Law No. 204 Of 22 May 2006 On The Voluntary Pensions
Original Language Title: LEGE nr. 204 din 22 mai 2006 privind pensiile facultative
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LEGE no. 204 204 of 22 May 2006 (* updated *) on voluntary pensions ((updated on 30 April 2015 *)
---------- The Romanian Parliament adopts this law + Chapter I General provisions + Article 1 This law establishes: a) the principles of elaboration and authorization of the prospectus of the voluntary pension scheme and of the voluntary pension fund; ... b) principles of the organization and functioning of administrators of voluntary pension funds, as well as the coordination of the activity of other entities involved in this field ... c) prudential regulation and supervision of the administration of voluntary pension funds. ... + Article 2 (1) Within the meaning of the present law, the following terms and expressions have the following meanings: ... 1. the assets of a voluntary pension fund represent financial instruments, including derivatives, as well as cash, resulting from the investiture of the participants ' personal assets; 2. the personal asset represents the amount accumulated in the account of a participant, equal to the number of fund units held by him, multiplied by the day value of a fund unit; 3. the total net asset of the voluntary pension fund at a certain date represents the value that is obtained by deducting the value of the fund's obligations from the value of its assets at that date; 4. the individual act of accession represents the written contract, concluded between the individual and the administrator, which contains the agreement of the person to be a party to the civil society contract and the prospectus of the pension scheme 5. the significant shareholder represents the natural person, legal person or group of natural and/or legal persons acting together and directly or indirectly holding a 10% or more share of the share capital of a company the voting rights or a holding that allows the exercise of significant influence over its management and business policy; 6. the special administration represents the exercise of fiduciary liability by the special administrator, for a fixed period, on the assets of the voluntary pension fund, in order to limit losses for the protection of due rights participants and beneficiaries; 7. the special administrator may be any legal person authorized to administer a pension fund, designated by the Private Pension System Oversight Commission and subrogate in the rights and obligations of the administrator for a determined period; 8. the administrator may be a pension company, an investment management company, an insurance company, authorized according to the legislation governing the fields in which it operates, the authorization of which is in force and which are authorized, in accordance with the provisions of this law, by the Supervisory Commission of the Private Pension System to administer voluntary pension funds and, optionally, to provide private pensions; 9. the employer represents the natural or legal person who can, according to the law, hire labor on the basis of an individual employment contract, according to Law no. 53/2003 -Labor Code, with subsequent amendments and completions, or on the basis of service report, according to Law no. 188/1999 on the Statute of civil servants, republished, as amended; 10. the beneficiary represents the heir of the participant, defined according to the Civil Code; 11. the collateral benefits represent any advantages, such as cash facilities or gifts, other than those resulting from the quality of participant or beneficiary of a voluntary pension; 12. The Supervisory Commission of the Private Pension System, hereinafter referred to as the Commission, represents the autonomous administrative authority, with legal personality, under the control of the Romanian Parliament, according to the provisions Government Emergency Ordinance no. 50/2005 on the establishment, organization and functioning of the Supervisory Commission of the Private Pension System, approved with amendments by Law no. 313/2005 ; 13. The special supervisory board represents two or more persons, depending on the number of voluntary pension funds administered or the number of participants in them, which are part of the Commission's specialist staff and which assist and supervise the activity of the administrator to limit risks and ensure the recovery of the voluntary pension fund; 14. the management contract is the contract concluded between the administrator and the participant, which has as its object the administration of the voluntary pension fund; 15. the contributions represent the amounts paid by the participants and/or on their behalf to a voluntary pension fund; 16. the depositary represents the credit institution in Romania, authorized by the National Bank of Romania, in accordance with the banking legislation, or the Romanian branch of a credit institution, authorized in a Member State of the European Union or belonging to the European Economic Area, endorsed by the Commission, for the storage activity, according to the law, to which all the assets of each voluntary pension fund are entrusted for safekeeping; 17. the voluntary pension fund represents the fund constituted by civil society contract, concluded between the participants, in accordance with the provisions of the Civil Code on private civil society and with the provisions of this law; 18. the pension guarantee fund represents the fund set up by contributions of administrators and pension providers, with the aim of protecting the rights of participants and beneficiaries, as the case may be, acquired under the pension scheme regulated and supervised by the Commission; 19. the financial instruments are: a) securities; ... b) participation titles in collective investment undertakings; ... c) instruments of the money market, including government securities with maturity of less than one year and certificates of deposit; ... d) financial futures, including contracts similar to final settlement in funds; ... e) forward interest rate contracts; ... f) interest rate swaps, on the exchange rate and on shares; ... g) options on any financial instrument referred to in lett. a)-d), including contracts similar to final settlement in funds; this category also includes options on the exchange rate and on the interest rate; ... h) any other instrument admitted to trading on a regulated market in a Member State of the European Union or belonging to the European Economic Area or for which an application for admission to trading on such a market has been made; ... 20. derivative instruments shall be the instruments defined in point 1 19 lit. d) and g), combinations thereof, as well as other instruments thus qualified by regulations of the National Securities Commission; 21. the participant represents the contributing person or/and on whose behalf contributions have been paid to a voluntary pension fund and which has in the future a right to a voluntary pension; 22. the optional pension shall be the amount paid periodically to the holder or beneficiary, in an additional and distinct manner from that provided by the public system; 23. the daily share of a fund represents the ratio between the total net asset of the fund and the sum of net assets of all funds calculated on that day; 24. the average share of a fund over a certain period represents the arithmetic average of the daily weights of the funds during that period; 25. the prospectus of the voluntary pension scheme represents the document that includes the terms of the management contract and the optional pension scheme; 26. the technical provision represents an adequate volume of liabilities corresponding to the financial commitments resulting from the investment portfolio covering the biometric and investment risks; 27. the rate of return of a voluntary pension fund represents the annualized rate of the product of daily returns, measured over a period of 24 months; the daily yield of a fund is equal to the ratio of the value of a fund unit in that day and the value of the previous day's fund unit; 28. the weighted average rate of return of all funds represents the sum of the products between the rate of return of each fund and the average share of the fund in the total voluntary pension funds during that period; 29. the minimum rate of return of all funds represents the lowest value between the weighted average rate of return of all funds during that period, decreased by 4 percentage points, and 50% of the weighted average rate of profitability of all funds during that period; 30. Biometric risks are risks related to death, disability and longevity; 31. the voluntary pension scheme represents the system of deadlines, conditions and rules on the basis of which the administrator collects and invests the assets of the voluntary pension fund, in order to acquire by the participants a voluntary pension; 32. the pension company represents the company on shares, constituted in accordance with the provisions of the commercial legislation and the provisions of this law, which has as its exclusive object of activity the collection, administration, investment of assets voluntary pension funds and, optionally, the provision of private pensions; 33. the Member State of origin shall represent the Member State of the European Union or of the European Economic Area, where the administrator has its registered office and the main administrative structure or, if it does not have a registered office, the place where it is located its main administrative structure; 34. the host Member State shall represent the Member State of the European Union or of the European Economic Area, whose relevant social and labour law in the field of voluntary pension schemes is applicable to the relationship between the employer and participants; 35. the third State shall represent any other State which is not a Member State of the European Union or belongs to the European Economic Area; 36. the fund unit represents the ratio between the total net asset value of the voluntary pension fund and the up-to-date value of a fund unit. (. The related person, in relation to a natural or legal person, hereinafter referred to as the first entity, shall represent: ... a) a shareholder or a group of shareholders holding more than 10% of the shares issued by the first entity or which, while holding a lower percentage, may influence, directly or indirectly, the decisions taken by the first entity; ... b) any entity in which the first entity holds, directly or indirectly, more than 10% of the shares issued or which, although it holds a lower percentage, may influence, directly or indirectly, the decisions taken by that entity; ... c) any other entity in which a shareholder holds, directly or indirectly, more than 30% of the shares issued and, at the same time, holds, directly or indirectly, more than 30% of the total shares issued by the first entity; ... d) any person who may determine, directly or indirectly, the decisions of the first entity; ... e) any board member or other management or supervisory body of that entity; ... f) the spouse or a relative up to the third degree or an afin up to the second degree inclusive of any person referred to in lett. a)-e). ... + Chapter II Establishment of pension companies, authorisation and withdrawal of authorisation + Article 3 (1) They may administer voluntary pension funds to pension companies, investment management companies and insurance undertakings authorised by the Commission for that purpose. ... (2) Investment management companies and insurance companies referred to in par. (1) are established and authorized according to the legislation governing their field of activity. ... + Article 4 (1) Pension societies require authorisation by the Commission for incorporation and administration. ... (2) The pension company shall be constituted as a joint stock company and the persons intending to establish a pension company shall submit to the Commission the application for the authorisation of incorporation. ... (3) The application for the authorization to establish the pension company shall be accompanied by the following documents: ... a) the draft articles of association; ... b) proof that the founders hold the financial resources necessary for the payment of the share capital and their origin; ... c) criminal records and tax records of the founders; ... d) documents on the founders, with information on their legal status, their eventual quality of affiliated persons, as well as the nature of the links between them; ... e) documents showing the financial situation of the founders in the last 3 years, audited by a financial auditor; ... f) the affidavit of the founders, the candidates for the board of directors and the steering committee, showing that they own, individually or in connection with other persons involved in any company, at least 5% of the share capital or voting rights; ... g) documents on candidates for the board of directors and the steering committee, as the case may be, the curriculum vitae dated and signed, which specify the qualification and professional experience, the copy of the identity document, the copy of the diploma of studies; ... h) the judicial and fiscal records of the candidates for the board of directors and the steering committee, if applicable; ... i) the draft regulation on the organization and functioning of the pension company; ... j) proof of full and monetary payment of the share capital; ... k) proof of payment of the fee on the application for authorization ... (. The Commission may request in writing other documents and additional information