FSA Strategy for 2021-2023

UniCredit Bank S.A.
Wed, 24/03/2021

Detailed action plan for balancing emerging challenges and empowering financial markets outlined

     

                                                                                                                                                                                                                 

The Romanian Financial Supervisory Authority (FSA) made public its Strategy for 2021 – 2023 at the end of the last year. Focused on addressing emerging risks and providing optimal measures to ensure confidence in financial markets, the FSA Strategic Objectives for 2021-2023 have been reviewed and updated, in close correlation with the latest policies adopted at a European level: the new Capital Markets Union Action Plan and the integration of financial markets, sustainable development, digitization and technological innovation in the financial services sector.

The main Strategic FSA Objectives 2021 – 2023 were defined as follows:

  • Consolidation of financial stability, sustainability and resilience of non-banking financial markets, primarily focusing on:

-          financial stability and macro-prudential policy, i.e. risks and vulnerabilities associated with the Covid-19 crisis;

-          digitization and technological innovation in financial services; and

-          stimulation and development of the infrastructure of non-banking financial markets.

  • Updating and harmonizing the sectorial legislative framework – the capital market, the insurance-reinsurance market and the private pension market;

-          risk assessment, consolidation of prudential supervision practices and supervision of conduct;

  • Building trust in non-banking financial products markets, including financial education and consumer protection;

-          contribution of the FSA to the European institutional construction, regarding Capital Markets Union (CMU), involvement in the work of the European Securities and Markets Authority (ESMA), involvement in the work of the European Insurance and Occupational Pensions Authority (EIOPA), as well as participation in the European Systemic Risk Committee (ESRB).

Additionally, the FSA Strategy outlines the activities needed for completion of the goals with emphasis on the priorities and main interest fields for 2021.