The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
3. NBR amended the regulatory framework
regarding the periodical reporting of financial
accounting statistical information applicable to
NBR amended the regulatory framework Romanian branches of credit institutions from
regarding FINREP financial statements at other EU member states
individual level applicable to credit institutions
NBR issued Amendments to the Templates
NBR issued Amendments to the Templates for regarding periodical reporting comprising
FINREP financial statements at individual level financial accounting statistical information
templates and methodological norms with applicable to Romanian branches of credit
respect to the drafting and use thereof, institutions from other EU member states.
applicable to credit institutions.
The Amendments mentioned above were
The Amendments mentioned above were
approved through NBRās Order no. 11 of
approved through NBRās Order no. 9 of
20.11.2009 regarding the amendment of NBRās 20.11.2009, published in the Official Gazette no.
Order no. 13/2007 on FINREP financial 847/08.12.2009 and may be accessed here.
statements at individual level applicable to credit
institutions. NBR amended the regulatory framework
regarding consolidated supervision of the credit
The Amendments above mentioned were institutions and of the investment undertakings
published in the Official Gazette no.
843/07.12.2009 and may be accessed here. NBR enacted Regulation no. 22/2009 for the
amendment of NBRās Regulation no. 17/2006
NBR amended the regulatory framework regarding consolidated supervision of credit
regarding the consolidated financial statements institutions and investment undertakings. The
applicable to credit institutions for the purpose
said Regulation was approved through NBRās
of prudential supervision
Order no. 12 of 07.12.2009 and was published
NBR issued Amendments to the Templates in the Official Gazette no. 917 of 28.12.2009
regarding consolidated financial statements in and may be accessed here.
accordance with International Financial
Reporting Standards applicable to credit NBR sets the regulatory framework with respect
institutions for the purpose of prudential to the reporting obligations regarding the
supervision. liquidity indicator and the high risk of liquidity
The Amendments mentioned above were NBR issued Order no. 13 of 15.12.2009 with
approved through NBRās Order no. 10 of respect to the reporting of the situations
20.11.2009 regarding the amendment of NBRās
concerning the liquidity indicator and the high
Order no. 6/2007 regarding the consolidated
financial statements in accordance with risk of liquidity. In accordance with the said
International Financial Reporting Standards order, the credit institutions shall submit to NBR
applicable to credit institutions for the purpose on a monthly basis the reporting forms of the
of prudential supervision. The Amendments situations concerning the liquidity indicator, both
mentioned above were published in the Official on paper and through the electronic reporting
Gazette no. 847/08.12.2009 and may be system SIRBNR. The report shall be submitted
accessed here.
within 17 days as of the end of the month for
which it is prepared. The above mentioned Order
was published in the Official Gazette no. 897 of
22.12.2009 and may be accessed here.
Financial Services Industry Monthly Bulletin 3
4. NBR amended the regulatory framework NBR enacted the norms for the application of
regarding the establishing of the minimum Regulation no. 25/2009 of the European Central
capital requirements for credit institutions and Bank concerning the balance sheet of the
investment undertakings monetary financial institutions sector
NBR issued Regulation no. 29/2009 for the NBR issued Norm no. 10 of 25.11.2009 for the
amendment of NBRās Regulation no. 13/2006 application of Regulation no. 25/2009 of the
regarding the establishing of the minimum European Central Bank concerning the balance
capital requirements for credit institutions and sheet of the monetary financial institutions
investment undertakings. The said Regulation sector. The above mentioned Norm was
was approved through NBRās Order no. 14 of published in the Official Gazette no.
15.12.2009, published in the Official Gazette no. 861/10.12.2009 and may be accessed here.
917/28.12.2009 and may be accessed here.
