Oct Dec 2010 Financial Services Industry Law updates

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Financial Services Industry Monthly Bulletin October - December 2010

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Oct Dec 2010 Financial Services Industry Law updates

  1. 1. Financial Services Industry Monthly Bulletin Contents III. Domestic regulatory proposals 1. Banking I. Domestic regulatory updates 2. Private pensions 1. Banking 3. Capital Markets 2. Insurance IV. International regulatory 3. Private pensions proposals / measures 4. Capital Markets 1. Banking II. International regulatory updates 2. Insurance 1. Banking 3. Capital Markets 2. Capital MarketsOctober - December 2010
  2. 2. Domestic regulatoryupdates
  3. 3. NBR has amended the regulatoryBanking framework regarding the treatment of credit risk according to standard approachIssuer: National Bank of Romania NBR (jointly with NSC) has approved the joint(“NBR”) NBR/NSC Regulation no. 12/19/2010 regarding the amendment of joint NBR/NSCNBR established the level of the reference Regulation no. 14/19/2006 regarding theinterest rate applicable for October 2010 treatment of credit risk for credit institutions and investments firms according to standardNBR enacted Circular no. 32/2010 regarding approach. The Regulation mentioned abovethe level of the reference interest rate valid forOctober 2010. According to the above has been published in the Official Gazette no.mentioned Circular, the reference interest rate 725/01.11.2010 and may be accessed here.valid for October 2010 was set at 6.25% peryear. The Circular was published in the Official NBR has amended the regulatoryGazette no. 671/01.10.2010 and may be framework regarding risk treatment basedaccessed here. on internal rating modelsNBR established the level of the interest NBR (jointly with NSC) has approved the jointrates paid for the minimum mandatoryreserves for 24 September - 23 October NBR/NSC Regulation no. 13/20/20102010 regarding the amendment of joint NBR/NSC Regulation no. 15/20/2006 regarding the riskNBR enacted Circular no. 34/2010 regarding treatment for credit institutions and investmentthe interest rates paid on minimum mandatory firms according to an approach based onreserves for the period 24 September - 23 internal rating models. The RegulationOctober 2010, described further below as mentioned above has been published in thefollows: Official Gazette no. 725/01.11.2010 and may 1.63% per year for minimum mandatory be accessed here. reserves established in RON; 1.03% per year for minimum mandatory NBR has amended the regulatory reserves established in Euro; framework regarding high exposures 0.59% per year for minimum mandatory reserves established in U.S. dollars. NBR (jointly with NSC) has approved the joint NBR/NSC Regulation no. 14/24/2010The said Circular was published in the Official regarding high exposures of credit institutionsGazette no. 702/21.10.2010 and may be and investment firms. The Regulationaccessed here. mentioned above has been published in theNBR repealed several legislative acts in Official Gazette no. 725/01.11.2010 and mayfinancial – accounting field be accessed here.NBR enacted Regulation no. 24/18.10.2010 NBR has amended the regulatoryrepealing several regulations issued by NBR in framework regarding the own funds ofthe financial – accounting field. The Regulation credit institutionswas published in the Official Gazette no.706/22.10.2010 and may be accessed here. NBR (jointly with NSC) has approved the joint NBR/NSC Regulation no. 15/18/2010 regarding the amendment of joint NBR/NSC Regulation no. 18/23/2006 regarding the own funds of credit institutions and investment firms. The Regulation mentioned above has been published in the Official Gazette no. 726/01.11.2010 and may be accessed here.
