The government will disband the existing supervisory authorities in the financial sector, except those that pertain to the National Bank of Romania (BNR), according to a draft emergency ordinance posted on the site of the Ministry of Public Finance (MFP). The attributions and the entire personnel of the National Securities Commission (CNVM), Insurance Supervisory Commission (CSM) and the Private Pension System Supervisory Commission (CSSPP) will be transferred, by March next year at latest, to a new institution – the Financial Supervisory Authority. The gov’t justifies the emergency character of the act through the malfunctions that were noticed – especially of late – in the activity related to the capital market and insurance sectors, which impose the adoption of legislative measures in view of increasing the efficiency of the sectorial supervision activity that is conducted outside the competence of the BNR. ASF will be led by a Board of 15 members, appointed by the Parliament. The new members of the ASF board will be appointed for 5-year terms, with the possible of having their mandates renewed.