to those referred to in paragraph 1. ((3), according to the rules contained in the rules drawn up by ... + Article 5 (. The Commission may require the founders, within 30 calendar days of receipt of the application for the authorisation of incorporation, additional documents and information, which they must provide within a maximum of 30 calendar days of on the date of receipt. ... (. The Commission shall verify any matter relating to the application for the authorisation of incorporation, being entitled to contact the competent authorities and to obtain from them any documents and information which it considers relevant. ... + Article 6 The Commission shall review the application for the authorisation of incorporation and shall, within 30 calendar days from the date of receipt of the last set of documents and information, approve or reject the application by written and reasoned decision. + Article 7 The Commission shall approve the application for the authorisation of incorporation, if the following conditions are met: a) the founders do not have debts to the state budget, the state social insurance budget, the local budgets and the budgets of special funds; ... b) the quality of the shareholders and the members proposed for the management board and the steering committee guarantee the correct and prudential management of the voluntary pension fund; ... c) the founders and members proposed for the board of directors and the steering committee are not in the procedure of judicial reorganization or bankruptcy, have not contributed, directly or indirectly, to the bankruptcy of some legal entities, as the case may be, and have not were involved in any financial scandals; ... d) the members proposed for the board of directors and the steering committee shall have the training and professional experience necessary for the position they are to perform; ... e) the name of the pension company is not liable to mislead the participants, potential participants or other persons; ... f) the founders provide proof of full and monetary payment of the share capital; ... g) proof of payment of the fee for the application for the authorization of establishment is made. ... + Article 8 (. The Commission shall reject the application for authorisation of incorporation in the following situations: ... a) the documentation presented remains incomplete or is not drawn up in accordance with the legal provisions in force; ... b) failure to meet one of the conditions provided in art. 7. ... (2) The decision of rejection, written and reasoned, shall be communicated to the founders within 5 calendar days of its adoption. ... + Article 9 ((1) The founders shall register the company with the National Trade Register Office, within 30 calendar days from the receipt of the decision for the authorization of establishment. ... (2) Overcoming the term provided in par. (1) results in the loss of validity of the constituent authorization. ... (3) The authorization to establish a pension company does not guarantee the authorization of administration. ... + Article 10 (. The administrator shall obtain authorisation for the administration of voluntary pension funds from the Commission. ... ((. In order to obtain the authorisation for administration, the pension company, the investment management company or the insurance undertaking shall submit to the Commission an application accompanied by the following documents: ... a) the registration certificate with the National Trade Register Office; ... b) proof of payment or reunification, in monetary form, of the share capital, as the case may be; ... c) the draft storage contract; ... d) the draft civil society contract; ... e) the investment policy statement; ... f) 3-year business plan; ... g) the draft prospectus of the voluntary pension scheme; ... h) proof of payment of the fee for the application for the authorization ... i) any other documents and additional information provided for in the rules adopted by the Commission. ... (. The Commission may require the pension company, the investment management company or the insurance undertaking, within 30 calendar days of receipt of the application for authorisation, documents and additional information, which they must provide them within a maximum of 30 calendar days from the date of receipt of the request. ... (. The Commission shall examine the application for authorisation of administration and, within 30 calendar days from the date of receipt of the last set of documents and information, proceed with the approval or rejection of the application by written and reasoned decision. ... + Article 11 The approval decision or the rejection decision, as the case may be, shall be communicated within 5 calendar days of its adoption. + Article 12 ((. The modification of the content of the documents which have been the basis of the authorisation for administration must be approved in advance by the Commission, unless the amendment is outside the control of the administrator ... (. The Commission shall examine the amendments in accordance with the authorization procedure referred to in Article 2 10 and approve or reject the requested changes. The decision is communicated according to art. 11. ... + Article 13 (. The Commission shall draw up and keep records in the Register of Private Pension Funds and Administrators, hereinafter referred to as the Register. ... (. The Register shall include: ... a) the name and nature of the voluntary pension fund; ... b) the name, the seat, the registration number in the trade register and the unique registration code of the administrator; ... c) the list of shareholders of the administrator, members of the board of directors and their holdings of shares; ... d) the name, the registered office, the registration number in the trade register and the unique registration code of the depositary; ... e) the authorization code of the voluntary pension fund, the administrator's authorization code and the depositary's opinion code; ... f) the Member State of the European Union or of the European Economic Area, in which the administrator operates, in case of activities under the conditions of art. 29 29 para. ((3); ... g) other information provided in the rules adopted by the Commission. ... (3) The register is intended to record and update the records of voluntary pension funds and their administrators. ... ((. On the date of granting of the authorisation, the Commission shall register the administrator in the Register ... (5) Any modification regarding the withdrawal of the administrator authorization shall be recorded in the Register. ... ------------- Alin. ((5) of art. 13 13 has been amended by section 1 1 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 14 ((1) The name of the pension company that obtains authorization for administration, in accordance with the provisions of this law and those of Law no. 411/2004 on privately managed pension funds, republished, with subsequent amendments and completions, will contain the phrase company for the administration of private pension funds. ... (2) The phrase provided in par. ((1) shall be used only in the name of the administrators who hold an authorisation for administration in accordance with the provisions of this Law and/or those of Law no. 411/2004 , republished, with subsequent amendments and completions. ... ------------- Article 14 has been amended by section 4.2. 7 7 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. + Article 15 (. The activity of an administrator shall include the following: ... a) the collection of participants ' contributions, their transformation into fund units and the updating of their accounts information; ... b) the transfer of cash liquidity and the settlement of expenses on the operations of the voluntary pension fund; ... c) records, administration and investment of the assets of the voluntary pension fund; ... d) calculation of the amount from the account of each participant at the end of the accumulation period, ... e) the calculation of the net value of the assets of the voluntary pension fund and of the fund unit, every working day; ... f) conversion of contributions and cash transfers into units of funds; ... g) records of individual accounts, as well as the provision of documents regarding participation, notification, regular information or transfer of participants ... h) management of the daily operations of the voluntary pension fund; ... i) making payments due to the entities involved ... j) managing relations with the entities involved; ... k) elaboration, submission, submission, publication and distribution of reports, according to the law; ... l) management, preservation and archiving of documents on the voluntary pension fund, its own activity, its participants and beneficiaries; ... m) other activities provided for in the rules adopted by the Commission ... (2) The assets and liabilities of each voluntary pension fund shall be organised, highlighted and managed separately, separately from the other activities and by the administrator's own accounting, without the possibility of transfer between funds or between funds and administrator. ... (3) All assets and liabilities corresponding to the activity of administration of voluntary pension funds are restricted, managed and organized separately from other activities of insurance companies, respectively of companies investment management, without the possibility of transfer. ... (4) Restricted assets and liabilities, managed and organized separately, provided in par. ((3), are limited to operations related to voluntary pension funds and related activities. ... (5) The accounting of operations arising from the application of the provisions of this Law shall be made in accordance with the applicable accounting ... (6) The Commission shall develop and issue rules and regulations in the field of accounting and in the field of archiving, for the field supervised by it, with the opinion of the Ministry ... (7) The financial statements and those regarding the operations of any entity subject to the authorization, supervision and control of the Commission, according to the provisions of this law, will be elaborated in accordance with the specific requirements Public finances and with the regulations of the Commission and will be audited by natural or legal persons, active persons, members of the Chamber of Financial Auditors in Romania. ... ((8) The implementation of the provisions on the financial audit of the entities involved in the administration of voluntary pension funds will be established on the basis of a protocol concluded between the Commission and the Chamber of Financial Auditors in Romania. ... + Article 16 The administrator has the obligation to constitute in its organizational structure an internal audit direction and a distinct direction, responsible for the analysis of investment opportunities and the placement of assets in accordance with the established strategy. + Article 17 (1) The administrator may not delegate liability for the administration of the voluntary pension fund. ... (2) Entrusting the execution of certain obligations to a third party does not exonerate the liability administrator. ... (3) An administrator may administer one or more voluntary pension funds, for each fund having a separate and authorized voluntary pension scheme prospectus. ... + Article 18 (1) The administrator's shares are nominative, cannot be converted into bearer shares, may not be preferential shares and may be denominated. ... (2) The constitutive act of the administrators must provide that the shareholders cannot benefit from preferential rights or other privileges and that it is forbidden to limit the rights or impose additional obligations. ... + Article 19 The administrator may acquire a share or all of the share capital of another administrator only with the prior approval of the Commission and in compliance with competition law. + Article 20 (1) The social capital of the administrator may not come from loans or credits and cannot be encumbered by tasks. ... (2) The minimum social capital required for the administration of voluntary pension funds is the equivalent in lei, calculated at the exchange rate of the National Bank of Romania at the date of establishment, of 1.5 million euros. ... (3) The minimum social capital of the administrator represented by a newly established pension company is subscribed and fully paid, exclusively in cash, at the time of establishment, in an account opened with a bank, the Romanian legal person, or at a branch of a foreign bank authorized to operate on the territory of Romania. ... (4) The minimum share capital of the manager represented by an investment management company or an insurance undertaking shall be completed, where appropriate, at the cumulative minimum level required for carrying out the activities for which the require authorization, subscribe and fully, exclusively in cash, at the time of the administration authorization, in an account opened with a bank, the Romanian legal person, or at a branch of a foreign bank authorized to operate on . ... ------------- Alin. ((4) of art. 20 20 has been amended by section 7 7 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. (5) The social capital of the administrator, provided in par. (2), will be increased by 0.2% for the equivalent in lei of each million euros that exceeds the equivalent in lei of 200 million euros of total net assets of voluntary pension funds, under management. ... + Article 21 (1) A natural or legal person may be a shareholder in a single administrator. ... ((2) Any holding of more than 5% of the authorized capital of the administrator shall be endorsed by the Commission. ... (3) The