Law No. 411 of 18 October 2004 (* republished *) (* updated *) on private pension funds administered (updated December 11, 2015 *) ISSUER-PARLIAMENT-------Note ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ *) the Republished pursuant to art. III of law No. 23/2007 for the modification and completion of the law #. 411/2004 relating to private pension funds administered and published in the Official Gazette of Romania, part I, no. 61 of 25 January 2007, posing a new texts.
Law No. 411/2004 relating to private pension funds administered was published in the Official Gazette of Romania, part I, no. 1,033 of 9 November 2004 and has subsequently been amended by law No. 313/2005 approving Government Emergency Ordinance nr. 50/2005 on the establishment, organization and functioning of the Commission for the supervision of Private Pension System, published in the Official Gazette of Romania, part I, no. 1,010 of 15 November 2005.
─ ─ ─ ─ ─ ─ ─ ─ ─ ─ Chapter I General provisions Article 1 (1) this Act regulates the establishment of: (a)), organization and operation of the system private pension funds administered;
b) Organization and operation of pension funds administrators private managed, as well as coordinating the activity of other entities involved in this area.
(2) the system of pension funds is administered to ensure a private pension fund, supplementing pension distinct and granted by the public system based on collecting and investing in the best interest of the attendees from the individual contribution of Guatemala's social security.
Article 2 (1) within the meaning of this law, the terms and expressions below have the following meanings: 1. the assets of a privately run Pension Fund-financial instruments, including derivative financial instruments, as well as cash, as a result of the investment of the assets of the participants;
2. active-amount accumulated in the account of a participant equal to the number of fund units held by it, multiplied by the value of the Fund Unit;
3. total net asset of the pension fund privately to a specific date-the value which is obtained by deducting the value of the Fund's asset value obligations at that time;
4. act of accession individually in writing whereby a person manifest Act of will to be a party to the contract of civil society and the private pension plan;
5. significant shareholder-natural person, legal person or group of natural persons and/or legal entities acting together and holding directly or indirectly a participation of at least 10% of the share capital of a company or of the voting rights or participation that enables it to exercise significant influence over decision-making in the General Assembly or the Board of Directors where appropriate;
6. Administration-fiduciary responsibility exercise by the special administrator, for a determined period, the assets of the Pension Fund, in order to limit losses in order to protect the rights of participants and beneficiaries thereof;
7. special administrator-legal person authorized to administer a privately run pension fund, designated or selected by the Commission for the supervision of Private Pension System, and subroga in the rights and obligations of the administrator for a determined period;
8. administrator-stock company formed in accordance with the legislation in force and with the provisions of this law, called the pension society which has as its exclusive activity administration of pension funds and optional private retirement provision;
9. marketing agent of pension fund-physical or juridical person empowered by the administrator to achieve agreement on the accession of the participants;
10. the beneficiary heir to the participant, as defined in the provisions of the civil code;
11. collateral benefits-any perks like gifts, money or facilities other than those which arise from the quality of the participant or beneficiary of a private pension fund;
12. the Commission for the supervision of Private Pension System, called hereinafter the Commission-administrative authority, with legal personality, that is under the control of the Romanian Parliament, according to the provisions of Emergency Ordinance of Government No. 50/2005 on the establishment, organization and functioning of the Commission for the supervision of Private Pension System, approved with amendments and completions by law No. 313/2005;
13. The Board of supervisors Special Board consisting of two-or more, depending on the number of participants at a privately run pension fund, part of the specialized staff of the Commission and who assists and supervises the work of the administrator, in order to limit risks and equalisation of the Pension Fund;
14. the management contract-contract concluded between administrator and participant, which covers the administration of the Pension Fund;
15. the storage contract-contract concluded between administrator, as representative of the privately run pension fund in dealings with third parties and the depositary, involving the storage of financial assets of the Pension Fund;
16. contributions participants-the amounts paid and/or on their behalf at a privately run pension fund;
17. the depositary-the credit institution from Romania, authorized by the National Bank of Romania, according to the law on banking, or of a branch from Romania, credit institutions authorized in a Member State of the European Union or belonging to the European Economic area, approved by the Commission for storage, according to the law, to which they are committed to keeping in terms of safety, all the assets of each pension fund privately;
18. the privately run pension fund, hereinafter-Fund pension fund established by contract between the civil society participants, in accordance with the provisions of the civil code concerning private civil society and with the provisions of this law;
19. pensions guarantee fund-Fund set up from contributions from Trustees and pension providers, aiming to protect the rights of participants and beneficiaries, as appropriate, from the private pension system managed, regulated and supervised by the Commission;
20. the institution-institution collection which has the legal responsibility for the collection of individual contributions for social insurance, respectively the National Agency for fiscal administration.
— — — — — — — — — — — —-item 20 of para. (1) of article 1. 2 was amended by section 1 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
21. the filing institution-institution which has the legal responsibility of the insured public records, respectively the National House of Pensions and pension funds by sector;
— — — — — — — — — —-21-point of paragraph 2. (1) of article 1. 2 was modified by art. From the EMERGENCY ORDINANCE nr. 98 of 16 November 2011, published in MONITORUL OFICIAL nr. 827 of 22 November 2011.
22. financial instruments means securities: (a));
b) shares in affiliated undertakings for collective investment;
c) money market instruments, including government securities with a maturity of less than one year and certificates of deposit;
d) futures contracts, including financial contracts similar to final settlement funds;
e) contracts forward rate agreements;
f) swaps on interest rates, exchange rate and stock;
g) options on any financial instrument referred to. a)-d), including contracts similar to final settlement funds; This category also includes options on currency and on interest rates;
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 which have made a request for admission to trading on such a market;
23. derivative financial instruments-instruments defined in paragraph 2 of point 22. d) and (g)), their combinations, as well as other instruments qualified according to law, by regulations of the National Securities Commission;
24. a participant-person who contributes and/or whose behalf were paid contributions to a pension fund and who has a right to a pension;
25. private pension-the amount paid periodically to the participant or beneficiary, in addition to and separate from that provided by the public system;
26. the payer-natural person or the legal entity which, as applicable, retain and turns social insurance contribution an individual;
27. daily of a share fund-the ratio between the total net assets of the Fund and the amount of the net assets of all the funds managed that day;
28. the share of a Fund's average for a certain period-arithmetic average weighting of the Fund's daily respective period;
29. the prospect of private pension plan-the document which comprises the contract of administration and the pension scheme;
30. technical provision-an adequate volume of assets corresponding to the financial commitments arising from the investment portfolio covering biometric risks and those relating to investments;
31. the rate of return of a pension fund — natural logarithm from the ratio of the value of the Fund Unit on the last working day of the period and the value of the Fund Unit on the last working day preceding that period; daily yield of a pension fund represents the difference between the value of the Fund Unit on the day that the unit value of the Fund from the previous day, everything related to the Fund unit value from the previous day;
32. the weighted average rate of return of all funds-the sum of the products of the rate of return for each Fund during a period and the share of the average Fund in the sum of pension funds in the same period;
33. the biometric risks-risks linked to death, disability and longevity;
34. private pension scheme-a system of time limits, conditions and rules under which the Manager invests the assets of the Pension Fund for the purpose of acquiring by the participants of a private pension fund;
35. the home Member State the Member State of the European Union or belonging to the European Economic area, in which the administrator has its head office and main administration or, if the structure does not have a registered office, the place where his main administrative structure;
36. Member State host Member State belonging to the European Union or the European Economic area, whose social legislation and relevant work in the field of private pension schemes is applicable to the relationship between the employer and participants;
37. third country-any other State which is not a Member State of the European Union and does not belong to the European Economic area;
38. the value of the Fund Unit-the ratio between the net asset value of the Pension Fund at a certain date and the total number of units of the Fund at the same time.
(2) staff member in relation to a natural or legal person, called the first entity, means: a) a shareholder or group of shareholders holding more than 10% of the shares issued by the first entity, or who, though holding a smaller percentage, may influence, directly or indirectly, 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 in which, although it holds a smaller percentage, may influence, directly or indirectly, decisions taken by that entity;
c) any other entity in which a shareholder owning, 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 cause, directly or indirectly, the decisions of the first entity;
e) any member of the Board of directors or of another organ of managerial or supervisory bodies of that entity;
f) spouse or relative up to the third degree or a Bilberry up to the second degree inclusive of any person referred to in subparagraph (a). a)-(e)).
Chapter II article 3 Pension Fund financial resources of the Pension Fund shall consist of: (a) the net contributions) converted units of the Fund;
b appropriate beneficiaries and rights) unclaimed in the general term of limitation;
(c) any interest and penalties) late nevirate within related contributions;
d) amounts arising from investing revenue referred to. a)-(c)).
Article 4 administrative expenses are incurred by the administrator.
Article 5 (1) A pension fund must have a minimum 50,000 attendees and is constituted by contract of civil society.
(2) the minimum number of participants referred to in paragraph 1. (1) shall be made in the first 3 years after the date of the establishment of the Pension Fund.
Article 6 (1) all participants and beneficiaries of the Pension Fund have the same rights and obligations and shall be non-discriminatory treatment.
(2) the participants and beneficiaries of the Pension Fund are entitled to equality of treatment and in case of a change of employment, residence or residence in another country, the Member State of the European Union times State belonging to the European Economic area.
(3) in the case of a change of place of work, place of residence or residence in another country, participants can choose between paying further contributions to a pension fund from Romania or to pay contributions to another Pension Fund on the territory of the country concerned, where this is not contrary to the laws of this country.
(4) any person who wishes to become a participant cannot be subjected to discriminatory treatment and may refuse the status of participant if it is eligible.
(5) for the purposes of this Act it is prohibited any direct or indirect discrimination criterion of sex, in particular as regards the scope and conditions of private pension schemes, contributions and benefits.
Article 7 (1) of the Pension Fund Name contains the words private-run pension fund.
(2) the name of the Pension Fund must not mislead participants, potential participants or others.
Article 8 A pension fund cannot be declared bankrupt.
Article 9 (1) the Pension Fund is represented in dealings with third parties, including in front of the courts, but by its administrator.
(2) Actions and demands placed upon the competent courts, in connection with the administration of the Pension Fund are exempt from any charges.
(3) the headquarters of the Pension Fund will be the same as that of the administrator.
Article 10 contents of contract framework through which civil society is constituted by a pension fund, as well as ways of amendment thereto shall be determined by the rules of the Commission.
Chapter III Authorisation scheme for private pensions and pension fund in article 11 (1) private pension plan is drafted and proposed by the administrator.
(2) every prospectus of the proposed private retirement scheme administrator shall obtain the Commission's authorization.
(3) private pension plan may be amended only with the consent of the Commission.
(4) in order to obtain the authorization of the first prospect of private pension scheme, pension company submits a request to the Commission, together with the application for authorization, the private pension plan, including the draft contract and the draft contract of civil society.
(5) the authorisation scheme first prospect of private pensions is carried out with the authorisation of the administration of the Pension Fund.
(6) the procedure for the approval and amendment of private pension plan prospectus is laid down in the rules of the Commission.