NBR issued the norms for the application of
NBR establishes the regulatory framework Regulation (EC) no. 63/2002 regarding the
regarding the preparation by the credit statistics pertaining to the interest rates applied
institutions, for informative purposes, of the by monetary financial institutions for the
annual financial statements in accordance with deposits of households and non-financial
the International Financial Reporting Standards undertakings and to the loans granted to them
NBR issued Order no. 15 of 22.12.2009 NBR issued Norm no. 11 of 25.11.2009
regarding the preparation by the credit regarding the implementation of Regulation (EC)
institutions, for informative purposes, of the no. 63/2002 regarding the statistics pertaining to
annual financial statements according to the interest rates applied by monetary financial
International Financial Reporting Standards. The institutions for the deposits of households and
above mentioned Order was published in the non-financial undertakings and to the loans
Official Gazette no. 913/24.12.2009 and may be granted to them. The above mentioned Norm
accessed here. was published in the Official Gazette no.
854/09.12.2009 and may be accessed here.
NBR amended the regulatory framework
regarding the accounting regulations compliant NBR amended the regulatory framework
with the European directives, applicable to credit regarding the statistical reporting of data for the
institutions, non-banking credit institutions and computation of the balance of payments
Guarantee Fund for bank deposits
NBR issued Norm no. 12 of 22.12.2009 for the
NBR issued Amendments to the accounting amendment of NBRās Norm no. 26/2006
regulations compliant with the European regarding statistical reporting of data for the
directives, applicable to credit institutions, non- computation of the balance of payments.
banking credit institutions and Guarantee Fund
for bank deposits. The Amendments above The said Norm provides that starting with
mentioned were approved through NBRās Order January 1st, 2010 the amount of Euro 12,500 or
no. 16 of 23.12.2009, published in the Official its RON equivalent at the payment/receiving date
Gazette no. 921/29.12.2009 and may be will be replaced with the amount of Euro 50,000
accessed here. or its RON equivalent at the payment/receiving
date. The above mentioned Norm was published
in the Official Gazette no. 900/22.12.2009 and
may be accessed here.
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5. NBR amended the regulatory framework NBR amended the current āknow your
regarding its fees for the services related to the customerā regulatory framework
RON accounts opened with the said institution
NBR issued Regulation no. 27 of 15.12.2009 for
NBR issued Regulation no. 23 of 07.12.2009 the amendment of NBRās Regulation no. 9/2008
regarding NBRās fees for the services related to regarding āknow your customerā procedures in
the RON accounts opened with the said order to prevent money laundering and terrorist
institution. The said Regulation was published in financing. Through the amendments brought by
the Official Gazette no. 875/ 15.12.2009 and the said Regulation, the āknow your customerā
may be accessed here. framework explicitly applies to payment
institutions (Romanian legal persons and
NBR establishes the legal framework regarding Romanian branches of foreign payment
the liquidity of credit institutions institutions). The said Regulation was published
NBR issued Regulation no. 24 of 15.12.2009 in the Official Gazette no. 892/21.12.2009 and
regarding the liquidity of credit institutions, may be accessed here.
repealing NBRās Norm no. 1/2001 for the
NBR establishes the legal framework regarding
liquidity of credit institutions. The above
the supervision of the implementation of the
mentioned Regulation was published in the international sanctions for blocking of funds
Official Gazette no. 891/ 18.12.2009 and may
be accessed here. NBR issued Regulation no. 28 of 15.12.2009
regarding the supervision of implementation of
NBR establishes the legal framework regarding the international sanctions for blocking of funds.
the use of advanced assessment approach and The above mentioned Regulation was published
its approval by credit institutions with respect to
in Official Gazette no. 891/18.12.2009 and may
operational risk
be accessed here.
NBR issued Regulation no. 25 of 15.12.2009
regarding the use of advanced assessment NBRās Circular no. 45/2009 regarding the level
of the reference interest rate valid for December
approach and its approval by credit institutions
2009, namely 8 % per year
with respect to operational risk. The above
mentioned Regulation was published in the The above mentioned Circular was published in
Official Gazette no. 911/24.12.2009 and may be the Official Gazette no. 829/02.12.2009 and
accessed here. may be accessed here.
