The management and administration of ISF are provided by a Board of Directors composed of at least 5 members, with a 4-year term, and the management and coordination of the current activity will be under the responsibility of a General Director.

General Manager: Prof. Univ. Ion Stancu - is a university professor, Finance Department, Academy of Economic Studies in Bucharest, master director "Financial management and investments" and Ph.D. with expertise in the fields Analysis and financial planning, Evaluation and financing of investment projects, Capital markets and management portfolio. Recommends for consultation, in this regard, the works “FINANCE. Financial markets and portfolio management. Direct investments and their financing. Analysis and financial management of the enterprise ”(2007),“ Corporate Finance with Excel ”(2012), as well as“ Corporate Finance, vol. I, Financial analysis and planning of the companies ”(2015). He has a wealth of experience in the reform of the programs of financial higher education (bachelor's, master's, doctorate) and in the international university cooperation as dean of the faculty of Finance, Insurance, Banks and Stock Exchanges (1993-2004) and as rector of the Academy of Economic Studies (2004-2016). As director and member in research projects, he analyzed the impact of arrears, financial crime, environmental protection, sustainable development, social responsibility, etc. on company performance and economic growth. Since 2003 he has been active as administrator of SIF Banat-Crişana and at Banca Românească. Since 1993 he is a member of CECCAR and since 2000 he is a member of CAFR.

At the meeting of the ASF Council on 08.08.2019, the new Board of Directors of the Institute of Financial Studies was approved, whose composition is as follows:

President: Călin Rangu - he holds a double degree in economics and engineering, a PhD in neural networks applied to the processing of financial series, an MBA graduate in the financial-banking field, a university lecturer, an MBA reader. He currently holds the position of director of the Directorate of Intermediate Control and Supervision, Conduct and Guarantee Schemes, previously he was director for Consumer Protection, within the ASF. He is vice-chairman of the ITF committee of the European Insurance and Private Pensions Authority (EIOPA), chairman of the Consumer Protection dialogue group with ASF, a member of EFICERT. He has experience in management, financial-banking system, operational risks, IT and financial services, products and technologies, IT security, working for over 25 years in the financial-banking sector, previously being director / IOC in the National Bank of Romania and Raiffeisen Bank, general director of the Romanian branch of Raiffeisen Informatik Austria Group, project manager POSDRU IBR. He has published over 150 articles, and two books, being an organizer or speaker at major Romanian conferences related to the financial-banking sector, IT and IT security, operational risk management, and more.

Vice-president: Valentin Ionescu - is Director of the Financial Stability and Strategy Directorate of ASF. He has been active for 18 years in various private companies in the country and abroad, in the field of investments in the capital market. In the ASF he held the position of Director of the Directorate for Strategy and Financial Stability. He also held the position of Director of the Integrated Supervision Directorate (2013 - 2014) and Director of the Insurance Regulatory Authorization Directorate (2017-2019). The professional activity also includes positions such as General Manager of the Bucharest Stock Exchange, Member in CA at Sibex, SIF Moldova (2012 - 2013) and Chairman of the Central Depository CA, but also international experience - Euro Invest Bank Gmbh Austria (Head of Sales, 2009 - 2010) and Wood & Co Czech Republic (Senior Sales Trader, 2007-2009). Mr. Valentin Ionescu graduated from the Academy of Economic Studies, Faculty of Commerce, has an MBA from CNAM Paris and a Certificate in Finance from George Town University US.
He is an active member of various committees of ESMA and EIOPA. Attends as a guest at the CNSM meeting.

Member: Alexandru Ciuncan - has more than 15 years experience in the field of private insurance and pensions in Central and Eastern Europe, with expertise especially in the area of ​​market conduct, regulation, consumer protection, media and financial journalism. Starting with September 2018, Alexandru holds the position of General Director of UNSAR - the National Union of Insurance and Reinsurance Companies in Romania. Between 2013 and 2018, Alexandru was a member of IRSG and OPSG, the two groups of Stakeholders within EIOPA - the European Supervisory Authority for Occupational Insurance and Pensions, participating in the elaboration and debate of legislative acts with a long-term impact on the insurance industries. and private pensions. At the same time, he held the functions of Secretary General of APPA - the Association for the Promotion of Insurance - the NGO that developed the first national campaigns for consumer information and education - and the Managing Partner of XPRIMM, a Romanian media company specialized in the insurance industry. EEC and EEA insurance. Alexandru CIUNCAN attended the courses of the Management Faculty of the Academy of Economic Studies of Bucharest, holds a Professional Certificate in Management (OPEN University Business School, UK) and is licensed PMP-Project Management Professional and ACP-Agile Certified Professional (Project Management Institute, USA). ).

