The administrative restructuring measures proposed by the Government, namely the strictly quantitative imperative to reduce human resources in the Financial Supervisory Authority (ASF) and the substantial salary cuts, will lead to the deterioration of the functioning of essential internal structures and, consequently, to the depreciation of the act of supervising non-banking financial markets, claim the representatives of the institution, in a statement sent to AGERPRES on Friday.

„Considering the measures proposed in the draft Law for the amendment and completion of Government Emergency Ordinance no. 109/2011 on the corporate governance of public enterprises and some measures for the efficiency of the activity of autonomous administrative authorities, we consider it necessary to clarify some essential aspects regarding the role and functioning of the ASF. The measures to restructure the ASF are imposed in the context of the Romanian Government’s effort to reduce the budget deficit, without, however, resulting in the improvement of macroeconomic indicators, since the ASF does not use financial resources from the state budget. Moreover, the ASF is a net contributor to the budget, transferring contributions worth 53.5 million lei in 2024, and estimating a total contribution of up to 85 million lei in 2025, based on the obligation to pay 33% of the revenues current”, the press release states.

According to the cited source, these proposed measures have the potential to induce systemic risks in the performance of the Authority’s fundamental functions, namely regulation, authorization, supervision and control over the non-banking financial market in Romania and its alignment with European standards in the field.

Currently, non-banking financial markets (insurance, capital market, private pensions), both at European level and in Romania, operate in a context of unprecedented complexity and interdependence, which requires integrated, permanent and independent supervision, draws the attention of the ASF.

In addition, the European regulatory framework has expanded substantially and continuously, including in areas such as digital operational resilience, sustainability, artificial intelligence and digital assets (the European MiCA regulations – the first European legislative framework dedicated to the regulation of cryptocurrencies, DORA – which aims to strengthen the digital operational resilience of financial entities or the AI ??Act – the first law regulating the responsible use of artificial intelligence). This obliges national supervisory authorities to supplement their resources and expertise necessary to implement the new rules and to adequately monitor compliance with them.

„In such a context, the strictly quantitative imperative to reduce human resources in the ASF will inevitably and immediately affect the Authority’s capacity to ensure the stability of the non-banking financial system, under conditions in which the overwhelming majority of the expertise profiles in the ASF are in the specialty of the managed field and not of the support type, in its classical sense. This structuring is characteristic of the financial regulatory and supervisory institutions in the EU member states (national banks, national supervisory authorities). Moreover, the expected substantial salary cuts would primarily affect the body of specialists, that is, exactly that professional category that has accumulated over the years an indispensable expertise to manage financial markets of particular complexity. This expertise, the result of a long training, constitutes the basis of the institution in fulfilling its duties in relation to the non-banking financial market”, explains the ASF.

Therefore, the institution’s representatives warn, these administrative restructuring measures, proposed in the draft law, will lead to the deterioration of the functioning of essential internal structures, jeopardizing the fulfillment of the legal mandate and the obligations assumed under European Union legislation, including those regarding investor protection and the fight against and prevention of money laundering.

„The same concerns of the ASF were clearly expressed by the authorities within the European System of Financial Supervision, in a common position addressed to the Romanian Ministry of Finance, in July 2025, in response to the Romanian Government’s initiative to restructure the FSA. Through their intervention, the European authorities insisted on the importance of ensuring the independence of the FSA and financial resources aligned with operational needs and market circumstances, aspects that are the subject of constant evaluation by these European institutions,” according to the document.

In this context, ASF assures that it maintains its firm commitment to the principles of good governance and will continue, in 2025, the process of streamlining and institutional consolidation begun in 2024. This initiative has already been reflected in the reduction of the total number of positions to 493 (compared to 535 in 2023), a level comparable to the last one a decade ago, as well as in the reduction of the individual incomes of the Authority’s staff by approximately 20% in 2024.

ASF also emphasizes that it has started the implementation of a large-scale institutional digitalization process, financed from European funds, which will significantly improve its activity at all levels of action.

„ASF reaffirms its commitment to exercising professional, independent supervision in accordance with European standards, in which sense it has submitted proposals for amendments to the draft law on the restructuring of the institution, with the aim of consolidating the organizational optimization started since 2024. This approach aims to ensure the maintenance of the operational and institutional capacity necessary for the proper exercise of legal duties, including the new responsibilities that will result from the development of the European regulatory framework in the field,” the press release also states.

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 markets, private pensions, as well as the capital market, which totals over 10 million participants.

According to a draft law published by the General Secretariat of the Government, the executive managements of the National Energy Regulatory Authority (ANRE), the Financial Supervisory Authority (ASF) and the National Authority for Administration and Regulation in Communications (ANCOM) must present, by September 30, 2025, a new organizational chart that provides for a 10% decrease in specialized positions and a 30% decrease in support service positions.

At the same time, the executive managements of the three institutions will present, also by the end of September, a salary scale that will provide for a 30% decrease in all salaries and/or allowances of the personnel included in the staff lists on July 1, 2025.

AGERPRES