Contributions

In order to raise the financial resources for the payment of compensations to investors, the members of the Fund are required to pay an initial contribution and an annual contribution to the Fund.

Initial contribution

To become a member of the Fund, an intermediary authorized to provide investment services or an investment management company that has the object of individual investment portfolios, must pay an initial contribution to the Fund, which represents 1% of the minimum initial capital required by law on the capital market, according to the authorized scope of business, but not less than the equivalent in RON of 1000 EUR.

Annual contribution

Until 2013, the annual contribution paid by the members of the Fund was calculated by applying a percentage rate on each member’s income.
Starting with 2013, the members will calculate their contribution using three components of equal values: one fixed component (equal for each member), one variable component (calculated using a percentage of incomes) and another variable component (calculated as a percentage of the investment amount eligible for compensation).

The parts (or components) of the annual contribution are computed as follows:

a) the fixed part is equally spread among members

b) the income component is calculated by applying a percentage rate indicator (cp1) to the income base of each members, as follows:

* for members - intermediaries is the income from fees / charges of securities transactions and operations in the custody and administration of financial instruments;

* for members - investment management companies is the income from managing individual investment portfolios, excluding income from pension fund management;

* branch members intermediaries and investment management companies and members of non-member EU states - intermediate and investment management companies in the Member States or their branches is the income earned in Romania in the activities defined in subparagraph a) or b).

c) the investment component is calculated by applying a percentage rate indicator (cp2) to the investment eligible for compensation base for each member. The investment eligible for compensation is the amount of money and financial instruments that the Fund will pay to an investor (investors that are not explicitly excluded by the legal framework) up to the effective compensation limit, in the eventuality of a compensation case. The amount of the fixed part of the contribution and the two percentage rates are established by the Board of Directors each year, before March 15. The annual contribution is paid before June 1 of each year, according to accounting records and the investment reports declared to the Fund, available on 31 December the previous year. The amount of annual contribution cannot be less than 1,000 eur, calculated at the National Bank of Romania exchange rate at the date of payment.

Annual contributions collected from members:

Special contribution

If the financial resources of the Fund are not sufficient for the investors's compensation payments, each member has to pay a special contribution. However, the special contribution may not exceed twice the amount of the most recent annual contribution levied for a member. If the resources are still insufficient to cover the liabilities, the Fund may contract short term loans in order to cover exclusively the costs for compensation payments.

Contribution for administrative expenses necessary to the Fund’s functioning
Fondul poate colecta contributii pentru cheltuielile administrative necesare functionarii.

The Fund may collect contributions for administrative expenses.

The Fund collected such contributions for the first time in 2017. ;

The Fund collected contributions for administrative expenses: ;

300 euros / member (the equivalent in lei) in 2017;

500 euros / member (the equivalent in lei) in 2018;

1500 euros / member (equivalent in lei) in 2019;

13584 lei/member in 2020.