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Category: News
Law on mortgage bonds
Law no. 304/2015 on mortgage bonds (the “Law”) was published with the Official Gazette on 4 December 2015 and will enter into force within 90 days as of its publication. (more…)
Law regarding the recovery and resolution of credit institutions and investment firms
On 03 December 2015, Romania’s President has promulgated the law regarding the recovery and resolution of credit institutions and investment firms (the “BRR Law”), transposing the Bank Recovery and Resolution Directive (the “BRRD”). The BRR Law is now pending publication with the Official Gazette and…
Competition and Antitrust Law
As part of Lawyer Monthly’s Europe Special Report, we turn our attention to the laws and issues surrounding competition and antitrust in Romania. To this end, we speak to Bruno Leroy and Eleonora Udroiu from Leroy și Asociații, one of Romania’s leading independent law firms.…
Anti-money laundering and terrorist financing | EU
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,…
Amendments to the registration procedure with the Trade Registry and the Companies Act
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…
The New Law on the Insolvency of Individuals
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…
Draft Law Transposing the Bank Recovery and Resolution Directive
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…
The Law un Encouraging Individual Investors - Business Angels
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
The New Law on Alternative Investment Fund Managers
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
Amendments to Romanian Labour Code
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…
Amendments to the Romanian Capital Market Law
On 30 December 2014, Government Emergency Ordinance no. 90/2014 (“GEO no.90/2014”) amending Law no. 297/2004 on capital markets (“Romanian Capital Market Law”) was published with the Official Gazette. The provisions of GEO no. 90/2014 have entered into force on 9 January 2015. (more…)
Petroleum Law: New Rules on Petroleum Transport Systems and Petroleum Royalties
The Romanian Parliament has recently adopted Law no. 127/2014 amending and supplementing the Electricity and Natural Gas Law no. 123/2012 and the Petroleum Law no. 238/2004. (more…)
Proposed Amendments to the Romanian Capital Market Law
On 6 October 2014, the Ministry of Public Finance launched for public debate a draft law amending and supplementing Law no. 297/2004 on capital market. (more…)
RASDAQ Market Dismantling
On 30 September 2014, the Romanian Chamber of Deputies adopted a law intended to clarify the legal status of shares traded on the Rasdaq market and the unlisted securities market. (more…)
Recent Reform of the Romanian Law on Unfair Competition
Government Ordinance no. 12/2014 has recently amended the main Romanian legal enactment on unfair competition – Law no. 11/1991. The scope of these amendments covers the content of the prohibited unfair competition practices, as well as a more precise regulation of the Competition Council’s role…
State Aid Scheme for Electro-intensive Industries: Partial Exemption from the Payment of Green Certificates
A new State aid scheme targets electro-intensive industries, by partially relieving them from the payment of the green certificates which they would normally have to pay in relation to their electricity consumption. (more…)
New Incentives for Job-creating Investments
The European Commission has recently approved Romania’s map for granting regional development State aid between 2014 and 2020. (more…)
The Transposition of the European Directive on Consumer Rights: A Focus on Distance and Off-Premises Contracts
A new text has recently joined the overabundance of Romanian norms in the area of consumer protection: Government Emergency Ordinance no. 34/2014 on the rights of consumers in contracts concluded with traders, transposing Directive 2011/83/EU of the European Parliament and of the Council on consumer…