NN fund decides not to challenge Romanian financial regulator’s record fine

NN Pensii, the biggest private pension fund manager in Romania, will not challenge the record fine it got from the Financial Supervisory Authority (ASF) last month for spreading false rumors about the Government’s alleged intention to nationalize the private pension funds. "After analyzing and balancing the long-term goals of all parties involved, we think it is best to focus on the services offered to our clients and not to challenge ASF's decision,” said yesterday Silviu Novac, NN Pensii deputy general manager. “NN regrets the whole situation caused by the communication with our clients.” ASF sanctioned NN Pensii with a RON 750,000 (EUR 166,000) fine in mid-April. The ASF management also decided to remove NN Pensii general manager Raluca Tintoiu’s authorization and to fine her with RON 100,000 (EUR 22,000). Tintoiu has challenged the regulator’s decision. “Raluca Tintoiu's initiative to challenge the ASF's decision is individual,” said Silviu Novac. Last month, pension fund NN Pensii had notified its customers about alleged public discussions in recent weeks on a possible nationalization of private pension funds. This led to a major public scandal, culminating with ASF imposing several sanctions on NN Pensii. ASF’s sanctions came after the Social Democratic Party (PSD) leader Liviu Dragnea harshly criticized ASF’s former president Misu Negritoiu for allegedly feeding the false rumors about the private pension fund nationalization. Dragnea also called for harsh sanctions against NN, stating that Romania is not a Dutch colony. Romanian SocDem leader lashes at Dutch pension fund manager and financial regulator head for spreading “fake” information editor@romania-insider.com