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September 2010 edition of Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.
Citation preview
September 2010
Financial Services Industry
Monthly Bulletin
III Domestic regulatory proposals
measures
1 Banking
2 Capital Markets
3 Insurance
IV International regulatory
proposals measures
1 Banking
2 Capital Markets
3 Commercial Law
4 Private Pensions
Contents
I Domestic regulatory updates
1 Banking
2 Capital Markets
3 Insurance
II International regulatory updates
1 Banking
Domestic regulatory
updates
Banking
Issuer National Bank of Romania
(ldquoNBRrdquo)
NBR established the level of the reference
interest rate applicable for September 2010
NBR enacted Circular no 302010 regarding the level of the reference interest rate valid for September 2010 According to the above mentioned Circular the reference interest rate valid for September 2010 was set at 625 per year The Circular was published in the Official
Gazette no 61801092010 and may be accessed here NBR established the level of the interest
rates paid for the minimum mandatory
reserves for 24 August - 23 September 2010
NBR enacted Circular no 312010 regarding
the interest rates paid on minimum mandatory
reserves for the period 24 August - 23
September 2010 described further below as
follows
173 per year for minimum mandatory reserves established in RON
106 per year for minimum mandatory reserves established in Euro
094 per year for minimum mandatory
reserves established in US dollars The said Circular was published in the Official
Gazette no 64616092010 and may be
accessed here
NBR amended the legal framework regarding the commencement of activity and the changes in the case of credit institutions NBR enacted Regulation no 102010 amending the Regulation of NBR no 62008 regarding the commencement of activity and the changes in the case of credit institutions Romanian legal entities and in case of local branches of the credit institutions from foreign countries The amendments are minor and mainly consist of rephrasings and the obligation of republishing of the Regulation
The Regulation was published in the Official Gazette no 65009202010 and may be accessed here
Insurance
Issuer Insurance Supervision
Commission (ldquoISCrdquo)
ISC amended the legal framework regarding
the information that the insurers have to provide to their customers
ISC enacted Order no 112010 supplementing the Norms with respect to the information that the insurance companies and intermediaries have to provide to the customers as well as other elements that the insurance contract
have to comprise implemented through the Order of the president of the ISC no 232009 The above mentioned Order was published in the Official Gazette no 65120092010 and may be accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC enacted the Decision no
117615092010 regarding the drafting and
submission to NSC by the financial
investment companies (FIC) entities
registered with the NSC in section Collective
Investment Undertakings with a diversified
investment policy of the consolidated annual
financial statements in accordance with the
International Financial Reporting Standards
enacted by European Union within 8 months as
of the end of the financial year The above
mentioned Decision may be accessed here
Issuer Inter-ministerial Committee for Finance Securities and Insurance (ldquoICFSIrdquo) ICFSI establishes a state aid scheme designed to facilitate access to finance
ICFSI enacted Decision no 1122010 approving the Norm concerning the establishment of a state aid scheme designed to facilitate access to financing in the current economic and financial crisis period consisting of guarantees granted to SMEs and large enterprises Both the above mentioned Decision and Norm
were published in the Official Gazette no
65020092010 and may be accessed here
International
regulatory updates
Banking
Issuer European Central Bank
(ldquoECBrdquo)
ECB established the interest rate on the
main refinancing operations and the
interest rates on the marginal lending
facility and the deposit facility On
September 2 2010 the Governing Council of
ECB decided that the interest rate on the main
refinancing operations and the interest rates on
the marginal lending facility and the deposit
facility at the level of 100 175 and
respectively 025 For more information
please access here
On September 21 2010 ECB enacted the decision regarding the administration of European Financial Stability Facility loans to Member States whose currency is the
euro The decision was published in the Official Journal of the European Union no L 25358 dated September 28 2010 and may be
accessed here
Domestic regulatory
proposals measures
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Domestic regulatory
updates
Banking
Issuer National Bank of Romania
(ldquoNBRrdquo)
NBR established the level of the reference
interest rate applicable for September 2010
NBR enacted Circular no 302010 regarding the level of the reference interest rate valid for September 2010 According to the above mentioned Circular the reference interest rate valid for September 2010 was set at 625 per year The Circular was published in the Official
Gazette no 61801092010 and may be accessed here NBR established the level of the interest
rates paid for the minimum mandatory
reserves for 24 August - 23 September 2010
NBR enacted Circular no 312010 regarding
the interest rates paid on minimum mandatory
reserves for the period 24 August - 23
September 2010 described further below as
follows
173 per year for minimum mandatory reserves established in RON
106 per year for minimum mandatory reserves established in Euro
094 per year for minimum mandatory
reserves established in US dollars The said Circular was published in the Official
Gazette no 64616092010 and may be
accessed here