NBR establishes the legal framework regarding NBRās Circular no. 47/2009 regarding the
implementation, approval and assessment of interest rates paid on minimum mandatory
approaches based on internal rating models reserves
applicable to credit institutions
The above mentioned Circular sets forth the
NBR issued Regulation no. 26 of 15.12.2009 interest rates paid on minimum mandatory
regarding implementation, approval and reserves during November 24 - December 23,
assessment of approaches based on internal 2009 as follows:
rating models applicable to credit institutions.
The said Regulation was published in the Official ļ· 3.69% per year for minimum mandatory
Gazette no. 912/24.12.2009 and may be reserves set up in RON;
accessed here.
ļ· 1.26% per year for minimum mandatory
reserves set up in Euro;
ļ· 1.24% per year for minimum mandatory
reserves set up in U.S. dollars.
The said Circular was published in the Official
Gazette no. 888/18.12.2009 and may be
accessed here.
Financial Services Industry Monthly Bulletin 5
6. ISC issues the Norms regarding the information
that insurers and insurance intermediaries should
provide to customers
ISC adopted the norms regarding the
contribution of the insurers to the Protection ISC issued the Norms regarding the information
Fund of street victims that insurers and insurance intermediaries should
provide to customers as well as the other
ISC issued the Norms regarding the contribution elements which should be stipulated in the
owed by the insurers to the Protection Fund of insurance agreements. The said Norms were
street victims. In accordance with the said approved through ISCās Order no. 23 of
norms, starting with January 1st, 2010, the
23.12.2009, published in the Official Gazette
contribution of the insurers which sell mandatory
insurance policies for civil liability for damages 908/23.12.2009 and may be accessed here.
resulted from car accidents to the Protection
Fund of street victims is 0.3 %, computed to the
volume of the gross insurance premiums cashed
by the insurers for this type of insurance. The
Norms were approved through ISCās Order no.
22 of 23.12.2009, published in the Official
Gazette no. 908/23.12.2009 and may be
accessed here.
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7. PPSSC amends the current regulatory framework
regarding the accession and record of the
participants to the private pension funds
PPSSC amends the legal framework regarding
the collection of individual contributions of the PPSSC issued Norm no. 22/2009 on the
participants to the private pension funds accession and record of the participants in
private pension funds approved through PPSSCās
PPSSC issued Norm no. 21 of 20.11.2009 Decision no. 30/2009. Upon the entering into
amending PPSSCās Norm no. 11/2008 on the force of the above mentioned norm, namely
collection of individual contributions of the January 1st, 2010, Norm no. 18/2007 regarding
participants to the private pension funds. The
the accession and record of the participants in
said Norm was approved through PPSSCās
Decision no. 29 of 20.11.2009, published in the private pension funds approved through PPSSCās
Official Gazette no. 843/07.12.2009 and may be Decision no. 46/2007 has been repealed. The
accessed here. said Norm was published in the Official Gazette
no. 843/07.12.2009 and may be accessed here.
Financial Services Industry Monthly Bulletin 7
8. There may be found below a few of the
obligations which are applicable to the entities
under NSCās supervision in the field of
NSC amends the current regulatory framework international sanctions:
regarding the consolidated supervision of credit
institutions and investment undertakings ļ· to keep all information they have on
international sanctions, including at their
NSC issued Regulation no. 8 of 07.12.2009 for
the amendment of NSCās Regulation no. secondary headquarters according to the
22/2006 regarding the consolidated supervision law for a period of five years from the date
of credit institutions and investment of termination of application of those
undertakings. The said Regulation was approved international sanctions;
through NSCās Order no. 69 on 14.12.2009,
published in the Official Gazette no. ļ· to prepare and submit to the NSC within 45
917/28.12.2009 and may be accessed here. days of the entry into force of this
Regulation, the internal procedures of
NSC established the regulatory framework
regarding the supervision of implementation of international sanctions;
the international sanctions on capital markets
ļ· to appoint, by an internal act, at least one
NSC issued Regulation no. 9 on 16.12.2009 employee responsible for proper
regarding the supervision of the implementation administration of international sanctions
of the international sanctions on capital markets and to notify NSC the appointment, within
(āRegulation 9/2009ā).
