Financial Supervisory AuthorityGovernment

The Financial Supervisory Authority (Autoritatea de Supraveghere Financiară, ASF) is an autonomous administrative authority in Romania responsible for the regulation and supervision of non-banking financial markets. Its mandate encompasses overseeing the insurance sector, private pension funds, and capital markets to ensure stability, transparency, and consumer protection. Established in 2013, the institution was formed by merging three previously separate regulatory agencies: the National Securities Commission (CNVM), the Insurance Supervisory Commission (CSA), and the Private Pension System Supervisory Commission (CSSPP).