Decisive day for ASF: Romanian Parliament to name new financial regulator chiefs

The Romanian parliament will name on Tuesday the new chiefs of the Financial Supervisory Authority, the regulator of stock exchange, insurance and private pensions markets, from 34 candidates.

Last month, the vice prime minister Viorel Stefan applied his candidacy in the parliament for the position of president of ASF.

According to the final list, seven persons applied for the job: Leonardo Badea (the current president of ASF), Micu Andrei-Răzvan, Sava Claudia Cătălina, Adrian Simionescu, Viorel Ştefan, Radu Toia şi Mircea Ursache (current vice-president of ASF).

But 34 candidates aapplied for top-management positions in ASF, according to official data.

Leonardo Badea’s mandate has expired on November 4th. He took over ASF’s presidency after ex-president Misu Negritoiu was revoked in May 2017 by the Parliament, after a scandal about private pension Pillar II.

The Financial Supervisory Authority was established as an autonomous, specialized, with legal status, independent, self-financed administrative authority, exercising its duties by taking over and reorganizing all duties and powers of the National Securities Commission (CNVM), the Insurance Supervisory Commission (CSA) and the Private Pension System Supervisory Commission (CSSPP).