the period specified above (any change in
The entities whose activity is authorized, internal procedures as well as the
regulated and supervised by NSC are bound to appointment of the person referred to
notify the said regulatory body with respect to above shall be notified to NSC within 5
the occurrence of one of the following working days);
situations:
ļ· to identify the clients who owns or has
ļ· they obtain data and information with under supervision financial instruments who
respect to persons, and/or designated
are owned or had under supervision of
entities (i.e. governments of states, or non-
state undertakings or persons subject to designated persons or entities and to notify
international sanctions); immediately the Minister of Public Finance
and NSC about the identified elements.
ļ· they are controlling financial instruments or
obtain data and information regarding The said Regulation was approved through
those instruments, NSCās Order no. 70/2009 on 16.12.2009, was
published in the Official Gazette no.
ļ· they obtain data regarding transactions
916/28.12.2009 and may be accessed here.
related to financial instruments involving
persons or designated entities .
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9. NSC amended the regulatory framework Individual acts issued by NSC which may present
regarding the establishing of minimum capital interest to the participants to the capital
requirements for credit institutions and markets:
investment undertakings
ļ· NSCās Decision no. 1728/14.12.2009
NSC issued Regulation no. 10 of 18.12.2009 whereby is authorized the spot regulated
amending Regulation no. 18/2006 regarding the market administrated by the market
establishing of minimum capital requirements for operator Bursa Monetar-Financiara si de
credit institutions and investment undertakings. Marfuri S.A. Sibiu;
The said Regulation was approved through
NSCās Order no. 71/18.12.2009, published in the ļ· NSCās Decision no. 1729/14.12.2009
Official Gazette no. 917/28.12.2009 and may be whereby is approved the establishment and
accessed here. administration by Bursa Monetar-Financiara
si de Marfuri S.A. Sibiu as system operator
NSC extended the term during which the of the alternative transaction system;
professional training organisms of operators and
specialists for capital markets should organize
ļ· NSCās Decision no. 1732/16.12.2009
professional trainings
whereby is approved the amendment of
NSC issued Decision no. 20 as of 14.12.2009 NSCās Regulation no. 3 regarding the
whereby was decided the suspension of Article organization and functioning of the
14 (1) letter d) of NSCās Regulation no. 1/2003 regulated market of derivative financial
regarding the certification of professional instruments administrated by the market
training bodies, of operators and specialists for operator S.C. Bursa Monetar-Financiara si
capital markets, article which provided the de Marfuri S.A. Sibiu approved through
possibility of suspending the activity of the NSCās Decision no. 358/31.01.2006;
professional training bodies in case they did not
organize for a period exceeding 12 months ļ· NSCās Decision no. 1733/16.12.2009
professional trainings for operators and whereby is approved the amendments of
specialists for capital markets. The suspension NSCās Regulation no. 4 on transaction on
will be applicable until the amendment of the the regulated market of financial derived
said Regulation. During this suspension, NSC instruments administrated by S.C. Bursa
may revoke the professional certificates granted Monetar-Financiara si de Marfuri S.A. Sibiu
to a professional training body if it has not approved through NSCās Decision no.
organized any training course over a period of 358/31.01.2006;
18 consecutive months. The full text of the
Decision mentioned above may be accessed ļ· NSCās Decision no. 1754 / 21.12.2009
here. approving the amendment of the
functioning Regulation of S.C. Bursa de
Valori Bucuresti S.A. approved through
NSCās Decision no. 2600/14.09.2006.
