The document summarizes regulatory changes announced by several Romanian financial services authorities in February 2010, including: - The National Bank of Romania amended interest rates for mandatory reserves. - The Insurance Supervisory Commission amended regulations for mandatory vehicle insurance. - The Private Pension System Supervisory Commission amended rules for privately managed pension funds. - The National Securities Commission amended regulations for the Investor Compensation Fund and NSC income. It also outlines several proposals for future regulatory changes under public debate.

1. February 2010

3. NBR amends the interest rates payable for the
mandatory minimum reserves
NBR amends the sanctioning interest rates for In accordance with NBR’s Circular no.
the non observance of the obligations to 7/9.02.2010, starting with 24.01.2010 and until
establish the mandatory minimum reserves in lei 23.02.2010, the interest rate payable to the
mandatory minimum reserves established in lei
In accordance with NBR’s Circular no. shall be of 2.89 % per year, while for those
6/9.02.2010 the sanctioning interest rates for established in US dollars shall be of 1.19 % per
the non observance of the obligations to year. The above mentioned Circular was
establish the mandatory minimum reserves in lei published in the Official Gazette no.
applicable for 24.02.2010 – 23.03.2010 is set at 103/15.02.2010 and may be accessed here.
16.5 % per year. The said Circular was published
in the Official Gazette no. 103/15.02.2010 and
may be accessed here.
Financial Services Industry Monthly Bulletin 3

4. ISC amends the regulatory framework applicable
to the mandatory liability insurance policy for
damages caused through vehicles accidents
ISC amends the current regulatory framework
regarding the financial records of the insurance ISC enacted Order no. 2/2010 for the
companies amendment of the Norms regarding the
mandatory liability insurance policy for damages
ISC enacted Order no. 1/2010 for the approval caused through vehicles accidents enacted
of Norms regarding the closing of 2009 financial through ISC’s Order no. 21/2009. The above
year applicable to insurance companies. The mentioned Order was published in the Official
Order was published in the Official Gazette no. Gazette no. 124/24.02.2010 and may be
89/10.02.2010 and may be accessed here. accessed here.
4

5. PPSSC amended the regulatory framework
regarding the adhering and evidence of the
participants to the privately managed pension
PPSSC has amended the current legal framework funds
on drafting and submission of the individual
annual financial statements by authorized PPSSC enacted Decision no. 2/2010 regarding
entities the approval of Norm no. 2/2010 for the
amendment of PPSSC’s Norm no. 22/2009
PPSSC enacted Decision no. 1/2010 for the regarding the adhering and evidence of the
approval of Norm no. 1/2010 regarding the participants to the privately managed pension
drafting and submission of the individual annual funds. The said Norm was published in the
financial statements by authorized entities, Official Gazette no. 81/5.02.2010 and may be
regulated and supervised by PPSSC for 2009 accessed here.
financial year.
The aforementioned Norm has been published in
the Official Gazette no. 76/3.02.2010 and may
be accessed here.
Financial Services Industry Monthly Bulletin 5

6. NSC amends the regulatory framework
applicable to the authorization, organization and
functioning of the Investors’ compensation fund
NSC amends the regulatory framework
applicable to NSC’s income NSC adopted Order no. 5/2010 for the approval
of Regulation no. 3/2010 for the amendment of
NSC enacted Order no. 4/2010 for the approval Regulation no. 3/2006 regarding the
of Regulation no. 2/2010 for the amendment of authorization, organization and functioning of
Regulation no. 7/2006 regarding the NSC’s the Investors’ compensation fund. The above
income. The above mentioned Order was mentioned Order was published in the Official
published in the Official Gazette no. Gazette no. 128/25.02.2010 and may be
122/23.02.2010 and may be accessed here. accessed here.
6

7. Financial Services Industry Monthly Bulletin 5

8. Proposal for a Regulation for the amendment of
the joint NBR/NSC Regulation no. 18/23/2006
Proposal of Government Emergency Ordinance
regarding own funds of credit institutions and
investment undertakings setting forth the information to be provided to
consumers in the pre-contractual stage,
The proposal mentioned above is currently under information to be included in credit contracts as
public debate with any comments being able to well as in the related advertising.
be delivered until 15.03.2010. The full text of
the proposal can be accessed here. Also, it regulates certain aspects with respect to
applicable interest, fees and the formula for
computing the annual percentage rate.
You can access here the above mentioned
Proposal along with its Grounding Reasons.
8

9. Proposal for a Norm for the amendment of
PPSSC’s Norm no. 11/2009 on the procedure to
monitor the implementation of international
sanctions within the private pension system.
The proposal mentioned above can be accessed
here.
Financial Services Industry Monthly Bulletin 9

10. Proposal of Regulation for the amendment of
NSC’s Regulation no. 13/2005 on the
authorization and functioning of the Central
Depository
The aforementioned proposal may be accessed
here.
Proposal for a Regulation regarding the special
administration of the entities authorized by NSC
The above mentioned proposal may be accessed
here.
Proposal for instructions for the amendment of
NSC’s Instruction no. 3/2007 regarding public
offers performed through the trading system of
a market operator/system.
The said proposal may be accessed here.
10

