august 2010 financial services industry monthly
DESCRIPTION
Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax. Includes a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions and capital markets in Romania as well as the most recent changes and trends in the international financial services industry regulatory framework.TRANSCRIPT
August 2010
Financial Services Industry
Monthly Bulletin
III Domestic regulatory proposals
measures
1 Banking
2 Private Pensions
IV International regulatory
proposals measures
1 Banking
2 Private Pensions
Contents
I Domestic regulatory updates
1 Banking
2 Private Pensions
3 Capital Markets
II International regulatory updates
Banking
Domestic regulatory
updates
Banking
Issuer National Bank of Romania
(ldquoNBRrdquo)
NBR established the level of the reference
interest rate applicable for August 2010
NBR enacted Circular no 252010 regarding
the level of the reference interest rate valid for
August 2010 According to the above
mentioned Circular the reference interest rate
valid for August 2010 was set at 625 per
year The above mentioned Circular was
published in the Official Gazette no
53802082010 and may be accessed here
NBR established the level of the interest
rates paid for the minimum mandatory
reserves for 24 July - 23 August 2010
NBR enacted Circular no 282010 regarding
the interest rates paid on minimum mandatory reserves for the period 24 July - 23 August 2010 described further below as follows
188 per year for minimum mandatory reserves established in RON
109 per year for minimum mandatory reserves established in Euro
093 per year for minimum
mandatory reserves established in US dollars
The said Circular was published in the Official
Gazette no 58117082010 and may be
accessed here
NBR established the level of the penalty
interest rates for the deficits of foreign
currency minimum mandatory reserves for
24 August - 23 September 2010
NBR enacted Circular no 292010 regarding
the level of the penalty interest rates for the
deficits of foreign currency minimum
mandatory reserves for the period 24 August -
23 September 2010 described further below
as follows
13 per year for minimum mandatory reserves established in Euro
13 per year for minimum mandatory reserves established in US dollars
The said Circular was published in the Official Gazette no 58117082010 and may be accessed here
Issuer Deposit Guarantee Fund in the Banking System (ldquoDGFBSrdquo) DGFBS amended the regulatory framework regarding the transmission of the situation of the guaranteed depositors DGFBS enacted Regulation no 52010 for the amendment of DGFBSrsquos Regulation no 32009 regarding the transmission of the situation of the guaranteed depositors The above mentioned Regulation was published in the
Official Gazette no 58317082010
Private Pensions
Issuer Private Pension System Supervision Commission (ldquoPPSSCrdquo)
PPSSC amended the regulatory framework regarding the accounting reporting system
for 30 June 2010 PPSSC enacted Decision no 192010 for the approval of Norm no 92010 regarding the accounting reporting system on 30 June 2010 for entities authorized regulated and supervised by PPSSC (ldquoPillar II and IIIrdquo) The above mentioned Decision was published in the Official Gazette no 57916082010 and
may be accessed here
PPSSC amended the regulatory framework
regarding the reporting and transparency obligations in the privately managed pension system
PPSSC enacted Decision no 202010 for the
approval of Norm no 102010 regarding the
reporting and transparency obligations in the
privately managed pension system (ldquoPillar IIrdquo)
The said Norm shall enter into force on 1
January 2011 was published in the Official
Gazette no 60526082010 and may be
accessed here
PPSSC amended the regulatory framework regarding the reporting and transparency obligations in the voluntary pension system
PPSSC adopted Decision no 212010 for the
approval of Norm no 112010 regarding the
reporting and transparency obligations in the
voluntary pension system (ldquoPillar IIIrdquo) The said
Norm shall enter into force on 1 January 2011
was published in the Official Gazette no
60526082010 and may be accessed here
NSC approved the registration of the
ldquoProperty Fundrdquo
NSC enacted Decision no 342010 for the
approval of the registration of ldquoProperty Fundrdquo
as an undertaking for collective investments in
transferable securities The said decision may
be accessed here
NSC (jointly with NBR) amended the regulatory framework regarding the manner of determining the minimum capital requirements of credit institutions and investment firms for operational risk
NSC (jointly with NBR) enacted Regulation no
132010 for the amendment of Regulation no
24292006 regarding the manner of
determining the minimum capital requirements
of credit institutions and investment firms for
operational risk The above mentioned
Regulation was published in the Official
Gazette no 54704082010 and may be
accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC amended the regulatory framework regarding the half-year accounting reporting system
NSC enacted Order no 502010 for the
approval of Instruction no 32010 for the
amendment of NSCrsquos Instruction no 52006
regarding the half-year accounting reporting
