Romania - Pension System Overview


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.


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