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Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
Sept 2009 Financial Services Industry monthly bulletin
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Sept 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

Published in: Economy & Finance
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  • 1. September 2009
  • 2. Domestic regulatory updates 3 1. Banking 4 2. Insurance 5 3. Private pensions 6 4. Capital Markets 7 International regulatory updates 8
  • 3. Financial Services Industry Monthly Bulletin 8
  • 4. Issuer: National Bank of Romania (“NBR”)  The documentation necessary for the issuance of the set up authorization NBR amends know your customer legal framework in view of preventing money Each direct/indirect shareholder, legal entity, laundering and financing of terrorism except for the credit institutions/non banking financial institutions registered with the special NBR issued Regulation no. 16/2009 for the registry, Romanian legal entities, shall submit amendment of NBR’s Regulation no. 9/2008 estimations of the balance sheet and profits & regarding know your customer procedures in loss accounts for the following 3 years, at view of preventing money laundering and individual or consolidated level, signed by the financing of terrorism (“Regulation 16/2009”). shareholders and accompanied by the The main amendments brought by Regulation substantiation of the forecasted values. 16/2009 refer to: Regulation 17/2009 was published in the Official a) Identification of individuals Gazette no. 626/21.09.2009 and may be accessed here  The following amendments were brought to the minimum identification criteria of the NBR adopted a new regulation regarding the individuals: instead of “nationality”, the administration framework of credit institutions’ identification data shall comprise activity, the internal process of evaluation of “citizenship”; capital adequacy to risks and the conditions of  “Important Public Function” held by the outsourcing their activities client, shall be mandatory disclosed only in case of clients residing abroad. NBR issued Regulation no. 18/2009 regarding the administration framework of credit b) Implementation institutions’ activity, the internal process of evaluation of capital adequacy to risks and the The term for implementing the measures conditions of outsourcing their activities. regarding knowing the customers is extended to 18 months, starting with the date when the The new Regulation shall be applicable to credit managing bodies of the company shall approve institutions, Romanian legal entities, as well as to the norms for knowing the customers. branches of credit institutions from third party states, regulating on individual and/or, upon the Regulation 16/2009 was published in the Official case may be, consolidated or sub-consolidated Gazette no. 626/21.09.2009 and may be level, and on the level of cooperatives, the accessed here general framework for the administration of the activity of credit institutions, the internal process NBR amends the legal framework regarding the of evaluation of capital adequacy to risks and the authorization of credit institutions, Romanian conditions of outsourcing their activities. legal entities, and branches of credit institutions from third party states On 30th of June 2010, NBR’s Norm no. 17/2003 regarding the organization and internal control NBR issued Regulation no. 17/2009 for the of the activity of credit institutions and the amendment of NBR’s Regulation no. 11/2007 administration of the significant risks, as well as regarding the authorization of credit institutions, the organization and performance of internal Romanian legal entities, and branches of credit audit within credit institutions shall be repealed. institutions from third party states (“Regulation 17/2009”). The main amendments brought by The above mentioned Regulation was published Regulation 17/2009 refer to: in the Official Gazette no. 630/23.09.2009 and may be accessed here  The general criteria for the evaluation of significant shareholders The reference interest rate applicable for the month of September was set by NBR at 8.53 % The contribution to the share capital must be per annum. paid through credit institutions or financial institutions supervised by proper authorities form The reference interest rate above mentioned was member states or from third party states set through NBR’s Circular no. 32/2009, considered to have similar systems with those published in the Official Gazette no. from European Union against money laundering 603/1.09.2009, which may be accessed here and financing of terrorism. 4
  • 5. Issuer: Insurance Supervision Commission ISC amended the current legal framework (“ISC”) regarding the authorization of insurers for the execution of the compulsory insurance of the ISC approved the Norms regarding the Insurance dwellings against earthquakes, landslides or Pool against natural disasters flooding. ISC issued Order no. 17/2009 for the application ISC issued Order no. 19/2009 for the of the Norms regarding the insurance pool amendment of the Norms regarding the against natural disasters. The above mentioned authorization of insurers for the execution of the Order was published in the Official Gazette no. compulsory insurance of the dwellings against 610/7.09.2009 and may be accessed here earthquakes, landslides or flooding, implemented through ISC’s Order no. 23/2008. ISC approved the Norms regarding the organization principles of a system of internal The above mentioned Order was published in control and risk management, as well as the the Official Gazette no. 621/16.09.2009 and organization and development of the activity of may be accessed here internal audit in case of insurance/reinsurance companies ISC issued Order no. 18/2009 for the approval of the Norms regarding the organization principles of a system of internal control and risk management, as well as the organization and development of the activity of internal audit in case of insurance/reinsurance companies. The above mentioned Order was published in the Official Gazette no. 621/16.09.2009 and may be accessed here Financial Services Industry Monthly Bulletin 5
  • 6. Issuer: Private Pension System Supervision Commission (“PPSSC”) PPSSC approved the Norms regarding the use of personal assets of the participant to a voluntary pension fund PPSSC issued Decision no. 22/2009 for the approval of Norm no. 14/2009 regarding the use of personal assets of the participant to a voluntary pension fund. Upon it’s entering into force, namely 2.09.2009, PPSSC’s Norm no. 17/2008 regarding the use of personal assets of the participant to a voluntary pension fund in case of invalidity and death shall be repealed. The above mentioned Decision was published in the Official Gazette no. 606/2.09.2009 andmay be accessed here 6
  • 7. Issuer: National Securities Commission (“NSC”) NSC imposes the obligation for establishing audit committees in case of certain regulated financial institutions. NSC adopted on 23.09.2009 decision no. 15/2009 in accordance to which financial investment services companies, asset management companies and undertakings in collective investments for transferable securities established through Articles of Association must establish an audit committee, formed from non – executive members of the board of directors and/or supervisory council, with the observance of the legal provisions. The text of the decisions above mentioned may be accessed here Financial Services Industry Monthly Bulletin 7
  • 8. The European Union adopted a Community program for supporting the specific activities within financial services industry, financial reporting and audit. European Parliament and the Council adopted Decision no. 716/2009/CE for establishing a Community program for supporting the specific activities within financial services industry, financial reporting and audit. The said Decision was published in the Official Journal of the European Union no. L 253/25.09.2009 and may be accessed here Financial Services Industry Monthly Bulletin 9
  • 9. 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
  • 10. 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
  • 11. 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. 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 168 000 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. © 2009 Deloitte Romania

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