The NCMO meeting of 10 October 2019

The General Board of the National Committee for Macroprudential Oversight (NCMO) convened for a meeting on 10 October 2019. During the meeting, Board members discussed issues focusing on macroprudential policy and systemic risk.

The Board was informed by the Financial Supervisory Authority on the technical functioning of record-keeping mechanisms for holdings of instruments traded on the capital market and discussed various options for the improvement of those mechanisms.

The National Committee for Macroprudential Oversight was established by virtue of Law No. 12/2017 on the macroprudential oversight of the national financial system, thus ensuring that Recommendation of the European Systemic Risk Board (ESRB) No. 3/2011 on the macroprudential mandate of national authorities was implemented. The NCMO brings together representatives of the National Bank of Romania, the Financial Supervisory Authority and the Government of Romania. The NCMO’s mission is to ensure coordination in the field of macroprudential oversight of the national financial system by setting the macroprudential policy and the appropriate instruments for its implementation.