quality of the shareholders must meet the need to ensure prudent and sound management of the voluntary pension fund and allow effective supervision to be carried out in order to protect the interests of the participants and the beneficiaries. ... (. The administrator's shareholders must meet at least the following conditions: ... a) justify the origin of the funds for the share capital; ... b) provide all necessary information for the identification of affiliation relations with other persons; ... c) to have worked, in the case of legal entities, at least 3 years, except for those resulting from the merger or division of another legal person who, before the merger or division, worked for a minimum of 3 years. ... + Article 22 (1) The management board of the administrator shall decide on the investment policy and on the financial policy of the voluntary pension fund, as well as on any other duties provided for in the organization and functioning regulations endorsed by the Commission. ... (2) The administrators, directors, or members of the supervisory board or directorate, as the case may be, must meet the conditions required by the company law, as well as the following conditions: ... ------------ The introductory part of para. ((2) of art. 22 22 has been amended by art. IV of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 of 22 October 2007, by replacing the phrase "members of the board of directors and of the steering committee" with the phrase "administrators, directors, respectively members of the supervisory board or directorate". a) to be graduates of a higher education institution; ... b) have professional experience of at least 5 years in the field of investments, financial, legal, banking or insurance; ... c) have the necessary honorability for the position they are to perform. ... ((. The members of the Management Board or of the steering committee, as the case may be, shall have the moral and professional conduct corresponding to the function and meet at least the following requirements: ... a) have not been sanctioned by Romanian or foreign authorities in the financial field with the prohibition to carry out activities in the financial system or, at the date of submission of the application for authorization, with the temporary prohibition to carry out such activities; ... b) not to have held the position of administrator of a Romanian or foreign company, which is under judicial reorganization or declared bankrupt in the last 2 years prior to the onset of bankruptcy proceedings; ... c) not to have been part of the management of a company that did not comply with its material and financial obligations to third parties at the time of termination of the activity of that ... d) not to have mentions in the criminal and fiscal records. ... + Article 23 (1) The administrators, directors or members of the supervisory board or the directorate, as the case may be, of an administrator shall not be members of the governing bodies of: ... ------------ The introductory part of para. ((1) of art. 23 23 has been amended by art. IV of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 of 22 October 2007, by replacing the phrase "members of the board of directors and of the steering committee" with the phrase "administrators, directors, respectively members of the supervisory board or directorate". a) other voluntary pension fund managers or their affiliated persons; ... b) the depositary of the voluntary pension fund or its affiliated persons; ... c) trade union and employers ' organizations. ... (2) The prohibition provided in par. ((1) shall also apply to persons having employment, trade or other relations similar to the entities referred to in the same paragraph. ... + Article 24 (1) The administrator must act in the interest of the participants and apply prudential principles in his activity. ... (2) The administrator may not be a person affiliated with the depositary. ... ------------- Alin. ((2) of art. 24 24 has been amended by section 7 7 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. + Article 25 (. The administrator's own financial assets may not be used for: ... a) the granting of loans; ... b) the guarantee of loans or loans. ... (2) Transactions in its own name carried out by an administrator comply with the obligations of prudential investment of the assets of the voluntary pension funds provided by this law. ... ((3) From the date of Romania's accession to the European Union, the administrators may designate: ... a) for the preservation of their assets, depositaries established in another Member State of the European Union or belonging to the European Economic Area and duly authorised for this activity; ... b) for the management of their investment portfolios, investment managers established in another Member State of the European Union or belonging to the European Economic Area and duly authorised for this activity. At the request of the competent authority of the administrator's home state, the Commission may prohibit the depositary in Romania from disposes of the assets of the voluntary pension fund. ... + Article 26 (1) For the administration of a voluntary pension fund, the administrator shall charge participants and beneficiaries with an administration fee. ... (2) The maximum amount of commissions shall be determined by the prospectus of the voluntary pension scheme and shall be the same for all participants and beneficiaries in that scheme. ... ((. The modification of the fees shall be communicated to the participants at least 6 months before their application, with the opinion of the Commission. ... + Article 27 ((. The administrator shall pay the Commission, at the time of authorisation of the first voluntary pension fund, for the duration of its validity, a monthly administration fee. ... (2) For the term non-irmisation of the monthly administration fee provided in par. ((1), the Commission shall calculate interest and late payment penalties, in accordance with the regulations in force relating to the non-irate term amounts for budgetary obligations. ... + Article 28 (. Authorisation, approval and administration fees shall be determined by the rules adopted by the Commission. ... (2) The fees provided in par. (1) shall be borne by the applicant and the administrator respectively. ... ((. In the case of rejection of the application for authorization or endorsement, the charge levied shall not be returned. ... (4) Through the annual budget project, the Commission may change the level of fees. ... + Article 29 ((1) From the date of Romania's accession to the European Union, it may be administrator, for the purposes of this law, any entity authorized for this activity in another Member State of the European Union or belonging to the European Economic Area. ... ((2) Administrators who have been authorised, approved or subject to a similar procedure for the purpose of operation as an administrator of voluntary pension schemes in a Member State of the European Union or of the European Economic Area are exempt from the requirement of authorization by the Supervisory Commission of the Private Pension System. ... ((3) From the date of Romania's accession to the European Union, administrators authorized in Romania may receive contributions from participants and enterprises from another Member State of the European Union or belonging to the European Economic Area. ... (4) From the date of Romania's accession to the European Union, persons who meet the conditions to become participants in voluntary pension schemes and enterprises in Romania may make contributions to pension funds managed by authorised administrators in another Member State of the European Union or of the European Economic Area. ... (5) The Romanian administrator who intends to accept contributions from a participant from another Member State of the European Union or belonging to the European Economic Area must be authorised in advance by the Commission. ... (6) The administrator provided in par. ((5) notify its intention to the Commission, indicating: the host Member State, the name of the participant and the main features of the voluntary pension scheme. ... (7) The Commission, notified under par. ((6), if it has no reason to consider that the administrative structure or financial situation of the administrator or the reputation and professional qualifications or experience of the persons in its management are incompatible with the activities proposed in the host State, shall communicate to the competent authority of that State, within 3 months of receipt, all the information referred to in paragraph 1. ((6) and shall inform the administrator thereof. ... (8) Before an administrator in a Member State of the European Union or of the European Economic Area starts to administer a voluntary pension scheme with participants from Romania, the Commission shall communicate to the competent authority of the State member of origin, within two months from the receipt of the information provided in par. (6), the requirements established by the Romanian legislation on voluntary pensions, in accordance with which the optional pension scheme with participants in Romania must be managed, for the transmission of the interested administrator. ... (9) Upon receipt of the information provided in par. ((8) or, if it does not receive any notification from the competent authority of the home Member State, upon expiry of the period referred to in paragraph 1. (8), the administrator may start to administer the voluntary pension scheme with participants from Romania, in accordance with the requirements established by the Romanian legislation on voluntary pensions. ... ((10) The administrator of a Member State of the European Union or of the European Economic Area, which administers a voluntary pension scheme with participants from Romania, will comply with the information requirements laid down by the Commission, according to the provisions of the ... (11) The Commission shall inform the competent authority of the home Member State of any significant changes to the requirements of the Romanian voluntary pension legislation. ... (12) The Commission shall permanently supervise the administrator of a Member State of the European Union or of the European Economic Area, which administers a voluntary pension scheme with participants from Romania, following compliance with the activities to him the requirements established by the Romanian legislation on voluntary pensions, as well as the requirements for the provision of information, provided in par. ((10). ... ((13) Where, as a result of surveillance, infringements of these requirements are found in the work of the administrator, the Commission shall notify the competent authority of the home Member State without delay. ... (14) The Commission, in cooperation with the competent authority of the host Member State, shall adopt the measures necessary for the administrator in Romania to terminate the breach of the requirements laid down by the relevant social and labour law in the field of of voluntary pensions in the host Member State. ... (15) If, despite the measures taken by the competent authority of the administrator's home Member State, or because such measures have not been adopted in the home Member State, the administrator shall continue to violate the Romanian legislation on voluntary pensions, the Commission may, after informing the competent authority of the home Member State, take the necessary measures to prevent or sanction other infringements, including, if strictly necessary, by the prohibition applied the administrator to carry out activities on behalf of participants in Romania. ... (16) The Commission may request the competent authority of the home Member State of the administrator to decide on the separation of assets and liabilities corresponding to the activity carried out in Romania by the other assets and liabilities. ... ((17) At the request of the competent authority of the host Member State, the Commission shall ask the Romanian administrator to separate the assets and liabilities corresponding to the activity carried out in the host State from the other assets ... + Chapter III Authorisation of the prospectus for voluntary pension scheme + Article 30 (1) The prospectus of the voluntary pension scheme is elaborated and proposed by the administrator. ... (2) Each prospectus of the voluntary pension scheme proposed by the administrator must obtain authorisation from the Commission. ... (3) The provision of the voluntary pension scheme may be amended only with the prior opinion of the Commission. ... + Article 31 ((1) In order to obtain the authorization of the first prospectus of the voluntary pension scheme, the pension company, the investment management company or the insurance company shall submit to the Commission an application, with the application for the authorisation of administration, the prospectus of the voluntary pension scheme, including the draft storage contract and the draft civil society contract. ... (2) The authorization of the first prospectus of the voluntary pension scheme is issued with the authorization to manage the pension fund. ... (3) The procedure for authorising and amending the prospectus of the voluntary pension scheme is laid down in the rules adopted by the Commission. ... + Article 32 The administrator shall proceed to the advertising of the prospectus of the voluntary pension scheme only after its authorization, under penalty of withdrawal of the administration authorization. + Article 33 The content of the voluntary pension scheme shall be determined by the rules adopted by the Commission and shall contain at least the following: a) name and seat