dec 2009 financial services industry monthly bulletin

December 2009

Financial Services Industry Monthly Bulletin 3

NBR amended the regulatory framework

regarding FINREP financial statements at

individual level applicable to credit institutions

NBR issued Amendments to the Templates for

FINREP financial statements at individual level

templates and methodological norms with

respect to the drafting and use thereof,

applicable to credit institutions.

The Amendments mentioned above were

approved through NBR’s Order no. 9 of

20.11.2009 regarding the amendment of NBR’s

Order no. 13/2007 on FINREP financial

statements at individual level applicable to credit

institutions.

The Amendments above mentioned were

published in the Official Gazette no.

843/07.12.2009 and may be accessed here.


regarding the consolidated financial statements

applicable to credit institutions for the purpose

of prudential supervision

NBR issued Amendments to the Templates

regarding consolidated financial statements in

accordance with International Financial

Reporting Standards applicable to credit

institutions for the purpose of prudential

supervision.



20.11.2009 regarding the amendment of NBR’s

Order no. 6/2007 regarding the consolidated

financial statements in accordance with

International Financial Reporting Standards

applicable to credit institutions for the purpose

of prudential supervision. The Amendments

mentioned above were published in the Official

Gazette no. 847/08.12.2009 and may be

accessed here.


regarding the periodical reporting of financial

accounting statistical information applicable to

Romanian branches of credit institutions from

other EU member states

NBR issued Amendments to the Templates

regarding periodical reporting comprising

financial accounting statistical information

applicable to Romanian branches of credit

institutions from other EU member states.



20.11.2009, published in the Official Gazette no.



regarding consolidated supervision of the credit

institutions and of the investment undertakings

NBR enacted Regulation no. 22/2009 for the

amendment of NBR’s Regulation no. 17/2006

regarding consolidated supervision of credit

institutions and investment undertakings. The

said Regulation was approved through NBR’s

Order no. 12 of 07.12.2009 and was published

in the Official Gazette no. 917 of 28.12.2009

and may be accessed here.

NBR sets the regulatory framework with respect

to the reporting obligations regarding the

liquidity indicator and the high risk of liquidity

NBR issued Order no. 13 of 15.12.2009 with

respect to the reporting of the situations

concerning the liquidity indicator and the high

risk of liquidity. In accordance with the said

order, the credit institutions shall submit to NBR

on a monthly basis the reporting forms of the

situations concerning the liquidity indicator, both

on paper and through the electronic reporting

system SIRBNR. The report shall be submitted

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.

http://www.bnro.ro/apage.aspx?pid=404&actId=323076





4

NBR enacted the norms for the application of

Regulation no. 25/2009 of the European Central

Bank concerning the balance sheet of the

monetary financial institutions sector

NBR issued Norm no. 10 of 25.11.2009 for the

application of Regulation no. 25/2009 of the

European Central Bank concerning the balance

sheet of the monetary financial institutions

sector. The above mentioned Norm was



NBR issued the norms for the application of

Regulation (EC) no. 63/2002 regarding the

statistics pertaining to the interest rates applied

by monetary financial institutions for the

deposits of households and non-financial

undertakings and to the loans granted to them

NBR issued Norm no. 11 of 25.11.2009

regarding the implementation of Regulation (EC)

no. 63/2002 regarding the statistics pertaining to

the interest rates applied by monetary financial

institutions for the deposits of households and

non-financial undertakings and to the loans

granted to them. The above mentioned Norm

was published in the Official Gazette no.



regarding the statistical reporting of data for the

computation of the balance of payments

NBR issued Norm no. 12 of 22.12.2009 for the

amendment of NBR’s Norm no. 26/2006

regarding statistical reporting of data for the

computation of the balance of payments.

The said Norm provides that starting with

January 1st, 2010 the amount of Euro 12,500 or

its RON equivalent at the payment/receiving date

will be replaced with the amount of Euro 50,000

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.


regarding the establishing of the minimum

capital requirements for credit institutions and

investment undertakings

NBR issued Regulation no. 29/2009 for the

amendment of NBR’s Regulation no. 13/2006

regarding the establishing of the minimum

capital requirements for credit institutions and

investment undertakings. The said Regulation

was approved through NBR’s Order no. 14 of

15.12.2009, published in the Official Gazette no.