  4. 4. NBR has amended the regulatory NBR has amended the regulatoryframework regarding the techniques for framework regarding the technical criteriareducing the credit risk referring to risk organization and treatmentNBR (jointly with NSC) has approved the joint NBR (jointly with NSC) has approved the jointNBR/NSC Regulation no. 16/17/2010 NBR/NSC Regulation no. 20/25/2010regarding the amendment of joint NBR/NSC regarding the amendment of joint NBR/NSCRegulation no. 19/24/2006 regarding the Regulation no. 23/28/2006 regarding thetechniques for reducing the credit risk used by technical criteria referring to risk organizationcredit institutions and investment firms. The and treatment, as well as the technical criteriaRegulation mentioned above has been used by the competent authorities for theirpublished in the Official Gazette no. verification and evaluation. The Regulation725/01.11.2010 and may be accessed here. mentioned above has been published in the Official Gazette no. 726/01.11.2010 and mayNBR has amended the regulatory be accessed here.framework regarding the treatment of creditrisk in case of certain types of transactions NBR has amended the regulatory framework regarding publishingNBR (jointly with NSC) has approved the joint requirements for credit institutionsNBR/NSC Regulation no. 17/15/2010regarding the amendment of joint NBR/NSC NBR (jointly with NSC) has approved the jointRegulation no. 20/25/2006 regarding the NBR/NSC Regulation no. 21/26/2010treatment of credit risk of counter-trade regarding the amendment of joint NBR/NSCconcerning secondary financial instruments, Regulation no. 25/30/2006 regarding theredeem transactions, giving /taking publishing requirements for credit institutionstitles/merchandise by loan, long term deduction and investment firms. The Regulationand short loan transactions. The Regulation mentioned above has been published in thementioned above has been published in the Official Gazette no. 726/01.11.2010 and mayOfficial Gazette no.725/01.11.2010 and may be be accessed here.accessed here. NBR has amended the regulatoryNBR has amended the regulatory framework regarding the computation offramework regarding the exposures minimum capital requirementstriggered by securitization NBR (jointly with NSC) has approved the jointNBR (jointly with NSC) has approved the joint NBR/NSC Regulation no. 23/21/2010NBR/NSC Regulation no. 18/16/2010 regarding the amendment of the jointregarding the treatment of credit risk NBR/NSC Regulation no. 13/18/2006correspondent to the exposures triggered by regarding the computation of minimum capitalsecuritization. The Regulation mentioned requirements for credit institutions andabove has been published in the Official investment firms. The Regulation mentionedGazette no. 726/01.11.2010 and may be above has been published in the Officialaccessed here. Gazette no. 726/01.11.2010 and may be accessed here.NBR has amended the regulatoryframework regarding capital adequacy NBR enacted Circular no. 36/2010 regarding the level of the reference interest rateNBR (jointly with NSC) has approved the joint applicable for November 2010, namely ofNBR/NSC Regulation no. 19/23/2010 6.25% per year. The Circular mentioned aboveregarding the amendment of joint NBR/NSC has been published in the Official Gazette no.Regulation no. 22/27/2006 regarding capital 727/01.11.2010 and may be accessed here.adequacy for credit institutions and investmentfirms. The Regulation mentioned above hasbeen published in the Official Gazette no.726/01.11.2010 and may be accessed here.
  5. 5. NBR amended the regulatory framework NBR has set the reference interest rateapplicable to the reporting of high valid for December 2010exposures by credit institutions NBR has issued Circular no. 40/2010 on theNBR enacted Order no. 23/2010 regarding the reference interest rate for December 2010.reporting of high exposures by credit According to the above mentioned Circular,institutions. The Order was published in the NBR’s reference interest rate in DecemberOfficial Gazette no. 756/12.11.2010 and may 2010 was set at 6.25% per year. Circularbe accessed here. mentioned above was published in the Official Gazette no. 806/02.12.2010 and may beNBR established the interest rates paid to accessed here.mandatory minimum reserves for October24 - November 23, 2010 NBR amended the method of preparation, for informative purposes, of the individualNBR enacted Circular no. 37/2010 on the annual financial statementsinterest rates paid to mandatory minimumreserves for October 24 - November 23, 