Preliminary assessment of the second payment request of Romania

         and Social Solidarity;
xxiii)   Financial Supervisory Authority response to COM requests on the legal provisions in force
         concerning the investment limits of privately managed pension funds;
xxiv)    Minutes of the Social Dialogue Committee organised on the Webex platform at the Ministry
         of Labour and Social Solidarity on 25 August 2022.

Analysis: The justification and substantiating evidence provided by Romanian authorities covers all constitutive elements of the milestone. The new legislative framework shall

• - ensure the fiscal sustainability of Pillar II through an increase in contributions in line with

the provisions of the budgetary fiscal strategy. The sole Article of Government Emergency Ordinance No. 23/2022 of 16 March 2022, supplementing Article 43 of Law No. 411/2004 on privately managed pension funds, published in the Official Journal No. 259 on 16 March 2022, approved by Law No. 238/2022, establishes the increase in contributions to Pillar II by one percentage point, from 3.75% to 4.75%, starting from 1 January 2024. The same Government Emergency Ordinance states that the share of Pillar II contributions is in line with the provisions of the fiscal strategy.

• - Digitalise the functioning of the private pension system.

The following Financial Supervisory Authority rules have been adopted to digitalise the functioning of the private pension system:

        Financial Supervisory Authority rule No. 44/2020 of 18 December 2020, supplementing
         Annex 1 to Rule of the Financial Supervisory Authority No. 1/2015 on the membership and
         record of participants in the Funds of privately managed pensions, published in the Official
         Journal No. 1332 on 31 December 2020, introduces the possibility for members of privately
         managed pension funds to decide to receive information by electronic means (Art. I);
        Financial Supervisory Authority rule No. 13/2021 of 24 June 2021, amending the Authority’s
         rule Financial Supervision No. 1/2015 on accession and records of participants in privately
         managed pension funds, published in the Official Journal No. 711 on 19 July 2021, allows to
         sign acts of membership to private pension funds by means of qualified electronic signature
         (Art. 8) and to send reports in electronic form for participants who have selected this option
         (Art. 12);
        Financial Supervisory Authority rule No. 16/2021 of 24 June 2021, amending Financial

         Supervisory Authority Rule No. 26/2014 on the transfer of participants between privately
         managed pension fund, published in the Official Journal No. 695 on 14 July 2021, allows
         private pension funds’ participants to transfer from one fund to another by electronic
         communication (Art. 2 and 3);
        Financial Supervisory Authority rule No. 18/2021 of 24 June 2021, amending and
         supplementing Rule No. 3/2013 on the marketing of the privately managed pension fund,
         approved by Decision of the Board of Supervisors of the Private Pension Scheme No.
         5/2013, published in the Official Journal No. 730 on 26 July 2021, allows the electronic
         submission of documents related to the marketing activities of private pension funds (Art.
         4, 11, 14, 15, 20, 23, 24, 26);
        Financial Supervisory Authority rule No. 19/2021 of 29 July 2021, on reporting obligations;
         and transparency in the private pension system, published in the Official Journal No. 880 on

14 September 2021, provides for the possibility for pension fund administrators to send to

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