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COMMISSION DELEGATED REGULATION (EU) NO. 2021/822 OF 24 MARCH 2021 AMENDING DELEGATED REGULATIONS (EU) NO. 1003/2013 AND (EU) 2019/360 AS REGARDS THE ANNUAL SUPERVISORY FEES CHARGED BY THE EUROPEAN SECURITIES AND MARKETS AUTHORITY TO TRADE REPOSITORIES FOR 2021.
The Regulation was published in the Official Journal of the European Union no. 183 of 25.05.2020 and enters into force on 26.05.2021.
1. Amendment to Delegated Regulation (EU) No 1003/2013 concerns the following aspects:
The turnover for the calculation, pursuant to art. 7, of the annual supervisory fee of the trade repositories registered at European Securities and Markets Authority (ESMA) on 31 December 2021 is equal to the amount obtained by adding one third of each of the following elements:
a) the revenues generated from the core functions of centrally collecting and maintaining records of derivatives of the trade repository during the period from 1 January 2021 to 30 June 2021, divided by the total revenues generated from the core functions of centrally collecting and maintaining records of derivatives of all registered trade repositories during the period from 1 January 2021 to 30 June 2021;
b) the number of trades reported to the trade repository during the period from 1 January 2021 to 30 June 2021, divided by the total number of trades reported to all registered trade repositories during the period from 1 January 2021 to 30 June 2021;
c) the number of recorded outstanding trades on 30 June 2021, divided by the total number of recorded outstanding trades on 30 June 2021 in all registered trade repositories.
2. Amendment to Delegated Regulation (EU) 2019/360 concerns the following aspects:
The turnover for the calculation, pursuant to art. 6, of the annual supervisory fee of the trade repositories registered at ESMA on 31 December 2021 is equal to the sum of:
- the revenues generated from the core functions of centrally collecting and maintaining records of SFTs during the period from 1 January 2021 to 30 June 2021, and
- the applicable revenues from ancillary services of the trade repository in accordance with paragraphs 1 and 2 of Article 2 during the period from 1 January 2021 to 30 June 2021, divided by the sum of:
- the total revenues generated from the core functions of centrally collecting and maintaining records of SFTs during the period from 1 January 2021 to 30 June 2021 of all registered trade repositories, and
- the applicable revenues from ancillary services in accordance with paragraphs 1 and 2 of Article 2 during the period from 1 January 2021 to 30June 2021 of all registered trade repositories.
LAW NO. 147/2021 FOR THE AMENDMENT AND SUPPLEMENTATION OF GEO NO. 93/2012 ON THE ESTABLISHMENT, ORGANIZATION AND OPERATION OF FAS
The law was published in the Official Gazette no. 530 of 21.05.2021 and entered into force on 24.05.2021.
Apart from some internal aspects related to the organization of the FSA, the Law stipulates that the entities regulated and / or supervised by the FSA are obliged:
a) to transmit and/or make available to the FSA the requested documents, documents and information, within the deadlines and in the structure established by the FSA, so as not to jeopardize the development and completion of the supervision and control activity and to ensure the access of the FSA representatives their headquarters;
b) to provide complete documents and real information, which does not mislead the FSA, so as not to jeopardize the development and completion of the supervision and control activity;
c) to comply with the measures ordered by the FSA through the acts of authorization, supervision and control.
Failure to comply with the aforementioned obligations is sanctioned by the FSA according to special legislation.
It is also provided that for non-compliance with the legal provisions, as well as the regulations and decisions of the FSA Council, in cases not covered by the legislation governing the activity of entities regulated and/or supervised by the FSA, the FSA Council, in accordance with approved internal regulations, may apply the following sanctions:
a) written warning;
b) fine for natural persons between 1,000 lei and the equivalent in lei of 25% of the annual net income of the natural person made with the employer or fine for legal entities between 10,000 lei and the equivalent in lei of 1% of the annual turnover of the person legal. The fines collected are made revenue to the state budget;
c) the partial or total suspension, for a period of up to 90 days, of the authorization granted by FSA;
d) withdrawal of the authorization granted by FSA.
GEO NO. 43/2021 FOR THE EXTENSION OF THE TERM FOR SUBMITTING THE ANNUAL DECLARATION REGARDING THE REAL BENEFICIARY OF THE LEGAL PERSON, PROVIDED IN ART. 56 PAR (4) OF LAW NO.129/2019 FOR PREVENTING AND COMBATING MONEY LAUNDERING AND TERRORIST FINANCING, AS WELL AS FOR AMENDING AND SUPPLEMENTING SOME NORMATIVE ACTS
The GEO was published in the Official Gazette no. 561 of 31.05.2021 and entered into force on the date of publication.