2010, NBR issued on 29.11.2010 Order no. 24/2010described below as follows: for the amendment of NBR’s Order no. 15/2009 on the drafting by the credit 1.61% per year for mandatory minimum institutions, for informative purposes, of the reserves established in lei; individual annually financial statements in accordance with International Financial 1.02% per year for mandatory minimum Reporting Standards. The above mentioned reserves established in Euros; Order was published in the Official Gazette no. 834/13.12.2010 and may be accessed here. 0.46% per year for mandatory minimum reserves established in USA dollars. NBR amended the regulatory framework of the settlement in payment systems and inThe said circular was published in the Official settlement systems for financialGazette no. 777/19.11.2010 and may be instrumentsaccessed here. NBR enacted Order no. 1191/2010 for theNBR amended the current regulatory amendment of NBR’s Order no. 34/2008 on theframework regarding the reporting of the settlement of systems falling under theminimum capital requirements by credit provisions of Law no. 253/2004 on finalinstitutions settlement in payment systems and settlement systems for financial instruments. The OrderNBR enacted Order no. 22/2010 regarding the mentioned above was published in the Officialreporting of the minimum capital requirements Gazette no. 836/14.12.2010 and may beby credit institutions. The above mentioned accessed here.Order was published in the Official Gazette no.786/24.11.2010 and may be accessed here. NBR amended the regulatory framework onNBR’s Order no. 22/2010 entered into force on the management of the activity of credit31.12.2010 moment upon which NBR’s Order institutions, internal assessment of theno. 12/2007 regarding the reporting of the capital adequacy to risks and theminimum capital requirements has been conditions for outsourcingrepealed. NBR enacted Regulation no. 25/10.12.2010 for the amendment of NBR’s Regulation no. 18/2009 regarding the management of the activity of credit institutions, internal assessment of the capital adequacy to risks and the conditions for outsourcing. The above mentioned Regulation was published in the Official Gazette no. 856/21.12.2010 and it may be accessed here.
  6. 6. NBR amended the regulatory framework on NBR established the regulatory frameworkthe reporting of statements relating to regarding the Accounting regulationscredit exposures recorded against debtors according to International Financialwhich are outside the credit system Reporting Standards applicable to credit institutionsNBR enacted Order no. 25/10.12.2010regarding the reporting of statements relating NBR issued Order no. 27/2010 for the approvalto credit exposures recorded against debtors of the Accounting regulations according towhich are outside the credit system. The said International Financial Reporting StandardsOrder was published in the Official Gazette no. applicable to credit institutions. The said Order860/22.12.2010 and it may be accessed here. was published in the Official Gazette no. 890/30.12.2010 and may be accessed here.NBR amended the regulatory frameworkregarding the accounting regulations Issuer: Romanian Parliamentaccording to European directivesapplicable to credit institutions, non- Romanian Parliament amendedbanking financial institutions and to the Government Emergency Ordinance no.Fund for guaranteeing the deposits in the 26/2010banking system Romanian Parliament enacted on 07.12.2010NBR issued Order no. 26/2010 regarding the Law no. 231/2010 for the approval andamendment of the accounting regulations amendment of Government Emergencyaccording to European directives applicable to Ordinance no. 26/2010. We underline that thecredit institutions, non-banking financial said emergency ordinance amended at its turninstitutions and to the Fund for guaranteeing Government Emergency Ordinance no.the deposits in the banking system, approved 99/2006 on credit institutions and capitalthrough NBR Order no. 13/2008. The said adequacy. The said Law was published in theOrder was published in the Official Gazette no. Official Gazette no. 826/10.12.2010 and may886/29.12.2010 and may be accessed here. be accessed here. The Romanian Parliament amended the regulatory framework regarding credit contracts concluded with consumers The Parliament enacted Law no. 288/2010 for the approval of Government’s Emergency Ordinance no. 50/2010 regarding the credit contracts for consumers. The said Law was published with the Official Gazette no. 890/30.12.2010 and may be accessed here.