11. 8

12. Committee of European Banking Supervisors Committee of European Securities Regulators
(“CEBS”) published on 16 February 2010 its high (“CESR”) published on 22 February 2010 an
level principles for risk management overview of actions taken by CESR members in
relation to short-selling. For more details please
CEBS expects its members to implement the high access here.
level principles into their procedures by 31
December 2010 at the latest. The high-level
principles for risk management are aimed mainly
at large and complex institutions. However,
The European Commission has updated its
according to the principle of proportionality,
centralized list of rescue measures for banks,
they can be adapted to any institution under
including guarantees and recapitalization
review, taking into account its size, nature, and
measures which have been put in place by
complexity.
Member States at a national level to cope with
the global financial and economic crisis. For
For more details please access here.
more details please access here.
CEBS published on 17 February 2010 a new
classification system aimed at reducing the
reporting time of the entities that are required to
deliver data to the Euro system and to the
supervisory authorities.
For more details please access here.
The Federal Reserve Board announced on
February 18 2010 that in light of continued
improvement in financial market conditions it
had approved several amendments to the terms
of its discount window lending programs. For
more details please access here.
12

13. Alexandru Reff – Tax & Legal Partner in Charge
The era of restructuring: business trends , legal
and fiscal challenges
Date  Change of the economic paradigm has
23 March 2010
Date determined restructuring processes with
17 February 2010 multiple legal and fiscal implications In the
Time areas of group structuring, labor force,
12.00 – 17.30 bank loans, fiscal debts, commercial
Time relations or ongoing transactions
9.00 – 13.30
Venue  Identifying reasons and objectives as well as
Hilton Hotel legal and fiscal aspects which require
Venue
Le Diplomate Ballroom special attention
Howard Johnson Hotel
Deloitte Romania tax specialists together with
Platinum Grand Ballroom Andrei Burz-Pinzaru – Legal Partner
Reff & Associates, the correspondent law firm of
Deloitte, invite organised by Deloitte Romania
The workshop you to the first edition of Deloitte Risk management in insolvency: mitigate your
Annual Tax & Legal Conference. This event is
and Reff & Associates, the correspondent law exposures and protect your rights
dedicated to our clients and will focus on the
firm ofyou are facing during this periodan
issues Deloitte Romania, will give you while
integratedfuture opportunities for your business.
exploring perspective over the dynamics of  Knowing the risks triggered by abusive
dealing with both financial and legal facets of insolvency claims – business interruption,
There is restructuring process.
the loan no denying these are turbulent problems with the lenders and suppliers,
economic times and a new business model market reputation risks
emerges. After a difficult 2009, borrowers
In the current climate, distressedsuccessful are  Preparing a solid and timely defense against
enterprises will focus on value, exploit breach of abusive insolvency claims: what to do and
not uncommon, to say the least. From
opportunities and act in a timely manner. when
financial covenants to non-payment defaults and  Protect your rights in case of debtors’
insolvency threats, focus on the most significant
The discussion will borrowers pose new types of insolvency
challenges and the new challenges actions.
business trends,require new types of and  Insolvency as a tool of last resort: key
opportunities for 2010 from a tax and legal aspects you should know
Restructuring existing loan agreements, requiring
perspective.  Managing directors/owners liability in case
additional collateral, tightening contractual of insolvency
Speakers and Topics
terms, stricter monitoring of the covenants,  Avoiding insolvency: debt restructuring
grace periods, all useful actions that, however, in recommendations
George Mucibabici – Chairman – Introduction
many cases, might fail unless supported by
Translation is provided. Participation to this event
thorough business reviews and restructuring
Pieter Wessel –Tax Partner is by invitation only and is exclusively dedicated
implementation.
to Deloitte clients and special guests. The
Meaning of EU legislation for the national VAT
practice conference is free of charge for recipients of the
invitation.
 Introduction to the EU framework and
institutions You can register via e-mail at:
 Main VAT principles used by the EU mciobanu@deloittece.com.
jurisprudence
 References to cases of the European Court
of justice and practical applicability for
Romanian companies
 Ways for Romanian tax payers to challenge
the authorities based on EU jurisprudence
Financial Services Industry Monthly Bulletin 13

14. 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. Deloitte’s 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
12

15. George Mucibabici
Chairman
tel: + 40 21 207 52 55
e-mail: gmucibabici@deloittece.com
Audit
Santiago Pardo
Partner
tel: + 40 21 207 54 92
e-mail: sapardo@deloittece.com
Enterprise Risk Services
Gary Bauer
Director
tel: + 40 21 207 52 19
e-mail: gbauer@deloittece.com
Financial Advisory
Antonis Ioannides
Partner
tel: + 40 21 207 56 26
e-mail: anioannides@deloittece.com
Tax
Rodica Segarceanu
Partner
tel: + 40 21 207 52 31
e-mail: rsegarceanu@deloittece.com
Legal
Andrei Burz-Pinzaru
Partner, Reff&Associates
correspondent law firm of Deloitte Romania
tel: + 40 21 207 52 05
e-mail: aburzpinzaru@deloittece.com
Consulting
Razvan Horobeanu
Manager
tel: + 40 21 207 53 57
e-mail: rhorobeanu@deloittece.com
Actuarial & Insurance
Solutions
Slawomir Latusek
Consultant
tel: + 48 (22) 511 04 54
e-mail: slatusek@deloittece.com

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