Decrease of contributions due to the FSA in the context of COVID-19
On 27 March, 2020, was published with the Official Gazette of Romania, Part I, No. 256, the Regulation no. 3/2020 regarding the regulation of certain measures relating to the implementation of the provisions of the Financial Supervisory Authority Regulation no. 16/2014 regarding the income of the Financial Supervisory Authority during the state of emergency generated by the spread of the COVID-19 virus (“FSA Regulation”).
In the context of declaring the state of emergency in Romania pursuant to the Decree no. 195/2020 establishing the state of emergency in Romania, the Financial Supervisory Authority has adopted, amongst others, certain measures to reduce the negative effects triggered by this circumstance.
In this respect, the FSA has approved in a meeting held on 24 March 2020, the FSA Regulation based on which the tariffs, taxes, quotas and charges due by the entities supervised by the FSA will be decreased with 25%.
This decision to decrease all the costs owed to the FSA represents an important economic measure, considering that it applies to all financial instrument intermediaries, insurance and/or reinsurance companies, insurance intermediaries, as well as to the entire spectrum of organisations supervised by the FSA.
The FSA Regulation will come into force on 1 April 2020, and will apply throughout the entire period of the state of emergency in Romania.