The ASF Council starting the integrated financial supervision in Romania
On the 24th of April, the Romanian Parliament ratified, in the common assembly of the two Chambers, the management of ASF – the Financial Supervisory Authority. The new structure will begin its activity in May and it will take over the attributions and functions of CNVM – the Romanian National Securities Commission, CSA – the Insurance Supervisory Commission and CSSPP – The Private Pension System Supervisory Commission, authorities that will be dissolved.
The 17 members of the ASF Council voted by the Romanian Parliament on April 24 2013, each for a five years mandate, are as follows:
President of the Council – Dan Radu RUSANU, former President of the Committee for Budget, Finance, and Banks of the Chamber of Deputies;
First Vicepresident – Daniel DAIANU, economic adviser of the Prime Minister and former President of the Romanian National Bank’s Supervising Council (2005 – 2007), a well known personality of the Romanian financial world;
Vicepresident, Capital Market – Mircea URSACHE, Former President of AVAS – the national authority for the state owned assets’ management, and President of the Supervising Council of “Proprietatea” Fund;
Vicepresident, Insurance Market – Daniel TUDOR, President of the Romanian Insurance Supervisory Commission and former President – General Manager of ARDAF and RAI Asigurari;
Vicepresident, Private Pensions Market – Ion GIURESCU, Vice-President of the Romanian private pensions market authority, former President of the National House of Pensions and Secretary of State in the Labour Ministry.
The other 12 non-executive members of the ASF Council are: Dorina MIHAILESCU (CNVM), Gheorghe MARCU (CNVM), Alexe GAVRILA (CNVM), Gheorghe ALBU (CNVM), Lorand KRALIK (CNVM), Marian MARZAC (CARPATICA Asig), Marian SARBU, (Presedintele CSSPP), Corneliu MOLDOVEANU (Member of the ISC Council), Tudor BALTA (ISC Vicepresident), Doru Claudian FRUNZULICA (Member of the ISC Council), Cornel COCA-CONSTANTINESCU (ISC Vicepresident) and Nina PUIU (Deputy General Manager, RAIFFEISEN Leasing).
The three industries supervised by the Romanian Financial Supervisory Authority are estimated to EUR 10-15 billion, according to Dan Radu RUSANU, who pointed out that the main objective is to make the Romanian non-banking market compatible to the similar markets in the European Union.