ASF closely monitors developments on Romania's capital market, insurance market and private pension market

The Financial Supervisory Authority (ASF) is closely monitoring the developments on the capital market, the insurance market and the private pensions market of Romania, in the context generated by the effects of the COVID-19 epidemic, the institution informed on Thursday.

"The measures which the ASF adopted are firstly aimed at the stability of markets and the consumers' protection of non-banking financial markets," Director of the Strategy and Financial Stability Directorate with the ASF Valentin Ionescu said.

According to the ASF, the communication with the regulated entities has been boosted and especially monitored are their actions in terms of the updating and transmission of business continuity plans that take into account the impact of COVID-19.

Moreover, the ASF aims, within this enhanced communication, the implementation by the market entities of a high transparency regime regarding the estimated impact on the activity of these entities, as a result of the effects generated by the COVID-19 epidemic, through the specific reports of each market segment.

At the same time, the ASF ensures communication and collaboration with other public and central administration authorities, as well as coordination with European bodies responsible for the financial market - and, in particular, with the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) - for a convergent approach in using the legal prerogatives to maintain an orderly development on the markets.