News News Flash - Qualifying Holdings in insurance or reinsurance undertakings and pension fund management companies - ASF Regulatory Standard No. 3/2021-R 29/04/2021

Regulatory Standard no. 3/2021-R, of 13th April, issued by the Insurance and Pension Funds Supervisory Authority (ASF), was approved. It revoked Regulatory Standard 3/2016-R, of May 12th, establishing the elements and information that must monitor the prior communication of the projects for the acquisition, increase and decrease of qualified participation in an insurance or reinsurance company and in a pension fund management company subject to ASF supervision and the communication of future constitution of any charges on voting, or capital rights that constitute qualified participation in an insurance, or reinsurance company and in pension fund management companies.

This regulatory standard arises from the need to adjust the regime in force to the Joint Guidelines of the European Supervisory Authorities on the prudential assessment of acquisitions and increases in qualified holdings in entities in the financial sector and from the need to adapt ASF procedures to the applicable legal regime on processing personal data.

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