Financial Services

REGULATIONS ISSUED BY THE NATIONAL SECURITIES COMMISSION (NSC)

Decision regarding the use of global accounts and/or carrying out security lending operations

(NSC Decision No. 374/19.04.2011 published in the NSC Bulletin No. 16/2011)

This decision extends the 3 months term provided for in the NSC Decision No. 8/05.01.2011 for carrying out the audit of its own IT system in order to provide investment services and activities regarding the shares issued by S.C.Fondul Proprietatea S.A. until May 20, 2011.
Also, the Central Depository shall not allow the use of global accounts and/or carrying out lending operations with securities and setting up guarantees associated with these securities for intermediaries that do not observe the obligation of auditing their own IT system according to the abovementioned time frame.

Decision on the supplement of Ordinary/Extraordinary General Shareholders Meeting agenda by shareholders

(NSC Decision No. 381/20.04.2011 published in the NSC Bulletin No. 16/2011)

According to this decision, in case the Ordinary/Extraordinary General Shareholders Meeting agenda is supplemented following a request from the shareholder/shareholders holding at least 5% of the share capital, the issuers whose shares are admitted to trading on a regulated market have a duty to make public their identity and holdings in the companies’ share capital.

PRIVATE PENSIONS

Modification of the norm regarding the reporting and transparency duties in the privately managed pension system

(Norm No. 4/2011 amending and supplementing Norm No. 10/2010 on reporting and transparency duties in the privately managed pension system published in the Official Gazette No. 234/April 4, 2011)

Among the amendments introduced by this norm the following should be mentioned: (i) the annual internal audit plan approved by the board of directors or the supervisory council has to be notified to the Supervisory Commission of the Private Pension System until January 31 of the year for which the internal audit mission is carried out; (ii) the annual report has to contain at least information regarding the investment principles of the pension scheme and the results of its application, risks, management costs, the principles of the relationship between the manager and the participants to the fund, the manager’s investment policy and the presentation of the investment portfolio (including the types of investments and holdings for each type of investment); (iii) the manager has a duty to publish on its website information regarding the detailed structure of the investment portfolio, on each financial instrument and issuer for each private managed pension fund.
The provisions of this norm apply beginning with the reports corresponding to 2010 financial year.

Modification of the norm on reporting and transparency duties for voluntary pension funds

(Norm No. 5/2011 amending and supplementing Norm No. 11/2010 on reporting and transparency duties within the voluntary pension system published in the Official Gazette No. 234/April 4,2011)

Among the amendments introduced by this norm the following should be mentioned: (i) the annual internal audit plan approved by the board of directors or the supervisory council has to be notified to the Supervisory Commission of the Private Pension System until January 31 of the year for which the internal audit mission is carried out; (ii) the annual report has to contain at least information regarding the investment principles of the pension scheme and the results of its application, risks, management costs, the principles of the relationship between the manager and the participants to the fund, the manager’s investment policy and the presentation of the investment portfolio (including the types of investments and holdings for each type of investment); (iii) the manager has a duty to publish on its website information regarding the detailed investment structure of the portfolio, on each financial instrument and issuer for each voluntary pension fund.
The provisions of this norm apply beginning with the reports corresponding to 2010 financial year.