According to art. 56 paragraph (4) of Law no. 129/2019, legal entities subject to the obligation to register in the trade register submit at incorporation, annually or whenever there is a change, a statement on the beneficial owner of the legal entity, for registration in the Register of beneficial owners of companies.
This GEO provides the following:
a) By derogation from the provisions of art. 56 par (4) of Law no. 129/2019, in 2021, the annual declaration regarding the beneficial owner of the legal person subject to the obligation to register in the trade register shall be submitted to the trade register office where the legal person is registered until October 1, 2021.
b) The annual declaration concerning the beneficial owner may be in the form of a private or electronic signature and may be sent to the Trade Register Office by electronic means, by electronic signature, or by post and courier services.
c) The annual declaration regarding the real beneficiary may also be given before the representative of the trade register office or may be submitted, personally or through a representative, having a certain date, given by the notary public or attested by a lawyer.
ORDER NO. 593/2021 OF THE MINISTER OF FINANCE ON APPROVING THE FINANCIAL MECHANISM FOR THE TRANSFER OF AMOUNTS RELATED TO GRANTS DUE TO BENEFICIARIES UNDER THE STATE AID SCHEME TO SUPPORT THE ACTIVITY OF SMES IN THE CONTEXT OF THE ECONOMIC CRISIS GENERATED BY THE COVID-19 PANDEMIC FROM THE MINISTRY OF FINANCE’S BUDGET - GENERAL ACTIONS TO THE NATIONAL FUND OF CREDIT GUARANTEE FOR SMALL AND MEDIUM ENTERPRISES - SA- NFI, THE MODEL CONVENTION ON THE IMPLEMENTATION OF THE "FACTOR SME PROGRAM - COMMERCIAL CREDIT GUARANTEE PRODUCT AND ITS ASSOCIATED STATE AID SCHEME", THE MODEL CONVENTION ON THE GUARANTEE AND PAYMENT OF GRANTS, THE GUARANTEE AGREEMENT, THE DOCUMENT, AND FOR SETTING THE LEVEL OF THE RISK FEE AND THE MANAGEMENT FEE FOR 2021
The order was published in the Official Gazette no. 548 of 27.05.2021 and entered into force on the date of publication.
The SME FACTOR Program - Commercial Credit Guarantee Product (Program), which aims to support access to finance for small and medium-sized enterprises by providing state guarantee facilities for short-term loans granted to finance commercial credit, was approved by GEO no. 146/2020.
According to GEO no. 146/2020, SMEs that contract factoring financing under the Program benefit from a grant within the limit of the cumulation between the amount of the risk fee, the management fee related to the guarantee granted and the value resulting from the application of a percentage of 50% to the value the interest related to the amounts advanced by the financier to the beneficiary, but not more than the equivalent in lei of 800,000 euros per enterprise.
This Order regulates the following aspects:
a) Approves the Financial Mechanism for the transfer of amounts related to grants due to beneficiaries under the State Aid Scheme associated with the SME FACTOR Program - Commercial Credit Guarantee Product, from the budget of the Ministry of Finance - General Actions, to the National Credit Guarantee Fund for Small and Medium Enterprises - TO - NFI, (NCGFSME), provided in annex no. 1;
b) Approves the Convention on the implementation of the SME FACTOR Program, which will be concluded between the Ministry of Finance and NCGFSME, the model of which is provided in Annex no. 2;
c) Approves the Grant Guarantee and Payment Agreement, which is concluded between NCGFSME and the financing institutions, the model of which is provided in Annex no. 3;
d) For the year 2021, the total threshold of the guarantees that can be granted within the SME FACTOR Program - Product for guaranteeing the commercial credit and the associated State Aid Scheme is of 1,000,000,000 lei;
e) For the year 2021, the administration commission of the guarantees granted by FNGCIMM is approved, in the name and account of the Romanian state, within the SME FACTOR Program - Product for guaranteeing the commercial credit and the associated State Aid Scheme, at the level of 0.15% per year for the entire period of validity of the guarantees, calculated at the value of the state guarantee;
f) For the guarantees granted by NCGFSME in the name and account of the Romanian state, related to the guaranteed loans granted in 2021 within the FACTOR SME Program - Product for guaranteeing the commercial credit and the associated State Aid Scheme, the risk commission is approved at the level of 0,15% per year for the first year of the guarantee, 0,15% per year for the 2ndand 3rd years of the guarantee, respectively 0,25% per year for the 4th year of the guarantee, applied to the value of the state guarantee.
