ASF - Autoritatea de Supraveghere Financiară

ASF (Autoritatea de Supraveghere Financiară / Financial Supervisory Authority) is Romania's integrated regulator for capital markets, insurance, and private pensions. Established in 2013 by merging CNVM, CSA, and CSSPP, ASF supervises the Bucharest Stock Exchange, insurance companies, and pension funds. The legal department drafts regulatory norms, enforces compliance with EU directives (MiFID II, Solvency II, IORP II), and represents ASF in administrative litigation and CJEU proceedings.