of the administrator ... b) the conditions for the eligibility of the participants for the accession to the voluntary pension scheme; ... c) the amount of the contribution to the voluntary pension fund, as well as the method of payment thereof; ... d) how to divide between the participants of the investment results; ... e) the investment principles of the voluntary pension scheme; ... f) financial, technical and other risks involved in the voluntary pension scheme; ... g) the nature and distribution of the risks referred to in f); ... h) the exclusive right of ownership of the participants to the voluntary pension scheme on the amount existing in the individual accounts; ... i) the conditions for the start and payment of optional benefits; ... j) the conditions for granting voluntary benefits in case of invalidity; ... k) the maximum levels of commissions borne by the voluntary pension fund, broken down by category; ... l) periodicity and reporting procedure to participants; ... m) conditions and procedures for the cessation of participation and transfer to another voluntary pension fund. ... + Article 34 The Commission shall draw up the model of the management framework contract, which shall contain the following: a) Contracting Parties; ... b) the principles of the voluntary pension scheme; ... c) the main rights and obligations of the contracting parties and the method of implementation ... d) method of administration; ... e) the control procedures exercised by the auditors; ... f) the obligations to inform the administrator towards the participants and the authorities; ... g) records of the administrator regarding participants, contributions, investments and voluntary pensions; ... h) specific ways of finding, claiming and remedying deficiencies; ... i) the responsibility of ... j) sanctions; ... k) the duration of the management contract, the modalities of modification and termination of the management contract; ... l) information on the depository of the voluntary pension fund. ... + Article 35 The auditor and the depositary shall each pay their endorsement fee. + Article 36 (1) The modification of the prospectus of the voluntary pension scheme is made by the administrator with the consent of the majority of the participants in the voluntary pension ... ((. The amendments shall become applicable only after their endorsement by the Commission. ... + Article 37 Repealed. ------------- Article 37 has been repealed by point (a) 2 2 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 38 The Commission shall withdraw the authorisation to administer the administrator in one of the following a) non-compliance with 12 12 para. ((1), art. 16, 21, art. 22 22 para. ((2) and (3) and art. 23 23; ... b) the profitability of the voluntary pension fund was below the minimum profitability for 4 consecutive quarters; ... c) non-performance or improper performance of the obligations resulting from this law, from the rules adopted by the Commission or from the prospectus of the voluntary pension scheme; ... d) the administrator has not started the operations for which he was authorized, within one year of receiving the authorization, or has not exercised more than 6 months of administration activity; ... e) the shareholders decided to liquidate, merge or split the administrator; ... f) the administrator is in default; ... g) the administrator no longer meets the operating conditions; ... h) the administrator does not ensure the proper defence of the interests of the participants ... i) the administrator has not established sufficient technical provisions on the entire activity or does not have sufficient assets to cover the technical provisions; ... j) in case of activity under the conditions of art. 29 29 para. ((3), where the administrator does not comply with the requirements laid down by the relevant labour and social protection legislation in the field of voluntary pension schemes in the host Member State; ... k) any other situations laid down in the rules adopted by the Commission ... + Article 39 ((. Where the Commission proceeds to withdraw the authorisation for administration, the administrator shall be obliged to submit to the Commission the financial statement of the voluntary pension fund at the date of withdrawal, audited by a financial auditor. ... ((. Since the date of withdrawal of the authorisation, the Commission shall decide to establish special administration. ... + Article 40 ((1) The decision to reject the authorization of establishment or administration or the decision to withdraw the authorization of administration, written and reasoned, shall be communicated within 5 calendar days of its adoption and may be appealed to the court competent court, in accordance with the provisions Law of Administrative Litigation no. 554/2004 , with subsequent amendments and completions. ... ------------- Alin. ((1) of art. 40 40 has been amended by section 3 3 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. ((. The complaint to the competent administrative court shall not, during its settlement, suspend the measures ordered by the Commission. ... (3) The resolution of the complaint shall be dealt with in particular and urgency. ... ((. The procedure for withdrawing the authorisation for administration shall be determined by the rules adopted by the Commission. ... ------------- Alin. ((4) of art. 40 40 has been amended by section 3 3 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. (5) Within 10 calendar days from the date of expiry of the appeal period or, as the case may be, from the date of final and irrevocable stay of the court decision settling the appeal, the Commission shall publish the notice of withdrawal administration authorization in the Official Gazette of Romania, Part IV, as well as in two central dailies. ... + Article 41 The Commission shall issue rules: a) authorization as administrator; ... b) withdrawal of the administrator's administration authorization; ... c) merger and division of administrators; ... d) merger of voluntary pension funds. ... ------------- Article 41 has been amended by section 6.6. 4 4 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Chapter IV Establishment, authorization and withdrawal of the authorization of voluntary pension funds + Article 42 (1) The voluntary pension fund must be authorised by the Commission after the authorisation of the administrators and the prospectus of the voluntary pension scheme. ... (. The authorization shall be issued on the basis of a request made by the administrator, to which the following documents are attached: ... a) the individual act of accession to the civil society contract establishing the voluntary pension fund and the prospectus of the voluntary pension scheme; ... b) the civil society contract establishing the voluntary pension fund; ... c) other documents and information, in accordance with the requirements laid down by the Commission ... + Article 43 (. The Commission may request the administrator of other documents and information within 30 calendar days from the date of registration of the application for the authorisation of the voluntary pension fund. ... (. The Commission may verify any aspect relating to the application for the authorisation of the voluntary pension fund, being entitled: ... a) to address the competent authorities; ... b) to request documents and information from other sources. ... + Article 44 (1) The voluntary pension fund must have at least 100 participants and is constituted by civil society contract. ... ((2) The content of the civil society framework contract constituting a voluntary pension fund is established by the rules adopted by the Commission. ... (3) The name of the voluntary pension fund will contain the phrase "voluntary pension fund". ... (4) The name of the voluntary pension fund must not mislead the participants, potential participants or other persons. ... + Article 45 The Commission shall verify that the conditions laid down in this law are met by the members of the voluntary pension fund to be participants, under this law, shall endorse the civil society contract and shall, within 30 days calendar from the date of receipt of the last set of documents and information from the administrator, to the approval or to the reasoned rejection of the authorization of the voluntary pension fund. + Article 46 (. The Commission shall reject the application for the authorisation of the voluntary pension fund if the documentation submitted: ... a) it remains incomplete and after the expiry of the period of 30 calendar days from the request of additional information or documents; ... b) is not drawn up in accordance with the legal provisions in force; ... c) contains clauses that may harm the interests of the participants or who do not protect them properly. ... ((2) The decision rejecting the application for authorization of the voluntary, written and reasoned pension fund shall be communicated within 10 calendar days after its adoption. ... + Article 47 (. The voluntary pension fund shall receive contributions only after its authorisation by the Commission. ... (2) The financial resources of the voluntary pension fund are: ... a) net contributions converted into fund units; ... b) the rights due as a beneficiary and unclaimed within the general limitation period; ... c) interest and late payment penalties related to non-irate contributions; ... d) the amounts from the investment of the income referred to in a)-c). ... (3) The management expenditure incurred by the voluntary pension fund shall be as follows: ... a) the management fee; ... b) the storage commission; ... c) trading fees; ... d) bank fees; ... e) fees for auditing the voluntary pension fund. ... + Article 48 A voluntary pension fund cannot be declared bankrupt. + Article 49 A voluntary pension fund can be administered and represented in the relations with third parties, including before the courts, only by the administrator who has authorization for administration for that fund. + Article 50 All information on voluntary pension funds is provided by the administrator. + Article 51 (. All participants and beneficiaries in a voluntary pension fund shall have the same rights and obligations and shall be treated with non-discriminatory treatment. ... ((2) Participants and beneficiaries of a voluntary pension fund shall have the right to equal treatment and in the event of a change of employment, domicile or residence in another country, a Member State of the European Union or of the Economic European. ... (3) In case of changes in the workplace, domicile or residence in another country, the participants opt to continue to pay the contributions to a voluntary pension fund in Romania or to pay contributions to another pension fund. ... (4) No person wishing to become a participant may be subject to discriminatory treatment and shall not be denied the status of a participant if he is eligible. ... + Article 52 (1) When the number of participants has decreased and is maintained below the legal minimum for one quarter, the Commission shall withdraw the authorisation of a voluntary pension fund. ... (2) The administrator ceases any activity related to the voluntary pension fund from the date of becoming aware about the withdrawal of its authorization. ... ((3) From the date on which the Commission withdraws the authorization of a voluntary pension fund, the provisions of art. 58 58-70 relating to special administration. ... + Article 53 The decision to reject the application for authorization of the voluntary pension fund or to withdraw the authorization, as the case may be, can be appealed to the competent administrative court, according to the law. + Article 54 Within 10 calendar days from the expiry date of the appeal period or, as the case may be, from the date of final and irrevocable stay of the judgment by which the appeal has been resolved, the Commission shall publish the notice of withdrawal of the authorization in The Official Gazette of Romania, Part IV, as well as in two central dailies. + Chapter V Special supervision + Article 55 (1) The special supervision aims to apply additional measures to limit the risks and to ensure the recovery of the voluntary pension fund, in order to protect the interests of participants and beneficiaries, in a situation where deficiencies are found following the checks carried out by the Commission and which are not situations of a nature to establish special administration. ... (. The establishment of special supervision and the appointment of the Special Supervisory Board shall be made by the Commission. ... (. The Commission shall notify the administrators of the special supervision, together with the documents on the grounds and the appeal procedure. ... + Article 56 (1) Members of the Special Supervisory Board shall have access to all documents and records of the voluntary pension fund and the administrator, being obliged to maintain the confidentiality of the information. ... (. The special supervisory board shall not be substituted for the management bodies of the administrator. ... + Article 57 (1) The special supervisory board shall assist and supervise the activity of the administrator relating to the voluntary pension fund. ... (. The Special Supervisory Board shall have the following tasks: ... a) analyse the financial situation of the voluntary pension fund and the administrator and submit periodic reports to the Commission; ... b) pursues the way in which the administrator applies the measures to remedy the deficiencies found in the control acts drawn up by the Commission's control bodies; ... c) pursues the implementation of the plan to remedy the deficiencies or financial recovery of