Romania has received the Formal Opinion from the Organization for Economic Cooperation and Development (OECD), following the analysis of the degree of compliance of national practices and policies with the OECD legal instruments and standards applicable in the field of financial markets, informs the Financial Supervisory Authority in a press release.
„The 21st opinion, out of the 25 required, marks the successful completion of the assessment carried out by the Financial Markets Committee in the context of Romania's accession to the Organization. The assessment covered key issues related to the capital market, the insurance market and the private pension system, as well as the legislative, institutional and supervisory framework for these sectors”, reads the press release.
According to the cited source, the assessment process involved an in-depth technical dialog, held during several rounds of discussions and consultations between the Romanian authorities and OECD representatives on the implementation of key recommendations made by the Financial Markets Committee, including on accelerating the implementation of the National Strategy on Capital Market Development and on strengthening the regulatory and institutional framework on the independence of the market supervisor.
„The significant progress made in the implementation of the Strategy includes the adoption of relevant legislative measures to improve the conditions for listing for trading, increase the liquidity of the capital market, stimulate the development of the bond market, as well as simplify and streamline the authorization procedures applicable to collective investment undertakings. At the same time, the progress in terms of the authorization of a Central Counterparty in Romania represents an essential structural element for the consolidation of the financial markets architecture, contributing to the reduction of systemic risks and to the increase in the safety and efficiency of clearing and settlement mechanisms”, emphasizes ASF representatives, according to Agerpres.
In order to align with the recommendations of the Committee's Working Group on Private Pensions and Insurance, the legislation on the payment of private pensions has been adopted, establishing a validated and robust payment mechanism designed to provide long-term stability, protection and predictability for participants, the statement added.
„The receipt of the Formal Opinion in the area of financial markets is a validation of the sustained efforts made by the Romanian authorities to strengthen the legislative and institutional framework and to develop a modern, resilient and competitive financial market. The obtained result confirms not only the alignment of national regulations with OECD standards, but also the effective implementation and supervision capacity at the level of best practices promoted by the Organization. We will continue the process of reform and modernization, in full cooperation with the OECD structures, in order to ensure the long-term sustainability and stability of the Romanian financial market”, said ASF President Alexandru Petrescu, quoted in the press release.
The Financial Supervisory Authority has contributed substantially to the accession dialogue, through technical expertise and constant institutional cooperation with the Ministry of Foreign Affairs as coordinator of Romania's accession process to the OECD, actively supporting the relations with the OECD Secretariat, as well as with the other institutions involved in the process, namely the National Bank of Romania, the Ministry of Finance and the Ministry of Labor, Family, Youth and Social Solidarity.
„The Financial Supervisory Authority will continue to be actively involved in the work of the Committee and its working structures, with a view to strengthening Romania's integration into the OECD framework”, reads the press release.
The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance, private pensions and capital markets, which total more than 10 million participants.