ORDER NO. 576/2021 FOR THE AMENDMENT OF THE ANNEXES NO. 2 AND 3 TO THEORDER OF THE MINISTER OF PUBLIC FINANCE NO. 2880/2020 ON THE APPROVAL OF THE FINANCIAL MECHANISM FOR THE TRANSFER OF THE AMOUNTS RELATED TO THE DE MINIMIS AID DUE TO THE BENEFICIARIES WITHIN THE MINIMIS AID SCHEME RELATED TO THE SMALL AND MEDIUM ENTERPRISES SUPPORT PROGRAM "SME LEASING OF EQUIPMENT AND EQUIPMENT" FROM THE BUDGET OF THE MINISTRY OF PUBLIC FINANCE – GENERAL ACTIONS TO NATIONAL CREDIT GUARANTEE FUND FOR SMALL AND MEDIUM ENTERPRISES - SA- NFI, OF THE MODEL OF THE CONVENTION ON THE IMPLEMENTATION OF THE SME LEASING SUPPLY AND EQUIPMENT SUPPORT PROGRAM, OF THE MODEL CONVENTION FOR THE GUARANTEE AND PAYMENT OF MINIMIS AID FOR THE SME SUPPORT EQUIPMENT PROGRAM "SME LEASING OF EQUIPMENT AND EQUIPMENT" AND EQUIPMENT ", OF THE GUARANTEE CONTRACT, OF THE DOCUMENT, AS WELL AS FOR SETTING THE LEVEL OF THE RISK COMMISSION AND THE MANAGEMENT COMMISSION FOR 2020.
The order was published in the Official Gazette no. 516/18.05.2021 and entered into force on May 18, 2021.
Order no. 576/2021 amends the annexes no. 2 and 3 to the Order of the Minister of Finance no. 2880/2020, bringing the following important changes:
a) In the maximum fixed margin of 3.5%, provided for in art. 4 par (1) of annex no. 2, the interest applied for pre-financing is also included;
b) In the annex no. 2, annex no. 3 is amended and replaced by annex no. 1 of Order 576/2021;
c) The conditions provided by art. 3.1. para. (1) lit. a) from annex no. 3 for an enterprise to be considered in difficulty have been modified;
d) The condition provided by art. 3.1. para. (2) lit. b) from annex no. 3 regarding the beneficiaries who are in the situation of operational closure has been removed;
e) The term provided by art. 6.12 para. (1) of annex no. 3 in which NCGF SME communicates to the financiers the sample for which the information necessary for monitoring must be transmitted was modified from the 10th of the following month to the 20th of the following month. Also, the financiers will send the supporting documents until the 30th of the same month, compared to the former term which was until the 20th of the same month.
f) The term of notification of the Beneficiary, provided by art. 6.12 para. (6) of annex no. 3, was changed from 15 days to 30 days;
g) The payment request will be submitted by the financier, after the registration by the lessee/user of a number of 60 calendar days of arrears on payment of the principal, compared to the old regulation which provided for “non-payment in full of three monthly leasing installments”;
h) In the annex no. 3, annex no. 5 is amended and replaced by annex no. 2 of Order 576/2021.
ORDER NO. 111/2021 REGARDING THE AMENDMENT OF ANNEX NO. 4 TO THE ORDER OF THE PRESIDENT OF THE NATIONAL OFFICE FOR PREVENTION AND COMBATING MONEY LAUNDERING NO. 14/2021 FOR THE APPROVAL OF THE FORM AND CONTENT OF THE REPORTS PROVIDED IN ART. 6 AND 7 OF LAW NO. 129/2019 FOR PREVENTING AND COMBATING MONEY LAUNDERING AND TERRORIST FINANCING, AS WELL AS FOR AMENDING AND SUPPLEMENTING SOME NORMATIVE ACTS AND THE METHODOLOGY OF THEIR TRANSMISSION
The order was published in the Official Gazette no. 510 of 17.05.2021 and entered into force on the date of publication.
The Order stipulates that Annex no. 4 to the Order of the President of the National Office for Prevention and Combating Money Laundering no. 14/2021for the approval of the form and content of the reports provided in art. 6 and 7 of Law no. 129/2019 for preventing and combating money laundering and terrorist financing, as well as for amending and supplementing some normative acts and the methodology of their transmission shall be amended and replaced by the annex which is an integral part of this order.
