As reported earlier this year, the Romanian Financial Services Authority (the “FSA”) indicated that, in the event of a hard Brexit, UK entities operating in the non-banking financial markets will no longer be authorised to carry out regulated activities in… Read moreRomanian Financial Services Authority turns its attention to a post-Brexit scenario
As we reported previously, at the end of 2018, the Romanian Financial Supervisory Authority (the “FSA”) issued Norm no. 19/2018 on insurance distribution (“Norm 19”). Norm 19 introduced a number of restrictions on distribution of insurance on a FOS basis… Read moreRomania to relax restrictions on insurance distribution on a FOS basis
On 13 November 2019, the European Data Protection Board (“EDPB”) adopted its draft Guidelines 4/2019 on Article 25 – Data Protection by Design and by Default (“DPbDD”) (the “Guidelines”). The Guidelines are currently open for pubic consultation (20 November 2019… Read moreNew European Data Protection Board Guidelines on DPbDD
On 5 November 2019, the National Franchise Register (the “Register“) was set up. The purpose of the Register is to provide more visibility on franchise businesses and advise potential franchisees on the reliability of the potential franchisor and the key… Read moreRomanian Franchise Registry – a way towards transparency?
On 1 August 2019, the Romanian Commodity Exchange (“RCE”) announced the conclusion of the first transaction on its new trading platform – “Gas Forward CCP”. Gas Forward CCP is available formedium-term contracts (contracts with a week or month duration). The… Read moreFirst contract concluded on the Romanian Commodities Exchange Gas Forward CCP platform
On 19 August 2019, the National Agency for Mineral Resources (“NAMR”) published Order no. 294/6.08.2019 in the Romanian Official Gazette. The order approves the list concession areas forexploration activities and opens bidding round 99/2019 in the mining sector. The list… Read moreRomania: bid round for mining exploration: geothermal, mineral water and other resources
Less than four years after the last fiscal amnesty, on 5 August, the Romanian government published a fiscal amnesty ordinance (No. 6/2019) that sets the framework for restructuring the debt of taxpayers with outstanding tax obligations and for the cancellation… Read moreRomania implements tax debt restructuring and cancels tax liabilities
After a lapse of almost ten years, the Romanian government just launched a public tender for the exploration, development and production operations of 22 onshore and six offshore blocks within Romania’s territorial waters of the Black Sea. The blocks vary… Read moreRomanian oil and gas – new licensing round for upstream onshore and offshore
As we previously informed, Law no. 129/2019 which implements the 4th Anti-Money Laundering Directive, Directive (EU) 2015/849, was promulgated by the Romanian President and will come into force three days after being published in the Romanian Official Gazette. Legal entities… Read moreImplementation of 4th AML Directive brings new regulatory hurdles in Romania
On 11 July 2019, the Law for preventing and combating money laundering and terrorist financing (the “Law”), which transposes the 4th Anti-Money Laundering Directive, Directive (EU) 2015/849, was promulgated by the Romanian President. The Law will come into force three… Read more4th Anti-Money Laundering Directive results in amendments to Romanian Companies Law