(7) the administrator shall give the advertising prospectus private pension scheme only after authorization of the latter, under the penalty of withdrawal of authorization.
Article 12 (1) the contents of the private pension scheme is established by the rules of the Commission and shall include at least the following information: a) name and registered office of the administrator;
b) eligibility conditions to participants for joining the pension scheme;
c) method of împarţire between participants to launder proceeds from investing assets;
d investment principles) private pension scheme;
e) technical and financial risks, other involved private pension scheme;
f) the nature and distribution of the risks referred to in e);
g) the exclusive right of ownership of participants in the private pension scheme over the amount existing in the individual accounts;
h) commencement of payment of benefits and conditions;
I) conditions under which the private benefits in case of disability;
j) the maximum levels of the charges incurred by the Pension Fund, broken down by categories of commissions;
k) the frequency and the procedure for reporting information to the participants;
l) conditions and procedures for termination of participation and transfer to another pension fund privately.
(2) the content of private pension plan may include any other information considered necessary by the Commission.
Article 13 of the model framework contract administration shall be determined by the rules of the Commission and contains the following elements: (a) the Contracting Parties);
b) private pension scheme principles;
c) the main rights and obligations of the Contracting Parties and the method of application;
d) way of administration of the Pension Fund;
e) arrangements for the administrator control exercised by auditors;
f) Administrator information obligations towards participants and authorities;
g) records relating to the administrator participants, contributions, investments and private pensions;
h) finding specific ways, making claims and remediation of the deficiencies;
(I) contractual liability) of Parthia, including sanctions which may be applied;
duration of the contract), the procedures for amendment and termination of the contract;
k) information on the depositary of the Pension Fund.
Article 14 depositary and its Auditor shall pay each endorsement fee.
Article 15
(1) the prospectus amendment private pension scheme is made by the administrator on the advice of the Commission and followed by a notification of the participants.
(2) the procedure for amending the pension scheme prospectus will be determined by the rules of the Commission.
Article 16 (1) the Commission shall withdraw the authorization to the administrator of pension fund management, if it turns out that they have been violated by the prospectus rules of the private pension scheme, the provisions of this law or of the rules of the Commission.
(2) from the date of withdrawal of authorization manager's administration apply the provisions on the administration of special.
(3) the administrator may appeal against the decision to withdraw authorization for the administration of the Pension Fund to the Court's competence, in accordance with the provisions of the law on administrative courts no. 554/2004, as amended.
Article 17 (1) the pension fund should be authorized by the Commission, after the authorization of administrators and the private pension scheme prospectus.
(2) the authorization shall be issued on the basis of a request made by the administrator, which shall be attached the following documents: contract of civil society) for the formation of the Pension Fund;
b individual acts of accession) to civil society through contract that set up pension fund and a private pension plan;
c) other documents and information according to the requirements laid down in the rules of the Commission.
Article 18 (1) the Commission may request additional documents and information to the administrator within thirty (30) calendar days from the date of registration of the application for authorization of the Pension Fund.
(2) the Commission may verify any aspect of the application for authorisation of the Pension Fund, being entitled: a) to apply to the competent authorities;
b) require documents and information from other sources.
Article 19 the Commission shall verify whether the conditions are fulfilled by the members of the Pension Fund to be participant in accordance with the present law, shall endorse the contract and civil society shall, within 30 calendar days of receipt of the last set of documents and information from the administrator, the approval or rejection of the authorization of the Pension Fund.
Article 20 (1) the Commission shall reject the application for the authorization of pension fund, if: (a) documentation) remains incomplete and after expiration of 30 calendar days to request additional information or documents;
b) is not made in accordance with the laws in force;
c) contains provisions that may prejudice the interests of the participants or not properly protect them.
(2) the decision rejecting the application for the authorization of pension fund, and are motivated by the administrator within 5 calendar days from its adoption.
Article 21 (1) where it is noticed that the number of participants and maintaining its below the minimum legal period of one quarter, the Commission shall withdraw the authorization by decision of a pension fund.
(2) the decision to withdraw an authorization of the Pension Fund, and are motivated by the administrator within 5 calendar days from its adoption.
(3) the administrator is obliged to cease any activity related to the Pension Fund, from the date of taking the knowledge about its withdrawal.
(4) the date on which the Commission shall withdraw the authorization of a pension fund shall apply concerning the Special Administration.
Article 22 (1) the decision rejecting the application for the authorization of pension fund or withdrawal of the authorization, as the case may be appealed to the administrative court competence, according to the law.
(2) within 10 calendar days from the date of final decision whether mentioned in paragraph 1. (1) by its non-contesting or by expiry of the period for contestation or, where appropriate, from the date of the remaining final and irrevocable judgment which dismissed the appeal, the Commission shall publish a notice concerning the withdrawal of marketing authorization in the Official Gazette of Romania, part IV, and in two daily newspapers.
Chapter IV the investments of the Pension Fund in article 23 (1) the Commission shall verify compliance with the obligation of Directors of prudential investment assets administered private pension funds, with respect in particular to the following rules: (a) investing in the interest of the participants) and the recipients, and in the case of a potential conflict of interest, the administrator that manages the assets of private pension funds administered must take steps as investing to make only interest them;
b) investing in a way that ensures the security, quality, liquidity and profitability, and those held for the coverage of the guarantee fund and the technical provisions shall also be invested in a manner appropriate to the nature and duration of the rights due to participants and beneficiaries;
c) to be carried out mainly investing in instruments traded on a regulated market as defined in the law. 297/2004 relating to the capital market, as amended and supplemented; investments in instruments that are not traded on a regulated market must not exceed prudential levels;
d) investment in derivative financial instruments are only allowed insofar as it contributes to the decrease of investment risks or facilitate efficient portfolio management;
e) the assets shall be properly diversified in such a way as to avoid excessive reliance on any particular asset, issuer or group of undertakings and accumulations of risk assets as a whole.
f) investing the assets of private pension funds managed by the administrators of such goods should not be based solely on credit ratings issued by the credit rating agencies.
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Lit. f) of paragraph 2. (1) of article 1. 23 was introduced by art. II of law No. 87 of 23 April 2015 published in MONITORUL OFICIAL nr. 282 of 27 April 2015.
(2) the Commission may decide not to apply the requirements referred to in paragraph 1. (1) (a). (c)) and e) for investments in government securities.
Article 24 (1) the administrator shall draw up a statement of investment policy in written form. Investment policy statement contains: the investment strategy of) assets, in relation to the nature and duration of the obligations;
b) methods of investment risks;
c) risk management procedures;
d) review of the method of investment principles;
e) persons responsible for making decisions and carrying out investment and procedures for decision-making.
(2) the administrator shall review and complements the investment policy statement whenever there is a change in investment policy importance, or at least once every three years, with the agreement of the Commission, informing the participants about the new investment policy.
Article 25 (1) in compliance with the provisions of art. 23, the Manager invests in: a) money market instruments, including accounts and deposits in Moldovan lei at a Bank, the Romanian legal person, or a branch of a foreign credit institution authorized to operate in Romania and who are not in special surveillance procedure times special management or whose authorization is not withdrawn, without exceeding a percentage greater than 20 per cent of the total value of the assets of the Pension Fund;
b) bonds issued by the Ministry of economy and finance from Romania, Member States of the European Union or belonging to the European Economic area, as a percentage of up to 70% of the total value of the assets of the Pension Fund;
c) bonds and other securities issued by local public administration authorities from Romania or of Member States of the European Union times belonging to the European Economic area, as a percentage of up to 30% of the total value of the assets of the Pension Fund;
d) transferable securities dealt in on the regulated market and supervised from Romania, European Union Member States or belonging to the European Economic area, as a percentage of up to 50% of the total value of the assets of the Pension Fund;
e) bonds and other securities issued by non-Member States, as a percentage of up to 15% of the total value of the assets of the Pension Fund;
f) bonds and other securities traded on the regulated markets and supervised, issued by local public administration authorities from third countries, as a percentage of up to 10% of the total value of the assets of the Pension Fund;
g) bonds and other securities of foreign non-governmental bodies, if these instruments are listed on the stock exchange authorised and if they meet the requirements of the rating of up to 5% of the total value of the assets of the Pension Fund;
h) securities issued by undertakings for collective investment in transferable securities from Romania and other countries, as a percentage of up to 5% of the total value of the assets of the Pension Fund;
I) other forms of investments provided for by the rules of the Commission.
(2) Investments under paragraph 1. (1), where appropriate, are carried out in accordance with the regulations of the National Bank of Romania regarding its foreign exchange operations.
(3) the Commission may amend, temporarily, the maximum percentage of assets that can be invested in the category of assets listed in paragraph 1. (1), and will issue rules to this end.
(4) depending on the nature of the issuer of financial instruments in which the administrator can invest percentages of the maximum permitted are: a) 5% of the assets of a pension fund may be invested in a single company or each category of asset, without exceeding a total of 5%;
b) 10% of the assets of a pension fund may be invested in assets of a group of issuers and their affiliated persons.
Article 26 the investments of the assets of private pension funds administered and outcomes of investment are tax exempt.
Article 27 (1) the administrator shall exercise on behalf of the participants, the right to vote at general meetings of the shareholders of companies whose capital were invested the assets of the Pension Fund.
(2) the vote is exercised solely in the interests of participants and beneficiaries of the Pension Fund.
Article 28 (1) the assets of the pension fund cannot be invested in assets that: (a)), according to the law, cannot be disposed of;
b) active evaluation is uncertain, as well as antiques, works of art, cars and the like;
c) immovable property;
d) stocks, bonds and other securities issued by the administrator;
e any other assets) that were established by Commission rules.
(2) the assets of the pension fund cannot be disposed of: (a) the administrator or auditor);
b) depositary;
c) special administrator;
d) Board members of the Commission and Commission staff;
e) persons affiliated entities referred to. a)-d);
(f) any other person or) entity provided for in the rules of the Commission.
(3) the assets of the Pension Fund do not constitute warranties and may not be used for the granting of loans, under penalty of absolute nullity of acts by which the security is lodged or given credit.
Article 29 (1) the Commission shall calculate and publish monthly on its Web site the following information: a) the weighted average rate of return of all private pension funds for the past 24 months;
b) rate of return of each private pension fund for the past 24 months;
(c) the minimum rate of return) of all pension funds, as determined by the Commission.
(2) if the rate of return of a private pension fund is lower than the minimum rate of return of all pension funds from Romania for four consecutive quarters, the Commission shall withdraw the authorization for the administration of the administrator in question, applying the special procedure concerning the administration.
Chapter V Participants in article 30 (1) persons aged up to 35 years of age, who are covered under the provisions of art. 5 para. (1) of law No. 19/2000 concerning public pension system and other social insurance rights, as amended and supplemented, and contributing to the public pension system, must adhere to a pension fund.
(2) persons other than those referred to in paragraph 1. (1) in the age of up to 45 years of age, who are already insured and contribute to the public pension system, adhere to a pension fund.
Article 31 a person cannot be a participant at the same time, the more pension funds governed by the present law and can have only one account in the Pension Fund of which the participant, with the exception of the persons referred to in art. 38. Article 32 (1) a person becomes a participant in a pension fund by signing an accession act individually, on its own initiative or as a result of its allocation by the institution of a record.