Financial Services Industry Monthly Bulletin 9
11. European Union establishes the regulatory European Central Bank amends the guideline on
framework on the taking-up and pursuit of the the legal framework for accounting and financial
business of Insurance and Reinsurance (Solvency reporting in the European System of Central
II) Banks
The European Parliament and the Council European Central Bank issued Guideline
adopted Directive 2009/138/EC as of 25 ECB/2009/28 as of 14 December 2009
November 2009 on taking-up and pursuit of the amending Guideline ECB/2006/16 on the legal
business of Insurance and Reinsurance (Solvency framework for accounting and financial
II). The transposition term of the said directive reporting in the European System of Central
into the national law of the member states is Banks
October 31st, 2012.
The above mentioned Decision was published in
The said Directive was published in Official the Official Journal of the European Union no. L
Journal of the European Union no. L 348/29.12.2009 and may be accessed here.
335/17.12.2009 and may be accessed here.
Financial Services Industry Monthly Bulletin 11
13. Proposal of Order regarding the amendment of Proposal for Norms on the inventory of balance
NBRās Order no. 18/2007 approving the sheet components of privately managed pension
templates of periodically financial statements funds and voluntary pension funds
and of methodological norms regarding their
drafting and use applicable to non-banking The above mentioned proposal may be accessed
financial institutions here.
The above mentioned proposal may be accessed Proposal for Norms on preparation and
here. submission of individual annually financial
statements by entities authorized, regulated and
supervised by the PPSSC for 2009
Proposal for Order regarding the implementation The above mentioned proposal may be accessed
of the accounting regulations compliant with the here.
International Financial Reporting Standards by
the insurance companies, insurance-reinsurance
companies and reinsurance companies
Proposal for Regulation on the registration and
The above mentioned proposal may be accessed functioning of āProprietateaā Fund
here.
The above mentioned proposal may be accessed
Proposal of Norms regarding the professional here.
qualification and training of insurance
intermediaries
The above mentioned proposal may be accessed
here.
Proposal of Norms regarding unitary training of
the persons active in the insurance field
The above mentioned proposal may be accessed
here.
Financial Services Industry Monthly Bulletin 13
15. Opinion of the European Central Bank of 12
November 2009 on a proposal for a Directive of
the European Parliament and of the Council
amending Directives 2006/48/EC and
2006/49/EC as regards capital requirements for
the trading book and for re-securitizations, and
the supervisory review of remuneration policies.
For further details please access here.
Committee of European Insurance and
Occupational Pensions Supervisors published on
10 December 2009 its second bi-annual report
on the financial conditions and financial stability
of the insurance and occupational pension fund
sector. The report covers developments in the
(re)insurance and occupational pension fund
markets for the periods 2007 and 2008. The
report together with its annexes may be
accessed here.
The Committee of European Banking Supervisors
published on December 11th, 2009 the
guidelines in relation to revised large exposures
regime, in the context of the requirements for
implementing the amended Capital
Requirements Directive. For further details please
access here.
Financial Services Industry Monthly Bulletin 15
16. Reff & Associates is the correspondent law firm of Deloitte Romania, fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to a
network of law firms and legal departments working with Deloitte all over the
world. Deloitteās correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions, corporate
and commercial law, finance, banking and capital markets, real estate, project
finance, employment, competition, fiscal and commercial litigation, and
intellectual property.
In the financial services sector, Reff & Associates provides the full range of services
to banks and financial institutions, including:
- Finance deals: transaction support in bilateral and syndicated loans, loan
workouts, securitisation, loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements, security and
other ancillary documentation).
- M&A transactions in the financial services sector: advice on the structure
of the transaction, the pre-contractual documentation, due diligence,
drafting/negotiating the purchase agreements and assisting the
implementation of the transaction.
- Regulatory assistance: ongoing assistance with respect to the specific
legal and regulatory requirements applicable to banks / non banking
financial institutions operating in Romania, development of new
financial products, representation in front of the regulators (National
Bank of Romania, Insurance Supervisory Commission, Securities
Commission etc.).
Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzaru@deloittece.com
Simina Mut
Manager
+ 40 21 207 52 69
smut@deloittece.com
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifa@deloittece.com
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