NBR amended the legal framework regarding the commencement of activity and the changes in the case of credit institutions NBR enacted Regulation no 102010 amending the Regulation of NBR no 62008 regarding the commencement of activity and the changes in the case of credit institutions Romanian legal entities and in case of local branches of the credit institutions from foreign countries The amendments are minor and mainly consist of rephrasings and the obligation of republishing of the Regulation
The Regulation was published in the Official Gazette no 65009202010 and may be accessed here
Insurance
Issuer Insurance Supervision
Commission (ldquoISCrdquo)
ISC amended the legal framework regarding
the information that the insurers have to provide to their customers
ISC enacted Order no 112010 supplementing the Norms with respect to the information that the insurance companies and intermediaries have to provide to the customers as well as other elements that the insurance contract
have to comprise implemented through the Order of the president of the ISC no 232009 The above mentioned Order was published in the Official Gazette no 65120092010 and may be accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC enacted the Decision no
117615092010 regarding the drafting and
submission to NSC by the financial
investment companies (FIC) entities
registered with the NSC in section Collective
Investment Undertakings with a diversified
investment policy of the consolidated annual
financial statements in accordance with the
International Financial Reporting Standards
enacted by European Union within 8 months as
of the end of the financial year The above
mentioned Decision may be accessed here
Issuer Inter-ministerial Committee for Finance Securities and Insurance (ldquoICFSIrdquo) ICFSI establishes a state aid scheme designed to facilitate access to finance
ICFSI enacted Decision no 1122010 approving the Norm concerning the establishment of a state aid scheme designed to facilitate access to financing in the current economic and financial crisis period consisting of guarantees granted to SMEs and large enterprises Both the above mentioned Decision and Norm
were published in the Official Gazette no
65020092010 and may be accessed here
International
regulatory updates
Banking
Issuer European Central Bank
(ldquoECBrdquo)
ECB established the interest rate on the
main refinancing operations and the
interest rates on the marginal lending
facility and the deposit facility On
September 2 2010 the Governing Council of
ECB decided that the interest rate on the main
refinancing operations and the interest rates on
the marginal lending facility and the deposit
facility at the level of 100 175 and
respectively 025 For more information
please access here
On September 21 2010 ECB enacted the decision regarding the administration of European Financial Stability Facility loans to Member States whose currency is the
euro The decision was published in the Official Journal of the European Union no L 25358 dated September 28 2010 and may be
accessed here
Domestic regulatory
proposals measures
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Banking
Issuer National Bank of Romania
(ldquoNBRrdquo)
NBR established the level of the reference
interest rate applicable for September 2010
NBR enacted Circular no 302010 regarding the level of the reference interest rate valid for September 2010 According to the above mentioned Circular the reference interest rate valid for September 2010 was set at 625 per year The Circular was published in the Official
Gazette no 61801092010 and may be accessed here NBR established the level of the interest
rates paid for the minimum mandatory
reserves for 24 August - 23 September 2010
NBR enacted Circular no 312010 regarding
the interest rates paid on minimum mandatory
reserves for the period 24 August - 23
September 2010 described further below as
follows
173 per year for minimum mandatory reserves established in RON
106 per year for minimum mandatory reserves established in Euro
094 per year for minimum mandatory
reserves established in US dollars The said Circular was published in the Official
Gazette no 64616092010 and may be
accessed here
NBR amended the legal framework regarding the commencement of activity and the changes in the case of credit institutions NBR enacted Regulation no 102010 amending the Regulation of NBR no 62008 regarding the commencement of activity and the changes in the case of credit institutions Romanian legal entities and in case of local branches of the credit institutions from foreign countries The amendments are minor and mainly consist of rephrasings and the obligation of republishing of the Regulation
The Regulation was published in the Official Gazette no 65009202010 and may be accessed here
Insurance
Issuer Insurance Supervision
Commission (ldquoISCrdquo)
ISC amended the legal framework regarding
the information that the insurers have to provide to their customers
ISC enacted Order no 112010 supplementing the Norms with respect to the information that the insurance companies and intermediaries have to provide to the customers as well as other elements that the insurance contract
have to comprise implemented through the Order of the president of the ISC no 232009 The above mentioned Order was published in the Official Gazette no 65120092010 and may be accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC enacted the Decision no
117615092010 regarding the drafting and
submission to NSC by the financial
investment companies (FIC) entities
registered with the NSC in section Collective
Investment Undertakings with a diversified
investment policy of the consolidated annual
financial statements in accordance with the
International Financial Reporting Standards
enacted by European Union within 8 months as
of the end of the financial year The above
mentioned Decision may be accessed here