(2) at the signing of the Act of accession, the participants are informed about the conditions of the pension scheme, in particular as regards: the rights and obligations of parties involved in the pension scheme, financial risks, technical and otherwise, as well as about the nature and distribution of those risks.
(3) it is prohibited for the delegation or representation of the signing of the Act of accession.
(4) the Commission shall approve the framework act on the accession of each pension fund, as well as amendments thereto, if legal conditions are met, within 10 working days from the moment of the request.
(5) the administrator shall transmit to the Commission, in computer-readable copies of individual acts of accession.
— — — — — — — — — — — —-. (5) article. 32 was amended by paragraph 2 of article 9. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 33 (1) a person who has not joined a pension fund within four months from the date on which it is required by operation of law is distributed randomly at a pension fund by the institution of a record.
(2) random Allocation to persons shall be carried out in equal shares for each privately run pension fund, at the time the assignment is made.
— — — — — — — —-. (2) of article 9. 33 was modified by art. in accordance with law No. 241 of 7 December 2010 published in Official Gazette No. 828 on December 10, 2010.
(3) the institution of record shall, within five working days after the registration in the register of participants in an electronic format, each administrator in the part list containing the particulars of the persons randomized to pension fund administered by it.
— — — — — — — — — — — —-. (3) art. 33 was amended by section 1 of article. 1 of law No. 201 October 21, 2008, published in MONITORUL OFICIAL nr. 728 of 28 October 2008.
(4) Each administrator shall notify, in writing, within 30 days of notification, the participants who were randomly assigned, to fund located in its management, by the institution of record with respect to the name of the pension fund privately and its administrator.
— — — — — — — — — — — —-. (4) article. 33 was introduced by paragraph 4 of art. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 34 (1) the register of participants is created and is updated by the institution of a record.
(2) the establishment and modification of the registry of participants shall be made on the basis of a protocol concluded between the Agency and the Commission.
— — — — — — — — — — — —-. (2) of article 9. 34 was amended by section 5 of art. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
(3) for the purposes of updating the register of participants, the administrator shall transmit monthly to the institution of record information contained in individual acts of accession, as well as any other information necessary for updating the register of participants.
— — — — — — — — — — — —-. (3) art. 34 was introduced by paragraph 6 of article 19. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 35 (1) after accession, or sharing, participants are required to contribute to a pension fund and cannot withdraw from private pension funds administered throughout the period for which social insurance contribution due to the public pension system, until the opening of the right to a pension.
(2) exception from paragraph 1. (1) the periods for which there is no obligation to pay social insurance contribution in the public system.
(3) in the event that a participant ceases to contribute, it will remain a full participant in the Pension Fund.
(4) the participant's Rights can be transferred to other countries in which he has his domicile or residence, in conditions stipulated by the agreements and international conventions to which Romania is a party, in the currency of the respective countries or in another currency that has been agreed.
Article 36 the participant whose personal net asset is insufficient for the grant of a minimum pension established by rules the Commission receives a one-time payment or payment by instalments in installments over a maximum duration of 5 years, on request.
Article 37 at date of disability pensioners for diseases that no longer allow resumption of activity, defined according to law No. 19/2000 concerning public pension system and other social insurance rights, with subsequent amendments and additions, the participant can get: a) a one-time payment or payment by instalments in installments over a maximum duration of 5 years, though net assets or personal, as a result of reduced contribution period, is not sufficient to grant a minimum private pension rules established by the Commission;
b) a pension, if private or personal net assets is sufficient.
Article 38 (1) in the event of the death of a participant before the opening of the right to private pension beneficiaries opens an account at last to the pension fund which helped the participant died, which transfer the assets thereof.
(2) the rights of the beneficiaries referred to in paragraph 1. (1) are the same as those of the participants in that pension fund.
(3) the beneficiary is entitled, if necessary, to:
the cumulation of the accounts) a single pension fund if it has the status of a participant to another pension fund;
b) one-time payment or payment by instalments in installments over a maximum duration of 5 years, not due to penalties, if it has the status of a participant.
(4) payment of the beneficiary shall be made within 10 working days from the date it is requested.
Article 39 (1) in the event that a participant wishes to join other pension fund, it is obliged to notify in writing to the administrator of the pension fund from which you want to transfer, with 30 calendar days before actual accession to the new pension fund, and to send him a copy of the new act of accession.
(2) the capacity as a participant in the old retirement fund shall cease on the date of transfer to the availability and the quality of the new pension fund shall begin on the same date.
Article 40 (1) the transfer availability takes place on the first working day after expiry of the period provided for in art. 39 in paragraph 1. (1) personal net assets and includes the account of a participant at that time, decreased by the penalty of one, as appropriate.
(2) the administrator of the old retirement fund shall inform the administrator about the new participant contributions, about transfers, deposits made in his name, as well as its contributions to the pension funds of which the participant was previously existing information.
Article 41 the Commission shall issue detailed rules concerning: (a) a record of participants in) the Pension Fund;
b) transfer participants between private pension funds administered;
— — — — — — — — — — — —-b) of art. amended 41 of point 7 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
c) model framework act of accession and its amendment procedure;
d random allocation procedure);
e information on the allocation);
f) procedure for payment and payment records of contributions;
g) track and the Declaration of the payment relating to the value of the assets of a participant or beneficiary;
h) amount to obtain a minimum private pension;
(I) any other matter) which it considers necessary.
Chapter VI the contribution to the Pension Fund in article 42 (1) contribution to the Pension Fund is part of the individual social insurance contribution payable to the public pension system.
(2) contribution to the Pension Fund shall be deducted from gross monthly income that represents a basis for individual social insurance contribution, together and in the same way with the compulsory contribution payable under law No. 19/2000, as amended and supplemented.
— — — — — — — — — — — —-. (2) of article 9. 42 was amended by section 8 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
(3) contribution to the Pension Fund shall be constituted and shall be transferred together under the same conditions laid down by law No. 19/2000, as amended and supplemented, for individual social insurance contribution.
— — — — — — — — — — — —-. (3) art. 42 was amended by section 8 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
(4) the participant who was seconded to another country is entitled to continuation of the payment of contributions to the pension fund from Romania, throughout the duration of the posting.
(5) in the event of the continuation of payment of contributions to a pension fund from a Member State of the European Union or belonging to the European Economic area, detached worker in Romania and its employer, if applicable, will be exonerated from the obligation to contribute to a pension fund from Romania.
Article 43 (1) the basis for calculation, withholding and payment of contribution to the Pension Fund are the same as those laid down for the social security contribution.
(2) from the time of commencement of the collection of contribution to the Pension Fund is 2% of the calculation basis, as established by art. 42 para. (2).
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Alin. (2) of article 9. Amended 43 of point 9 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
(3) within a period of 9 years from commencement of collection, its share of contribution to the Pension Fund shall be increased to 6%, with an increase of 0.5 percentage points a year until 2015, respectively, an increase of 0.1 percentage points in the year 2016 and with a growth of 0.9 percentage points in the year 2017, with effect from 1 January each year.
— — — — — — — — —-. (3) art. 43 was modified by art. 18 of the EMERGENCY ORDINANCE nr. 57 of 9 December 2015, published in MONITORUL OFICIAL nr. 923 of 11 December 2015.
Article 43 ^ 1 (1) the filing Institution shall calculate, for each participant, the amount of contribution payable to the Pension Fund, taking into account the individual social insurance contribution entered in the records of the insured and of the obligation of payment by the State social insurance budget or, where appropriate, the statement of assurance to the public pension system.
(2) the institution shall draw up a record nominal lists, distinct transfers for each pension fund, in which participants are registered and the amount of contribution payable by them.
(3) the lists referred to in paragraph 1. (2) pension funds shall be provided by the institution of record no later than the 20th of the month following the month of submission of the Declaration referred to in paragraph 1. 1. (4) where the institution finds that filing the Declaration referred to in paragraph 1. (1) is not filed within the prescribed period, the participants for which no declaration has been made are enrolled in the lists of named vessels, which transfers pension funds are transmitted without full entry relating to the amount of the contribution.
(5) the declarations filed over legal term is handled by the institution to the next filing deadline referred to in paragraph 1. (3) according to the date of such statements, the participants being enrolled in the lists of named vessels and/or transfers with outstanding amounts, as appropriate.
(6) within the time limit referred to in paragraph 1. (3) the institution of record conveys the institution collecting the situation, paying legal person's and individuals who have quality employer or entity treated as employer, the sums due by way of social security contribution, as had been reported, the purpose of the payments.
(7) the institution responsible for filing preparation, updating and maintaining records relating to contributions to the pension funds, on each participant.
(8) In order to achieve the record contribution to pension funds, as well as their own content in order to ensure that a correlation database, the institution and the institution of record collecting their mutual information concerning the amounts of social security contribution, declared and paid.
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Art. 43 ^ 1 was introduced by paragraph 10 of article 10. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 44 (1) each month, no later than the 20th of the month following the submission of the declarations provided for in articles. 43 ^. (1) the institution of record at 114 State social insurance budget the amount of contributions to pension funds, in respect of each pension fund.
(2) transfer of contributions to pension funds is carried out by the institution of record by reducing revenue accounts of the State social insurance budget, based on the information contained in the lists of named vessels of transfers, drawn up separately for each pension fund.
(3) For situations described in art. 43 ^. (4) transfers will not be made for the pension funds.
(4) in the case of insured persons from the public pension system on the basis of the statement of assurance, the contribution for pension funds shall be transferred only for month/months for which, under the law, carry out period of contribution.
(5) in any case in the intervening elements that lead to the modification of data or amounts relating to contributions to the pension funds, including in cases where submission of corrective statements at nominal public pension system, the institution shall record their settlement no later than 6 months from the date of establishment of situations.
(6) Settlement Procedure provided for in paragraph 1. (5) shall be determined by order of the Minister of labour, family and equal opportunities and the Minister of economy and finance.
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Art. Amended 44 of point 11 of article 1. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 45
(1) in the case of wilful default on short-term social insurance contribution, collecting institution shall establish the amount due and the modalities of execution and other ways of extinguishing debts, in accordance with the legal provisions concerning the collection of claims.
(2) increases delay due to failure to pay within the social insurance contribution should be made revenue in the budget of State social insurance.
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Art. 45 was amended item 12 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 46 (1) the Commission, with the opinion of the institution and the institution's records, issuing rules: a) the methods of making payment of contributions to the pension funds;
b legal information transmission method);
c) operations to be carried out by the institution of the track, collecting institution or other persons, in the event of late payment of contributions in the event of failure to pay them, and the remedying of errors encountered;
d) activity of the institution and the institution of a record collection, in order to protect the interests of participants and beneficiaries;
e) any other matter deemed necessary.
(2) the Commission shall, together with the evidence and with the institution collecting institution, may propose measures on improving their activity.
Chapter VII, Article 47 participants Accounts (1) each participant has an individual account.
(2) Contributions and transfers the entrant's availability, and accessories thereto shall be transferred to the account or individually.
