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Code of conduct. Principles for responsible lending

 

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 leasing and other 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 for the near future.
      The Association was established in March, 2004. The Association is open to all financial and operational leasing and non banking financial institutions 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
• Factoring Council
• Mortgage Credit Council
Each council has subordinated technical committees as follows:
• Marketing, Statistics & Special Events Committee
• Accounting, Taxation & Basel Convention Committee
• Legal Affairs Committee
• Risk Management Committee
• Logistics & Operations (dedicated only to the leasing industry) Committee
The Association is represented by its Board of Directors comprising the Presidents of the Councils and the Secretary General.
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 and leasing domain, 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 financial and operational leasing as well as the non-banking financial services in general, 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 based on the professional ethics, being a trustworthy and reliable interface between the non-banking financial services community and third parties.
The Association will reach its objectives by:
• Acting as a forum for discussions and decisions involving all the leasing companies and other non-banking financial services;
• Sharing business and other related information which may be beneficial to 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 coordinated by the General Secretary.

 




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