Shares moved out of your account without consent: ASF sets out which documents support a compensation claim

If a broker moves the shares out of your account without you asking for it, and then becomes unable to pay, until now it was not clear which documents you needed in order to claim compensation. From now on it is. Regulation no. 5/2026 of the Financial Supervisory Authority, published in Official Gazette of Romania no. 584 of 16 July 2026, amends the regulation on the Investor Compensation Fund in thirteen points. It concerns everyone who holds an account with an investment firm (SSIF) or with a bank providing investment services, including those who bought FIDELIS government securities through authorised intermediaries.

The Investor Compensation Fund works on the model of the bank deposit guarantee fund, only for the capital market. When an intermediary can no longer return clients’ money or financial instruments, the Fund pays out, within a ceiling set by Article 5 of Law no. 88/2021. The present regulation does not change that ceiling, but the rules by which it is reached. The Authority kept adding to the same set of rules that year: ASF Regulation no. 7/2026 lets brokerage firms hold in custody the assets invested through crowdfunding platforms.

The act was issued on 7 July 2026, following the deliberations of the Authority’s Council on 1 July, and enters into force on the date of publication, with no transition period.

A month and a half later, the same authority also set out who can become a private pension provider, this time with a long lead time: the rule applies only from January 2027. The authority’s next regulation, no. 6/2026, lets alternative investment funds grant loans.

What it changes in practice

The first effect concerns the investor whose financial instruments were moved without their agreement. The regulation amends the annex, at Article 2 paragraph (4), and provides that, in this case, the investment services contract may be replaced by two documents: the one attesting that the competent bodies were notified about the transfer, and the document issued by the central depository, at the investor’s request, showing the history of transfers from their individual account into the participant’s omnibus account. The same rule applies to legal persons in that situation.

The second effect is the removal of double coverage. At Article 12 paragraph (2) letter a), the compensation base becomes expressly “the funds and financial instruments held on behalf of compensable investors in connection with the performance of investment operations, with the exception of funds protected by a deposit guarantee scheme”. Money that is already guaranteed as a bank deposit is no longer counted a second time.

The third effect is cooperation between the two funds. Where the intermediary unable to pay is a credit institution participating in the Bank Deposit Guarantee Fund, the two funds work together, on the basis of a protocol, in order to separate the amounts arising from investment operations from those that are guaranteed deposits. The investor no longer has to demonstrate that distinction.

The fourth effect is the suspension of payments in money laundering investigations. Article 19 paragraph (3) now provides that, if the investor or any other person entitled is under criminal investigation for acts connected with money laundering, within the meaning of Law no. 129/2019, or is under investigation in connection with an international sanction, the Fund suspends any payment until a final decision. The payment lists are sent to the Financial Supervisory Authority for verification together with the competent bodies.

The fifth effect concerns informing the client. At Article 26, every investment firm (SSIF), credit institution performing investment operations, investment management company or alternative investment fund manager must publish on its own website the details identifying the Fund or the other scheme it participates in, the Fund’s procedures and the compensation ceiling. On signing the contract, the same information is sent in writing to the investor, who gives a declaration that they have been informed whether or not they fall within the category of compensated investors.

The sixth effect concerns intermediaries that are not members of the Fund. The client of such an entity must state, in the declaration on own responsibility, that they will not proceed against the Fund and that they have been informed of the compensation scheme indicated by the intermediary in the contract. The declaration may be an annex to the contract.

The seventh effect touches foreign branches. Branches of companies from third countries authorised to carry out investment operations in Romania are not required to become members of the Fund if they demonstrate that they participate in a scheme providing investors in Romania with compensation that is at least equivalent. In exchange, they must make available to current or potential investors the information on the compensation procedure.

The eighth effect targets branches from the European Union. They may join the Romanian Fund if the ceiling and the extent of cover here exceed those in the home state, precisely in order to supplement investor protection. The rule also applies to firms notified for the provision of services under the freedom to provide services.

The ninth effect is one of transparency. The Fund’s procedures, approved by the Board of Directors and endorsed by the Authority, are from now on published in the Official Gazette of Romania, under the new paragraph (3) of Article 8. Until now, the regulation did not expressly provide for that obligation.

What has changed compared with the previous situation

The regulation being amended is Regulation no. 10/2022 of the Financial Supervisory Authority on the Investor Compensation Fund, published in Official Gazette of Romania no. 441 of 5 May 2022. It had already been amended, and the present intervention adds to those changes.

Two definitions have been rewritten at Article 2. The basis for calculating annual and special contributions now explicitly includes financial instruments “irrespective of the place where they were traded, including those traded OTC”, meaning outside regulated markets as well. The membership fee becomes the non-refundable amount owed annually to the Fund not only by participants, but also by entities authorised by the Authority to operate trading venues and clearing or settlement systems.

Article 15 has been rewritten in full. In its new form, if a participant has its authorisation withdrawn and any of the conditions set out in Article 6 of Law no. 88/2021 is met before, on the date of the withdrawal or afterwards, the Fund must ensure that the claim is compensated, within the ceiling, for operations contracted and not settled up to the moment of withdrawal. The wording expressly covers all three moments, which closes a loophole in interpretation.

Paragraph (6) of Article 12 has been repealed, and in the annex the deadline within which the competent body sends the Fund the final list of investors has been set at 10 days from the expiry of the period for registering compensation claims.

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