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Dec 2009 Financial Services Industry Monthly Bulletin
 

Dec 2009 Financial Services Industry Monthly Bulletin

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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. ...

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

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    Dec 2009 Financial Services Industry Monthly Bulletin Dec 2009 Financial Services Industry Monthly Bulletin Document Transcript

    • December 2009
    • 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 NBR’s Order no. 11 of approved through NBR’s Order no. 9 of 20.11.2009 regarding the amendment of NBR’s 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 NBR’s 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 NBR’s 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 NBR’s Order no. 10 of respect to the reporting of the situations 20.11.2009 regarding the amendment of NBR’s 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
    • 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 NBR’s 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 NBR’s 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 NBR’s 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 NBR’s 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. 4
    • NBR amended the regulatory framework NBR amended the current “know your regarding its fees for the services related to the customer” 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 NBR’s Regulation no. 9/2008 regarding NBR’s fees for the services related to regarding “know your customer” 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 “know your customer” 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 NBR’s 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 NBR’s 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 NBR’s 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  3.69% per year for minimum mandatory Gazette no. 912/24.12.2009 and may be reserves set up in RON; accessed here.  1.26% per year for minimum mandatory reserves set up in Euro;  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
    • 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 ISC’s 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 ISC’s Order no. 22 of 23.12.2009, published in the Official Gazette no. 908/23.12.2009 and may be accessed here. 6
    • 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 PPSSC’s PPSSC issued Norm no. 21 of 20.11.2009 Decision no. 30/2009. Upon the entering into amending PPSSC’s 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 PPSSC’s Decision no. 29 of 20.11.2009, published in the private pension funds approved through PPSSC’s 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
    • There may be found below a few of the obligations which are applicable to the entities under NSC’s supervision in the field of NSC amends the current regulatory framework international sanctions: regarding the consolidated supervision of credit institutions and investment undertakings  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 NSC’s 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 NSC’s Order no. 69 on 14.12.2009, published in the Official Gazette no.  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  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 (“Regulation 9/2009”). 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:  to identify the clients who owns or has  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.  they are controlling financial instruments or obtain data and information regarding The said Regulation was approved through those instruments, NSC’s Order no. 70/2009 on 16.12.2009, was published in the Official Gazette no.  they obtain data regarding transactions 916/28.12.2009 and may be accessed here. related to financial instruments involving persons or designated entities . 8
    • 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  NSC’s 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 NSC’s Order no. 71/18.12.2009, published in the  NSC’s 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  NSC’s Decision no. 1732/16.12.2009 professional trainings whereby is approved the amendment of NSC issued Decision no. 20 as of 14.12.2009 NSC’s Regulation no. 3 regarding the whereby was decided the suspension of Article organization and functioning of the 14 (1) letter d) of NSC’s 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 NSC’s Decision no. 358/31.01.2006; professional training bodies in case they did not organize for a period exceeding 12 months  NSC’s Decision no. 1733/16.12.2009 professional trainings for operators and whereby is approved the amendments of specialists for capital markets. The suspension NSC’s 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 NSC’s 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  NSC’s 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 NSC’s Decision no. 2600/14.09.2006. Financial Services Industry Monthly Bulletin 9
    • 8
    • 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
    • Financial Services Industry Monthly Bulletin 11
    • Proposal of Order regarding the amendment of Proposal for Norms on the inventory of balance NBR’s 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 “Proprietatea” 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
    • Financial Services Industry Monthly Bulletin 11
    • 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
    • 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 18
    • 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
    • Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/ro/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's more than 169 000 professionals are committed to becoming the standard of excellence. Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities. This publication contains general information only, and none of Deloitte Touche Tohmatsu, its member firms, or its and their affiliates are, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. None of Deloitte Touche Tohmatsu, its member firms, or its and their respective affiliates shall be responsible for any loss whatsoever sustained by any person who relies on this publication. © 2010 Deloitte Romania