the voluntary pension fund, proposed by the administrator; ... d) suspend or abolish the decision-making acts of the administrator, contrary to prudential regulations or that determine the deterioration of the financial situation of the voluntary pension fund; ... e) proposes to the Commission to impose sanctions if the administrator fails to comply with the measures ordered by the Special Supervisory Board; ... f) other tasks established by the Commission. ... ((. During the exercise of special supervision, the Special Supervisory Board shall endorse the decisions taken by the management bodies of the administrator. ... + Chapter VI Special administration + Article 58 (1) The special administration aims to exercise the fiduciary liability to preserve the value of the assets of voluntary pension funds and to limit losses, in order to protect the rights due to participants and beneficiaries. ... ((. Special administration shall be established in the case of withdrawal of the authorisation of the voluntary pension fund or the authorisation of administration. ... ------------- Alin. ((2) of art. 58 58 has been amended by section 5 5 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 59 On the working day following the date of adoption of the decision to withdraw the authorisation for administration or the authorisation of the voluntary pension fund, the Commission shall notify the administrator of the withdrawal of the authorisation and request authorized administrators for the administration of voluntary pension funds, for the special administration of voluntary pension funds. ------------- Article 59 has been amended by point 6 6 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 60 Within 5 calendar days from the date of notification, the administrators shall transmit the offers of temporary administration. + Article 61 (1) Within 5 calendar days from the expiry of the term provided for in art. The Commission shall select the temporary management offers 60 ... (2) The main selection criteria for tenders shall consist in the performance of the administrators, the investment policy and the level of expenditure related to administration. ... + Article 62 The administrator selected according to the selection criteria provided in art. 61 61 para. (2) shall take into administration the assets of voluntary pension funds. + Article 63 If the administrators do not submit tenders, the Commission shall designate a special administrator for the temporary administration of the respective voluntary pension fund, after the expiry of the period provided for in art. 60, of authorized administrators. + Article 64 On the working day following the appointment of the special administrator, the Commission shall publicly announce the participants of the voluntary pension fund concerned about the need to choose a new administrator within 90 calendar days. + Article 65 After the distribution is carried out, the Commission shall notify the appointed administrator of the new administrator to whom the personal asset of each assigned participant must be transferred within 12 months. + Article 66 The designated special administrator shall manage the assets of the voluntary pension funds, including the contributions received during this period, within 12 months, in order to transfer the personal assets to the chosen administrator. + Article 67 If at the end of the term provided for in art. 64 the participants have not chosen another administrator, the Commission shall allocate the participants to other administrators within 30 calendar days, taking into account the criteria provided for in art. 61 61 para. ((2). + Article 68 The measure establishing the special administration or designation of the special administrator can be challenged at the competent administrative court, according to the law. + Article 69 The announcement of the establishment or revocation of the special administration, as well as of the specially designated administrator shall be published by the Commission in the Official Gazette of Romania, Part IV, as well as in two central dailies. + Article 70 The Commission shall issue rules: a) the selection criteria and the conditions to be met by the special administrator; ... b) the tasks of the Special ... c) the procedure for the administration of the voluntary pension fund until the date of final and irrevocable stay of the decision of the competent administrative court. ... + Chapter VII Transfers between voluntary pension funds + Article 71 (1) The prospectus of the voluntary pension scheme contains rules on the transfer to another voluntary pension fund. ... (2) As the participant has joined a new voluntary pension fund, it may: ... a) transfer their personal asset from previous voluntary pension funds to the new fund; ... b) to retain the status of participant in all voluntary pension funds, to cumulate them at the time of opening the pension right. ... + Article 72 (1) If the participant wishes to transfer the personal asset to another voluntary pension fund, he is obliged to notify the administrator of the previous voluntary pension fund and to send him a copy of the act of accession. ... (. The Commission shall issue rules on: ... a) the form and content of the document by which the participant notifies the administrator about the transfer to another voluntary pension fund; ... b) the procedures for joining the new voluntary pension fund. ... + Article 73 (1) Within 5 calendar days from the notification, the administrator of the previous voluntary pension fund shall make a cash transfer to the administrator of the new voluntary pension fund. ... (2) The transfer of cash liquidity includes the personal asset, calculated on the date of the application, less the legal deductions. ... (3) The administrator of the previous voluntary pension fund shall submit to the administrator of the new voluntary pension fund all information relating to contributions made to the participant's account, as well as to liquidity transfers money on the account of that participant. ... + Chapter VIII Participants and contributions + Article 74 (1) The participant in a voluntary pension fund is the employee, public servant or person authorized to carry out an independent activity, according to the law, the person who operates in elective functions or who is appointed to the executive, legislative or judicial authority, during the term of office, the member of a cooperative society Law no. 1/2005 on the organization and functioning of the cooperation, as well as another person who makes income from professional or agricultural activities, who accedes to a voluntary pension fund and who contributes or/and on whose behalf contributions have been paid to a voluntary pension fund and has a future right to a voluntary pension. ... (2) Accession to a voluntary pension fund is an individual option. ... (3) At the signing of the Act of Accession the participants shall be informed of the conditions of the voluntary pension scheme, in particular with regard to the rights and obligations of the parties involved in the voluntary pension scheme, financial, technical and of a different nature, and of the nature and distribution of these risks. ... + Article 74 ^ 1 (1) The marketing activity of the prospectus of the voluntary pension scheme can be carried out only through a marketing agent, legal person or, as the case may be, the natural person operating for this purpose, authorized or endorsed by the Commission. ... (. The Commission shall issue rules on the marketing activity of voluntary pension funds, including the authorisation or endorsement procedure, as appropriate, of marketing agents. ... ------------- Art. 74 ^ 1 was introduced by item 7 7 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 75 (1) The individual Act of Accession is a written contract, concluded between the individual and the administrator, and contains the person's agreement to the civil society contract and the prospectus of the voluntary pension scheme, and the fact that he received a copy of these documents and accepted their contents. ... (2) The administrator shall not refuse to sign the individual act of accession to any person entitled to participate in this voluntary pension scheme. ... ((3) The form of the Act of Accession is the same for all participants in that voluntary pension fund. ... (4) The framework form of the individual act of accession is established by the Commission by rules. ... ((. The administrator may amend this act only with the authorization of the Commission. ... + Article 76 (1) Contributions to a voluntary pension fund shall be determined according to the rules of that voluntary pension scheme, shall be retained and transferred by the employer, with compulsory social insurance contributions, or by the participant, monthly, in the pension fund account specified in the individual act of accession. ... ------------- Alin. ((1) of art. 76 76 has been amended by section 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. ((2) The contribution to a voluntary pension fund may be up to 15% of the monthly gross salary income or from the income assimilated to the person who adheres to a voluntary pension fund. ... (3) The contribution provided in par. (2) may be divided between the employee and the employer according to the provisions established by the collective agreement or, in its absence, on the basis of a protocol concluded with the employees ' representatives ... ((4) The employer and the union or, as the case may be, the employees 'representatives, through the collective agreement at the level of unity, group of units or branch, or the employer alone or by association with other employers and the employees' representatives, in the lack of a collective agreement and/or in the absence of the union, may propose participation in a voluntary pension fund. ... (5) The employer constitutes and shall pay monthly the contribution due by each employee who has acceded to a voluntary pension fund, on the basis of a copy of the individual act of accession to the prospectus of the voluntary pension scheme concluded with a administrator. ... (6) For the timely non-irmisation of the contributions, the Commission shall verify the procedure for determining the interest and late payment penalties calculated by the administrator, in accordance with the regulations in force relating to the non-irate term amounts for budgetary obligations. ... (7) The administrator is obliged to notify the employer, the Commission and the participant of the non-fulfilment of the obligation to the voluntary pension fund. ... ((8) The amount representing the contributions to the voluntary pension funds, provided in par. (2), is deductible for each participant from the monthly gross salary income or from the income assimilated to him, within the limit of an amount representing the equivalent in lei of 200 euros, in a fiscal year. ... ((9) The amount of contributions to the voluntary pension funds of an employer in proportion to its share is deductible, when calculating the taxable profit, within the limit of an amount representing, for each participant, the equivalent in lei of 200 euros, in a fiscal year. ... (10) In order to recover the financial obligation provided in par. (5), the administrator may request the enforcement of enforcement measures on the employer, according to the provisions of the Code of Civil Procedure. ... (11) Participants may, at any time, modify, in compliance with the level provided in par. ((2), suspend or cease contributions to a voluntary pension fund, notifying the administrator and the employer in writing, as the case may be, at least 30 calendar days before the date of suspension or termination of contributions. ... (12) The notification provided in par. (11) will in no way affect the personal asset and entitle the employer to suspend or terminate the contractual obligation. ... + Article 77 (1) If a participant ceases to pay the contribution, he shall retain his rights, according to the rules of the voluntary pension scheme, unless he has applied for a transfer of cash liquidity to another voluntary pension fund. ... (2) The participant in a voluntary pension fund in Romania, which has been seconded to another country, is entitled to the continuation of the payment of contributions to that fund during its posting. ... (. If a participant becomes unable to perform a work as a result of invalidity, he shall be entitled to use the personal asset in accordance with the rules adopted by the Commission. ... (. If a participant dies before retirement, the personal assets valued at that date shall be distributed to the beneficiaries under the succession act and the rules of the Commission. ... ((5) In the event of a change of employment, residence or residence in another country, a Member State of the European Union or of the European Economic Area, the participant and the beneficiary shall retain the right to the optional pension voluntary pension schemes in Romania and this is paid in that state, in the remaining amount after the decrease of all taxes and expenses related to payment. ... + Chapter IX Participants ' accounts and asset valuation + Article 78 ((1) The participant is the owner of the personal asset from his account. ... (2) The personal asset is indistinguishable, and cannot be subject to any enforcement action. ... (3) The personal asset cannot be pledged or transferred, cannot be used for granting credits or to guarantee credits, under penalty of nullity. ... + Article 79 ((1) Contributions shall be collected on the basis of the personal numerical code in the individual accounts of ... (2) Contributions to a voluntary pension fund and cash transfers shall