Article 48 (1) Participant is the owner of the personal account or asset.
(2) the personal Assets cannot be subject to a levy of execution or of a transaction, on pain of nullity of the respective acts.
(3) personal Assets cannot be assigned or pledged, on pain of nullity of the respective acts.
Article 49 contributions and cash money transfer from one pension fund to convert the Fund units within two working days of the date of receipt thereof.
Article 50 on the date of entry into force of this law, the value of the Fund Unit is 10 lei.
Article 51 (1) value of net assets and the value of the Fund Unit of a pension fund is calculated both by the administrator and depositary each working day and shall communicate to the Commission the same day.
(2) in the event that there are discrepancies between the administrator and depositary concerning net asset value and fund drive, the correct values are agreed upon by the administrator and depositary on the basis of the Commission's regulations.
(3) fair Values determined in accordance with paragraph 1. (2) the causes of disparities and how to solve it communicate to the Commission the following calendar day.
(4) the amount of net assets value of the Fund Unit of a private pension fund are subject to an annual audit, an auditor, Member of the Chamber of financial auditors of Romania informed the Commission, which may not be the person sponsoring employer, administrator or the depositary.
(5) Are exempted from the requirement of holding membership of Romania Chamber of financial auditors Auditors who are established in a Member State of the European Union or belonging to the European Economic area and the exercise of professional activities in Romania in the context of the provision of services.
(6) the auditors who have been authorized, the savvy times subject to similar procedures in order to officials as an auditor of the pensions market within a Member State belonging to the European Union or the European Economic area are exempt from the requirement of approval by the Commission.
Article 52 (1) the administrator of a pension fund which has received contributions over a period of at least 24 months calculated on the last working day of each quarter, the rate of return of the Pension Fund for the past 24 months and a Communicator on the same day.
(2) the weighted average Rate of return of all pension funds are calculated quarterly and published by the Commission.
Article 53 the Commission warned quarterly administrator when the rate of return on pension fund administered is less than the minimum rate of return of all pension funds.
Article 54 the Commission shall issue detailed rules concerning: (a) conversion) the method of personal assets in the units of account;
(b) the methodology of calculation of) value of the net assets of the Pension Fund;
(c) the methodology for calculating) the value of the unit of account and the rounding procedure;
d) computing and methodology reporting indicators of return on pension fund;
e) review unit of account value. 50;
f) methodology for determining fair values in the situations referred to in article 1. 51 para. (2). Chapter VIII Article 55 Administrator (1) may be given a pension fund joint stock company formed in accordance with the legislation in force and with the provisions of this law, which has the exclusive object of activity administration of pension funds.
(2) a trustee may administer in Romania only one pension fund.
(3) the date of accession of Romania to the European Union, can be an 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.
(4) administrators who have been authorized, the savvy times subject to similar procedures in order to officials as administrator of private pension schemes in the Member States of the European Union or belonging to the European Economic area are exempt from the requirement of authorisation by the Commission.
(5) from the date of accession of Romania to the European Union, authorized administrators in Romania may receive contributions from participants and employers in another European Union Member State or belonging to the European Economic area.
(6) from the date of accession of Romania to the European Union, persons eligible to become participants in the private pension schemes and employers in Romania can be paid on contributions to the pension funds managed by Trustees authorized in another Member State of the European Union or belonging to the European Economic area.
(7) the administrator from Romania who intend to accept contributions from a participant from another European Union Member State or belonging to the European Economic area must be authorized in advance by the Commission.
(8) the Administrator referred to in paragraph 1. (7) notify its intention to the Commission, indicating the name of the host Member State, the participant and the main characteristics of the pension scheme.
(9) the Commission notified under paragraph 1. (8) if it has reason to believe that the administrative structure or the financial situation of the Administrator's reputation and professional qualifications times or experience of people in leadership are incompatible with the activities proposed in the host Member State, the competent authority communicates this State, within three months of receiving all the information referred to in paragraph 1. (8) the knowledge and bring it to the administrator.
(10) before an administrator from a Member State of the European Union or belonging to the European Economic area to begin to administer a private pension scheme with participants from Romania, the Commission shall communicate to the competent authority of the home Member State shall, within two months of receiving the information referred to in paragraph 1. (8) the requirements laid down by the legislation administered by the Romanian private concerning pensions, in accordance with which should be managed with private pension scheme participants from Romania, for transmission to the administrator.
(11) upon receipt of the information referred to in paragraph 1. (10) whether or not it receives no notification from the competent authority of the home Member State on expiry of the period referred to in paragraph 1. (10), the administrator can start to administer private pension scheme with participants from Romania, in accordance with the requirements laid down by the legislation administered by the Romanian private concerning pensions.
(12) the administrator of a Member State of the European Union or belonging to the European Economic area who operates a private pension scheme with participants from Romania will comply with information requirements established by the Commission under the provisions of this law.
(13) the Commission shall inform the competent authority of the Member State of origin of any significant changes which have arisen with regard to the requirements of the Romanian legislation on pensions privately administered.
(14) the Commission supervises the administrator from a permanent member State of the European Union or belonging to the European Economic area who operates a private pension scheme with participants from Romania, pursuing its activities in compliance with the requirements laid down by the law on pensions privately administered by the Romanian and the requirements for the provision of the information specified in paragraph 2. (12).
(15) where, as a result of supervision, to establish violations of these requirements in the work of the administrator, the Commission shall without delay notify the competent authority of the Member State of origin.
(16) the Commission, in cooperation with the competent authority of the Member State to adopt measures necessary for the host to ensure that administrator from Romania put an end to the breach of the requirements laid down by the legislation of the relevant social and working in the field of private pension schemes from the host Member State.
(17) If, despite the measures taken by the competent authority of the Member State of origin of the administrator or because such measures have not been adopted in the Member State of origin, the administrator continues to violate the law on pensions privately administered being established, the Commission may, after informing the competent authority of the home Member State, take appropriate measures to prevent or penalize the other violations including, as is strictly necessary, through the prohibition applied to the administrator to carry out activities on behalf of participants in Romania.
(18) the Commission may request the competent authority of the Member State of origin of the administrator to decide on separation of assets and liabilities corresponding to the work done in Romania of the other assets and liabilities.
(19) at the request of the competent authority of the host Member State, the Commission shall ask the administrator from Romania to separate assets and liabilities corresponding to the work done in the host State of the other assets and liabilities.
Article 56 (1) the name of the administrator contains the phrase pension fund.
(2) the words referred to in paragraph 1. (1) it is used only in the name of Trustees who hold a permit to administer in accordance with the present law.
Article 57 (1) the administration of a pension fund shall comprise the following: (a) administering and investing assets) Pension Fund;
b) conversion contributions into Fund units;
c) duties due to participants and beneficiaries, in accordance with the law;
d) daily calculation of net assets of the Pension Fund and the establishment of the Fund;
track individual accounts e) and updating it, and the provision of documents concerning the participation of periodic, notice, information or transfer;
(f) managing daily operations) of the Pension Fund;
g) arrangement of carrying out payments owed to the entities involved and the Commission;
h) mandating and monitoring marketing agents of the Pension Fund;
I) relations with management institutions involved;
j) elaboration, presentation, filing, publication and distribution of the Commission and participants of the financial statements and reports referred to in this law;
k) management, preservation and archiving of documents relating to the Pension Fund, its participants and beneficiaries;
l) other activities provided for in the rules of the Commission.
(2) the assets and liabilities of each pension fund privately-operated, highlighted and administered as distinct, separate from the other optional pension funds they manage the same administrator and administrator accounts on its own, without any possibility of transfer between funds or between funds and administrator.
(3) all the assets and liabilities of the corresponding activity administration of pension funds are restricted, managed and organised separately from the other activities of the administrator, without any possibility of transfer.
(4) assets and liabilities managed and restricted organized separately under paragraph 1. (3), are limited to operations relating to pension funds and related activities.
(5) Accounting operations arising from the application of the provisions of this law shall be carried out in accordance with the accounting regulations in force.
(6) the Commission shall draw up and issue rules and regulations in the field of accounting and archiving, for supervised it, with the opinion of the Ministry of economy and finance.
Article 58 (1) the administrator cannot delegate liability relating to the administration of the Pension Fund.
(2) the execution of certain obligations by Entrusting a third party does not absolve him of responsibility.
Article 59 (1) of the administrator can not be established, nor raised by public subscription.
(2) the Administrator's Actions are registered, may not be converted into bearer shares and may not be preferred stock.
(3) the articles of incorporation of the administrator must provide that shareholders cannot benefit from preferential rights or other privileges and that limitations on rights is prohibited or imposing additional obligations.
Article 60 (1) the minimum share capital required for the administration of a pension fund is the equivalent in lei, at the exchange rate of the National Bank of Romania, at the time of the establishment of the amount of 4 million euro.
(2) the share capital of the administrator is subscribed and paid up wholly, exclusively in cash, at the time of its formation.
(3) the share capital of the administrator can not be established, nor raised by public subscription, it cannot be derived from loans or credits may not be encumbered.
(4) The incorporation, capital contribution shall be paid into an account opened with a Bank, a legal entity, or a branch of a foreign banks authorized to operate on the territory of Romania.
Article 61 (1) the administrator shall notify the Commission forthwith of any reduction of share capital under the minimum. Social capital is not allowed to drop by more than 20% of the minimum value.
(2) In the situation referred to in paragraph 1. (1) the administrator is liable for the reunification of the capital within a period specified by the Commission, which shall not be less than three months nor more than 6 months.
Article 62 (1) a natural or legal person may be a shareholder to a single administrator.
(2) the aggregate Shareholding of individuals may not exceed 5% of the share capital of the administrator.
(3) shareholders must respond to the need to ensure a healthy and prudent management of the Pension Fund and to enable effective supervision, in order to protect the interests of participants and beneficiaries.
(4) the administrator of the Shareholders must meet at least the following conditions: a) to have a stable financial situation, capable of sustaining entity if necessary;
b) satisfactorily justify the origin of funds for participation in the share capital;
c) to provide all the information necessary for identifying the affiliate relationships with other people;
d) to be operated if shareholders juridical persons, not less than 3 years, except for those resulting from a merger or Division of another legal person who, before the merger or Division, worked at least 3 years.
Article 63 (1) transactions with an administrator's actions are subject to the prior approval of the Commission, on pain of nullity.
(2) the Commission shall approve trading of the shares within a period of 30 calendar days from registration of the application, if the person who intends to acquire or to Transact shares satisfies the conditions laid down in this law for the shareholders of an administrator.
(3) exception from paragraph 1. (1) in the case of trading of shares by a shareholder of the said administrator who becomes significant shareholder in this way, the buyer shall be obliged to notify the Commission, within 14 working days from the closing date of the transaction.
Article 64 (1) the Board of Directors decides on the investment policy and the financial policy of the Pension Fund, as well as any other duties provided for in the rules of organization and functioning of the Commission and approved as provided for in the legislation in force concerning companies.