NBR establishes the regulatory framework

regarding the preparation by the credit

institutions, for informative purposes, of the

annual financial statements in accordance with

the International Financial Reporting Standards

NBR issued Order no. 15 of 22.12.2009

regarding the preparation by the credit

institutions, for informative purposes, of the

annual financial statements according to

International Financial Reporting Standards. The

above mentioned Order was published in the

Official Gazette no. 913/24.12.2009 and may be

accessed here.


regarding the accounting regulations compliant

with the European directives, applicable to credit

institutions, non-banking credit institutions and

Guarantee Fund for bank deposits

NBR issued Amendments to the accounting

regulations compliant with the European

directives, applicable to credit institutions, non-

banking credit institutions and Guarantee Fund

for bank deposits. The Amendments above

mentioned were approved through NBR’s Order

no. 16 of 23.12.2009, published in the Official


accessed here.









regarding its fees for the services related to the

RON accounts opened with the said institution

NBR issued Regulation no. 23 of 07.12.2009

regarding NBR’s fees for the services related to

the RON accounts opened with the said

institution. The said Regulation was published in

the Official Gazette no. 875/ 15.12.2009 and


NBR establishes the legal framework regarding

the liquidity of credit institutions


regarding the liquidity of credit institutions,

repealing NBR’s Norm no. 1/2001 for the

liquidity of credit institutions. The above

mentioned Regulation was published in the

Official Gazette no. 891/ 18.12.2009 and may

be accessed here.


the use of advanced assessment approach and

its approval by credit institutions with respect to

operational risk


regarding the use of advanced assessment

approach and its approval by credit institutions

with respect to operational risk. The above

mentioned Regulation was published in the


accessed here.


implementation, approval and assessment of

approaches based on internal rating models

applicable to credit institutions


regarding implementation, approval and

assessment of approaches based on internal

rating models applicable to credit institutions.

The said Regulation was published in the Official


accessed here.

NBR amended the current “know your

customer” regulatory framework

NBR issued Regulation no. 27 of 15.12.2009 for

the amendment of NBR’s Regulation no. 9/2008

regarding “know your customer” procedures in

order to prevent money laundering and terrorist

financing. Through the amendments brought by

the said Regulation, the “know your customer”

framework explicitly applies to payment

institutions (Romanian legal persons and

Romanian branches of foreign payment

institutions). The said Regulation was published

in the Official Gazette no. 892/21.12.2009 and



the supervision of the implementation of the

international sanctions for blocking of funds


regarding the supervision of implementation of

the international sanctions for blocking of funds.

The above mentioned Regulation was published

in Official Gazette no. 891/18.12.2009 and may

be accessed here.

NBR’s Circular no. 45/2009 regarding the level

of the reference interest rate valid for December

2009, namely 8 % per year

The above mentioned Circular was published in

the Official Gazette no. 829/02.12.2009 and


NBR’s Circular no. 47/2009 regarding the

interest rates paid on minimum mandatory

reserves

The above mentioned Circular sets forth the

interest rates paid on minimum mandatory

reserves during November 24 - December 23,

2009 as follows:

3.69% per year for minimum mandatory

reserves set up in RON;


reserves set up in Euro;


reserves set up in U.S. dollars.

The said Circular was published in the Official


accessed here.









6

ISC adopted the norms regarding the

contribution of the insurers to the Protection

Fund of street victims

ISC issued the Norms regarding the contribution

owed by the insurers to the Protection Fund of

street victims. In accordance with the said

norms, starting with January 1st, 2010, the

contribution of the insurers which sell mandatory

insurance policies for civil liability for damages

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


accessed here.

ISC issues the Norms regarding the information

that insurers and insurance intermediaries should

provide to customers

ISC issued the Norms regarding the information

that insurers and insurance intermediaries should

provide to customers as well as the other

elements which should be stipulated in the

insurance agreements. The said Norms were

approved through ISC’s Order no. 23 of

23.12.2009, published in the Official Gazette


http://csa-isc.ro/index.php?option=com_content&task=view&id=606&Itemid=92

http://csa-isc.ro/index.php?option=com_content&task=view&id=607&Itemid=92


PPSSC amends the legal framework regarding

the collection of individual contributions of the

participants to the private pension funds

PPSSC issued Norm no. 21 of 20.11.2009

amending PPSSC’s Norm no. 11/2008 on the

collection of individual contributions of the

participants to the private pension funds. The

said Norm was approved through PPSSC’s

Decision no. 29 of 20.11.2009, published in the


accessed here.

