Specific regulations issued by the FSA on the prevention and combat of money laundering and terrorist financing
17 January, 2020On December 10th, 2019, it was published with the Romanian Official Gazette, Part I, No. 991, the Regulations No. 13/2019 regarding the measures to prevent and combat money laundering and terrorist financing through the financial sectors supervised by the Financial Supervisory Authority (the “ASF ...
New amendment regarding the minimum gross wage
10 January, 2020On December 16, 2019, there was published in the Romanian Official Gazette, Part I, no. 1010, the Government Decision no. 935/2019 (“GD no. 935/2019”) for establishing the minimum gross wage guaranteed at national level. As per the GD no. 935/2019, starting from 1st January 2020, the minimum ...
Important changes regarding Companies Law and the simplifying of incorporation procedures
22 December, 2019On 18 December 2019, a Draft Bill (the “Draft Bill”) amending and supplementing Companies Law no. 31/1990 (“Companies Law”) was passed within the Romanian Chamber of Deputies, which is currently being submitted to the President of Romania for promulgation purposes. In a world where business ...
Changes regarding cross-border conversions, mergers and divisions
17 December, 2019On 12 December 2019, Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019 (“Directive 2019/2121”) amending Directive (EU) 2017/1132 as regards cross-border conversions, mergers and divisions (“Directive 2017/1132”), was published with the Official ...
Digitalisation of Company Law. Quicker Procedures for EU companies
13 December, 2019On July 11th, 2019, Directive (EU) 2019/1151 (“Directive 2019/1151”) of the European Parliament and of the Council of 20 June 2019, amending Directive (EU) 2017/1132 regarding the use of digital tools and processes in company law was published with the Official Journal of the European Union. ...
Implementation of the Payment Services Directive (PSD2) in Romania
28 November, 2019On November 13th, 2019, there was published in the Romanian Official Gazette, Part I, No. 913, the Law No. 209/2019 on payment services and the amendment of certain legal acts (“Payment Services Law”). The Payment Services Law transposes within the Romanian legal framework the regulations ...
Planet 49 Case or the new rules concerning cookies consent
29 October, 2019On October 1st, 2019 the European Court of Justice has issued its final judgement in Case C-673/17 between Bundesverband der Verbraucherzentralen und Verbraucherverbände — Verbraucherzentrale Bundesverband and Planet49 GmbH on certain aspects concerning the website cookies processing and consent ...
New fines regarding overtime work
29 October, 2019On September 18th, 2019, the Chamber of Deputies adopted the Bill no. 399/2018 (the “Bill”) to amend the Labor Code in order to discourage unpaid overtime and overtime exceeding the legal limits. Pursuant to the Bill, where overtime work provisions are infringed, the employers will be sanctioned ...
Constitutional Court Decision on the unconstitutionality of certain provisions of Law no. 359/2004 on the simplification of registration formalities with the Trade Registry of natural persons, family associations and legal entities, their fiscal registration, as well as on authorizing the functioning of legal entities
11 September, 2019By the decision no. 382 dated 28 May 2019 published in the Official Gazette no. 566/July 10, 2019 (the “Decision”), the Romanian Constitutional Court has upheld an objection of unconstitutionality raised with respect to Article 31 paragraph (7) of Law no. 359/2004 (“Law no. 359/2004”), in ...
New transparency requirements for legal entities and amendments to Companies Law no. 31/1990
11 September, 2019Law no. 129/2019 on prevention and combating of money laundering and terrorism financing, as well as on the amendment and supplementation of certain legislative acts (the “Law”) was published in the Romanian Official Gazette no. 589/ July 18, 2019 and entered into force on July 21, 2019. The Law ...
Penalty clauses in individual employment agreements are not admissible
26 June, 2019On 20 May 2019, the High Court of Cassation and Justice of Romania issued a preliminary ruling on a legal issue approached unevenly in the decisions issued to date by the labour courts. According to an official release published on the website of the High Court of Cassation and Justice (the Supreme ...