(2) directors, executives, Board members, respectively the supervisory or Management Board, as appropriate, must meet the conditions required by the legislation concerning commercial companies, as well as the following conditions are met: — — — — — — — — — — — —-the introductory part of paragraph 1. (2) of article 9. 64 amended by art. The EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007, by replacing the phrase "members of the Board of management and Supervisory Board of direction" with the phrase "administrators, executives, concerned members of the Supervisory Board or of the Executive Board".
a) be graduates from an institution of higher education;
b) have professional experience of at least 3 years in the field of finance, banking or insurance;
c) have the reputation necessary for the function to be performed.
(3) at least one third of the Board members must be licensed in economics.
(4) Administrators, directors, respectively members of the Supervisory Board or the Executive Board, as appropriate, must have the appropriate moral and professional function and meet at least the following requirements: — — — — — — — — — — — —-the introductory part of paragraph 1. (4) article. 64 amended by art. The EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007, by replacing the phrase "members of the Board of management and Supervisory Board of direction" with the phrase "administrators, executives, concerned members of the Supervisory Board or of the Executive Board".
a) may not have been sanctioned by the Romanian authorities or foreign financial with the prohibition to conduct in the financial system or, if the date of the application for authorization, with temporary prohibition to conduct such activities;
b) may not have held the post of administrator of a Romanian or foreign trade companies, which in the course of reorganization or declared bankrupt, in the last 2 years prior to the commencement of bankruptcy proceedings;
c) may not have been part of the leadership of a company that has not complied with the material and financial front by third parties at the time of termination of activity of the company;
d) have no criminal record and tax.
Article 65 (1) Administrators, directors, namely members of the Supervisory Board or the Executive Board, as appropriate, of an administrator may not be members of the Management Board: — — — — — — — — — — — —-the introductory part of paragraph 1. (1) of article 1. 65 amended by art. The EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007, by replacing the phrase "members of the Board of management and Supervisory Board of direction" with the phrase "administrators, executives, concerned members of the Supervisory Board or of the Executive Board".
to other Admins or) affiliated persons thereof;
b) of the Fund to the depositary or its affiliated persons.
(2) the prohibition provided for in paragraph 1. (1) applies to persons who have employment relationships, commercial or other similar relationships with the entities referred to in paragraph 1. (1) Article 66 (1) the administrator has the organizational structure direction for internal audit and a distinct direction responsible for analyzing investment opportunities and placing the assets in line with the strategy determined by the Board of Directors.
(2) the administrator shall keep the documents and records relating to pension funds, in accordance with the legal provisions relating to archiving and with Commission rules.
Article 67 (1) Administrator's own financial assets may not be used for: a) loans or guarantees;
b guaranteeing loans) loans, including the issuance of bonds which exceed 10% of the aggregate amount of the registered capital;
c) trading or otherwise acquiring shares, other securities or rights of any other entity, except as provided for in art. 68. (2) from the date of accession of Romania to the European Union administrators can refer to: a) for custody of their assets, custodians established in another Member State of the European Union or belonging to the European Economic area and duly authorised for this activity;
b) for managing the investment portfolio, investment managers established in another Member State of the European Union or belonging to the European Economic area and duly authorised for this activity.
(3) at the request of the competent authority of the country of origin of the administrator, the Commission may prohibit the depositary from Romania to the free disposal of the assets of the Pension Fund.
Article 68 (1) the administrator may acquire all or part of the share capital of another administrator only with the approval of the Commission and in compliance with the legislation in the field of competition.
(2) the Commission rejects the request referred to in paragraph 1. (1) where: (a)) is not in the interest of the participants;
(b) one or both) Admins no longer fulfil legal requirements.
Article 69 (1) administrators can organize a professional association to represent the collective interests of public authorities, to study issues of common interest, to promote cooperation, to inform the members of the Association and the public and streamline the services of common interest.
(2) Professional Association of Directors and cooperates with the Commission may accede to international associations.
Article 70 the Commission shall issue detailed rules concerning: (a) the framework contract);
b main) powers the Board of Directors;
c) requirements to be met by the respective directors, officers, administrators, members of the Supervisory Board or of the Executive Board;
— — — — — — — — — — — — — c) of art. 70 was amended by art. The EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007, by replacing the phrase "members of the Board of management and Supervisory Board of direction" with the phrase "administrators, executives, concerned members of the Supervisory Board or of the Executive Board".
d) requirements relating to the minimum share capital and methodology for notification and reunification;
e) transactions relating to the share capital of the administrator;
(f) quality requirements for shareholders) and the conditions that must be fulfilled by them;
g) organizing and directing pension fund accounting, and financial statements shall be prepared by the administrator on the advice of the Ministry of economy and finance;
h) archiving.
Chapter IX, Article 71 administrators Authorization (1) the administrator may not be registered in the commercial register without authorization issued by the Commission on Constitution.
(2) after registration, the administrator must obtain a permit issued by the management Commission under this law.
(3) in the event of a merger or division administrators, new Admins reviewing the authorisation procedure laid down in article 21. 72. Article 72 (1), the Administrator sent the Commission applications for authorization and approval.
(2) the application for the authorisation for the formation is accompanied by the following documents: memorandum of the project);
b) proof that the founders own financial resources necessary for payment of the equity capital, as well as their origin;
c) criminal records and criminal records of the founders;
d) documents concerning the founders, with information on their legal status, their possible abuses, as well as the nature of the links between them;
e) documents concerning the financial situation of the founders for the past 3 years, audited by an auditor;
f) statutory declaration of the founders, of candidates for Board of Directors and Steering Committee, comprising all the individual holdings and holdings in connection with others involved in any company and representing at least 5% of the share capital or of the voting rights;
g) documents concerning candidates for the Administrative Council and the Steering Committee shall, as appropriate, curriculum vitae dated and signed, to the qualifications and professional experience, copy of ID, copy of diploma studies, an organizational and financial plan for the next five years, documentation relating to the depositary of the Pension Fund;
h) criminal records and of candidates for Board of Directors and Steering Committee, where appropriate;
I) draft regulation on establishment and operation of the company's pension;
j) proof of payment in the form of integral and monetary capital;
proof of payment) the fee for an application for authorisation for the formation.
Article 73 (1) the Commission may require the founders, within 30 calendar days of receipt of the application for authorisation, supplementary documents and information, they are required to provide within 30 calendar days from the date of receipt of the request.
(2) the Commission may verify any aspect related to the request for authorization, being entitled to apply to the competent authorities and to obtain from them any documents and information that it considers relevant.
Article 74 the Commission shall examine the application for authorisation and shall, within 30 calendar days of receipt of the last set of documents and information, the approval or rejection of the demand by means of a written reasoned decision.
Article 75 the Commission approves the application for the authorisation for the formation if you find that are cumulatively met, the following conditions: (a) the memorandum of Association and) project organizational and financial plan for the next 5 years guarantees the correct and careful management of the Pension Fund;
b do not have debt) by the founders of the State budget, State social insurance budget, local budgets and special funds budgets;
c) shareholders and quality of members proposed by the Board of Directors and Steering Committee guarantees the correct and prudent management of the Pension Fund;
d) proposed for the founders, the members of the Board of Directors and the Steering Committee are not in the process of reorganization or bankruptcy and have not contributed, directly or indirectly, to persons legal bankruptcy, if necessary, and have not been involved in any kind of financial scandals;
e) members proposed for the Board of Directors and Steering Committee have good repute, professional training and experience necessary to function on meet;
f name is not administrator) likely to mislead participants, potential participants or others;
g) evidence the bloodshed founders integrals, and in monetary form of social capital;
h) proof of payment of the fee for an application for authorisation for the formation.
Article 76 (1) the Commission shall reject the application for the authorisation for the formation in the following situations: (a) documentation incomplete) remains or is not drawn up in accordance with the laws in force;
(b) failure to comply with any of the conditions). 75;
c) there is a possibility that the administration might not abide by prudential principles laid down in this law and in the rules of the Commission.
(2) the Commission shall inform the founders about the rejection of the application, within 5 working days of the decision rejecting the latter.
Article 77 (1) the Office shall register the company Founders national trade register within 30 calendar days of receipt of the decision of approval of the Constitution.
(2) the time limit referred to in paragraph 1 being exceeded. (1) cause the loss of validity of the authorization by the Constitution.
(3) the authorization for the formation of a company pension scheme does not guarantee and authorization administration.
Article 78 (1) the administrator must obtain authorization for the administration of private pension funds administered by the Commission.
(2) in order to obtain the authorization of pension management company shall submit to the Commission a request accompanied by the following documents: a) the certificate of registration to the national trade register Office;
(b) proof of payment) or regrouping the social capital, where appropriate;
c storage) project contract;
d) draft contract of civil society;
e) investment policy statement;
f) business plan for 3 years;
g) pension scheme draft listing particulars;
h proof of payment of the fee for) the application for authorisation;
I) other documents and additional information set out in the rules of the Commission.
(3) the Commission may require the company, within 30 calendar days of receipt of the application for authorisation, supplementary documents and information that must be provided no later than 30 calendar days from the date of receipt of the request.
(4) the Commission shall examine the application for authorisation and administration, within 30 calendar days of receipt of the last set of documents and information, proceed to the approval or rejection of the demand by means of a written reasoned decision.
Article 79 the decision rejecting the authorisation for the formation or management times decision to withdraw authorization to administer written and reasoned, shall communicate the working day following its adoption, but not later than 5 calendar days after its adoption, and can be appealed at the Court's competence, in accordance with the provisions of law No. 554/2004, as amended.
Article 80 (1) changing the content of the documents which formed the basis of the authorization of the Administration to be approved in advance by the Commission, unless such amendment is beyond the control of the administrator.
(2) the Commission shall examine the modifications in accordance with the provisions of art. 75 and approve or reject requested changes. It shall communicate art.7. 79. Article 81 (1) the Commission shall withdraw the authorization manager's administration, in one of the following situations: (a) failure to satisfy the requirements of article.) 62, art. 64 para. (2) and (3), art. 65, art. 66 para. (1) and of article 23. 80 para. (1);
b) profitability of the Pension Fund was under the minimum profitability of all pension funds from Romania in four consecutive quarters;
(c) failure to perform or improper execution) of the obligations which arise from this Act, the rules of the Commission or of the private pension plan;
d) administrator does not have started operations for which it is authorised, within one year from the date of receipt of the authorization, or has not exercised for more than six months of activity;
e) shareholders decided to liquidate, the merger or the Division Manager;
f) the administrator is in the incapacity of payment;
g) administrator no longer fulfils the conditions of operation;
h) administrator does not have the proper defence of the interests of participants and beneficiaries;
I not administrator) technical provisions relating to the entire business or does not have enough assets to cover the technical provisions;
j) in the case of activities under the conditions laid down in article 21. 55 paragraph 1. (5) when the administrator does not comply with the requirements established by legislation and the relevant social work in the field of private pension schemes from the host Member State;
(k) any other prescribed circumstances) in the Commission's rules.
(2) the decision to withdraw the authorization, written and motivated, are within 5 working days from the date of its adoption.
(3) the procedure for the withdrawal of the authorisation of management is determined by the rules of the Commission.