  7. 7. PPSSC has amended the regulatoryInsurance framework regarding private pension scheme prospectusIssuer: Insurance Supervision PPSSC has issued Norm no. 14/2010 for theCommission (“ISC”) amendment of PPSSC’s Norm no. 7/2007 on private pension scheme prospectus. TheISC amended the regulatory framework above mentioned Norm was published in theregarding electronic reporting of insurance Official Gazette no. 722/29.10.2010 and maycontracts be accessed here.ISC enacted Order no. 13/2010 for the PPSSC has amended the regulatoryapproval of the Norms regarding the conditions framework regarding the maximumand manners of electronic reporting of the data percentage which can be invested for eachcorresponding to the insurance contracts asset of the funds of voluntary pensionconcluded for the vehicles registered in fundsRomania. The said Order was published in theOfficial Gazette no. 844/16.12.2010. PPSSC has issued Norm no. 15/2010 for the amendment of the Norm no. 26/2007 regardingPrivate Pensions the temporary amendment of the maximum percentage which can be invested for each asset of the funds of voluntary pension funds.Issuer: Private Pension System The said Norm was published in the OfficialSupervision Commission (“PPSSC”) Gazette no. 730/2.11.2010 and may be accessed here.PPSSC amended the regulatory frameworkregarding the authorization of the PPSSC has amended the regulatorymanagement of privately administered framework regarding the prospectus of thepension funds voluntary pension schemePPSSC enacted Norm no. 12/2010 regarding PPSSC has issued Norm no. 16/2010the authorization of the establishment of a regarding the prospectus of the voluntarypension company and the license for the pension scheme. The said Norm wasmanagement of privately managed pension published in the Official Gazette no.funds. The above mentioned Norm was 800/30.11.2010 and may be accessed here.published in the Official Gazette No.691/14.10.2010 and may be accessed here.PPSSC amended the regulatory frameworkregarding the authorization of themanagement of voluntary pension fundsPPSSC enacted Norm no. 13/2010 regardingthe authorization of the establishment ofpension companies and for the management ofvoluntary pension funds. The above mentionedNorm was published in the Official Gazette No.691/14.10.2010 and may be accessed here.
  8. 8. NSC clarified certain aspects related to theCapital Markets restrictions applicable to the members of the board of directors of market operators from the perspective of RASDAQ marketIssuer: National SecuritiesCommission (“NSC”) NSC enacted Notice no. 43/13.10.2010 regarding the restrictions applicable to theNSC suspended the application of the members of the board of directors of a marketprovisions of Regulation no. 1/2006 operator. In accordance with the said Notice, aregarding the mandatory registration of member of the board of a market operatorsecurities with NSC cannot be also a member in the board of a company whose securities are traded by thatNSC enacted Notice no. 15/13.10.2010 respective operator, with this restriction beingregarding the mandatory registration of expressly extended now to RASDAQ marketsecurities with NSC. According to the said as well. For more information please accessNotice, NSC decided to suspend the here.application of the provisions of Article 100 (3)(b) of NSC’s Regulation no. 1/2006 regarding NSC clarified certain aspects regarding toissuers and securities operations, pertaining to undertakings for collective investmentthe mandatory registration with NSC of thesecurities traded within an alternative trading NSC enacted Decision no. 1481/2010 basedsystem, in accordance with its functioning on which the amendments brought to theregulations, approved by NSC. The said notice documentation submitted by undertakings formay be accessed here. collective investment which are not harmonized or from third states that distribute participationNSC clarified certain aspects related to the titles in Romania should be authorized by NSC.applicability of Article 206 and 207 of Law The above mentioned Decision may beno. 297/2004 regarding capital markets accessed here.NSC enacted Notice no. 44/14.10.2010 NSC amended the regulatory frameworkregarding the applicability of the provisions of regarding the preparation and submissionArticle 206 and 207 of Law no. 297/2004 of annual financial statements by entitiesregarding capital markets (“Law 297/2004”), authorized, regulated and supervised byand pertaining to mandatory takeovers. Thus, NSCaccording to the mentioned Notice, theinitiation and/or development of corporate NSC enacted Order no. 115/14.12.2010operations leading to the adjusting of the share approving the Instruction no. 4 /2010 for thecapital of a company, upon closing of a public amendment of NSC’s Instruction no. 2 /2007purchase offer made to all of the company’s regarding the preparation and submission ofshareholders and for all of their holdings, does annual financial statements by entitiesnot fall under the provisions of Article 206 and authorized, regulated and supervised by the207 of Law no. 297/2004. The said notice may NSC. The said Order was published in thebe accessed here. Official Gazette no. 851/20.12.2010 and it may be accessed here. NSC amended the regulatory framework regarding electronic reporting NSC enacted Regulation no. 27/2010 regarding electronic supervision through reporting. The said Regulation has been published in the Official Gazette no. 797/29.11.2010 and it may be accessed here.