PPSSC amends the current regulatory framework

regarding the accession and record of the

participants to the private pension funds

PPSSC issued Norm no. 22/2009 on the

accession and record of the participants in

private pension funds approved through PPSSC’s

Decision no. 30/2009. Upon the entering into

force of the above mentioned norm, namely

January 1st, 2010, Norm no. 18/2007 regarding

the accession and record of the participants in

private pension funds approved through PPSSC’s

Decision no. 46/2007 has been repealed. The

said Norm was published in the Official Gazette

no. 843/07.12.2009 and may be accessed here.

http://www.csspp.ro/uploads/files/n2009-21_38em.pdf

http://www.csspp.ro/uploads/files/n2009-22_s7qf.pdf

8

NSC amends the current regulatory framework

regarding the consolidated supervision of credit

institutions and investment undertakings

NSC issued Regulation no. 8 of 07.12.2009 for

the amendment of NSC’s Regulation no.

22/2006 regarding the consolidated supervision

of credit institutions and investment

undertakings. The said Regulation was approved

through NSC’s Order no. 69 on 14.12.2009,



NSC established the regulatory framework

regarding the supervision of implementation of

the international sanctions on capital markets

NSC issued Regulation no. 9 on 16.12.2009

regarding the supervision of the implementation

of the international sanctions on capital markets

(“Regulation 9/2009”).

The entities whose activity is authorized,

regulated and supervised by NSC are bound to

notify the said regulatory body with respect to

the occurrence of one of the following

situations:

they obtain data and information with

respect to persons, and/or designated

entities (i.e. governments of states, or non-

state undertakings or persons subject to

international sanctions);

they are controlling financial instruments or

obtain data and information regarding

those instruments,

they obtain data regarding transactions

related to financial instruments involving

persons or designated entities .

There may be found below a few of the

obligations which are applicable to the entities

under NSC’s supervision in the field of

international sanctions:

to keep all information they have on

international sanctions, including at their

secondary headquarters according to the

law for a period of five years from the date

of termination of application of those

international sanctions;

to prepare and submit to the NSC within 45

days of the entry into force of this

Regulation, the internal procedures of

international sanctions;

to appoint, by an internal act, at least one

employee responsible for proper

administration of international sanctions

and to notify NSC the appointment, within

the period specified above (any change in

internal procedures as well as the

appointment of the person referred to

above shall be notified to NSC within 5

working days);

to identify the clients who owns or has

under supervision financial instruments who

are owned or had under supervision of

designated persons or entities and to notify

immediately the Minister of Public Finance

and NSC about the identified elements.

The said Regulation was approved through

NSC’s Order no. 70/2009 on 16.12.2009, was



http://www.cnvmr.ro/pdf/regulamente/ro/Regulamentul-22-8-BNR-CNVM-2009.pdf

http://www.cnvmr.ro/pdf/regulamente/ro/Regulamentul-09-2009.pdf


NSC amended the regulatory framework

regarding the establishing of minimum capital

requirements for credit institutions and

investment undertakings

NSC issued Regulation no. 10 of 18.12.2009

amending Regulation no. 18/2006 regarding the

establishing of minimum capital requirements for

credit institutions and investment undertakings.

The said Regulation was approved through

NSC’s Order no. 71/18.12.2009, published in the


accessed here.

NSC extended the term during which the

professional training organisms of operators and

specialists for capital markets should organize

professional trainings

NSC issued Decision no. 20 as of 14.12.2009

whereby was decided the suspension of Article

14 (1) letter d) of NSC’s Regulation no. 1/2003

regarding the certification of professional

training bodies, of operators and specialists for

capital markets, article which provided the

possibility of suspending the activity of the

professional training bodies in case they did not

organize for a period exceeding 12 months

professional trainings for operators and

specialists for capital markets. The suspension

will be applicable until the amendment of the

said Regulation. During this suspension, NSC

may revoke the professional certificates granted

to a professional training body if it has not

organized any training course over a period of

18 consecutive months. The full text of the

Decision mentioned above may be accessed

here.

Individual acts issued by NSC which may present

interest to the participants to the capital

markets:

NSC’s Decision no. 1728/14.12.2009

whereby is authorized the spot regulated

market administrated by the market

operator Bursa Monetar-Financiara si de

Marfuri S.A. Sibiu;


whereby is approved the establishment and

administration by Bursa Monetar-Financiara

si de Marfuri S.A. Sibiu as system operator

of the alternative transaction system;


whereby is approved the amendment of

NSC’s Regulation no. 3 regarding the

organization and functioning of the

regulated market of derivative financial

instruments administrated by the market

operator S.C. Bursa Monetar-Financiara si

de Marfuri S.A. Sibiu approved through

NSC’s Decision no. 358/31.01.2006;


whereby is approved the amendments of

NSC’s Regulation no. 4 on transaction on

the regulated market of financial derived

instruments administrated by S.C. Bursa

Monetar-Financiara si de Marfuri S.A. Sibiu

approved through NSC’s Decision no.