(4) within 10 calendar days from the date of final decision whether mentioned in paragraph 1. (2) through its non-contesting or by expiry of the period for contestation or, where appropriate, from the date of the remaining final and irrevocable judgment which dismissed the appeal, the Commission shall publish a notice concerning the withdrawal of marketing authorization in the Official Gazette of Romania, part IV, and in two daily newspapers.
Article 82 (1) where the Commission will carry out the withdrawal, the administrator shall furnish the Commission with the financial situation of the Pension Fund as at the date of the withdrawal, a financial auditor audited.
(2) where the withdrawal of the authorisation of the Commission remains definitive Administration decides the imposition of special administration.
Article 83 the decision rejecting the authorisation for the formation, administration or withdrawal of the authorization of the Administration may be appealed to the administrative court competence to hear such cases, according to the provisions of art. 22. Article 84 shall issue rules concerning the content of documents: (a)); 72;
b authorization of) the methodology of the establishment as well as the approval of administration and withdrawal of authorization manager's administration;
c) regularize the situation of the Pension Fund, in the case of withdrawal of authorization manager's administration.
Chapter X the revenue administrator administrator Article 85 Revenue consists of: (a) administration fee);
b) penalties of one;
c) tariffs for services on request, provided under art. 113 para. (5) Article 86 (1) of the Administration Fee shall be constituted by: a) deducting an amount from the contributions paid, but not more than 2.5 per cent, provided that this deduction should be made before conversion contributions into Fund units;
b) deduction of a percentage of the total net assets of the pension fund privately, but not more than 0.05% per month, established by private pension plan.
(2) the transfer is the sum of the penalty incurred by the participant in case of transfer to another administrator is achieved sooner than 2 years since joining the previous Pension Fund, the maximum limit of which is determined by the rules of the Commission.
(3) the administrator uses the same method of calculating and collecting fees for all participants in the same pension fund.
(4) Repealed.
— — — — — — — — — — — —-. (4) article. 86 was repealed by item 13 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
(5) the payment Is exempt from the fee referred to in paragraph 1. (1) (a). to) the following: a) transfer availability in the event of the participant's membership to another pension fund;
b) rights due to beneficiaries who have the status of participant;
c) accessories contributions.
(6) the fee fixed in the contract management of Administration may be reduced by decision of the administrator.
Article 87 the amount of demand for the service shall not exceed the actual cost of implementation available.
Article 88 the Commission shall issue detailed rules concerning: (a) the calculation and payment of commissions);
b) procedure for determining the tariff for the service upon request.
Chapter XI Special Supervision Article 89 Special Supervision aims at implementing additional measures to limit the risks and equalisation of pension fund in order to protect the interests of participants and beneficiaries, in the event that it finds shortcomings in the checks carried out by the Commission and which are not of the nature of the situations to establish special administration.
Article 90 the imposition of surveillance, and the designation of special supervisory board shall be made by the Commission.
Article 91 the Commission notify the trustees within five days of the decision, setting up special supervision, together with the documents relating to the reasons and procedure for contestation.
Article 92 UNSC Members special supervision shall have access to all documents and records and pension fund administrator, being required to maintain the confidentiality of your information.
Article 93 the Board of supervisors does not replace the special bodies of the administrator.
Article 94 the Supervisory Board supervises the activity of the special and the administrator relating to the Pension Fund.
Article 95 (1) the Supervisory Board shall have the following special powers: to analyse the financial situation) to the Pension Fund and the administrator and provide the Commission with regular reports about it;
b) pursues the way of remedial measures be applied to administrator of the deficiencies noted in the documents produced by the control bodies of the Commission;
c) seeks remedial plan of recovery and financial shortcomings or pension fund, proposed by the administrator;
d) suspend or nullify the decision of the Administrator acts, contrary to the prudential regulations or which cause the deterioration of the financial situation of the Pension Fund;
e the Commission proposes applying) penalties in the event that the administrator does not comply with the measures ordered by the Special Board of supervisors;
f) other duties laid down by the Commission.
(2) the exercise of special supervision, the Supervisory Board shall give special decisions taken by the governing bodies of the administrator.
Chapter XII Special Administration Article 96 (1) Administering special aims to exercise fiduciary responsibility to preserve the value of the assets of pension funds and limit losses in order to safeguard the proper rights of participants and beneficiaries.
(2) Special Administration shall be established in the case of suspension or revocation of the authorisation, and in the event of the withdrawal of the authorisation of the Pension Fund.
Article 97 the working day following the date of adoption of the decision to suspend or withdraw an authorization or the authorization of the administration of the Pension Fund, the Commission shall notify the administrator with respect to the suspension or revocation of the authorization and other authorized administrators to solicit bids for the management of pension funds, to take over in a temporary administration of pension funds and private pension scheme prospectuses.
Article 98 (1) within 5 calendar days from the date of notification, the administrators shall send offers of temporary administration.
(2) within 5 calendar days of the expiry of the period referred to in paragraph 1. (1) the Commission shall select the administrators of the offers received.
(3) the main criteria for the selection of tenders shall consist of the performance of managers, the investment policy and the level of expenditure incurred for Administration.
Article 99 (1) the administrator selected art.7. 98 para. (2) take over the assets of pension funds administration.
(2) where administrators do not pass offers, the Commission shall appoint a special administrator to administer the temporary Pension Fund respectively, after expiry of the period provided for in art. 98 para. (1) of the administrators.
(3) the working day following the appointment of the special administrator, Commission announce public pension fund participants concerned about the need to adhere to another pension fund, within 90 calendar days.
Article 100, the Commission after making distributions of designated administrator will notify you about the new pension fund administrator chosen by the participant, the transferred assets are its staff within a period of 30 calendar days from the notification.
Article 101 designated Administrator manages the assets of pension funds, including contributions received during this period within a period of up to 12 months, with a view to transferring personal assets to the administrator.
Article 102 in a situation where, at the end of the time limit laid down in article 21. 99 para. (3) the participants have not chosen another pension fund, the Commission shall be distributed to other administrators, within 30 calendar days, taking into account the criteria laid down in article 21. 98 para. 3. Article 103 (1) so far as establishing special administration or appointment of special administrator may be appealed to the administrative court competence, according to the law.
(2) the notice concerning the establishment or revocation of special administration as well as special administrator appointed by the Commission shall be published in the Official Gazette of Romania, part IV, and in two daily newspapers.
Article 104 shall issue rules: a) selection criteria and conditions that must be fulfilled by the administrator;
(b) the duties of special administrator);
(c) management of procedure) of the pension fund until such time as the remaining final and irrevocable decision of the competent administrative court.
Chapter XIII financial Auditor Article 105 (1) of the Financial Statements of any entity subject to authorisation, supervision and control of the Commission, in accordance with the provisions of this law shall be audited by the natural or legal persons, individuals, members of the Chamber of Deputies from Romania.
(2) the application of the provisions of this chapter shall be established on the basis of a protocol concluded between the Commission and Romania Chamber of financial auditors.
Article 106 of the financial Auditor shall draw up a report on financial audit in accordance with auditing standards and with the rules of professional conduct issued by Romania Chamber of financial auditors.
Article 107 within 30 calendar days of the loss of active membership of a financial auditor, Romania Chamber of financial auditors shall inform the Commission thereof.
Article 108 (1) expenditure on auditing financial manager is support.
(2) expenditure on financial audit of the Pension Fund are operating charges, which shall bear the respective fund.
(3) the report of the financial audit of the pension fund cannot be made out of the same financial auditor for more than 5 consecutive years.
Article 109 (1) of the financial Auditor cannot delegate responsibility for activities.
(2) the execution of certain obligations by Entrusting a third party does not relieve the financial auditor liability.
Article 110 For significant deficiencies noted in the professional activities of an auditor in relation to entities subject to authorisation, control and supervision of the Commission, it will notify Romania Chamber of financial auditors and will require adopting appropriate regulations in force.
Chapter XIV of the transparency Obligations Article 111 (1) the administrator shall publish, at the latest on 31 May of each year an annual report with accurate and complete information about the work done in the preceding calendar year.
(2) the administrator shall put at the disposal of annual report to any person requiring the acquisition of quality participant.
(3) the administrator shall report annually, put to the Commission and to any participant in a pension fund.
(4) the annual report shall contain the following information relating to the administrator and managed the private pension fund it manages to): composition of the Board of Directors and, if necessary, the Steering Committee;
b) shareholders who own name more than 5% of the total shares and the percentage of the total shares;
(c) the name and registered office of the depositary);
d) information about the financial situation of the Pension Fund;
(e) any other information required) of the Commission's rules.
Article 112 (1) the administrator shall transmit to the Commission a monthly report on the investments of each pension fund.
(2) the Commission shall draw up the report framework that must contain at least: (a) the investment portfolio structure) from the reporting period;
(b) the percentage of assets) of a pension fund invested in a single company or in each asset class;
(c) the percentage of assets) of a pension fund invested in assets with a single issuer;
(d) transmission mode) and publication thereof.
(3) the Commission may require administrators, members of the Board of Directors and other managers or executives of times people controlling the institution to supply information about all aspects of the activity or to make available all the documents.
(4) the Commission can control the relationships between managers and other administrators or companies when the administrator of the latter's powers transfer, influencing the financial situation of the administrator or are relevant for effective supervision.
(5) the Commission may get periodic investment policy statement, annual reports and accounts, and all the documents necessary for supervision. These may include documents such as: a) internal interim reports;
b) actuarial valuations and detailed assumptions;
c) studies concerning assets and liabilities;
d) evidence of consistency with principles of investment policy;
(e) evidence of payment of contributions) as scheduled;
f) reports of persons responsible for the audit of the annual accounts.
(6) the Commission may carry out inspections on the spot at the headquarters of the administrator and, if necessary, regarding outsourced functions to check if activities are carried out in accordance with the rules.
Article 113 (1) the administrator shall notify in writing each year, each participant, to the last address communicated about personal assets, i.e. the number of fund units and their value, as well as about the situation of the administrator.
(2) the administrator shall be obliged to forward to the participant and the beneficiary or, where applicable, their representatives shall, within 10 days, any relevant information regarding changing the rules of the pension scheme.
(3) the administrator, upon request, be put at the disposal of the participants and beneficiaries or, where appropriate, their representatives the investment policy statement set out in article 3. 78 para. (2) (a). e), annual reports and accounts.
(4) each participant or beneficiary also receives the request, detailed information and substance concerning the investment risk, the range of investment options, if applicable, investment portfolio, as well as information on risk exposure and costs related to the investments.
(5) If a participant or beneficiary request, in addition to the information to which he is entitled according to paragraphs 2 and 3. (1) to (4), additional information relating to its participation in a pension fund, the operator shall be obliged, against payment, to provide this information.
(6) service tariff, paragraph (5) it is established annually by the Commission.
(7) where a participant in a private pension scheme from Romania to change their place of work, place of residence or residence in another Member State of the European Union or belonging to the European Economic area, the administrator shall communicate, in writing, the appropriate information relating to his pension rights and its possible options in this case.