  9. 9. Internationalregulatory updates
  10. 10. Banking Capital MarketsIssuer: European Central Bank Issuer: European Parliament and(“ECB”) CouncilECB amended the regulatory framework European Parliament and Council amendedregarding the administration of the the Prospectus to be published in case ofborrowing and lending operations initial public offersconcluded by the Union under theEuropean financial stabilization mechanism On 24 November 2010 the European Parliament and the Council enacted DirectiveECB enacted Decision no. 17 dated 14 2010/73/UE amending Directive 2003/71/ECOctober 2010 concerning the administration of on the prospectus to be published in case ofthe borrowing and lending operations initial public offers and Directive 2004/109/ECconcluded by the European Union under the on the harmonization of transparency inEuropean financial stabilization mechanism. relation to information about issuers whoseThe said Decision was published in the Official securities are admitted to trading on aJournal of the European Union no. L regulated market. We underline that the275/20.10.2010 and may be accessed here. Member States must insure the implementation of the said Directive until 1 July 2012. The fullECB amended the regulatory framework text of the Directive was published in theregarding the Trans-European Automated Official Journal of the European Union LReal-time Gross Settlement Express 327/11.12.2010 and may be accessed here.Transfer SystemEuropean Central Bank enacted on 2November 2010 a decision for the amendmentof Decision ECB/2007/7 regarding the termsand conditions for Trans - EuropeanAutomated Real-time Gross settlementExpress Transfer system. The said decisionwas published in the Official Journal ofEuropean Union no. L 290/53/6.11.2010 andmay be accessed here.Issuer: European Commission (“EC”)EC has amended the regulatory frameworkregarding quality criteria and qualityreporting for balance of payments statisticsEC enacted on 20 December 2010 Regulationno. 1227/2010 amending EC’s Regulation no.1055/2008 implementing EC Regulation no.184/2005 of the European Parliament and ofthe Council, as regards quality criteria andquality reporting for balance of paymentsstatistics. The said Regulation was published inthe Official Gazette of the European Union no.L 336/15 dated 21.12.2010. For moreinformation please access here.
  11. 11. Domestic regulatoryproposals
  12. 12. Banking Private PensionsIssuer: NBR Issuer: PPSSCProposal of Regulation regarding payments Proposal of Norm regarding the merger of voluntary pension funds. The full text of theThe proposal aims to systematize the proposal may be accessed here.regulations issued by NBR in payments field,taking NBR regulations in this area into a Proposal of Norm regarding theunitary structure and also structuring them membership and record of the participantsdepending on the nature of activities in order to in voluntary pension funds. The full text offacilitate knowledge and application of the legal the proposal may be accessed here.framework in payments field. The said proposalmay be accessed here. Capital MarketsProposal of Regulation regarding thereporting of statistic data and information Issuer: NSCto NBR Draft Instruction on auditing computerTo facilitate the knowledge and application of systems used by entities authorized,the legal framework on statistic reporting, this regulated and supervised by the NSC. Theproposal aims to systematize the regulations said proposal may be accessed here.issued by NBR in this area and to concentratethem in a unitary structure. The said proposal Proposal of Regulation amending NSC’smay be accessed here. Regulation no. 3/2006 regarding the authorization, set up and operation of the Investors’ Compensation Fund. The full text of the proposal may be accessed here.