Issuer Inter-ministerial Committee for Finance Securities and Insurance (ldquoICFSIrdquo) ICFSI establishes a state aid scheme designed to facilitate access to finance
ICFSI enacted Decision no 1122010 approving the Norm concerning the establishment of a state aid scheme designed to facilitate access to financing in the current economic and financial crisis period consisting of guarantees granted to SMEs and large enterprises Both the above mentioned Decision and Norm
were published in the Official Gazette no
65020092010 and may be accessed here
International
regulatory updates
Banking
Issuer European Central Bank
(ldquoECBrdquo)
ECB established the interest rate on the
main refinancing operations and the
interest rates on the marginal lending
facility and the deposit facility On
September 2 2010 the Governing Council of
ECB decided that the interest rate on the main
refinancing operations and the interest rates on
the marginal lending facility and the deposit
facility at the level of 100 175 and
respectively 025 For more information
please access here
On September 21 2010 ECB enacted the decision regarding the administration of European Financial Stability Facility loans to Member States whose currency is the
euro The decision was published in the Official Journal of the European Union no L 25358 dated September 28 2010 and may be
accessed here
Domestic regulatory
proposals measures
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Insurance
Issuer Insurance Supervision
Commission (ldquoISCrdquo)
ISC amended the legal framework regarding
the information that the insurers have to provide to their customers
ISC enacted Order no 112010 supplementing the Norms with respect to the information that the insurance companies and intermediaries have to provide to the customers as well as other elements that the insurance contract
have to comprise implemented through the Order of the president of the ISC no 232009 The above mentioned Order was published in the Official Gazette no 65120092010 and may be accessed here
Capital Markets
Issuer National Securities Commission (ldquoNSCrdquo) NSC enacted the Decision no
117615092010 regarding the drafting and
submission to NSC by the financial
investment companies (FIC) entities
registered with the NSC in section Collective
Investment Undertakings with a diversified
investment policy of the consolidated annual
financial statements in accordance with the
International Financial Reporting Standards
enacted by European Union within 8 months as
of the end of the financial year The above
mentioned Decision may be accessed here
Issuer Inter-ministerial Committee for Finance Securities and Insurance (ldquoICFSIrdquo) ICFSI establishes a state aid scheme designed to facilitate access to finance
ICFSI enacted Decision no 1122010 approving the Norm concerning the establishment of a state aid scheme designed to facilitate access to financing in the current economic and financial crisis period consisting of guarantees granted to SMEs and large enterprises Both the above mentioned Decision and Norm
were published in the Official Gazette no
65020092010 and may be accessed here
International
regulatory updates
Banking
Issuer European Central Bank
(ldquoECBrdquo)
ECB established the interest rate on the
main refinancing operations and the
interest rates on the marginal lending
facility and the deposit facility On
September 2 2010 the Governing Council of
ECB decided that the interest rate on the main
refinancing operations and the interest rates on
the marginal lending facility and the deposit
facility at the level of 100 175 and
respectively 025 For more information
please access here
On September 21 2010 ECB enacted the decision regarding the administration of European Financial Stability Facility loans to Member States whose currency is the
euro The decision was published in the Official Journal of the European Union no L 25358 dated September 28 2010 and may be
accessed here
Domestic regulatory
proposals measures
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
International
regulatory updates
Banking
Issuer European Central Bank
(ldquoECBrdquo)
ECB established the interest rate on the
main refinancing operations and the
interest rates on the marginal lending
facility and the deposit facility On
September 2 2010 the Governing Council of
ECB decided that the interest rate on the main
refinancing operations and the interest rates on
the marginal lending facility and the deposit
facility at the level of 100 175 and
respectively 025 For more information
please access here
On September 21 2010 ECB enacted the decision regarding the administration of European Financial Stability Facility loans to Member States whose currency is the
euro The decision was published in the Official Journal of the European Union no L 25358 dated September 28 2010 and may be
accessed here
Domestic regulatory
proposals measures
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Banking
Issuer European Central Bank
(ldquoECBrdquo)
ECB established the interest rate on the
main refinancing operations and the
interest rates on the marginal lending
facility and the deposit facility On
September 2 2010 the Governing Council of
ECB decided that the interest rate on the main
refinancing operations and the interest rates on
the marginal lending facility and the deposit
facility at the level of 100 175 and
respectively 025 For more information
please access here
On September 21 2010 ECB enacted the decision regarding the administration of European Financial Stability Facility loans to Member States whose currency is the
euro The decision was published in the Official Journal of the European Union no L 25358 dated September 28 2010 and may be
accessed here
Domestic regulatory
proposals measures
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Domestic regulatory
proposals measures
