ROMANIA - The private pensions regulator of Romania, the CSSPP, has fined more than a third of the country's private pension brokers.
CSSPP said the firms were issued with the penalties for a lack of data and failing to report activity on time.
It is understood the fines ranged from between 3% and 5% of the broker's share capital - 5% being the highest penalty allowed to be imposed by law.
Anne's Broker de Pensii Private and Intermanagement Broker de Pensii Private both received the maximum penalty.
The regulator had also issued written warnings to five other brokers and left one without a license.
It said this was the biggest collective sanction to be enforced since it was founded in November 2005.
There are currently 62 pension brokers in the Romanian market, 16 of which are inactive.
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