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Romanian Legal Week: July 25-31, 2016

Raluca-Andreea Trînca-Gavan
Raluca-Andreea
Trînca-Gavan

The completion of the Regulations regarding the fees for the services of notaries public| Draft
The Ministry of Justice has launched in public debate Thursday, on 28th of July 2016, the Draft of the Order of the Minister of Justice on the completion of the Regulations regarding the fees for the services of notaries public, approved by the Order of the Minister of Justice no. 46/C/2011.

:: The draft of the order
:: The paper of approval

Ana Maria-Udriște
Ana-Maria
Udriște

The Statute of the Lawyers’ Insurance House has been enacted
The National Association of Romanian Bars has launched for the public on Thursday, 28th of July 2016, the Decision no. 139/ 27. 07. 2016 of the NARB(National Association of Romanian Bars) Council which approves the Statute of the Lawyers’ Insurance House.

:: The Decision

The Competition Council is investigating a new possible case of abuse of dominant position
The Competition Council has started an investigation regarding a possible abuse of dominant position done by the Autonomous Regie “Avram Iancu” International Airport of Cluj-Napoca, according to a press statement released by the Competition Council Wednesday, on 27th of July 2016.

The investigation is about an eventual refuse of the Autonomous Regie to allow access to the airport infrastructure in order to provide the ground handling services on the International Airport “Avram Iancu” of Cluj-Napoca.

New possible operations on the capital market in Romania starting from 2nd August
The Bucharest Stock Exchange (BVB) and the Central Depository (DC) announce the possibility to make operations of lending and borrowing, short selling and buying on market from 2nd of August, in a new and more flexible regulatory framework, which will allow to the investors to benefit of any market trend.

According to the press statement, among the most important amendments brought to the BVB provisions are:

  • Possibility to carry out short selling operations for the financial instruments admitted to trading at Bucharest Stock Exchange, regardless of their type and features;
  • Possibility to enter short sell orders without any restrictions related to price, minimum volume or order type;
  • Eliminate the obligation to specifically mark the short selling orders

Regarding the Central Depository, the most important changes brought to its provisions are:

  • Eliminate the obligation to use a standard lending agreement and send it to the Central Depository;
  • Possibility to carry out such operations with all the financial instruments registered in the Central Depository system;
  • Set up of guarantees on a larger array of financial instruments;
  • Expand the scope for which securities lending &borrowing operations may be performed;
  • Eliminate the maximum number of business days corresponding to a securities lending agreement.

The functioning authorization of the Society Carpatica Asig S.A. has been revoked
The council of the Financial Supervisory Authority (ASF) has decided, in the hearing from 27th of July 2016 the revocation of the functioning authorization of the Society Carpartica Asig S.A. based on set of reports which highlighted its insolvency and the opening of the bankruptcy procedure, according to a press statement released on Thursday, 28th of July 2016.

As a result, it has been enacted the Decision no. 1498/27.07.2016 which has been sent to the society and it will be published in the Official Journal of Romania.

The application of the reduced VAT rate of 9% for the delivery of fertilizers and pesticides used in agriculture| Draft
The Ministry of Public Finance has launched in public debate on Wednesday, 27 July 2016, the draft of the Order regarding the application of the reduced VAT rate of 9% for the delivery of fertilizers and pesticides used in agriculture, seeds and other agricultural products for sowing or planting as well as for other provisions of services like those specific used in the agricultural sector.

:: The draft of the Order
:: The paper of approval

Raluca-Andreea TRÎNCĂ-GĂVAN
Ana-Maria UDRIȘTE

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