The latest amendment on the standard of construction brings significant changes to the handover of the works upon completion
26 June, 2019An amendment to Law 10/1995 on the standards in construction came into force following its publication in the Official Gazette on 9 May 2019. Law 97/2019 introduced a prohibition on the transfer of the right to use over a dwelling prior to the assessment of completion taking place (in Romanian ...
Updated State Aid Scheme: Start-up Nation - Romania
26 June, 2019On 7 December 2018, the Romanian Government approved an Emergency Ordinance for the support of setting up of new small and medium-sized enterprises (SMEs) proposed by the Ministry for Business Environment, Trade and Entrepreneurship. The recitals of the Ordinance state that SMEs represent 99.8% of ...
Minimum salaries in Romania for the year 2019
26 June, 2019Pursuant to the Government Decision approved at the Government meeting of 7 December, starting with the 1st of January 2019, the minimum wage guaranteed at national level without any increments or other additions, is proposed to be of 2,080 Lei/ month for a normal full working schedule of 167,333 ...
Environmental Permits Maintain Validity Now Only if Endorsed Yearly
26 June, 2019A recent piece of legislation that came into force on 15 November 2018 is likely to have a severe impact on the holders of environmental permits and environmental integrated authorisations. From now on, environmental permits and environmental integrated authorisations will only maintain their ...
Is the new Insurance Distribution Law affecting your business?
26 June, 2019On 8 October 2018, the Romanian Official Gazette, Part I, No. 853, published Law No. 236/2018 the insurance distribution law (“Insurance Distribution Law”). The Law implements all provisions contained in Directive No. 2016/97/EU dated 20 January 2016 on insurance distribution (“IDD”). The ...
Quarterly distribution of dividends starts in July 2018
26 June, 2019Romanian Law now allows for dividends to be paid quarterly throughout the financial year. Starting on 15 July 2018, business owners enjoy legislative amendments relating to the regulation of a new dividend payment system following entry into force of Law no. 163/2018 for the amendment and ...
New internship program benefits for employers
26 June, 2019July brought beneficial changes for employers, with several new laws being passed. State benefits for employers hiring the unemployed, graduates, students and others. A new Government Emergency Ordinance amends several pieces of existing legislation on occupation within the workforce, ...
Real Estate Owners Associations under the new Law
26 June, 2019Law no. 196/2018 regarding the establishment, organisation and operating of owners associations and the administration of condominiums, was advertised in the Official Gazette of Romania under no. 660 on 30 July 2018. The new law came into force on 28 September 2018, repealing the previous applicable ...
2018 Cadastral and Real Estate Publicity Law adds new provisions
26 June, 2019Law no. 185 / 2018 for the approval of Emergency Governmental Ordinance no. 31/2018 regarding the modification and completion of the Cadastral and Real Estate Publicity Law no. 7/1996, was advertised in the Official Gazette of Romania under no. 638, on 23 July 2018. Law no. 185/2018 came into force ...
New Data Privacy Provisions
26 June, 2019New data privacy provisions from the Romanian supervisory authority The National Supervisory Authority for Personal Data Processing (“ANSPDCP”) has approved the proposed procedure for receiving and resolving complaints. The procedure establishes conditions which must be met in order for a ...
New law on the production of energy from renewable resources
26 June, 2019On 18 July 2018, the Romanian Parliament adopted Law No. 184/2018 approving Government Emergency Ordinance No. 24/2017 regarding the amendment and completion of Law no. 220/2008 for establishing a system to promote energy production from renewable energy sources and for the amendment of other legal ...
Monitoring employees personal data at work
26 June, 2019New legislation came into force on 31 July 2018 that sets out specific conditions for certain categories of personal data of employees. These special rules are aimed at situations where employers use electronic monitoring systems and/or video surveillance of employees at work. Article 5 of Law no. ...
Amendments to Waste Legislation
26 June, 2019Emergency Ordinance no. 74/2018 amending and supplementing Law no. 211/2011 on treatment of waste, Law no. 249/2015 on the management of packaging and packaging waste and Government Emergency Ordinance no. 196/2005 on the Environmental Fund (“Emergency Ordinance no. 74/2018”) has brought ...