1. Background In May 2019, the European Parliament and the Council of the European Union have enacted Directive (EU) 2019/771 on certain aspects concerning contracts for the sale of goods, amending Regulation (EU) 2017/2394 and Directive 2009/22/EC and repealing Directive… Read moreRomania – Consumer protection updates in the sale of goods field
1. Introduction In follow-up to our summary regarding the preliminary evaluation for the banks’ authorisation, as detailed in Regulation no. 12/2020 on the authorization of credit institutions and amendments pertaining to the same (“Regulation 12/2020”), and our summary regarding the… Read moreNew regulation for the authorization of credit institutions – amendments approval and notification
1. Introduction In follow-up to our summary regarding the preliminary evaluation for the banks’ authorisation, as detailed in Regulation no. 12/2020 on the authorization of credit institutions and amendments pertaining to the same (“Regulation 12/2020”), we will shortly review below… Read moreNew regulation for the authorization of credit institutions – banks’ authorization procedure
1. Introduction Regulation no. 12 of December 18, 2020 on the authorization of credit institutions and amendments pertaining to the same (the “Regulation 12/2020”) issued by the National Bank of Romania (the “NBR”) was published in the Official Gazette no…. Read moreNew regulation for the authorization of credit institutions – preliminary requirements for authorization
As regards Romanian limited liability companies, the convening of the general assembly of shareholders is done in accordance with the articles of association or as provided under Romanian Companies Law 30/1991 (the ”Companies Law”), specifically through registered letter at least… Read moreShedding light on the convening term applicable for limited liability companies
1. Background In May 2020, a group of Romanian senators have proposed a legal enactment to prohibit the sale of shares owned by the Romanian state for a two-year period. Such proposal has been motivated based on the erratic economic… Read moreRomania – Privatization on hold
1. Background After a long and drawn out legislative process commenced in 2017, Law no. 102/2020 amending and supplementing the Companies Law no. 31/1990 (“Law 102/2020”) has finally entered into force on July 5, 2020, setting in place major changes… Read moreRomania – Long-awaited simplifications for the corporate and business environment
I. Context Considering that the Draft Emergency Ordinance on certain measures related to corporate law (the ”Draft Emergency Ordinance”) has been launched for public debate and proposes various measures aiming to help Romanian companies in the Covid-19 outbreak context (for… Read moreMPR | Partners proposes amendments to draft bill on corporate law amendments related to COVID-19
1. Background Law no. 129/2019 for the prevention and combating of money laundering and terrorism financing, and for the amendment and supplementation of certain legislative acts (“Law 129/2019”) requires Romanian companies subject to registration with the Romanian Trade Registry (with… Read moreRomania: corporate statements regarding ultimate beneficial owner(s)
1. Introduction The Government Ordinance no. 19/2019 amending and supplementing the Law no. 207/2015 on the Fiscal Procedure Code (the “Government Ordinance 19/2019”) brings a new mechanism for resolving tax disputes for the avoidance of double taxation. This new mechanism… Read moreSolving tax disputes for the avoidance of double taxation
