On 25 June 2015, the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“4th AML Directive“) entered into force, repealing Directive 2005/60/EC of the European Parliament and of the

On 16 June 2015, the Law No. 152/2015 amending and supplementing the legislation regarding the registration with the trade registry (“Law No. 152/2015”) has been announced and is pending publication with the Official Gazette. The Law No. 152/2015 transposes the Directive 2012/17/EU of the European Parliament and of the Council amending Council Directive 89/666/EC and

On 26 June 2015, Law no. 151/2015 regarding the insolvency of individuals (the “Law”) was published with the Official Gazette. The Law sets forth the legal framework for a collective procedure aimed at supporting the financial recovery of good-faith individuals, by means of covering their liabilities to the largest extent possible and having access to

On 11 June 2015, a draft law regarding the recovery and resolution of credit institutions and investment firms, and for amending and completing certain enactments in the financial field (the “Draft Law”), transposing the Bank Recovery and Resolution Directive (the “BRRD”), was published for public consultation on the web-site of the Romanian Ministry of Public

On 2 June 2015, the Law no. 120/2015 on encouraging individual investors – business angels (“Business Angels’ Law”) was published with the Official Gazette. Click here to read the full brief

On 18 March 2015, the Romanian Parliament passed the law on alternative investment fund managers (“AIFM law”)1, which transposes EU Directive 2011/61 on Alternative Investment Fund Managers (“AIFMD”)2 into Romanian legislation. Click here to read the full brief

The Romanian Parliament has recently passed Law no. 12/2015 for the modification and supplementation of Law no. 53/2003 – the Romanian Labour Code (“Law 12/2015”). Law 12/2015 was published in the Romanian Official Gazette, Section 1, No. 52/22.01.2015 and will enter into force on January 25, 2015. Click here to read the full brief