* Florin Georgescu, in the cards for leading the new Financial Oversight Authority
The government will set up the Financial Oversight Authority (ASF), which by March 15th 2013, will take over the functions and the prerogatives of the Romanian National Securities Commission (CNVM), of the Insurance Oversight Commission (CSA) and of the Commission for the Oversight of the Private Pension System (CSSPP), institutions which will subsequently be disbanded, according to a draft emergency ordinance of the Government.
According to our sources, the new Authority is set to be led by Florin Georgescu, the current finance minister.
Florin Georgescu could not be contacted to comment on this new information.
The moment the Authority will take over the functions of the CNVM, CSA and the CSSPP, the terms of the managers of the three institutions will lawfully end.
The draft law has already arrived at the CSSPP, and the institution is set to give a favorable ruling, according to some sources from the CSSPP.
The project of creating an authority which would regulate the stock market, and the insurance and pension industries, was pushed by the National Bank of Romania (NBR) and by the Ministry of Public Finances, and has been submitted to the European Commission, according to some market sources.
The draft ordinance caused diverging reactions among the stock market players. While some have expressed their extreme discontent, as they thought the "great haste" in bringing forward this project was suspicious, just one day after the elections, on the contrary, others consider that a unified authority is the only thing that would bring a real reform to the stock market.
Other opinions claim this is a political move, and that the current government did this because it wanted to eliminate the CNVM commissioners appointed by political parties ot