Article 114 (1) the administrator shall draw up and communicate to the Commission no later than April 15, an annual report that provides a true and correct pension funds administered, including: a) statements of assets and liabilities, income and expenses for each pension fund;
b) profit and loss account relating to their own activities;
(c) fees paid for) the depositary, administrator and other situations concerning the expenditure required by the Commission;
d) number of participants in each pension scheme administered privately;
e) other information required by the Commission.
(2) the annual report referred to in paragraph 1. (1) shall be approved by an auditor approved by the Commission, which will present the conclusions including investment strategy submitted by the administrator. Provisions of art. 51 para. (6) shall apply accordingly.
(3) the information contained in the annual report referred to in paragraph 1. (1) must be consistent, complete and clearly presented.
Chapter XV pension funds Marketing Article 115 (1) marketing of pension fund is managed by an administrator.
(2) Obtaining the accession agreement is made by the administrator or marketing agents.
(3) the administrator shall be responsible for the recruitment, training, monitoring and marketing agents.
Article 116 (1) marketing Agent is a legal entity or, where appropriate, the individual image is working to that end, pursuant to authorization or permit, if applicable, issued/granted by the Commission.
— — — — — — — — — — — —-. (1) of article 1. 116 was amended by point 14 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
(2) marketing Agent has the following attributions: a) presents relevant aspects of the potential participant of the Pension Fund;
(b) accession agreement) get to the participant in the Pension Fund;
c) administrator act of accession signed by the participant within 5 calendar days of signing it.
(3) the activity of marketing is conducted on the basis of the Commission supported by the administrator.
Article 117 (1) Administrator, marketing agents and their affiliated persons are forbidden: a) to convey false information, deceptive or likely to create a false impression about the Pension Fund and its Manager;
b) make statements or predictions about the evolution of a pension fund other than in the form and manner prescribed in the rules;
c) to provide collateral benefits in order to convince a person to join a Pension Fund participant or to remain in it;
d) grant favours to facilitate accession of potential participants.
(2) in the situation where advertisements are likely to mislead, the Commission may prohibit the publication and distribution thereof and require the publication of rectification within 7 working days of the notification.
Article 118 the Commission shall issue detailed rules concerning: (a) the marketing activity) pension funds, including the procedure for the authorisation or an opinion, where appropriate, of marketing agents;
— — — — — — — — — — — —-a) of article 1. Amended 118 of point 15 of article 2. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
b) liability of the administrator in relation to marketing agencies.
Chapter XVI Depositary Article 119 (1) the administrator shall designate a single depositary, which entrusts the safekeeping of assets of the Pension Fund, on the basis of a storage contract, approved in advance by the Commission.
(2) a depositary may keep the assets of several pension funds, provided the highlight of transactions and records each separately from the Pension Fund of his own and those of other pension funds.
Article 120 the depositary may not hold shares of the Manager or of any affiliated entities and may not have any relationship with these entities ' capital.
Article 121 (1) storage For activity, the depositary must hold a valid opinion issued by the Commission.
(2) in order to obtain the permit, the depositary submits to the Commission a request for an opinion accompanied by documents showing that the duly authorized) activity of Banca Naţională a României shall comprise the activity of pension funds;
b) is not in the special surveillance procedure or special banking management;
(c)) is not the staff member;
d) endorsement fee was paid;
e) meets other requirements laid down in the rules of the Commission.
(3) the date of accession of Romania to the European Union, may be the depositary for the purposes of this Act, and any authorized entity in the territory of a Member State of the European Union or belonging to the European Economic area. Storage that have been authorized, the savvy times subject to similar procedures in order to officials as holding the assets of pension funds in a Member State of the European Union or belonging to the European Economic area are exempt from the requirement of approval by the Commission.
Article 122 (1) the Commission may request the depositary within 30 calendar days of receipt of the request for an opinion, additional documents and information that must be provided within 30 calendar days from the date of receipt of the request.
(2) the Commission may verify any aspect related to the request for an opinion, being entitled to apply to the competent authorities and to obtain from them any documents and information that it considers relevant, in accordance with the law.
Article 123 the Commission shall examine the request for notification and shall, within 30 calendar days, the approval or rejection, by decision of that Court.
Article 124 the Commission approve a request for an opinion if it finds that the cumulative conditions, an opinion.
Article 125 (1) the Commission rejects the request for an opinion in the following situations:
the documentation is incomplete) on receipt of the latest set of documents and information or is not drawn up in accordance with the laws in force;
(b) failure to comply with any of the conditions) for endorsement.
(2) the Commission shall inform the depositary about the rejection of the application, within 5 working days of the decision.
Article 126 modification documents that formed the basis of approval must be approved in advance by the Commission, in accordance with the notification procedure.
Article 127 (1) withdraw depository Commission opinion in one of the following situations: a) for same reasons for rejecting the request for an opinion;
b) opinion was obtained on the basis of false statements or by any other way illegal;
c) failure of storage for a period of one year;
d) at the request of the depositary;
e) shareholders decided to liquidate, merger or Division of the depositary;
f) storage of an unauthorized pension fund;
(g) failure to perform or improper execution) of the obligations which arise from this Act, the rules of the Commission or of the contract;
h) situations that causes the interests of participants.
(2) the Commission shall inform the depositary, administrator and Banca Naţională a României's opinion about the withdrawal, within 5 working days of the decision.
(3) in the event of withdrawal to the depositary's opinion, it is obliged to submit to the Commission a report on the assets of the pension fund which have been entrusted to the CPS of a financial auditor at the expense of the depositor.
Article 128 in the exercise of its duties, the depositary is obliged: a) to receive and keep the safety records relating to all assets of the Pension Fund;
b) keep the records relating to securities in dematerialized form constituting the assets of the Pension Fund;
c) calculate and notify each working day, the administrator about the net worth of the assets of the Pension Fund;
d) to update the records in the accounts;
e) to submit to the administrator the information assets of private pension funds administered;
f) meet the administrator instructions, unless they are contrary to the laws in force, or its instruments of incorporation;
g) transmit to the Commission information and reporting on the assets of the Pension Fund, under the conditions and within the time limits laid down in its rules.
Article 129 of the pension fund Assets may not be subject to execution of the depositary nor of a transaction.
Article 130 (1) a depositary shall be responsible before the administrator, participants and beneficiaries in respect of any loss suffered by them as a result of failure to comply with obligations or improper fulfilment.
(2) a depositary may not be relieved from liability and responsibility cannot be limited by entrusting its obligations to another entity, on pain of nullity of legal documents in the case.
(3) the Commission may require the administrator to replace the depositary if the organizational structure and its financial has deteriorated substantially and the assets of the Pension Fund are put at risk.
Article 131 (1) in the event of termination of the storage administrator will notify the Commission forthwith and shall designate a new depositary.
(2) replacement of the depositary shall be made so as to ensure business continuity.
(3) Former new depositary the depositary shall transmit within 30 calendar days of its appointment, the assets of the Pension Fund and copies of documents relating to its work in relation to it.
(4) the Commission shall publish a notice concerning the withdrawal of the opinion of the depositary in the Official Gazette of Romania, part IV-a, as well as in two dailies, within 5 working days of the decision to withdraw the opinion of the depositary.
Article 132 the decision rejecting the application for the approval or withdrawal of approval may be appealed to the administrative court competence to hear such cases, according to the provisions of art. 22. Article 133 (1) the Commission shall issue rules concerning the criteria for the approval and withdrawal of the notice to the depositary, in consultation with the National Bank of Romania.
(2) the Commission shall issue detailed rules concerning: a) the obligations of the depositary in the field covered by the present law;
b) framework contract;
c calculation and payment of fee).
Chapter XVII private Pension Article 134 (1) the participant choose private pension provider.
(2) the pension Provider may not refuse a request for private pension if the person fulfils the conditions laid down by law.
(3) the amount of pension Provider establishes private pension based on actuarial calculation and personal asset net account located in the participant.
(4) the transfer Penalty did not apply in the case of transfer of availability of the administrator and the pension provider.
Article 135 (1) a participant is entitled to a pension from the date of completion of the private conditions of retirement for age limit in the public system.
(2) the total amount due for private pension cannot be less than the amount of contributions paid, reduced transfer fees and penalties.
Article 136 (1) personal net Assets is used exclusively for the purchase of a private pension.
(2) exception from paragraph 1. (1) the following categories: a person who does not have) the quality of the participant;
b) invalidity pensioners for diseases that no longer allow resumption of activity, as defined by the provisions of law No. 19/2000, as amended and supplemented, and whose personal net assets/liabilities at the date of withdrawal is too small to be able to receive a private pension;
c) persons whose personal net assets/liabilities at the date of withdrawal is too small to be able to receive a private pension.
(3) within 30 calendar days of proof of proving one of the situations referred to in paragraph 1. (2) the person entitled receives a one-time payment or payment by instalments in installments over a maximum duration of 5 years, on request.
(4) in the case of non-compliance with the time limit referred to in paragraph 1. (3) the administrator due to increases at the same rate of delay with those laid down for non-payment of budgetary obligations.
Article 137 (1) Private Pension is payable to the participant, the trustee appointed by him/her through the power of attorney or its legal representative.
(2) the costs of payment of pensions to private support by the participant.
(3) in the case of a change of job, home or residence in another country, the Member State of the European Union or the European Economic area, belonging to the participant and beneficiary of the right to retain private pension schemes gained in private pensions from Romania and it is payable in that Member State, the amount remaining after deduction of all fees and expenses for payment.
Chapter XVIII technical provisions and guarantees covered and monitored by the Commission in article 138 (1) the administrator must permanently maintain a volume of technical provisions corresponding financial liabilities resulting from private pension schemes should be managed.
(2) the administrator who runs the private pension schemes which are provided for measures of protection against biometric risks and/or warranties regarding the performance of the investment or a set level of benefits must calculate and maintain technical provisions for all these schemes.
(3) the administrator shall maintain permanent Fund sufficiently level and appropriate assets to cover the technical provisions in respect of all private pension schemes managed.
(4) the calculation of technical provisions shall take place every year. The calculation can be performed once every 3 years, if the administrator shall provide the Commission and/or participants a report on changes in their respective years. The report should reflect any technical changes and changes in risks covered.
(5) the calculation of technical provisions shall be made and shall be certified by an actuary or other specialist in this field, including an auditor, according to national legislation, on the basis of actuarial methods laid down by the rules of the Commission and in compliance with the following principles: a) the minimum level of technical provisions shall be calculated by a sufficiently prudent actuarial valuation, taking account of all commitments for benefits and payment of contributions as apparent from the private pension fund;
b) maximum rates of interest used shall be chosen prudently and shall be determined in accordance with national legislation. These prudent rates of interest shall be calculated taking into account the yield on the corresponding assets held by the Fund and the future yield on investment and/or high quality bonds yields times Government;
c) biometric tables used for the calculation of technical provisions shall be based on prudent principles, having regard to the main characteristics of the Group of participants and of private pension schemes, in particular of developments planned for the relevant risks;
d) methods and basis of calculation for technical provisions generally remain constant from one financial year to another. Discontinuities may be justified by changing economic conditions, demographic or are assumptions.
(6) the Commission may establish additional requirements for the calculation of technical provisions, if they consider this necessary measure to properly protect the interests of the participants.