system of entities authorized regulated and
supervised by NSC The above mentioned
Order was published in the Official Gazette no
58016082010 and may be accessed here
NSC sets the regulatory framework related to the prudential valuation of qualified participations within a financial brokerage investment company
NSC enacted Decision no 106919082010
regarding the prudential valuation by NSC of
qualified participations within a financial
brokerage investment company The valuation
to be performed by NSC with respect to the
acquisition of a qualified participation within a
financial brokerage investment company shall
be performed on a case by case basis taking
into consideration all the specific elements of
the respective acquisition The above
mentioned Decision may be accessed here
International regulatory
updates
Banking
Issuer European Central Bank (ldquoECBrdquo)
ECB enacted Decision no 10 as of 19
August 2010 on non-compliance reporting
statistics
For more details please access here
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Domestic regulatory
updates
Banking
Issuer National Bank of Romania
(ldquoNBRrdquo)
NBR established the level of the reference
interest rate applicable for August 2010
NBR enacted Circular no 252010 regarding
the level of the reference interest rate valid for
August 2010 According to the above
mentioned Circular the reference interest rate
valid for August 2010 was set at 625 per
year The above mentioned Circular was
published in the Official Gazette no
53802082010 and may be accessed here
NBR established the level of the interest
rates paid for the minimum mandatory
reserves for 24 July - 23 August 2010
NBR enacted Circular no 282010 regarding
the interest rates paid on minimum mandatory reserves for the period 24 July - 23 August 2010 described further below as follows
188 per year for minimum mandatory reserves established in RON
109 per year for minimum mandatory reserves established in Euro
093 per year for minimum
mandatory reserves established in US dollars
The said Circular was published in the Official
Gazette no 58117082010 and may be
accessed here
NBR established the level of the penalty
interest rates for the deficits of foreign
currency minimum mandatory reserves for
24 August - 23 September 2010
NBR enacted Circular no 292010 regarding
the level of the penalty interest rates for the
deficits of foreign currency minimum
mandatory reserves for the period 24 August -
23 September 2010 described further below
as follows
13 per year for minimum mandatory reserves established in Euro
13 per year for minimum mandatory reserves established in US dollars
The said Circular was published in the Official Gazette no 58117082010 and may be accessed here
Issuer Deposit Guarantee Fund in the Banking System (ldquoDGFBSrdquo) DGFBS amended the regulatory framework regarding the transmission of the situation of the guaranteed depositors DGFBS enacted Regulation no 52010 for the amendment of DGFBSrsquos Regulation no 32009 regarding the transmission of the situation of the guaranteed depositors The above mentioned Regulation was published in the
Official Gazette no 58317082010
Private Pensions
Issuer Private Pension System Supervision Commission (ldquoPPSSCrdquo)
PPSSC amended the regulatory framework regarding the accounting reporting system
for 30 June 2010 PPSSC enacted Decision no 192010 for the approval of Norm no 92010 regarding the accounting reporting system on 30 June 2010 for entities authorized regulated and supervised by PPSSC (ldquoPillar II and IIIrdquo) The above mentioned Decision was published in the Official Gazette no 57916082010 and
may be accessed here
PPSSC amended the regulatory framework
regarding the reporting and transparency obligations in the privately managed pension system
PPSSC enacted Decision no 202010 for the
approval of Norm no 102010 regarding the
reporting and transparency obligations in the
privately managed pension system (ldquoPillar IIrdquo)
The said Norm shall enter into force on 1
January 2011 was published in the Official
Gazette no 60526082010 and may be
accessed here
PPSSC amended the regulatory framework regarding the reporting and transparency obligations in the voluntary pension system
PPSSC adopted Decision no 212010 for the
approval of Norm no 112010 regarding the
reporting and transparency obligations in the
voluntary pension system (ldquoPillar IIIrdquo) The said
Norm shall enter into force on 1 January 2011
was published in the Official Gazette no
60526082010 and may be accessed here
NSC approved the registration of the
ldquoProperty Fundrdquo
NSC enacted Decision no 342010 for the
approval of the registration of ldquoProperty Fundrdquo
as an undertaking for collective investments in
transferable securities The said decision may
be accessed here
NSC (jointly with NBR) amended the regulatory framework regarding the manner of determining the minimum capital requirements of credit institutions and investment firms for operational risk
NSC (jointly with NBR) enacted Regulation no
132010 for the amendment of Regulation no
24292006 regarding the manner of
determining the minimum capital requirements
of credit institutions and investment firms for
