RSS
The Authority for Financial Supervision published The Strategy 2021-2023
The Authority for Financial Supervision (ASF) has launched The Strategy for the period 2021-2023, document which was drawn up in accordance with the new context generated by the pandemics Covid-19, announced the institution on Wednesday.
‘The strategic objectives for the mentioned interval were re-analysed and updated, in correlation to the most recent policies adopted at European level: the new Plan for Action for the Union of Capital Markets and integration of financial markets, sustainable development, digitisation and technological innovation in the sector of financial services’ the press release says.
Similarly, the Programmed of activities for 2021 includes actions meant to ensure the promotion of financial stability, inter-sectorial convergence, harmonisation of the framework for regulation and the strengthening of supervision attributes. At the same time, the programmed includes the continuation of the process of strengthening of the institutional capacity, in accordance with the measures, practices and strategic priorities promoted at the level of European authorities ESMA and EIOPA.
‘Starting from the necessity of restructuring, re-analysing and reorganising of the objectives and activities in the Authority for Financial Supervision, with a view to adapting and adjusting to the new reality and the new context, the Strategy for the period 2021 – 2023 has been drawn as well as the Programme of activities for 2021.The strategic objectives thus acknowledged and the activities programmed bring added value and coherence to the organisation of the current activities of the Authority and take into account the tendencies identified at the level of the three non-banking financial markets, as well as the activities established through the programmes of the European authorities ESMA, EIOPA and ESRB. In 2023, the Authority for Financial Supervision will become an authority which applies the highest standards of supervision, with proactive approach, with quality data and information and openness towards adopting the best international practices’ stated Valentin Ionescu, the manager of the Department Strategy and Financial Stability – ASF.
According to ASF, the uncertainties and the risks at the address of evolution and stability of global economy generated by the effects of the pandemics Covid-19 as well as the restrictive measures, applied at national and European level, mean the continuous harmonisation of the operation of the ASF, as well as the improvement of professional standards and reaction speed at institutional level.
‘The Covid-19 crisis meant the speeding up of the use of technology in all processes and activities of the Authority, fact which led to a reshuffling of priorities and institutional objectives, in order to answer as efficiently as possible to the challenges connected to the emerging risks and to decide on the optimal measures to bring trust on the financial markets’ the press release says.
As a result, according to ASF,both the strategic objectives and the activities programmed are adapted to the new reality and challenges brought about by the pandemics Covid-19 and aim at the implementation of the strategic role of the institution, by ensuring the correct functioning of the supervised markets, as well as by the correlation of the national legislative provisions to the European legislation and the best practices in the domain.