358/31.01.2006;

NSC’s Decision no. 1754 / 21.12.2009

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.

http://www.cnvmr.ro/pdf/regulamente/ro/Regulamentul-29-10-BNR-CNVM-2009.pdf

http://www.cnvmr.ro/pdf/dispuneri/Dispunerea-20-2009.pdf

http://www.cnvmr.ro/pdf/buletinI/Buletin-50-2009.pdf






European Union establishes the regulatory

framework on the taking-up and pursuit of the

business of Insurance and Reinsurance (Solvency

II)

The European Parliament and the Council

adopted Directive 2009/138/EC as of 25

November 2009 on taking-up and pursuit of the

business of Insurance and Reinsurance (Solvency

II). The transposition term of the said directive

into the national law of the member states is

October 31st, 2012.

The said Directive was published in Official

Journal of the European Union no. L


European Central Bank amends the guideline on

the legal framework for accounting and financial

reporting in the European System of Central

Banks

European Central Bank issued Guideline

ECB/2009/28 as of 14 December 2009

amending Guideline ECB/2006/16 on the legal

framework for accounting and financial

reporting in the European System of Central

Banks

The above mentioned Decision was published in

the Official Journal of the European Union no. L


http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:335:0001:0155:EN:PDF

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:348:0075:0093:EN:PDF


Proposal of Order regarding the amendment of

NBR’s Order no. 18/2007 approving the

templates of periodically financial statements

and of methodological norms regarding their

drafting and use applicable to non-banking

financial institutions

The above mentioned proposal may be accessed

here.

Proposal for Order regarding the implementation

of the accounting regulations compliant with the

International Financial Reporting Standards by

the insurance companies, insurance-reinsurance

companies and reinsurance companies


here.

Proposal of Norms regarding the professional

qualification and training of insurance

intermediaries


here.

Proposal of Norms regarding unitary training of

the persons active in the insurance field


here.

Proposal for Norms on the inventory of balance

sheet components of privately managed pension

funds and voluntary pension funds


here.

Proposal for Norms on preparation and

submission of individual annually financial

statements by entities authorized, regulated and

supervised by the PPSSC for 2009


here.

Proposal for Regulation on the registration and

functioning of “Proprietatea” Fund


here.

http://www.bnro.ro/Proiecte-legislative-2204.aspx

http://csa-isc.ro/files/Reglem%20contab%201_23122009.pdf

http://csa-isc.ro/files/Norme%20calificare.pdf

http://csa-isc.ro/files/Norme%20furnizori%20pregatire.pdf

http://www.csspp.ro/uploads/files/20091211-csspp-norma-inventariere-fonduri_9aas.pdf

http://www.csspp.ro/uploads/files/site-20091228-csspp-norma-inchidere_7vb3.pdf

http://www.cnvmr.ro/pdf/regulamente/proiecte/Proiect-regulament-inscrierea-functionarea-Fondului-Proprietatea-2009.pdf


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.

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2009:291:0001:0006:EN:PDF

http://www.ceiops.eu/content/view/692/326/

http://www.c-ebs.org/Publications/Standards-Guidelines/CEBS-Guidelines-on-the-revised-large-exposures-reg.aspx

18

Reff & Associates is the correspondent law firm of Deloitte Romania, fully

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and commercial law, finance, banking and capital markets, real estate, project

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In the financial services sector, Reff & Associates provides the full range of services

to banks and financial institutions, including:

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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

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Commission etc.).

Andrei Burz Pinzaru

Partner

+ 40 21 207 52 05

[email protected]

Simina Mut

Manager

+ 40 21 207 52 69

[email protected]

Leontin Trifa

Manager

+ 40 21 207 53 13

[email protected]

mailto:[email protected]



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tel: + 40 21 207 52 55

e-mail: [email protected]

Audit Santiago Pardo

Partner

tel: + 40 21 207 54 92


Enterprise Risk Services Gary Bauer

Director

tel: + 40 21 207 52 19


Financial Advisory Antonis Ioannides Partner

tel: + 40 21 207 56 26


Tax Rodica Segarceanu

Partner

tel: + 40 21 207 52 31


Legal Andrei Burz-Pinzaru

Partner, Reff&Associates

correspondent law firm of Deloitte Romania

tel: + 40 21 207 52 05


Consulting Razvan Horobeanu Manager

tel: + 40 21 207 53 57


Actuarial & Insurance Solutions Slawomir Latusek

Consultant

tel: + 48 (22) 511 04 54










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dec 2009 financial services industry monthly bulletin

Economy & Finance