CSSPP Approves Sanctions Enforcement Supervisory Procedure For Private Pension System

The Private Pension System Supervisory Committee (CSSPP) has approved the norms regarding the procedure for supervising the enforcement of international sanctions on the private pension system as part of a broader effort to align the Romanian private pension system to the international legal framework in this sector.

The new norms regulate the supervision of the enforcement of international sanctions by the entities authorized by CSSPP and include obligations for both CSSPP and the entities operating in the private pension system. According to the norms, CSSPP will publish the acts imposing international sanctions of mandatory effect in Romania on the CSSPP website. The Commission will have an obligation to organize their own records regarding the enforcement of international sanctions on the private pension system by the authorized entities and to send such records to the Finance Ministry upon request.

The entities authorized to operate on the private pensions market will have the obligation to create and apply adequate procedures and mechanisms in line with the applicable legislation on money laundering and/or financing terrorism and report suspicious transactions to CSSPP. They also need to notify CSSPP of any situations related to international sanctions after adopting a first act instituting such sanctions.

If CSSPP declines jurisdiction on the respective information, they will forward such information to the relevant authority or, in case the identity of such authority is not evident, to the Foreign Ministry, which coordinates the Inter-Institutional Committee on the application of the provisions of international sanctions.