operational risk The above mentioned
Regulation was published in the Official
Gazette no 54704082010 and may be
accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC amended the regulatory framework regarding the half-year accounting reporting system
NSC enacted Order no 502010 for the
approval of Instruction no 32010 for the
amendment of NSCrsquos Instruction no 52006
regarding the half-year accounting reporting
system of entities authorized regulated and
supervised by NSC The above mentioned
Order was published in the Official Gazette no
58016082010 and may be accessed here
NSC sets the regulatory framework related to the prudential valuation of qualified participations within a financial brokerage investment company
NSC enacted Decision no 106919082010
regarding the prudential valuation by NSC of
qualified participations within a financial
brokerage investment company The valuation
to be performed by NSC with respect to the
acquisition of a qualified participation within a
financial brokerage investment company shall
be performed on a case by case basis taking
into consideration all the specific elements of
the respective acquisition The above
mentioned Decision may be accessed here
International regulatory
updates
Banking
Issuer European Central Bank (ldquoECBrdquo)
ECB enacted Decision no 10 as of 19
August 2010 on non-compliance reporting
statistics
For more details please access here
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Banking
Issuer National Bank of Romania
(ldquoNBRrdquo)
NBR established the level of the reference
interest rate applicable for August 2010
NBR enacted Circular no 252010 regarding
the level of the reference interest rate valid for
August 2010 According to the above
mentioned Circular the reference interest rate
valid for August 2010 was set at 625 per
year The above mentioned Circular was
published in the Official Gazette no
53802082010 and may be accessed here
NBR established the level of the interest
rates paid for the minimum mandatory
reserves for 24 July - 23 August 2010
NBR enacted Circular no 282010 regarding
the interest rates paid on minimum mandatory reserves for the period 24 July - 23 August 2010 described further below as follows
188 per year for minimum mandatory reserves established in RON
109 per year for minimum mandatory reserves established in Euro
093 per year for minimum
mandatory reserves established in US dollars
The said Circular was published in the Official
Gazette no 58117082010 and may be
accessed here
NBR established the level of the penalty
interest rates for the deficits of foreign
currency minimum mandatory reserves for
24 August - 23 September 2010
NBR enacted Circular no 292010 regarding
the level of the penalty interest rates for the
deficits of foreign currency minimum
mandatory reserves for the period 24 August -
23 September 2010 described further below
as follows
13 per year for minimum mandatory reserves established in Euro
13 per year for minimum mandatory reserves established in US dollars
The said Circular was published in the Official Gazette no 58117082010 and may be accessed here
Issuer Deposit Guarantee Fund in the Banking System (ldquoDGFBSrdquo) DGFBS amended the regulatory framework regarding the transmission of the situation of the guaranteed depositors DGFBS enacted Regulation no 52010 for the amendment of DGFBSrsquos Regulation no 32009 regarding the transmission of the situation of the guaranteed depositors The above mentioned Regulation was published in the
Official Gazette no 58317082010
Private Pensions
Issuer Private Pension System Supervision Commission (ldquoPPSSCrdquo)
PPSSC amended the regulatory framework regarding the accounting reporting system
for 30 June 2010 PPSSC enacted Decision no 192010 for the approval of Norm no 92010 regarding the accounting reporting system on 30 June 2010 for entities authorized regulated and supervised by PPSSC (ldquoPillar II and IIIrdquo) The above mentioned Decision was published in the Official Gazette no 57916082010 and
may be accessed here
PPSSC amended the regulatory framework
regarding the reporting and transparency obligations in the privately managed pension system
PPSSC enacted Decision no 202010 for the
approval of Norm no 102010 regarding the
reporting and transparency obligations in the
privately managed pension system (ldquoPillar IIrdquo)
The said Norm shall enter into force on 1
January 2011 was published in the Official
Gazette no 60526082010 and may be
accessed here
PPSSC amended the regulatory framework regarding the reporting and transparency obligations in the voluntary pension system
PPSSC adopted Decision no 212010 for the
approval of Norm no 112010 regarding the
reporting and transparency obligations in the
voluntary pension system (ldquoPillar IIIrdquo) The said
Norm shall enter into force on 1 January 2011
was published in the Official Gazette no
60526082010 and may be accessed here
NSC approved the registration of the
ldquoProperty Fundrdquo
NSC enacted Decision no 342010 for the
approval of the registration of ldquoProperty Fundrdquo
as an undertaking for collective investments in
transferable securities The said decision may
be accessed here