be converted into units and divisions thereof, calculated by 6 decimal places. ... (3) The total value of the fund units of a voluntary pension fund is always equal to the total value of the fund's assets. ... (. The Commission shall issue rules on the total net asset and the principles for the valuation of the assets and liabilities of voluntary pension funds. ... + Article 80 ((1) The contributions and the transfer of cash liquidity to a voluntary pension fund shall be converted into units within a maximum of 4 working days from the date of their collection. ... ------------- Alin. ((1) of art. 80 80 has been amended by section 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. (2) The initial value of a fund unit will be 10 lei (RON). ... + Article 81 (. The value of the net assets and the value of the fund unit of a voluntary pension fund shall be calculated by both the administrator and the depositary each working day and shall be communicated to the Commission on the same day. ... (2) The value of net assets and the value of the fund unit of a voluntary pension fund shall be audited annually by a financial auditor, member of the Chamber of Financial Auditors of Romania, endorsed by the Commission. The auditor may not be the person affiliated with the employer, administrator or depositary. ... ((3) Auditors who have been authorised, approved or subject to a similar procedure for the purposes of functioning as an auditor on the pensions market in a Member State of the European Union or of the European Economic Area are exempted from the requirement Notice by the Supervisory Commission of the Private Pension System. ... + Article 82 The administrator who has received contributions for a period of at least 24 months shall calculate, on the last working day of each quarter, the rate of return of each voluntary pension fund for the last 24 months and shall communicate it to the Commission. + Article 83 The Commission shall issue rules on: a) the calculation rules on the daily value of the total net asset and the daily value of a fund unit; ... b) the information obligations of the depositary to the Commission on the value of the net assets of the voluntary pension fund, the value of a fund unit, the return on the fund, and the method by which this notice is made; ... c) form and date of publication of weighted average rates of return on all voluntary pension funds; ... d) procedure for the approval of the financial auditor. ... + Chapter X Investments of voluntary pension funds + Article 84 The Commission shall verify the fulfilment of the obligation of the managers of prudential investment of the assets of voluntary pension funds, in compliance with the following rules, in particular: a) investing in the interest of participants and beneficiaries, and in the event of a potential conflict of interest, the administrator managing the assets of voluntary pension funds must adopt measures to invest only in their interest; ... b) investing in a way that ensures their security, quality, liquidity and profitability, and those held to cover the Guarantee Fund are also invested in a manner appropriate to the nature and duration of due rights. participants and beneficiaries; ... c) investing in instruments traded on a regulated market as provided for in Law no. 297/2004 on the capital market, with subsequent amendments and completions; ... d) investments in derivatives are allowed only to the extent that they contribute to lower investment risks or facilitate the efficient management of assets; ... e) the assets are appropriately diversified so as to avoid over-reliance on a particular asset, issuer or group of companies and concentrations of risks on the whole of the assets. ... f) the investment of the assets of voluntary pension funds by their administrators must not be exclusively and mechanically based on credit ratings issued by credit rating agencies. ... ---------- Lit. f) of art. 84 84 was introduced by art. I of LAW no. 87 87 of 23 April 2015 published in MONITORUL OFFICIAL no. 282 282 of 27 April 2015. + Article 85 The Commission may decide not to apply the requirements of art. 84 lit. c) and e) for investments in government securities. + Article 86 (. The administrator shall draw up a declaration on investment policy in written form. The Investment Policy Declaration shall comply with the investment rules and shall contain: ... a) the investment strategy of assets, in relation to the nature and duration of the obligations; ... b) methods for assessing the investment risks; ... c) risk management procedures; ... d) method of revision of the investment rules; ... e) the persons responsible for making decisions and making investments, the procedures for decision-making. ... ((. The administrator shall review and supplement the investment policy statement whenever there is an important change in the investment policy or at least every 3 years, with the agreement of the Commission, informing the participants of the the new investment policy. ... + Article 87 (1) In compliance with art. 84, administrator invests in: ... a) money market instruments, including accounts and deposits in lei at a bank, Romanian legal person, or at a branch of a foreign credit institution authorized to operate on the territory of Romania and which is not in the procedure of special supervision or special administration or whose authorization is not withdrawn, without exceeding a percentage of more than 20% of the total value of the assets of the voluntary pension fund; ... b) State securities issued by the Ministry of Public Finance of Romania, issued by Member States of the European Union or belonging to the European Economic Area, up to 70% of the total value of the assets of the voluntary pension fund; ... c) bonds and other securities issued by the local public administration authorities in Romania or in the Member States of the European Union or belonging to the European Economic Area, up to 30% of the total value of the assets voluntary pension fund; ... d) securities traded on regulated and supervised markets in Romania, from the Member States of the European Union or belonging to the European Economic Area, up to 50% of the total value of the pension fund's assets optional; ... e) government securities and other securities issued by third countries, up to 15% of the total value of the assets of the voluntary pension fund; ... f) bonds and other securities traded on regulated and supervised markets, issued by the local public administration authorities of third countries, up to 10% of the total value of the assets of the voluntary pension fund; ... g) bonds and other securities of non-governmental foreign bodies, if these instruments are listed on authorized stock exchanges and meet the rating requirements, up to 5% of the total value of the assets of the voluntary pensions; ... h) participation titles issued by collective investment undertakings in securities from Romania or other countries, up to 5% of the total value of the assets of the voluntary pension fund; ... i) other forms of investment provided for by the rules adopted by the Commission ... (2) The investments provided in par. (1), as the case may be, shall be carried out in accordance with the regulations of the National Bank of Romania ... ((. The Commission may temporarily amend the maximum percentage of assets which may be invested in the categories of assets referred to in paragraph 1. (1) and shall issue rules for that purpose. ... (. Depending on the nature of the issuer of instruments in which the administrator may invest, the maximum permissible percentages shall be: ... a) 5% of the assets of a voluntary pension fund may be invested in a single trading company or in each category of its assets; ... b) 10% of the assets of a voluntary pension fund can be invested in the assets of a group of issuers and their affiliated persons. ... + Article 88 Investments of the assets of voluntary pension funds are exempt from tax until the time of payment of the right due to participants and beneficiaries. + Article 89 (1) The administrator shall exercise, on behalf of the participants, the right to vote in the general meetings of the shareholders of the companies in whose social capital the assets of the voluntary pension fund have been invested. ... (2) The vote is exercised exclusively in the interest of participants and beneficiaries in the voluntary pension fund. ... + Article 90 (1) The assets of the voluntary pension fund cannot be invested in: ... a) assets that cannot be disposed of by law; ... b) assets whose valuation is uncertain, as well as in antiques, works of art, motor vehicles and the like; ... c) real estate; ... d) shares, bonds and other securities issued by the administrator; ... e) any other assets established by the rules adopted by the Commission. ... (2) The assets of the voluntary pension fund may not be disposed of: ... a) the administrator or the auditor; ... b) the depositary; ... c) the special administrator; ... d) members of the Commission and Commission staff; ... e) persons affiliated to the entities referred to in a)-d); ... f) any other persons or entities provided for by the rules adopted by the Commission ... (3) The assets of the voluntary pension fund may not constitute guarantees and may not be used for granting credits, under penalty of nullity. ... + Article 91 (. The Commission shall calculate and publish monthly: ... a) the weighted average rate of return of all voluntary pension funds for the last 24 months; ... b) the rate of return of each voluntary pension fund for the last 24 months; ... c) the minimum rate of return on all funds. ... (2) If the rate of return of a voluntary pension fund is lower than the minimum rate of return of all pension funds in Romania in 4 consecutive quarters, the Commission shall withdraw the authorisation for administration of the administrator, applying the procedure for the special administration referred to in art. 58-70. ... + Chapter XI Financing of administrator + Article 92 (1) The incomes of the administrator resulting from the administration of voluntary pension funds shall be from: ... a) management fee; ... b) transfer penalties; ... c) tariffs for additional information services, upon request, provided according to the provisions of this law. ... (. The administration commission shall be constituted by: ... a) the deduction of an amount of the contributions paid, but not more than 5%, provided that this deduction is made before the conversion of the contributions into units of the fund; ... b) deduction of a percentage of the total net asset of the voluntary pension fund, but not more than 0.2% per month, established by the prospectus of the voluntary pension scheme. ... (3) The transfer penalty represents the amount supported by the participant if the transfer to another administrator is made earlier than 2 years after the accession to the previous voluntary pension fund, the maximum limit of which is established by rules adopted by the Commission. ... (4) The administrator uses the same method of calculation and perception of management fees for all participants in the same voluntary pension fund. ... + Chapter XII Pension payments + Article 93 (1) Personal asset is used only to obtain a voluntary pension. ... (2) The right to voluntary pension shall be opened, at the request of the participant, with the following cumulative conditions: ... a) the participant has reached the age of 60; ... b) a minimum of 90 monthly contributions have been paid; ... c) the personal asset is at least equal to the amount necessary to obtain the minimum optional pension provided for by the rules adopted by the Commission. ... + Article 94 It is exempted from the provisions of art. 93 93 situations in which: a) the participant does not meet one of the conditions provided in art. 93 93 para. ((2) lit. b) and c), in which case it receives the existing amount in its account as a single payment or instalment payments in instalments for a maximum of 5 years, at its choice; ... b) the participant benefits from invalidity pension for conditions that no longer allow the resumption of activity, defined according to Law no. 19/2000 on the public pension system and other social security rights, with subsequent amendments and completions, in which case it may obtain: ... 