FSA issues rules on share capital of private pension providersOn 27 July 2026, Romania published the Romanian Financial Supervisory Authority (FSA) Norm 15/2026 on the share capital of private pension providers, which implements the provisions of Law 2/2026 on the payment of private pensions and establishes the detailed regulatory framework for the formation, origin, and modification of the share capital of entities that will manage private pension payout funds. Norm 15/2026 regulates the capital requirements for five categories of private pension providers, including the new private pension payout companies created under Law 2/2026. Any modification of the share capital requires the prior approval of the FSA with a decision deadline of 30 calendar days. The payment of private pensions will be carried out through private pension payout funds, which will be managed by specialised companies known as private pension providers. A provider that manages both types of payout funds must hold a minimum share capital related to private pension payout activity representing the cumulative equivalent of the share capital provided above.