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Banking
Issuer NBR NSC
Draft order for approval of the regulation of
NBR and NSC regarding great exposures of
the credit institutions and investment
companies
By issuing the new regulation of the NBR and
NSC on large exposures of credit institutions
and investment firms it is considered the
replacement of the current regulatory
framework in the field represented by the
provisions of Articles 141 142 278 384 and
art 385 of Government Emergency Ordinance
no992006 on credit institutions and capital
adequacy approved with amendments by Law
2272007 as amended and supplemented
under the provisions of art420 of Government
Emergency Government no 992006 on credit
institutions and capital adequacy approved
with amendments by Law 2272007 as
amended and supplemented and of article 48
of Law no 3122004 on the NBR and the
provisions of Article 1 Article 2 and Article 7
para (A) para (3) para (10) and para (15)
NSC Statute approved by Government
Emergency Ordinance no 252002 approved
with amendments by Law no5142002 as
amended and supplemented by Law no
2972004 on the capital market as amended
and supplementedFor more details please
access here
Issuer NBR
Draft Order for approval of the Accounting
regulations according to International
Financial Reporting Standards (IFRSs)
applicable to credit institutions
General objective and reasons for issuing
the normative act
Implementation of IFRS by the banking sector is an objective set out in the Letter of Intent
signed in Bucharest on the 5th of February
2010 and approved by the Decision of the International Monetary Fundrsquos Executive Board
on the 19th of February 2010 whereby the
NBR and the Ministry of Public Finance have to adopt the necessary legal framework so as to ensure the implementation of IFRSs starting
with the beginning of 2012
This draft order was drawn up in compliance with the provisions of the NBR Order no916072010 on the application of
International Financial Reporting Standards
(IFRSs) by credit institutions as basis of accounting and for the preparation of the annual individual financial statements starting with financial year 2012 in order to create a general framework for banking sector in terms of keeping of accounts according to the treatments provided in the new accounting
standards preserving the current compulsory Chart of accounts will facilitate the preparation of the financial reporting packages required by NBR in order to accomplish its duties regarding the prudential supervision
The main provisions of the draft order refer
to the following issues
The rules for accounting banksrsquo operations in accordance with the treatments set out by IFRSs
The provisions regarding the preparation approval auditing and publication of the annual individual and consolidated
financial statements
The chart of accounts and the content of accounts
The table of concordances between the accounts from the chart of accounts provided by the national accounting regulations transposing the European directives and those provided by the draft order
The provisions relating to documents forms accounting books and rules for their preparation and use
For further details please access here
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Issuer NBR Draft Order amending and supplementing
NBRrsquos Order no132008 for approval of accounting regulations according with european directives applicable to credit institutions non-bank financial institutions and Deposit Guarantee Fund in the Banking System
General objective and reasons for
elaboration of the normative act
The draft order is issued following the
recommendation of the Superior Council of
Accounting and Financial Reporting Council to
establish a unified framework in terms of
accounting rules and treatments applied by
entities covered by the regulation and
supervision of the NBR for similar operations
with those performed by the other economic
operators The draft order aims at
implementing and tailoring of changes and
supplementations made by the Ministry of
Public Finance Order no30552009 for
approval of accounting regulations according
with European directives to the extent they are
applicable to institutions regulated and
supervised by the NBR
The main changes and supplementations to
existing accounting rules (Order NBR no
132008) brought by the draft order refer to
the following issues
Inserting of provisions relating to the annual financial statementsrsquo users categories and the qualitative characteristics of these reports
Examples and additions to provisions on general accounting principles
Supplementing the provisions on valuation of assets liabilities and equity when inventoried and on presenting these elements in balance sheet
Supplementing the provisions on
accounting errors correction
Change in accounting treatment for government grants
Expanding the current provisions of the accounting treatment for given and received trade discounts
Specifying the factors which indicate impairment of tangible and intangible assets
Separate accounting for tangible assets and inventories purchased in case of which the risks and benefits were
transferred but that are not yet received
For further details please access here
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Capital Markets
Issuer NSC
Draft layout measures regarding the delegated agents The draft may be accessed
here Draft order amending the Norms regarding
the amount withholding and payment of capital gain tax obtained by individuals through transfer of securities approved by Order of Minister of Finance and Economy and of the President of the NSC no 34831442008 The draft may be accessed here Draft instruction regarding the implementation of International Financial Reporting Standards by the authorized entities regulated and supervised by the NSC The draft may be accessed here
Insurance
Issuer ISC
Draft order for implementation the
