

CAPITAL MARKET

BRD - GSG S.A. - depositary

• attention BRD Groupe Société Générale S.A.;
• establishment of a plan of measures to be taken by the depositary;
• warning Mr Victor Strâmbei - Head of Service - Warehousing Service.

The main situations identified concerned organisational issues (late notification of changes to the procedural framework for warehousing activity) and operational issues (late reporting of the exceeding of an investment limit by an investment fund whose assets are deposited by BRD - GSG).

Arcelormittal Hunedoara S.A.

Sanctioning Arcelormittal Hunedoara S.A. with a fine in the amount of 17,500 lei for non-compliance with the legal provisions concerning the operation of increasing the share capital with the lifting of the shareholders' preferential right.

Elerom S.A. Roman

Sanctioning Mr. Mihoc Iosif, as a shareholder of Elerom S.A. Roman, with a fine of 15,900 lei, for failure to comply with the legal provisions concerning the obligation to notify the exceeding of the threshold of 50% of the total voting rights in the issuer.

PRIVATE PENSIONS

Metropolitan Life Private Pension Fund Management Company S.A.

• Ms Mihaela-Mădălina Zarjițchi, in her capacity as Operations Manager of Metropolitan Life Societate de Administrare a un Fond de Pensii Administrat Privat S.A., was fined 3,600 lei and was given an administrative warning for identifying deficiencies in operational processes.
• Mr. Dragoș-Cristian Mitrea, in his capacity as Investment Director of Metropolitan Life Societate de Administrare a un Fond de Pensii Administrat Privat S.A., was given an administrative warning for identifying deficiencies in operational processes.
• Ms Alis-Nicoleta Constantin, in her capacity as head of the internal control structure of Metropolitan Life Societate de Administrare a un Fond de Pensii Administrat Privat S.A., has been subject to the administrative measure of warning for identifying weaknesses in operational processes.
• Establishment of a plan of measures for Metropolitan Life Societate de Administrare a un Fond de Pensii Administrat Privat S.A. to remedy deficiencies in operational processes.