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"THE FINANCIAL COMAPNIES ASSOCIATION - ALB ROMANIA"

A. Organizational structure
 
“The Financial Companies Association – ALB Romania” is a non-profit association, aiming to work for a better business
environment and a more professional framework for the financial services market in Romania. The members of the Association are well
known actors in the local and international non-banking financial services market, representing well-known institutions in this field.
Taking into account the accession of Romania to the European Union, updating norms and legislation at the level of European Union
becomes an important target.
The Association was established in March, 2004. The Association is open to all non banking financial institutions and
operational leasing companies as they are defined by the current Romanian legislation complying with the statutory conditions to
become members and who are freely expressing their will to join it.
The Association is organized and coordinated by the councils dedicated to each type of service, as follows:
  • Leasing Council
  • Consumer Credit Council
Each Council has subordinated technical committees as follows:
  • Marketing, Statistics & Special Events Committee
  • Accounting & Taxation Committee
  • Legal Affairs Committee
  • Risk Management Committee
  • Logistics & Operations (dedicated only to the leasing industry) Committee
  • Anti-fraud Committee
  • Discipline Committee
The Association is represented by its Board of Directors comprising the Presidents and Vice-Presidents of the Councils and
the Secretary General as a neutral element.
The activity of the Association is audited by an external auditor and also controlled by outsourced internal controllers agreed by the
consensus of the General Assembly.
The statutory decisions of the Association are voted at the level of the General Assembly.
 
B. Professional structure
The Association’s main principals:
  • The need of security and stability in the non-banking financial services and operational leasing market, compliance with the applicable legislation and the absolute honesty towards the clients, vendors, creditors, shareholders, authorities and all related parties;
  • The respect of rights and obligations of all parties involved in the business, applying the fair competition principle;
  • The economic growth in order to support the development of Romania, the protection of the environment based on the sustainable development.
The Association’s main objectives are:

To promote the non-banking financial services and operational leasing, recommending best practices and highest professional behavior standards;

To protect the interests of its members and of the services market that ALB is representing;

To contribute to the education and development of the business community from the non-banking financial services and the operational leasing fields based on the professional ethics, being a trustworthy and reliable interface between these services and third parties.

The Association will reach its objectives by:
  • Acting as a forum for discussions and decisions involving all the non-banking financial services;
  • Sharing business and other related information which may be beneficial to its members;
  • Suggesting recommendations on legislative or regulatory documents concerning the aims of the Association;
  • Establishing communication and co-ordination channels with the business partners and authorities;
  • Being a dialogue partner on behalf of its members to the authorities at all levels.
The daily activity of the Association is co-ordinated by the Secretary General.

 

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