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Financial Supervisory Authority

06/22/2021 | Press release | Distributed by Public on 06/22/2021 07:02

Press release on the start of the selection process for the position of Chairman of the Board of Directors of the Investor Compensation Fund

Bucharest, June 22, 2021 - The Financial Supervisory Authority (F.S.A.) has started the selection process for the position of Chairman of the Board of Directors of the Investor Compensation Fund.

The persons interested in occupying such a position can submit their application files until July 9, 2021, 23:59, at the e-mail address: candidaČ›[email protected]. The list of requirements for filling the position, the contents of the application file, as well as the rules for submitting the application files can be accessed here.

Art. 15. - The members of the Board of Directors of the Fund shall cumulatively meet the following conditions:

a) to be graduates of long-term university studies with a bachelor's degree or of short-term university studies with a bachelor's and master's degree in economics or law;

b) to have a good reputation and moral probity;

c) to have proven professional experience in the financial field or in the activity of regulation / supervision of credit institutions, finance or the capital market of at least 8 years.

Art. 16. - The members of the Board of Directors of the Fund shall cumulatively meet the following conditions:

a) not to be spouses, relatives or in-laws up to the second degree between them;

b) not to be senators, deputies, members of the Government or hold leadership positions within any political party or political organization during the exercise of the mandate;

c) not to have sanctions provided by law registered in their criminal record;

d) not to have sanctions provided by law registered in their fiscal record;

e) not to hold the quality of shareholder, employee or director, member of the board of directors, of the supervisory board or of the management, as the case may be, within any entity provided in art. 3 paragraph (1);

f) not to have been convicted in the last 5 years for committing any offense provided by the legislation in the financial-banking field, the legislation on insolvency or consumer protection;

g) not to have been sanctioned by the F.S.A. or the National Bank of Romania with the prohibition of carrying out activities on the markets supervised by them.

According to article 14 of Law no. 88/2021, the Investor Compensation Fund is managed by a board of directors composed of:

a) a member appointed by the A.S.F. who is the Chairman of the Board of Directors;

b) a member appointed by the Ministry of Finance;

c) a member appointed by the A.S.F. among the representatives proposed by the participants in the Fund from among themselves.

The members of the Board of Directors of the Fund are appointed for a term of 5 years by an individual administrative act issued by the A.S.F.

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About the Financial Supervisory Authority

The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance markets, private pensions, as well as the capital market. The FSA contributes to strengthening the integrated functioning framework of the three sectors, amounting to over 10 million participants. More information can be found on www.asfromania.ro.


22/06/2021