NSC (jointly with NBR) amended the regulatory framework regarding the manner of determining the minimum capital requirements of credit institutions and investment firms for operational risk
NSC (jointly with NBR) enacted Regulation no
132010 for the amendment of Regulation no
24292006 regarding the manner of
determining the minimum capital requirements
of credit institutions and investment firms for
operational risk The above mentioned
Regulation was published in the Official
Gazette no 54704082010 and may be
accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC amended the regulatory framework regarding the half-year accounting reporting system
NSC enacted Order no 502010 for the
approval of Instruction no 32010 for the
amendment of NSCrsquos Instruction no 52006
regarding the half-year accounting reporting
system of entities authorized regulated and
supervised by NSC The above mentioned
Order was published in the Official Gazette no
58016082010 and may be accessed here
NSC sets the regulatory framework related to the prudential valuation of qualified participations within a financial brokerage investment company
NSC enacted Decision no 106919082010
regarding the prudential valuation by NSC of
qualified participations within a financial
brokerage investment company The valuation
to be performed by NSC with respect to the
acquisition of a qualified participation within a
financial brokerage investment company shall
be performed on a case by case basis taking
into consideration all the specific elements of
the respective acquisition The above
mentioned Decision may be accessed here
International regulatory
updates
Banking
Issuer European Central Bank (ldquoECBrdquo)
ECB enacted Decision no 10 as of 19
August 2010 on non-compliance reporting
statistics
For more details please access here
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Private Pensions
Issuer Private Pension System Supervision Commission (ldquoPPSSCrdquo)
PPSSC amended the regulatory framework regarding the accounting reporting system
for 30 June 2010 PPSSC enacted Decision no 192010 for the approval of Norm no 92010 regarding the accounting reporting system on 30 June 2010 for entities authorized regulated and supervised by PPSSC (ldquoPillar II and IIIrdquo) The above mentioned Decision was published in the Official Gazette no 57916082010 and
may be accessed here
PPSSC amended the regulatory framework
regarding the reporting and transparency obligations in the privately managed pension system
PPSSC enacted Decision no 202010 for the
approval of Norm no 102010 regarding the
reporting and transparency obligations in the
privately managed pension system (ldquoPillar IIrdquo)
The said Norm shall enter into force on 1
January 2011 was published in the Official
Gazette no 60526082010 and may be
accessed here
PPSSC amended the regulatory framework regarding the reporting and transparency obligations in the voluntary pension system
PPSSC adopted Decision no 212010 for the
approval of Norm no 112010 regarding the
reporting and transparency obligations in the
voluntary pension system (ldquoPillar IIIrdquo) The said
Norm shall enter into force on 1 January 2011
was published in the Official Gazette no
60526082010 and may be accessed here
NSC approved the registration of the
ldquoProperty Fundrdquo
NSC enacted Decision no 342010 for the
approval of the registration of ldquoProperty Fundrdquo
as an undertaking for collective investments in
transferable securities The said decision may
be accessed here
NSC (jointly with NBR) amended the regulatory framework regarding the manner of determining the minimum capital requirements of credit institutions and investment firms for operational risk
NSC (jointly with NBR) enacted Regulation no
132010 for the amendment of Regulation no
24292006 regarding the manner of
determining the minimum capital requirements
of credit institutions and investment firms for
operational risk The above mentioned
Regulation was published in the Official
Gazette no 54704082010 and may be
accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC amended the regulatory framework regarding the half-year accounting reporting system
NSC enacted Order no 502010 for the
approval of Instruction no 32010 for the
amendment of NSCrsquos Instruction no 52006
regarding the half-year accounting reporting
system of entities authorized regulated and
supervised by NSC The above mentioned
Order was published in the Official Gazette no
58016082010 and may be accessed here
NSC sets the regulatory framework related to the prudential valuation of qualified participations within a financial brokerage investment company
NSC enacted Decision no 106919082010
regarding the prudential valuation by NSC of
qualified participations within a financial
brokerage investment company The valuation
to be performed by NSC with respect to the
acquisition of a qualified participation within a
financial brokerage investment company shall
be performed on a case by case basis taking
into consideration all the specific elements of
the respective acquisition The above
mentioned Decision may be accessed here
International regulatory
updates
Banking
Issuer European Central Bank (ldquoECBrdquo)
ECB enacted Decision no 10 as of 19
August 2010 on non-compliance reporting
