ARB: 11 financial institutions sign agreement to consolidate Romanian business environment

The Collaboration Agreement for the setting up of the Financial Platform, a project that aims to promote, in cooperation with stakeholder institutions, the principles of sustainable economic development and social progress, was signed by 11 representative institutions of Romania's financial industry, according to a release of the Romanian Association of Banks (ARB) sent to AGERPRES on Wednesday. The organization mentions that the project of structuring the financial cooperation platform dubbed the Financial Platform is a non-juridical construction, based on synergy and solidarity, which allows for stepping up communication and collaboration between representatives of the financial market in Romania in order to improve the stability of the economic and financial environment. Thus, the aim of the project is to strengthen the Romanian business environment by improving several aspects, including transparency and predictability, key elements underlying the strategic decisions of potential investors. The financial industry in Romania proposes the conclusion of a "gentlemen's agreement" with the authorities, ensuring legislative predictability for the next 10 years. The agreement recommends holding regular consultations with the financial industry, the assessment of the risks of the proposed legislative initiatives through impact studies and maintaining an open dialogue between the Government, entrepreneurs, financial institutions in the form of workshop or discussion panel meetings to assess the potential impact of legislative changes. The signatories of the Collaboration Agreement are the Romanian Association of Banks, the Association of Fund Managers in Romania, the Association of Financial and Banking Analysts in Romania, the Association of Brokers, the Electronic Payment Association of Romania, the Association for Privately Managed Pension Funds of Romania, the Romanian Association of Credit Brokers, the Association of Financial Companies of Romania-ALB, the Bucharest Stock Exchange, the National Association of Insurance and Reinsurance Companies in Romania, and the National Association of Brokerage Companies and insurance consultancy in Romania. The Financial Platform establishes the way its members, based on common principles such as the development of financial intermediation, economic prosperity, reputation, free competition, stability, transparency, innovation and financial education will work together to achieve common goals. The purpose of the Collaboration Agreement is co-work with a view to developing and consolidating the financial sector as part of a performing, stable and efficient market. Thus, it is desired to improve the business environment in Romania as well as the economic mechanisms in the sphere of common activities, but also the cooperation between institutions by facilitating open dialogue and promoting common policies. At the same time, the Agreement aims to respect the legality, professional ethics, as well as the rules regarding competition in the economic activity and in the relations between the parties. The press release mentions that during the collaboration there will be no discussions on issues that are contrary to the provisions of the Competition Law, as the stimulation of competition and an appropriate competitive environment is being envisaged. In practice, it will assist with the representation and the support of the legitimate interests of the members in relation with the public institutions and authorities and with other legal and natural persons, consistent with the object and the purpose of the members' activity, as well as with the promotion of a favorable image of the members and the fields of interest at national and international level. The signatories of the Agreement are pursuing a permanent dialogue with the state authorities and institutions, as well as with any third parties on issues of general economic interest, including by making proposals on the specific drafts of regulatory acts and participating in the debates that concern the latter in the areas of interest. Through this Agreement, partner institutions may organize joint programs, based on separate agreements, in the areas they represent. The agreement was concluded for a period of 3 years, with the possibility of extension with the partners' agreement. AGERPRES (RO - author: George Banciulea, editor: Andreea Marinescu; EN - author: Simona Iacob, editor: Simona Klodnischi)