Member: Dragoş Haşegan - currently holds the position of Chief Regulatory Service, Private Pensions Sector within the Financial Supervisory Authority, being responsible for the development of the regulatory framework. Since coming to the Authority, he has held various positions and responsibilities in areas such as prudential supervision, risk assessment, regulation and authorization, the main area of ​​expertise being investment management. Prior to joining the Authority's team, he accumulated significant experience in mergers and acquisitions, business consulting and strategic management, as a consultant at an international company. Mr. Dragoș Hașegan graduated from the Academy of Economic Studies, the Faculty of Finance, Insurance, Banks and Stock Exchange, and holds a Master's degree in Finance and International Business from the Aarhus School of Business, Denmark and an EMBA from Vienna University of Economics and Business , Austria.

Member: Vasile Neagu - graduated in Law, graduated a Master in European Commercial Law and obtained the title of Doctor of Law in 2015 at Titu Maiorescu University in Bucharest. He has published several specialized articles and is co-author of the monograph "Protection of Workers' Rights in International and European Law", published in 2016 at Hamangiu Publishing House. He has extensive experience in areas such as financial-non-bank management, financial services, insurance, debt collection and marketing. At the same time, Mr. Neagu was General Manager and founding member of a Financial Institution, as well as Vice President of the IFN Credit Board. He organized and had substantial interventions at multiple conferences with international participation in issues related to issues such as consumer protection, alternative dispute resolution, the financial-non-banking sector. Currently, Mr. Neagu Vasile is an Advisor to the First Vice-President of the Financial Supervisory Authority and has specific attributions to the position held.

Member: Mirela Antohi - being updated

Member: Cătălina Claudia Sava - Director of the Supervisory and Control Directorate of ASF


The structure of the ISF also includes a Scientific Council, with an advisory nature, which aims to ensure a high quality level of training programs and ISF actions by analyzing, debating and endorsing ISF programs, facilitating access to best practices, as well as and counseling on partnerships and collaborations.

- President: Academician Lucian Albu, economist, correspondent member of the Romanian Academy since 2009 and full member since 2013. He is director of the Institute of Economic Forecasting within the Romanian Academy.

- Member: Prof. Univ. Dr. Dumitru G. Badea, university professor Bucharest Academy of Economic Studies, Finance Department, IAP Executive Director, program director for various research projects.

- Member: Conf. Univ. Dr. Adrian T. Mitroi, CFA, MBA, member of the Board of Directors of the FGA, scientific director of the Master's Program in Applied Finance at the Bucharest Academy of Economic Studies. He is the founding president of CFA Romania and a 20-year volunteer for the CFA Institute. He was a member of the BVB Index Committee, portfolio manager and risk manager at SIF1 Banat-Crișana, investment officer at Romanian - American Enterprise Fund, executive director of several commercial banks and consultant for Booz-Allen and Hamilton. University lecturer, he teaches at ASE, Behavioral Finance and Personal Asset Management, Investments and Portfolio Management and International Financial Markets.

- Member: Prof. Univ. Dr. Adriana Duțescu, member of the accounting department, within the ASE Bucharest, the Faculty of Accounting and Management Informatics. Adriana Dutescu has over 23 years of academic experience. At international level he has contributed to the activity of the Federation of European Experts, within the Accounting Working Group, the European Financial Reporting Advisory Group, as a member of the Council, and to HERMES (higher education and research in the management of European universities), as a founding member. .

- Member: Lecturer Univ. Dr. Ilie Grădinaru, lecturer at the Academy of Economic Studies of Bucharest, expert partnership insurance broker

- Member: Lecturer Univ. Dr. Meral Kagici, lecturer at the Academy of Economic Studies, former research economist at the Embassy of the Kingdom of Saudi Arabia in Bucharest, former consultant at the World Bank and director of EU programs.

- Member: Prof. Univ. Dr. Altăr Moise, professor (emeritus) at the Bucharest Academy of Economic Studies and principal researcher at the Romanian-American University. He is the founding director of the DOFIN (Doctoral School of Finance and Banking) master's program - Center of European Excellence, within ASE ( He coordinated and participated in the realization of an important number of scientific research contracts, concluded with the Ministry of Research of Romania, with the British Academy, with the European Commission, with the World Bank and so on. He has published a number of 22 books and numerous scientific articles in the field of financial-monetary decision modeling, portfolio theory, optimization theory, macroeconomics, actuarial, systems theory, economic cybernetics and so on.