accounting regulation as per International
Financial Reporting Standards by the
insurance insurance-reinsurance and
reinsurance companies The draft may be
accessed here
part I
part II
part III
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
International regulatory
proposals measures
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Banking
Issuer Committee of European Banking Supervisors (bdquoCEBSrdquo) CEBS has published its comments on the
European Commission green paper on
corporate governance in financial
institutions and remuneration policies For
more information please access here
CEBS has published its revised Guidelines
on the management of concentration risk
under the supervisory review process and
Position paper on the recognition of
diversification benefits under Pillar 2 For
more information please access here
Issuer ECB ECB published statistic information
regarding the evolution of interest rates in
the Euro zone On September 1 2010 ECB
made public available the statistical data of an
investigation operated by International
Monetary Fund concerning interest rates
across Euro zone For more information please
access here
ECB published on 6 September 2010 the document on the payment system and the role of the Eurosystem
ECB has published on 6 September 2010 a
document entitled ldquoThe payment system ndash
payments securities and derivatives and the
role of the Eurosystemrdquo The said document
provides comprehensive insight into the
handling of financial transactions and the
functioning of the related financial market
infrastructure ndash a core component of the
financial system It also explains the role and
policies of the Eurosystem ndash which comprises
the ECB and the 16 national central banks of
the euro area ndash in this field For more
information please access here
ECB published on 7 September 2010 the
second part of ldquoHandbook on Securities
Statisticsrdquo
ECB released on 7 September 2010 the second part of the ldquoHandbook on Securities Statisticsrdquo The aim of the said Handbook is to assist national and international agencies in the production of relevant coherent and internationally comparable securities statistics for use in monetary policy formulation and
financial stability analysis For more information please access here
ECB published on 23 September 2010 a
study on the trends of financial markets
ECB has published on 23 September 2010 a
study that reflects all major financial market
developments in the second quarter of 2010
compared to same period of last year
A summary of this report may be accessed here
Issuer Federal Reserve Board On September 30 2010 the Federal Reserve
Board announced that it will implement
changes to its Payment System Risk policy
on March 24 2011 The press release may be
accessed here
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Capital Markets
Issuer Committee of European Securities Regulators (ldquoCESRldquo) CESR updates the list of measures adopted
by the Member States regarding short-
selling For more information please access
here
CESR published on 6 September 2010 its
feedback statement on the Investor
Protection and Intermediaries part of the
Markets in Financial Instruments Directive
For more information please access here
CESR published on September 13 2010 two
feedback statements in the field of Credit
Rating Agencies
Feedback statement on CESR consultation on enforcement practices
Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
For more details please access here and here
CESR published on 23 September 2010 an
annual report regarding the international
standards on financial reporting
CESR published its first annual report
regarding the international standards on
financial reporting The document shows that
at European level there was a better
coordination of the authorities ensuring
compliance with financial reporting standards
Furthermore the report contains a list of issues
that require greater attention from listed
companies in order to improve the information
of the investors
The above mentioned report may be accessed
here
Issuer Committee of European Insurance and Occupational Pensions Supervisors (bdquoCEIOPSrdquo) CESR CEBS European Parliament
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to
support the reform of financial system
supervision
CESR CEIOPS and CEBS welcome the
decision of the European Parliament to create
an institutional change that will allow the
formation of a joint European financial market
more robust and adapted to market needs The
institutional transformation will consist in the
change of the three committees into European
authorities by January 2011
The declaration of the three committees may be accessed here The summary of the decision may be accessed here
Issuer European Commission On 15 September 2010 the European
Commission drew into attention a working
paper regarding the impact assessment of a
proposal for a draft regulation on OTC
derivatives central counterparties and
trade repositories
The draft may be accessed here
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
Commercial Law
Issuer International Chamber of Commerce International Chamber of Commerce
launched on 16 September 2010 the latest
revision of its internationally-recognized
trade terms Incotermsreg 2010 The rules will
come into effect on 1 January 2011
For more information please access here
Private pensions
Issuer CEIOPS CEIOPS has released on September 28
2010 for public consultation its draft
methodology for equivalence assessments
under Solvency II The draft may be accessed
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
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
Hein van Dam
Partner in Charge
tel + 40 21 207 52 30
e-mail hvandamdeloittececom
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
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