Feb 2010 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.

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

Published in: Economy & Finance
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Feb 2010 Financial Services Industry monthly bulletin

  1. 1. February 2010
  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. 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
  6. 6. Financial Services Industry Monthly Bulletin 5
  7. 7. 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
  8. 8. 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
  9. 9. 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
  10. 10. 8
  11. 11. 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
  12. 12. 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
  13. 13. 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
  14. 14. 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
  15. 15. 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

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