Romania - Pension System Overview
- Romania Mandatory (2018) and Voluntary (2013) funded pension profile (ISSA/OECD/IOPS complementary and private pensions database)
New Romanian Financial Supervisory Authority established as of 1 May 2013
The Romanian Financial Supervision Authority (FSA) was set up by the Government Emergency Ordinance no. 93/2012 approved by the Law no.113/2013 as a specialized, autonomous administrative authority, with legal personality, independent, self - financed, exercising its attributions by taking-over and reorganizing all the attributions and prerogatives of the National Securities Commission (C.N.V.M.), the Insurance Supervisory Commission (C.S.A.) and the Private Pensions System Supervisory Commission (C.S.S.P.P.)
The FSA is responsible for the authorization, supervision and control of the insurance-reinsurance market, financial instruments and investments market and private pensions market. In exercising its attributions and prerogatives provided by the law, FSA contributes to consolidating an integrated regulatory and supervisory framework for the non-banking financial market.
FSA main objectives of are: fostering financial stability, competitiveness and good functioning of the three markets; protecting the market operators and investors against foul, abusive and fraudulent practices and protecting consumers rights.
- Reversal and Reduction, Resolution and Reform: Lessons from the financial crisis in Europe and Central Asia to improve outcomes from mandatory private pensions, The World Bank, May 2013
- Private Pensions Quarterly Review, Private Pension System Supervisory Commission, March 2013
- Report on Romanian Private Pension Market in 2011, August 2012
- Romanian pension funds returned 11% in the first 8 months of 2009, 14 September 2009
- Comparative Study Regarding the Evolution of Private Pension Funds in Romania (Second Pillar): Şeulean Victoria, West University of Timişoara Faculty of Economics and Business Administration and Maria Luiza, West University of Timişoara Faculty of Economics and Business Administration
Key regulatory and Supervisory Authorities
- Financial Supervisory Authority (ASF Romania), https://asfromania.ro/