In view of the special circumstances generated by the COVID-19 pandemic, the Romanian Supervisory Authority and the European Occupational Pensions Authority have decided to postpone the start of the Balance Sheet Review of the Romanian insurance sector. The exercise was originally expected to be performed in the second semester of the year 2020.
 
Insurers should concentrate efforts on monitoring and assessing the impact of the COVID-19 pandemic and maintain business continuity, considering they may face increasing difficulties in the immediate future as a result of the challenging market conditions. Nevertheless, the Balance Sheet Review independent assessment remains a priority in order to enhance transparency of the Romanian insurance undertakings’ solvency and financial position. The new cut-off date for the balance sheet data and the amended exercise timeline will be communicated in due time.

In view of the special circumstances generated by the COVID-19 pandemic, the Romanian Supervisory Authority and the European Occupational Pensions Authority have decided to postpone the start of the Balance Sheet Review of the Romanian insurance sector. The exercise was originally expected to be performed in the second semester of the year 2020.
 
Insurers should concentrate efforts on monitoring and assessing the impact of the COVID-19 pandemic and maintain business continuity, considering they may face increasing difficulties in the immediate future as a result of the challenging market conditions. Nevertheless, the Balance Sheet Review independent assessment remains a priority in order to enhance transparency of the Romanian insurance undertakings’ solvency and financial position. The new cut-off date for the balance sheet data and the amended exercise timeline will be communicated in due time.

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The appointment is effective from 1 April 2020, and will last two years.

Advisory Committee on Proportionality (ACP)

The ACP is being established to advise ESMA on how its actions and measures should take into account specific differences prevailing in the relevant financial market sector, to the extent these factors are relevant to the rules under consideration, relating to:

·         the nature, scale and complexity of risks;

·         business models and practice; and

·         the size of financial institutions and of markets.

The ACP aims to achieve this by providing advice on proportionality issues that materialise after the implementation of specific measures (ex-post advice).

The ACP may also assess ESMA’s draft work programme and, for a selected number of measures, give ex-ante advice limited to how to take into account specific differences regarding size and complexity prevailing in the sector.

The introduction of measures to contain the coronavirus means we are spending more time online, whether teleworking or surfing. Combined with anxieties caused by the crisis, this often results in unsafe online behaviour and cybercriminals are exploiting these weaknesses.

They use phishing, installing malware and other malicious practices to steal data and access devices, allowing them to do anything from accessing bank accounts to organisations’ databases.