DRAFT – NBR REGULATION FOR THE AMENDMENT AND SUPPLEMENTATION OF NBR REGULATION NO. 20/2009 REGARDING NON-BANKING FINANCIAL INSTITUTIONS
The Draft is under public debate until 07.06.2021 and will enter into force on the date of its publication in the Official Gazette.
The Regulation no. 20/2009 applies to non-banking financial institutions, Romanian legal entities, and Romanian branches of financial institutions, foreign legal entities and provides:
a) the registration in the registers of non-banking financial institutions;
b) the communication of changes in the situation of non-banking financial institutions; respectively
c) prudential requirements applicable to non-banking financial institutions registered in the Special Register.
In the context of the evolution, during the last year, of the interest rate related to the permanent credit facility granted by the NBR (Lombard rate), taking into account the need to continue the lending activities of non-banking financial institutions (NFIs), the NBR considered it necessary to remove the criteria registration of the NFI in the Special Register with the Lombard rate.
Consequently, in the case of consumer loans with an initial duration of over 90 days, the Draft proposes to revise the limits (Annual Effective Interest) APR provided in the NBR Regulation, in order to establish a fixed threshold of 50% for consumer loans granted in lei, respectively 33,3% for consumer loans granted in foreign currency or indexed to a foreign exchange rate.
According to the Draft, these changes will operate from the third quarter of 2021, respectively the reporting to the new DAE limits will be made starting with July 1, 2021, being highlighted in the reports submitted by NFI in October 2021 (within 25 days after the end of the quarter for which the report is prepared).
In addition, as a result of practical needs, the draft proposes some interventions to facilitate the NBR's assessment of NFI information:
a) supplementation of the Statement - Annex no. 2a to the NBR Regulation no.20/2009 with information regarding the domicile / residence of the last three years of the person concerned;
b) simplification of the documentation for changes in the situation of pawnshops and mutual aid houses related to the state of the entity;
c) amendment of annex no. 4 to the NBR Regulation no. 20/2009 attesting that the NFI no longer records intangible assets in progress, the balance of this account being taken over in the Other intangible assets account.
DRAFT - FSA NORM FOR THE APPLICATION OF THE ESMA GUIDE ON STANDARDIZED PROCEDURES AND MESSAGING PROTOCOLS IN ACCORDANCE WITH ARTICLE 6 (2) OF REGULATION (EU) NO. 909 / 2014
The Draft is under public debate until June 11, 2021 and will enter into force on February 1, 2022, the date of its publication in the Official Gazette.
The guide applies to investment firms and the competent authorities of investment firms.
The guide shall apply with regard to the requirements of Article 6 (2) and, in particular, the standardized procedures and messaging standards to be used to ensure compliance with the second subparagraph of Article 6 (2) of Regulation (EU) No. 909/2014 on improving the settlement of securities in the European Union and on central securities depositories.
The objectives of the guide are to establish coherent, efficient and effective supervisory practices within the ESFS (European System of Financial Supervision) and to ensure the common, uniform and consistent application of the second subparagraph of Article 6 (2) of Regulation (EU) No. 909/2014, as supplemented by article 2 of the Delegated Regulation (EU) 2018/1229 of the Commission.
The requirement laid down in article 6 (2) of Regulation (EU) No.909/2014 and further provided for in article 2 of the Delegated Regulation (EU) 2018/1229 focuses on the preparation of the settlement process: investment firms must ensure that they have all the necessary details on the settlement, on the business day on which the transaction takes place. To achieve this, investment firms that do not yet have the necessary settlement information must communicate with their clients to obtain that information, which must include standardized data useful for the settlement process.
In particular, in accordance with article 6 (2) of Regulation (EU) No.909/2014, investment firms are expected, as appropriate, to take measures to limit the number of cases of non-execution of the settlement. Pursuant to this article, ESMA has developed regulatory technical standards specifying, inter alia, details of allocation and confirmation measures and procedures between investment firms and their professional settlement facilitators, which have been included in article 2 of the Delegated Regulation (EU) 2018/1229 of the Commission.
The purpose of the guide is therefore to clarify the scope of the requirement set out in Article 6 (2) of Regulation (EU) No. 909/2014 and to provide guidance on the standardized procedures and messaging standards used to comply with this requirement.
The competent authorities to which the guide applies must comply by including it in their national legal and/or supervisory frameworks, as appropriate, including where specific guides mainly concern financial market participants. In this case, the competent authorities must ensure, through their supervisory activities, that the guidelines are followed by financial market participants.
Financial market participants are not required to report compliance with this guide.
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