1. the amount existing in his account as a single payment or instalment payments in installments for a maximum of 5 years, if he does not meet the condition provided in art. 93 93 para. ((2) lit. c) in accordance with the rules adopted 2. a voluntary pension whose conditions and deadlines are established by special law on the organization and functioning of the pension payment system regulated and supervised by the Commission, if it meets the condition laid down in art. 93 93 para. ((2) lit. c); c) the death of the participant occurred before the application for obtaining a voluntary pension, in which case the amount in the account is paid to the beneficiaries, under the conditions and in the amount established by the individual act of accession and by the act of succession; ... d) the death of the participant occurred after the opening of the right to the optional pension, in which case the related amounts are paid to the nominated person; ... e) the death of the participant came after the opening of the right to the optional pension and he did not choose a type of optional pension with the survivor component, in which case the related amounts are paid to the beneficiaries. ... + Article 95 Within 3 years from the entry into force of this Law, the special law on the organization and functioning of the pension payment system regulated and supervised by the Commission shall be adopted. + Article 96 The voluntary pension is subject to legal regulations on pension taxation and forced execution. + Chapter XIII Prohibitions + Article 97 (1) It is forbidden to offer collateral benefits to a person in order to convince him to join or remain a participant in a voluntary pension fund. ... (2) It is forbidden to offer collateral benefits to an employer or to persons affiliated with that employer, in order to reward him or to induce him to convince or ask his employees to join a certain voluntary pension fund. ... (3) It is forbidden to offer collateral benefits to a trade union or other collective entity or to persons affiliated with that trade union or entity, in order to reward it or to induce it to persuade or require its members to adhere to a certain voluntary pension fund. ... (4) It is forbidden to offer collateral benefits to foundations, associations of any type, political parties, employers or any associative structures, in order to reward them or to induce them to convince or to require their members to adheres to a certain voluntary pension fund. ... + Article 98 (1) Administrators, depositaries, employers and their affiliated persons shall be prohibited: ... a) to transmit erroneous, incomplete information or that may create a false impression, to make claims or to make statements, including by advertising or other promotional forms or in written information that is distributed to participants or potential participants, about a prospectus of the voluntary pension scheme, a voluntary pension fund or its administrator; ... b) to make, in front of the participants or potential participants, statements or forecasts about the evolution of investments of a voluntary pension fund, other than in the form and in the manner provided for in the rules adopted by the Commission. ... ((. If the Commission finds that the information is likely to mislead, it may prohibit its publication and distribution and compel the publication of the rectification within 30 calendar days of the finding. ... + Article 99 ((. The Commission shall issue rules on information contained in advertisements or promotional material in relation to a prospectus of the voluntary pension scheme. ... (. The Commission shall issue rules providing for any other obligations concerning the marketing of prospectuses of voluntary pension schemes. ... + Chapter XIV Reporting obligations and transparency + Article 100 (1) The administrator shall publish at the latest on 31 May each year an annual report with accurate and complete information about the activity carried out in the previous calendar year. ... (2) The administrator shall make the annual report available to any person who requests the acquisition of the participant's quality. ... ((. The administrator shall make the report available to the Commission and any participant in a voluntary pension fund. ... + Article 101 The annual report shall contain the following information on the administrator and the voluntary pension fund or funds it administers: a) the composition of the board of directors and, where applicable, of the steering committee; ... b) the names of the shareholders holding more than 5% of the total shares and the percentage held by them of the total shares; ... c) the name and seat of the depositary ... d) any other information required by the rules adopted by the Commission. ... + Article 102 (. The administrator shall send a monthly report to the Commission on the investments of each voluntary pension fund. ... (. The Commission shall draw up the framework report, which shall contain at least: ... a) the structure of the investment portfolio during the reporting period; ... b) the percentage of the assets of a voluntary pension fund invested in a single trading company or in each of its asset class; ... c) the percentage of assets of a voluntary pension fund invested, in the case of the assets of a single issuer; ... d) the mode of transmission and its publication. ... (. The Commission may require the administrators, members of their boards and other managers, directors or persons responsible for their control to provide information on all aspects of the business or to place them on All documents. ... (4) The Commission may control relations between administrators and other administrators or companies, when the administrator transfers tasks to the latter, which influence the financial situation of the administrator or which are relevant for effective supervision. ... ((. The Commission may periodically obtain the investment policy statement, annual accounts and annual reports, and all documents necessary for supervision. These may include documents such as: ... a) interim internal reports; ... b) actuarial assessments and detailed forecasts; ... c) studies on assets and liabilities; ... d) evidence of compliance with the principles of investment policy; ... e) evidence of payment of contributions as planned; ... f) reports of persons responsible for the audit of annual accounts. ... ((. The Commission may carry out on-the-spot inspections on the premises of the administrator and, where appropriate, on outsourced functions, in order to verify that the activities are carried out in accordance with the control rules. ... + Article 103 (1) The administrator shall inform annually, in writing, each participant, at the last address communicated, about the personal asset, respectively the number of units of fund and their value, as well as about the situation of the administrator. ... (2) The administrator shall transmit to the participant and to the beneficiary or, as the case may be, their representatives, within 10 calendar days, any relevant information regarding the change of the rules of the voluntary pension scheme. ... (3) The administrator shall, upon request, make available to the participants and beneficiaries or, as the case may be, their representatives the declaration on the investment policy provided in art. 10 10 para. ((2) lit. c), annual accounts and reports. ... (4) Each participant or beneficiary shall also receive, on request, detailed information and substance on investment risk, the range of investment options, where applicable, the existing investment portfolio as well as information on exposure to the degree of risk and investment-related costs. ... ((5) If the participant or beneficiary requests, in addition to the mandatory information to which he is entitled according to par. ((1)-(4), additional information on its participation in a voluntary pension fund, the administrator is obliged to provide, for a fee, this information. ... (6) The tariff of the service provided in par. ((5) shall be established annually by the Commission. ... ((7) If a participant in a voluntary pension scheme in Romania changes his/her place of work, domicile or residence in another Member State of the European Union or belonging to the European Economic Area, the administrator will communicate in writing appropriate information relating to his voluntary pension rights and his possible options in this case. ... + Article 104 ((. The administrator shall draw up and submit to the Commission, by 15 April, an annual report providing a true and accurate picture of the voluntary pension funds administered, including: ... a) the situations of assets and liabilities, income and expenses for each voluntary pension fund administered; ... b) the situations of assets and liabilities, profit and loss account on own activity; ... c) the situation of the fees paid for the depositary, the administrator and other situations relating to the expenses ... d) the number of participants in each voluntary pension scheme; ... e) other information requested by the Commission. ... (2) The report provided in par. ((1) is approved by an auditor endorsed by the Commission, including conclusions on compliance with the investment strategy presented by the administrator. Art. 81 81 para. ((3) shall apply accordingly. ... (3) The information contained in the report provided in par. (1) must be consistent, complete and clearly presented. ... + Chapter XV Asset depository + Article 105 The administrator may conclude storage contracts with a single depository for all voluntary pension funds under management. + Article 106 (1) The depositary shall be controlled by the National Bank of Romania and the Commission. It must present sufficient financial and professional guarantees in order to be able to carry out effectively its activities as a depositary and to fulfil its obligations related to this function. ... ((2) The depositary may enter into storage contracts with several administrators, provided that it keeps the assets, operations and records of each voluntary pension fund separately for each fund, as well as separately from its own assets. ... (3) The depositary shall not be the person affiliated with the administrator. ... + Article 107 (. The depositary shall meet the following conditions cumulatively: ... a) the object of activity authorized by the National Bank of Romania to include activities for the storage of financial assets of voluntary pension funds; ... b) to hold the opinion of the Commission for carrying out the activity of depositing voluntary pension funds; ... c) it is not in the special supervision or special administration procedure; ... d) meet other requirements laid down in the rules drawn up by the Commission, in consultation with the National Bank ... e) not to grant loans, in any form, to the administrator of the voluntary pension fund. ... ((2) The employees or members of the management bodies of the depositary may not be members of the board of directors or employees of the administrator of the voluntary pension fund whose assets they retain. ... + Article 108 In the exercise of his duties the depositary is obliged: a) to receive and keep records relating to all assets of the voluntary pension fund; ... b) keep records related to securities in dematerialized form, which constitute the assets of the voluntary pension fund; ... c) to calculate and notify, every working day, the administrator about the net value of the assets of the voluntary pension fund; ... d) to update the records in the accounts; ... e) to transmit information on the assets of voluntary pension funds to the administrator; ... f) to carry out the instructions of the administrator, unless they are contrary to the legislation in force or to its constituent acts; ... g) to transmit to the Commission the information and reports on the assets of the voluntary pension fund, under the terms and conditions laid down by the rules developed by it. ... + Article 109 The model of the storage framework contract drawn up by the Commission shall include clauses on: a) the obligations of the depositary and the administrator; ... b) the depositary's commission and its calculation; ... c) contractual liability of the parties and other elements laid down in the rules drawn up by the Commission ... + Article 110 (1) The depositary shall be responsible to the administrator, participants and beneficiaries in respect of any damage suffered by them as a result of failure to fulfil their obligations or their improper performance. ... (2) The depositary shall not be exempt from liability and its liability may not be limited by entrusting its obligations to another entity, under penalty of nullity. ... (. The Commission shall verify compliance with the storage contract with the clauses established by the model of the storage framework contract. ... (. The Commission shall issue rules on the conditions and procedure for amending the storage contract. ... + Article 111 The Commission may oblige the administrator to replace the depositary if one of the conditions laid down in art. 107 107 and 108. + Article 112 In the event of termination of the storage contract, the depositary shall transmit to another depositary the assets in its warehouse, as well as the copies of the records on the fulfilment of its obligations, under the law, within a period established by mutual agreement, approved by the Commission, with the assurance of continuity of contractual obligations. + Article 113 The assets of the voluntary pension fund shall not be subject to enforcement against the depositary or a transaction. + Article 114 (1) From the date of accession of Romania to the European Union may be depositary within the meaning of this law and any entity authorized in this capacity on the territory of a Member State of the European Union or of the European Economic Area. ... ((2) Depositories which have been authorised, approved or subject to a similar procedure for the purposes of the operation as depositary of the assets of voluntary pension funds in a Member State of the European Union or of the European Economic Area are exempted from the requirement of approval by the Commission. ... + Chapter XVI Technical provisions and guarantees regulated and supervised by the Commission + Article 115 (1) The administrator must permanently ensure an adequate volume of liquidity corresponding to the financial commitments resulting from the existing portfolio of the voluntary pension scheme. ... (2) The administrator administering voluntary pension schemes in which protection measures are provided against biometric risks and/or guarantees with respect to the performance of investments or an established level of benefits must provide technical provisions for all these schemes. ... (3) The administrator must permanently hold a sufficient and adequate level of assets to cover the technical provisions on all voluntary pension schemes administered. ... (. The calculation of technical provisions shall be made annually. The calculation may be made every 3 years