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🇷🇴Romania · EU member

Financial Supervisory Authority (Romania)

ASF · Financial supervisory authority
Bucharestasfromania.ro
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FY2024 · as of 31 December 2024Published figures unless marked

Employees493approved posts — FY2024 (AR2025 not yet published)
Annual budget≈€45.0Mtotal expenditure — FY2024 (AR2025 not yet published)Estimate
Supervised entities~85capital-markets firms — FY2024 (three-sector authority: insurance and pensions additional)Estimate

Overview

Romania's Autoritatea de Supraveghere Financiară supervises the non-banking financial sector — capital markets, insurance, and private pensions — and is the country's designated licensing authority for crypto-asset service providers under MiCA, per Emergency Ordinance 10/2025 in force since 13 March 2025. Romania's full national implementing framework for MiCA authorisations was still pending in mid-2026, so no Romanian CASP appears in the ESMA register as of July 2026; from the EU-wide end of the transitional period on 1 July 2026, providers serving Romanian clients require a MiCA licence obtained in an EU member state. Meanwhile the capital market ASF oversees has grown sharply: active investment accounts rose from 15,726 in March 2019 to 148,491 in March 2026, and the BET index gained about 46% in 2025. Everything below is ASF's own data, from its official publications.

Regulated sectors

6
Investment firmsAsset managersCrypto-asset service providersInsurance companiesPension fundsListed companies

Figures as published by Financial Supervisory Authority (Romania) for FY2024. Source: ASF Raport Anual 2024 (Romanian) (FY2025 annual report not yet published as of 3 Aug 2026). Data as of 31 December 2024.

Leadership

2
Alexandru Petrescu

Presidentsince December 2023

Gabriel-Ioan Avrămescu

First Vice-President, coordinator of the capital-markets sectorsince December 2023

Full board

Organisation (FY2024)

Approved staff posts
493FY2024 — AR2025 not yet published
Personnel costs
RON 154.3M ≈ €29.4MFY2024 — 65% of total spend
Total expenditure
≈€45.0MFY2024 — total spend across all functions
Estimate
Revenues
RON 243.0M ≈ €46.3MFY2024 — ASF is fully industry-funded
Three-sector assets under supervision
RON 236.9bnFY2024 — capital markets + insurance + private pensions combined
Sanctions
200 sanctions · RON 2.55M in finesFY2024
Pillar II participants
8.29MFY2024 — mandatory private pension pillar

Crypto / MiCA

FY2024
MiCA designation
OUG 10/2025, in force 13 March 2025ASF designated Romania's principal CASP authority; draft secondary / implementing framework in public consultation through 2025–2026
Romanian CASPs in ESMA register
0 (July 2026)National implementing framework pending; authorisation intake not yet open — timeline fact, not an activity measure
EU transitional period end
1 July 2026Unlicensed providers may no longer serve EU/Romanian clients; ~600,000 Romanian crypto users affected per press coverage

Capital markets 2025–2026

Active investment accounts
148,491 (Mar 2026)Up from 15,726 in March 2019 — ASF President's own figures
BET index 2025
~+46% (BET-TR >+55%)ASF President's own figures
Estimate
Market capitalisation
12.4% of GDP (Q2 2025)vs EU average 67.9% (EC country report figures cited by ASF)

Notable 2025–2026

MiCA designation vs authorisation intake
Romania designated ASF as its MiCA CASP authority in March 2025 (OUG 10/2025); the full implementing framework was still in progress at the 1 July 2026 EU transitional cut-off, so authorisation intake had not yet opened — Romanian users of unlicensed platforms transitioned to EU-licensed providers.
Retail capital market
Has nearly ten-folded in seven years by account count.
Strategic projects in flight
A central counterparty (CCP) and a growth market for SME listings.
2026 priority
ASF leadership has publicly framed 2026 as the year to complete crypto-asset regulation.

Key legislation

4
Ordonanța de Urgență 93/2012 privind ASF

ASF founding statute (merged CNVM, CSA, CSSPP)

Legea nr. 24/2017 privind emitenții de instrumente financiare

Issuers Act

Legea nr. 237/2015 privind autorizarea și supravegherea activității de asigurare

Insurance Act

OUG 10/2025

MiCA implementation — ASF designated CASP competent authority; implementing framework in progress

Registers, portals and publications

Public registers

ASF public registers

Application portals

ASF e-services

Recent publications

ASF annual reports page2026-08-01
Data as of 31 December 2024 · Source: asfromania.ro + ComplyBridge researchActivity Index methodology →