statistics
For more details please access here
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
NSC approved the registration of the
ldquoProperty Fundrdquo
NSC enacted Decision no 342010 for the
approval of the registration of ldquoProperty Fundrdquo
as an undertaking for collective investments in
transferable securities The said decision may
be accessed here
NSC (jointly with NBR) amended the regulatory framework regarding the manner of determining the minimum capital requirements of credit institutions and investment firms for operational risk
NSC (jointly with NBR) enacted Regulation no
132010 for the amendment of Regulation no
24292006 regarding the manner of
determining the minimum capital requirements
of credit institutions and investment firms for
operational risk The above mentioned
Regulation was published in the Official
Gazette no 54704082010 and may be
accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC amended the regulatory framework regarding the half-year accounting reporting system
NSC enacted Order no 502010 for the
approval of Instruction no 32010 for the
amendment of NSCrsquos Instruction no 52006
regarding the half-year accounting reporting
system of entities authorized regulated and
supervised by NSC The above mentioned
Order was published in the Official Gazette no
58016082010 and may be accessed here
NSC sets the regulatory framework related to the prudential valuation of qualified participations within a financial brokerage investment company
NSC enacted Decision no 106919082010
regarding the prudential valuation by NSC of
qualified participations within a financial
brokerage investment company The valuation
to be performed by NSC with respect to the
acquisition of a qualified participation within a
financial brokerage investment company shall
be performed on a case by case basis taking
into consideration all the specific elements of
the respective acquisition The above
mentioned Decision may be accessed here
International regulatory
updates
Banking
Issuer European Central Bank (ldquoECBrdquo)
ECB enacted Decision no 10 as of 19
August 2010 on non-compliance reporting
statistics
For more details please access here
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
International regulatory
updates
Banking
Issuer European Central Bank (ldquoECBrdquo)
ECB enacted Decision no 10 as of 19
August 2010 on non-compliance reporting
statistics
For more details please access here
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Banking
Issuer European Central Bank (ldquoECBrdquo)
ECB enacted Decision no 10 as of 19
August 2010 on non-compliance reporting
statistics
For more details please access here
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Domestic regulatory
proposals measures
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Banking
Issuer NBRNSC
Proposal of Regulation regarding credit risk
treatment regarding securitized exposures
and securitisation positions
The draft Regulation mentioned above envisages the replacement of the present regulatory framework in this field represented by the Regulation NBRNSC no 21262006 on credit risk treatment regarding securitized exposures and securitisation positions The new regulation takes over in a restructured and enhanced form the provisions relative to the
treatment of securitization transactions of the Directive 200648EC such as they are modified by Directive 83 amending certain Annexes to Directive 200648EC of the European Parliament and of the Council as regards technical provisions concerning risk management by Directive 111 amending Directives 200648EC 200649EC and
200764EC as regards banks affiliated to central institutions certain own funds items large exposures supervisory arrangements and crisis management and by draft Directive of the European Parliament and of the Council amending Directives 200648EC and 200649EC as regards capital requirements for the trading book and for re-securitizations
and the supervisory review of remuneration policies (CRD III) that are to entry into force on 1 January 2011
For more details please access here
Private Pensions
Issuer PPSSC
Proposal of Norm regarding the prospectus
of the voluntary pension scheme (ldquoPillar
IIIrdquo)
The full text of the proposal may be accessed
here
Proposal of Norm regarding the amendment
of Norm no 72007 on the prospectus
scheme of the private pension (ldquoPillar IIrdquo)
The full text of the proposal may be accessed
here
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
International regulatory
proposals measures
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Banking
Issuer ECB On 29 July 2010 ECB enacted its Decision on access to and use of certain data within Trans European Automated Real-Time Gross Settlement Express Transfer System
The said decision was published in the Official Gazette of the European Union no 21112082010 and may be accessed here
On 11 August 2010 ECB issued an Opinion on a proposal for a Commission Regulation laying down detailed rules for the implementation of Council Regulation no 249495 as regards minimum standards for the quality of Harmonized Indices of Consumer Prices For more information please access here