if the administrator submits to the Commission and/or the participants a report on the changes in those years. The report shall reflect changes in technical provisions and changes in the risks covered. ... (5) The calculation of technical provisions shall be carried out and certified by an actuary or other specialist in this field, including by an auditor, in accordance with national law, on the basis of actuarial methods established by Commission rules and following the following principles: ... a) the minimum level of technical provisions shall be calculated according to a sufficiently prudent actuarial assessment, taking into account all commitments contracted by the administrator in relation to benefits and levies under pension schemes The optional they manage. It must cover voluntary pensions and benefits already in payment and also reflect the commitments resulting from the accrued pension rights of the participants. Economic and actuarial forecasts for the assessment of commitments shall be chosen prudently, taking into account, where appropriate, an appropriate margin for adverse variations; ... b) the maximum interest rates used shall be chosen prudently and shall be determined in accordance with national law. These prudent interest rates shall be calculated by taking into account: ... -return on the corresponding assets held by the administrator and the future return on investment; -the yields of state or high quality obligations; c) the biometric tables used for the calculation of technical provisions are based on prudent principles, taking into account the main characteristics of the group of participants and optional pension schemes, in particular the evolution provided for relevant risks; ... d) the methods and the basis of calculation for technical provisions generally remain constant from one financial year to another. Discontinuities may be justified by changing the legislation or economic or demographic conditions on which the provisions are based. ... ((6) The Commission may lay down additional requirements for the calculation of technical provisions if it considers this measure necessary for the proper protection of the interests of the participants. ... (7) The Commission may allow the administrator to temporarily hold assets below the level of technical provisions, provided that a concrete and feasible plan to cover provisions is carried out, in accordance with the provisions of paragraph 1. ((3). The requirements to be met by the plan to cover provisions shall be laid down by the rules adopted by the Commission. ... (8) The provisions of par. (7) does not apply to the conduct of activities under the conditions of art. 29 29 para. ((3). ... + Article 116 (1) In order to protect the interest of participants and beneficiaries, the contribution of voluntary pension managers and providers, as appropriate, shall be the Pension Guarantee Fund regulated and supervised by the Commission, Continue Guarantee Fund. ... (2) The Guarantee Fund is intended to pay the rights of participants and beneficiaries of voluntary pension funds, in case of impossibility of their insurance by administrators or voluntary pension providers, as the case may be. ... (3) The way of incorporation, the legal regime, the use of the Private Pension Guarantee Fund, as well as the level and periodicity of the payment of the contribution to it shall be established by special law. ... ------------- Alin. ((3) of art. 116 116 has been amended by section 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. ((4) Abrogat. ... ------------- Alin. ((4) of art. 116 116 has been repealed by section 6.6. 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. ((5) Abrogat. ... ------------- Alin. ((5) of art. 116 116 has been repealed by section 6.6. 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. ((6) Abrogat. ... ------------- Alin. ((6) of art. 116 116 has been repealed by section 6.6. 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. ((7) Abrogat. ... ------------- Alin. ((7) of art. 116 116 has been repealed by section 6.6. 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. ((8) Abrogat. ... ------------- Alin. ((8) of art. 116 116 has been repealed by section 6.6. 8 8 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. + Article 117 The change in the level of the contribution to the Guarantee Fund shall be adopted + Article 118 The amounts deposited with the Guarantee Fund cannot be foreclosed. + Article 119 The Commission shall adopt rules on procedures for the organisation and operation of the Committee referred to in 116 116 para. ((4), as well as to carry out the control, monitoring and decision-making by this committee, the procedure and the conditions for making payments from and to the Guarantee Fund, the recovery of advanced payments from the Guarantee Fund and other aspects relating to the Guarantee Fund. + Chapter 17 Legal liability + Article 120 (1) The violation of the provisions of this law or of the rules issued in its application shall entail civil, contravention or criminal liability, as appropriate. ... ------------- Alin. ((1) of art. 120 120 has been amended by section 8 8 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. (2) The administrator or the employer, as the case may be, shall respond to the participants for the damages resulting from the non-performance or improper performance of their obligations, except in situations that constitute cases of force majeure. ... (3) Any person who considers himself injured as a result of the non-application of the provisions of this law has the right to appeal to the competent courts. ... + Article 121 (1) The following facts are contraventions: ... a) non-compliance with the measures established by the Commission's control ... b) non-performance or improper performance of the depositary's obligations; ... c) non-compliance with 20 20 para. ((1); ... d) non-compliance with 44 44 para. ((3) and (4); ... e) non-compliance with the obligations provided 76 76 para. ((5) and (7); ... f) exceeding the ceilings provided in art. 87 87 para. ((1) and (4); ... g) investment in the categories of assets referred to in art. 90 90 para. ((1); ... h) non-compliance with 92 92 para. ((2) on the method of calculation of commissions; ... i) non-compliance with 97 97 and art. 98 98 para. ((1); ... ----------- Lit. i) of art. 121 121 has been amended by section 4.2 1 1 of art. 179 of LAW no. 187 187 of 24 October 2012 published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. j) non-compliance with one of the deadlines provided in 100 100 para. ((1), art. 102 102 para. ((1), art. 103 103 para. ((1) or in art. 104 104; ... k) non-compliance with the other obligations provided for in this Law, in the rules issued in its application, and in the acts adopted by the Commission. ... (2) The commission by the natural or legal person of any of the facts provided in par. ((1) shall be sanctioned with: ... a) written warning; ... b) contravention fine; ... c) cancellation of the vote expressed or temporary suspension of voting rights of significant shareholders; ... d) withdrawal of the authorization or opinion, as the case may be of the opinion of entities other than the administrator, to whom the administrative measure provided for in 38 38; ... e) restriction or prohibition of the right of administrators to dispose of their own assets; ... f) prohibition, for a period of between 90 and 180 days, of activities falling under the present law. ... (3) The main sanctions provided in par. ((2) lit. a) or b) may be applied cumulatively with any of the complementary sanctions provided in par. ((2) lit. c)-f). ... (. The limits of fines shall be determined as follows: ... a) between 0,5% and 5% of the share capital for legal entities; ... b) between 1.000 lei and 100.000 lei, for individuals. ... ------------- Point b) of par. ((4) of art. 121 121 has been amended by section 4.2 9 9 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. (5) The contravention fines imposed according to this law are made to the state budget. ... ------------- Alin. ((5) of art. 121 121 has been amended by section 10 10 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. (6) The Commission may apply sanctions to natural persons to whom, as administrators, legal representatives or exercising in law or in fact functions of management or by exercising professional activities covered by this Law, they shall is attributable to that contravention. ... (7) Individuals referred to in par. (6) are kept, according to the law, and to the repair of property damage caused by the act constituting contravention. If the act is attributable to several persons, they are held in solidarity with the compensation of the damage caused. ... (8) The individualization of the sanction will take into account the personal and real circumstances of the act and the conduct of the perpetrator. ... (9) If the same person has committed several contraventions, the sanction shall apply for each contravention. ... (10) If several persons participated in the commission of a contravention, the sanction will apply to each separate. ... (11) The finding of contraventions and the application of contravention sanctions shall be made by persons with powers regarding the supervision and/or control of compliance with the legal provisions and regulations applicable to the private pension system, from the Commission, or by the staff empowered for that purpose, by decision of the President of the Council of the Commission. ... ------------- Alin. (11) of art. 121 121 has been amended by section 10 10 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. ------------- Article 121 has been amended by section 6.6. 9 9 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 122 As regards the procedure for establishing and finding contraventions, the application of sanctions, the provisions of this law derogate from the provisions Government Ordinance no. 2/2001 on the legal regime of contraventions, approved with amendments and additions by Law no. 180/2002 , with subsequent amendments and completions. ------------- Article 122 has been amended by section 4.2. 11 11 of art. I of LAW no. 201 201 of 21 October 2008 , published in MONITORUL OFFICIAL no. 728 728 of 28 October 2008. + Article 122 ^ 1 The contraventions provided by this law shall be prescribed within 3 years from the date of their commission. ------------- Art. 122 ^ 1 was introduced by item 11 11 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 123 (1) It constitutes a crime and is punishable by imprisonment from one year to 5 years or with a fine: ... a) the deed to use the contribution to the pension fund for purposes other than those provided for by this Law; ... b) the deed to use the cash liquidity of a participant in a pension fund for purposes other than those provided for by this Law; ... c) unauthorised administration or modification of voluntary pension schemes. ... (2) It constitutes a crime and is punishable by imprisonment from one year to 3 years or with a fine without the right to carry out an activity for which this law provides for the obligation to hold an authorization or an opinion from the Commission. ... (3) If the facts provided in par. (1) have produced particularly serious consequences, the special limits of the sentence shall be increased by half. ... ------------ Article 123 has been amended by section 6.6. 2 2 of art. 179 of LAW no. 187 187 of 24 October 2012 published in MONITORUL OFFICIAL no. 757 757 of 12 November 2012. + Chapter XVIII Transitional and final provisions + Article 124 The provisions of this law shall be completed, in so far as they do not run counter to the normative acts in force + Article 124 ^ 1 The authorities and public institutions shall provide the Commission with the information requested free of charge for the purpose of carrying out their duties under the provisions of this Law. ------------- Art. 124 ^ 1 was introduced by section 1. 13 13 of art. III of EMERGENCY ORDINANCE no. 112 112 of 10 October 2007 , published in MONITORUL OFFICIAL no. 710 710 of 22 October 2007. + Article 125 Within 6 months from the entry into force of this Law, the Commission shall develop rules, approved by decision of its President, which shall be published in the Official Gazette of Romania, Part I. + Article 126 The date of entry into force of this Law shall be repealed Law no. 249/2004 on occupational pensions, published in the Official Gazette of Romania, Part I, no. 600 of 5 July 2004, as amended, and any other provisions to the contrary. a) Council Directive 98 /49/EC COUNCIL DIRECTIVE of 29 June 1998 on the protection of the supplementary pension rights of employees and self-employed persons moving within the Community, published in the Official Journal of the European Communities (JOCE) no. L 209 of 25 July 1998; ... b) art. 15 15, 16 and 17 of Directive 85 /611/EEC coordinating the laws, regulations and administrative provisions relating to certain undertakings for collective investment in transferable securities (UCITS), published in the Official Journal of the European Communities (JOCE) no. 375 of 31 December 1985, as amended; ... c) Directive 2003 /41/EC on the activities and supervision of institutions for the provision of occupational pensions, published in the Official Journal of the European Union no. L 235 of 23 September 2003. ... * This law transposes the provisions: This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (1) of the Romanian Constitution, republished. CHAMBER OF DEPUTIES PRESIDENT BOGDAN OLTEANU SENATE PRESIDENT NICOLAE VACAROIU Bucharest, May 22, 2006. No. 204. ------
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