  13. 13. International regulatoryproposals / measures
  14. 14. Issuer: Loan Market AssociationBanking („LMA”) LMA published on October 2010 updatedIssuer: Committee of European information regarding loan-related “KnowBanking Supervisors (“CEBS”) Your Customer” documentation. For more information please access here.CEBS enacted on 13 October 2010 its Draftconsultation paper on the Guidebook on Issuer: ECInternal Governance. For more details pleaseaccess here. EC launched on 5 November 2010 another public consultation with respect to theCEBS enacted on 18 October 2010 its credit rating agencies. For more detailssecond peer review Report on the please access here.functioning of supervisory colleges. Formore details please access here. Issuer: ECBCEBS has published on 18 November 2010its guidelines on revised Article 3 of ECB enacted on 13 December 2010 theDirective 2006/48/EC. For more information Guideline amending the Guidelineplease access here. ECB/2000/7 on monetary policy instruments and procedures of the Euro-system. TheCEBS has published on 10 December 2010 Guideline was published in the Official Gazetteits Guidelines on Remuneration Policies of European Union no. L 336/63 datedand Practices. The said Guidelines may be 21.12.2010. For further information pleaseaccessed here. access here.CEBS published on 22 December 2010 the According to a press release dated 16final text of its Guidelines for the joint December 2010, ECB has decided toassessment of the elements covered by the increase its subscribed capital with 5 billionsupervisory review and evaluation process EUR, from 5.76 billion EUR to 10.76 billionand joint decision regarding the capital EUR, starting with 29 December 2010. Foradequacy of cross-border groups. For more details please access here.further information please access here.
  15. 15. Issuer: ECInsurance EC has initiated on 5 November 2010 a public consultation process having asIssuer: EC object the collection of opinions forEC initiated public consultations on the determining, harmonization and improvingreview of the Insurance Mediation Directive. the legal framework regarding theThe purpose of this consultation is to collect possession and transmission ofviews from all stakeholders concerned on the transferable securities, as well as thenecessary changes to address the main exercising of rights correspondent toweaknesses in the current Directive transferable securities within the unique2002/92/EC of the European Parliament and market context. For more details pleasethe Council on insurance mediation. For further access here.information please access here. EC has launched a public consultation having as object the review of applicableCapital Markets legal framework for Undertakings for Collective Investment in Transferable Securities concerning certain provisions onIssuer: Committee of European managers remuneration for the purpose ofSecurities Regulators („CESR”) improving the protection level of investors. For more details please access here.CESR enacted on 13 October 2010, itssecond set of technical advice in thecontext of reviewing Directive no. 39/2004 Issuer: European Securities andon markets in financial instruments. For Markets Authority (“ESMA”)further information, please access here. ESMA published on 2 December 2010 the list of measures recently taken by its Members on short-selling. For further information, please access here.
  16. 16. Reff & Associates is the correspondent law firm of Deloitte Romania, fullyintegrated with the Deloitte multi-disciplinary advisory practice and affiliated toa network of law firms and legal departments working with Deloitte all over theworld. Deloitte’s correspondent legal practice provides assistance to clients inRomania on various matters pertaining to mergers and acquisitions, corporateand commercial law, finance, banking and capital markets, real estate, projectfinance, employment, competition, fiscal and commercial litigation, andintellectual property.In the financial services sector, Reff & Associates provides the full range ofservices 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.).For more details on our services and credentials in the FSI sector, pleaseclick hereSubscribe to the Financial Services Industry Monthly Bulletin.ContactsAndrei Burz PinzaruPartner+ 40 21 207 52 05aburzpinzaru@deloittece.comSimina MutManaging Associate+ 40 21 207 52 69smut@deloittece.comLeontin TrifaManaging Associate+ 40 21 207 53 13ltrifa@deloittece.com
  17. 17. Financial Services Industry Contacts inDeloitte Romania:George MucibabiciChairman + 40 21 207 52 55gmucibabici@deloittece.comAuditAhmed HassanPartner+ 40 21 207 52 60ahhassan@deloittece.comEnterprise Risk ServicesAndrei IonescuDirector+ 40 21 207 54 85aionescu@deloittece.comFinancial AdvisoryHein van DamPartner in Charge+ 40 21 207 52 30hvandam@deloittece.comTaxDan BadinPartner + 40 21 207 53 92dbadin@deloittece.comLegalAndrei Burz-PinzaruPartner, Reff&Associatescorrespondent law firm of Deloitte Romania+ 40 21 207 52 05aburzpinzaru@deloittece.comConsultingRazvan HorobeanuManager+ 40 21 207 53 57rhorobeanu@deloittece.com
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