Leonardo Badea: ASF proposes amendments to secondary legislation to facilitate online investments

In its meeting on Tuesday, the Financial Supervisory Authority (ASF) Council approved and published on the Authority website for 20-day public consultation, a project that facilitates online investments.

ASF President Leonardo Badea said: “The Financial Supervisory Authority has understood the need for financial markets to be in step with technological development. Therefore, we decided to amend certain legal provisions so as to facilitate online investments. We will simplify the procedures. and we will introduce state-of-the-art security elements into online platforms and applications, but we will constantly consider new types of risks that may arise, as well as ways to counter them.”

The draft regulation introduces a series of new provisions, namely:

– simplifying the circuit of documents sent by investors on paper at first contact with the entity, by introducing the possibility of sending identification documents in digital format;

– using a computer application that can identify an individual (facial recognition), which will be annexed to remote contract, with the obligation for the self-managed investment company (SAI) to store the will agreement of the investor or potential investor, who enters into contractual remotely distance, on a durable medium;

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– the registration – on the first screen of the mobile application or the website that hosts the electronic platform and offers access to the subscription and buy-back of securities through the Internet – of the mention that the Undertaking for Collective Investment in Transferable Securities (OPCVM) is authorized by the ASF, including the decision number and the registration number in the ASF-SIIF Public Register;

– adapting the documents and activity of the self-managed investment company or alternative investment fund (SAI/FIA) offering subscription and buy-back services for securities issued by collective investment bodies through the Internet to be created before the end of the transitional period provided to market participants (6 months).