Issuer Federal Reserve Board Federal Reserve Board published on 10 August 2010 an advance notice of proposed rulemaking regarding alternatives to the use of credit ratings in their risk-based capital rules for banking organizations
For more information please access here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR published on 30 August 2010 its
guidelines regarding the information to be
provided by Credit Rating Agencies
The above mentioned guidelines may be
accessed here
CESR published on 30 August 2010 its
responses to the consultation on
standardization and exchange trading of
OTC derivatives
For more information please access here
Issuer International Swaps and Derivatives Association International Swaps and Derivatives
Association published on 23 August 2010
its amendments to the International Swaps
and Derivatives Association Master
Agreement and comprised in the so called
ldquo2010 Hire Act Protocolrdquo
For more information please access here
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Reff amp Associates is the correspondent law firm of Deloitte Romania fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to
a network of law firms and legal departments working with Deloitte all over the
world Deloittersquos correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions corporate
and commercial law finance banking and capital markets real estate project
finance employment competition fiscal and commercial litigation and
intellectual property
In the financial services sector Reff amp Associates provides the full range of
services to banks and financial institutions including
- Finance deals transaction support in bilateral and syndicated loans
loan workouts securitisation loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements security
and other ancillary documentation)
- MampA transactions in the financial services sector advice on the
structure of the transaction the pre-contractual documentation due
diligence draftingnegotiating the purchase agreements and assisting
the implementation of the transaction
- Regulatory assistance ongoing assistance with respect to the
specific legal and regulatory requirements applicable to banks non
banking financial institutions operating in Romania development of
new financial products representation in front of the regulators
(National Bank of Romania Insurance Supervisory Commission
Securities Commission etc)
For more details on our services and credentials in the FSI sector please
click here
Subscribe to the Financial Services Industry Monthly Bulletin
Contacts Andrei Burz Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzarudeloittececom
Simina Mut
Manager
+ 40 21 207 52 69
smutdeloittececom
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifadeloittececom
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Financial Services Industry Contacts in
Deloitte Romania
George Mucibabici
Chairman
tel + 40 21 207 52 55
e-mail gmucibabicideloittececom
Audit
Ahmed Hassan
Partner tel + 40 21 207 52 60 e-mail ahhassandeloittececom
Enterprise Risk Services
Gary Bauer
Director
tel + 40 21 207 52 19
e-mail gbauerdeloittececom
Financial Advisory
Antonis Ioannides
Partner
tel + 40 21 207 56 26
e-mail anioannidesdeloittececom
Tax
Daniel Petre
Manager tel + 40 21 207 54 44
e-mail dpetredeloittececom
Legal
Andrei Burz-Pinzaru
Partner ReffampAssociates
correspondent law firm of Deloitte Romania
tel + 40 21 207 52 05
e-mail aburzpinzarudeloittececom
Consulting
Razvan Horobeanu
Manager
tel + 40 21 207 53 57
e-mail rhorobeanudeloittececom
Actuarial amp Insurance
Solutions
Slawomir Latusek
Consultant
tel + 48 (22) 511 04 54
e-mail slatusekdeloittececom
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by
guarantee and its network of member firms each of which is a legally separate and independent entity
Please see wwwdeloittecomroabout for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms
Deloitte provides audit tax consulting and financial advisory services to public and private clients
spanning multiple industries With a globally connected network of member firms in more than 140
countries Deloitte brings world-class capabilities and deep local expertise to help clients succeed
wherever they operate Deloittes approximately 170 000 professionals are committed to becoming the
standard of excellence
This publication contains general information only and none of Deloitte Touche Tohmatsu Limited
Deloitte Global Services Limited Deloitte Global Services Holdings Limited the Deloitte Touche Tohmatsu
Verein any of their member firms or any of the foregoingrsquos affiliates (collectively the ldquoDeloitte Networkrdquo)
are by means of this publication rendering accounting business financial investment legal tax or other
professional advice or services This publication is not a substitute for such professional advice or
services nor should it be used as a basis for any decision or action that may affect your finances or your
business Before making any decision or taking any action that may affect your finances or your business
you should consult a qualified professional adviser No entity in the Deloitte Network shall be responsible
for any loss whatsoever sustained by any person who relies on this publication
copy 2010 Deloitte Romania