(7) the Commission may allow the administrator to maintain temporarily below the assets covering technical provisions, provided a concrete and feasible plan coverage provisions, in accordance with paragraph 1. (3) the requirements to be satisfied by the coverage of the plan provisions shall be determined by the rules of the Commission.
(8) the provisions of paragraphs 1 and 2. (7) do not apply in the case of carrying out the activities under the conditions laid down in articles. 55 paragraph 1. 5. Article 139 (1) in order to protect the interest of the participants and beneficiaries, trustees and pension providers contribute to the guarantee fund of private pensions, which is under a special law.
— — — — — — — — — — — —-. (1) of article 1. 139 was amended by paragraph 2 of article 9. 1 of law No. 201 October 21, 2008, published in MONITORUL OFICIAL nr. 728 of 28 October 2008.
(2) Repealed.
— — — — — — — — — — — —-. (2) of article 9. 139 was repealed by section 2 of art. 1 of law No. 201 October 21, 2008, published in MONITORUL OFICIAL nr. 728 of 28 October 2008.
Chapter XIX Legal Liability Article 140 (1) violation of the provisions of this law or of rules issued pursuant thereto attracts liability, contravention or criminal liability, as appropriate.
— — — — — — — — — — — —-. (1) of article 1. 140 was amended by paragraph 16 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
(2) the administrator and Auditor financial responsible face participants and beneficiaries, as appropriate, for damage caused by failure to perform or improper execution of their obligations, except in cases of force majeure.
(3) Any person who is injured as a result of considering non-application or improper application of the provisions of this law shall be entitled to address the competent courts, in accordance with law No. 554/2004, as amended.
Article 141 (1) Constitute contraventions the following facts: (a) non-compliance with the measures laid down by) the acts of the Commission;
(b) failure to meet the requirements of article.) 6 concerning the equal treatment of participants and beneficiaries;
(c) failure to meet any of the deadlines). 38 para. (4), art. 63 para. (3), art. 113 para. (2), art. 114 para. (1) and in article 8. 131 paragraph 2. (3);
d failure to comply with the provisions of article 1.) 61 para. (2) concerning the reunification of the capital by the administrator;
failure to comply with the provisions of article e). 65 restrictions provided for managers, directors, namely members of the Supervisory Board or the Executive Board, as appropriate;
— — — — — — — — — — — —-e) of paragraph 1. (1) of article 1. 141 has been amended by art. The EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007, by replacing the phrase "members of the Board of management and Supervisory Board of direction" with the phrase "administrators, executives, concerned members of the Supervisory Board or of the Executive Board".
f failure to comply with the obligation of the administrator) to provide information to participants and beneficiaries as referred to in art. 111;
g) non-compliance with other obligations provided for in this law, the rules issued pursuant thereto, and in the acts adopted by the Commission.
h) breach of the prohibitions laid down in article 21. 117. — — — — — — — — — — — —-Lit. h) of paragraph 1. (1) was introduced by section 1 of article. Act No. 155 187 of 24 October 2012, published in MONITORUL OFICIAL nr. 757 from November 12, 2012.
(2) Commitment by the natural or legal person of any of the acts referred to in paragraph 1. (1) shall be imposed with: a) written warning;
b) contraventional fine;
c) canceling the vote expressed or temporary suspension of voting rights of shareholders are significant;
d) withdrawal or other opinion than the administrator, whom the administrative measure under article 9. 81;
(e) restriction or prohibition) directors to dispose of their own assets;
f) prohibition, for a period of between 90 and 180 days, the conduct of activities covered by this law.
(3) the main Penalties referred to in paragraph (2) (a). to or b)) may be applied cumulatively with any of the penalties referred to in paragraph 1 shall be complementary. (2) (a). c)-(f)).
(4) the limits of fines shall be determined as follows: (a) 0.5%) and 5% of the share capital for legal entities;
b) between 1,000 and 100,000 lei lei to individuals.
— — — — — — — — — — — — — — b) of paragraph 1. (4) article. 141 has been amended by section 3 of article 9. 1 of law No. 201 October 21, 2008, published in MONITORUL OFICIAL nr. 728 of 28 October 2008.
(5) the administrative Fines applied according to this law shall be made to the State budget income.
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Alin. (5) article. 141 has been modified by paragraph 4 of art. 1 of law No. 201 October 21, 2008, published in MONITORUL OFICIAL nr. 728 of 28 October 2008.
(6) the Commission may impose sanctions individuals who, as administrators, legal representatives, or exercising in law or in fact leadership positions or exercising professional activities regulated by this law, such contravention is attributable to them.
(7) the persons referred to in paragraph 1. (6) are kept, according to the law, and to repair damage caused by the property deed constituting the contravention. If the deed is attributable to more people, they are held jointly and severally to compensation for damage caused.
(8) The individualization of the penalty will take into account your personal circumstances and the actual Commission of the offence and the conduct of the perpetrator.
(9) if the same person has committed several offences, the penalty applicable for each contravention.
(10) where the committing a offence was attended by two or more persons, the penalty will apply to each separately.
(11) the finding contraventions and criminal sanctions are carried out by people with powers relating to supervision and/or compliance with laws and regulations applicable to private pension system within the Commission or by the staff empowered for this purpose by the decision of the President of the Council to the Commission.
— — — — — — — — — — — —-. (11) article. 141 has been modified by paragraph 4 of art. 1 of law No. 201 October 21, 2008, published in MONITORUL OFICIAL nr. 728 of 28 October 2008.
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Art. 141 has been changed from point 17 of article. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 142 (1) with regard to administrative sanctions, the provisions of art. 141 shall be supplemented by the provisions of Ordinance No. 2/2001 relating to the legal regime of contraventions, approved with amendments and completions by law No. 180/2002, as amended and supplemented.
(2) as regards the procedure for establishing and ascertaining the contraventions, and sanctions, the provisions of this law shall derogate from the provisions of Ordinance No. 2/2001, approved with amendments and completions by law No. 180/2002, as amended and supplemented.
— — — — — — — — — — — —-. (2) of article 9. 142 reverted to previous form EMERGENCY ORDINANCE nr. 112 of 10 October 2007, by repealing item 18 of article. I of this emergency Ordinance by section 5 of art. 1 of law No. 201 October 21, 2008, published in MONITORUL OFICIAL nr. 728 of 28 October 2008.
(3) Repealed.
— — — — — — — — — — — —-. (3) art. 142 was repealed by article 19 pct. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 143 Offenses provided for in this law shall be within 3 years from the date the offence was committed.
Article 144 the non-Deployment of the activities for which this law provides for the obligation of an authorisation or an opinion from the Commission constitutes infringement and is punishable with imprisonment from one year to three years or by a fine.
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Art. 144 was amended by paragraph 2 of article 9. Act No. 155 187 of 24 October 2012, published in MONITORUL OFICIAL nr. 757 from November 12, 2012.
Article 145 (1) constitutes infringement and is punishable with imprisonment from one year to five years: a) the use of contribution to the Pension Fund for purposes other than those envisaged by this law;
(b) failure to meet the requirements of article.) 28 regarding the swearing in and the alienation of assets of the Pension Fund by the administrator;
(c) availability of money) the use of a participant in a pension fund for purposes other than those envisaged by this law;
d) tampering or administration of private pension schemes.
(2) if the acts referred to in paragraph 1. (1) have particularly serious consequences for product, special limits of the penalty shall be increased by half.
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Art. 145 was modified by section 3 of article 9. Act No. 155 187 of 24 October 2012, published in MONITORUL OFICIAL nr. 757 from November 12, 2012.
Article 146 of the Act is to present the marketing documents with information that does not correspond to reality constitutes infringement and is punishable with imprisonment from 3 months to 2 years or by a fine.
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Art. 146 was amended by paragraph 4 of art. Act No. 155 187 of 24 October 2012, published in MONITORUL OFICIAL nr. 757 from November 12, 2012.
Article 147 non-Use of the phrase «» pension fund referred to in article. 56 para. (1) constitutes infringement and is punishable by fine.
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Art. 147 was amended by section 5 of art. Act No. 155 187 of 24 October 2012, published in MONITORUL OFICIAL nr. 757 from November 12, 2012.
Article 148 participants or beneficiaries ' Applications against the administrator, the employer or the Commission, addressed the Court in whose area the applicant is domiciled are exempt from stamp duty.
Chapter XX transitional and final provisions Article 149 (1) within four months after the granting of authorisations, the Commission organises managers and pursue progress and oversee election and accession to the pension funds by the participants.
(2) within 30 calendar days of the conclusion of the procedure of choice, the ex officio participants who did not have the option to pension funds.
(3) contributions to pension funds shall be transferred as of the month following the month in which the random allocation procedure laid down in paragraph 1. (2).
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Alin. (3) art. 149 was modified by pct article 21. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 149 ^ 1 public authorities and institutions shall provide free of charge to the Commission, the institution and the institution collecting, as appropriate, the information requested in order to carry out the duties which they are responsible under the provisions of this law.
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Art. 149 ^ 1 was introduced by the pct, article 22. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 150 within one year of the entry into force of this law, the Commission joins with specific amendments to the Protocol of collaboration between the National Bank of Romania, the insurance supervisory Commission and the National Commission for securities.
Article 151 during the period for which transfers were made on behalf of a participant in a pension fund, the number of fixed points on a monthly basis for it, according to law No. 19/2000, with amendments and additions thereto, shall be adjusted by the ratio of the share of the contribution due from the public pension system, of which it was deducted share of contribution in respect of the pension fund privately and share the social security contribution laid down by the law on State social insurance budget. — — — — — — — — — — — —- 151 was modified by pct article 23. From the EMERGENCY ORDINANCE nr. 112 of 10 October 2007, published in MONITORUL OFICIAL nr. 710 of 22 October 2007.
Article 152 provisions of this law shall be supplemented by: a) legislation on companies and unfair competition;
b) legislation on private civil society;
c) employment legislation;
d) social security legislation of the State;
e) legislation on banking activity;
f) legislation on securities trading;
g) legislation on the legal regime of offences;
h) administrative contentious legislation.
Article 153 all applicants who have submitted the documentation authorizing the establishment by the deadline set by the Commission and who have obtained authorization to start business administration, including advertising and marketing, from the same date as determined by the rules of the Commission.
Article 154 the organisation and functioning of the system of payment of pensions to regulated and supervised by the Commission shall be established by law, within 3 years after the entry into force of this law.
Article 155 the present law enters into force on 1 July 2006.
Note: the article below is below. , As well as of the statement concerning the transposition of the rules of Community law. 23/2007, which had not been incorporated in the form of law No. republished 411/2004 and which still apply as provisions of law No. 23/2007.
"Art. II.-pursuant to this law, within six months of its entry into force, the Commission shall draw up rules, which shall be approved by a decree of the President of the Commission and shall be published in the Official Gazette of Romania, part I.
* This law transposes the provisions of Council Directive 98/49/EC of 29 June 1998 on the protection of the supplementary pension rights of employed persons and self-employed persons moving within the community, published in the official journal of the European Communities (ECOJ) No. L 209 of 25 July 1998. ' — — — — — —
