august 2010 financial services industry monthly

14
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

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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

Page 1: August 2010 Financial Services Industry Monthly

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

Page 2: August 2010 Financial Services Industry Monthly

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

Page 3: August 2010 Financial Services Industry Monthly

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

Page 4: August 2010 Financial Services Industry Monthly

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

Page 5: August 2010 Financial Services Industry Monthly

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

Page 6: August 2010 Financial Services Industry Monthly

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

Page 7: August 2010 Financial Services Industry Monthly

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

Page 8: August 2010 Financial Services Industry Monthly

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

Page 9: August 2010 Financial Services Industry Monthly

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

Page 10: August 2010 Financial Services Industry Monthly

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

Page 11: August 2010 Financial Services Industry Monthly

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

Page 12: August 2010 Financial Services Industry Monthly

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

Page 13: August 2010 Financial Services Industry Monthly

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

Page 14: August 2010 Financial Services Industry Monthly

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