Dentons (JD Supra Romania)

Status – Has any special status been introduced? State of alert - State of alert in force at least until February 13, 2021 and likely to be prolonged again. State of emergency lifted on May 15, 2020.

Amendments to Law 17/2014 brought by Law 175/2020 became effective in February, as secondary legislation was published in the Romanian Official Gazette on February 8, 2021.

The provisions of the Market Abuse Regulation – Regulation 596/2014 of the European Parliament and of the Council (MAR) required the European Commission to present a report to the European Parliament and the Council on certain areas of MAR.

On 11 September 2020, Law no. 196/2020 (the “New Legislation”) amending and supplementing Law no. 297/2018 on the National Register for Publicity in Movable Property (the “Publicity Register”) entered into force. The New Legislation imposes an additional procedural step prior to proceeding to enforcement of writs of execution. Since certain credit agreements constitute writs of execution under...

The Order of the Ministry of Labor and Social Protection no. 1376/2020 (the “Order”), regarding the financial support and the categories of IT assets and equipment that may be purchased using the financial support granted by the state to employers for telework, was published in the Official Gazette on September 10, 2020.

To implement the National Plan for Economic Recovery, the Romanian government has enacted Government Emergency Ordinance no.130/2020 on certain measures for granting financial support from external non-repayable funds (“GEO 130”). The support scheme provides €1 billion in grants to various sectors of the economy.

The Romanian Parliament recently passed amendments to the Insolvency Law no. 85/2014. Some of the more prominent ones are: The amendments were introduced by Law no. 113/2020 on the approval of the Government Emergency Ordinance no. 88/2018.

With the aim of kickstarting the Romanian economy after months of lockdowns, quarantines and social distancing, the Romanian Government published on 1 July 2020 its National Plan for Investment and Economic Recovery. The plan sets out a “new model for economic development”, with investments of approximately €100 billion to be made by 2030 in various sectors (including infrastructure, agriculture...

Romania is currently in a state of alert, which is expected to end on June 18, 2020. During such time, the following rules apply, among others: Wearing a protective mask (to be changed every four hours) is mandatory in closed public areas, commercial areas, public transportation and at work. Epidemiological tests (by way of temperature measurement) and hand disinfection when entering the premises

This is a summary of the most important social, commercial, insolvency, fiscal and economic measures provided by Romania’s Governmental Emergency Ordinance no. 70/14.05.2020 (“GEO 70”) as amended in relation to the COVID-19 pandemic. GEO 70 was published in the Official Gazette no. 394/14 May 2020, Part I, and entered into force on its publication date (i.e. May 14, 2020).

To address the profound impact that the COVID- 19 pandemic has had on the business environment, businesses of all sizes need legal support and advice. To guide you through this new world, Dentons has established a new Task Force in Bucharest, bringing together lawyers from different disciplines to assess the impact of COVID-19 on markets, business operations, financing arrangements and the work...

The recently adopted Government Emergency Ordinance no. 74/2020 (“GEO 74/2020”) was published in the Official Gazette and entered into force on May 19, 2020. This allows over-the-counter transactions for the power produced by new power production capacities as follows.

The state aid scheme IMM Invest Romania, initially approved under the Governmental Emergency Ordinance 110/2017 on the Program for supporting small and medium-sized enterprises - IMM INVEST ROMANIA, has been enhanced to address the economic crisis generated by the COVID-19 pandemic.

We summarize below the main provisions relevant to corporate debtors. Our summary of GEO 37 is available here. Given the limited scope of GEO 37 and the Norms, debtors may wish to consider whether their interests would be better served by negotiating more wide-ranging amendments to their credit documentation.

Parties to credit agreements will be aware of Governmental Emergency Ordinance 37/2020 (enacted on March 30, 2020) providing for relief on certain debt payments. GEO 37 does not, however, seek to restrict creditors from declaring defaults, accelerating repayment or taking enforcement action.

We summarize below the main provisions, touching briefly on matters that we deem are still open to debate. The implementing norms published today 6 April 2020 (the Norms) are under analysis, and we anticipate they may clarify some of these matters.

One of the key amendments provides that starting now any natural or legal person can be a sole shareholder in more than one limited liability company, and furthermore – a limited liability company can have a limited liability company held in turn by a sole shareholder (chaining) as sole shareholder. Prior to the recent legislative changes the companies tried to circumvent the restrictions using a

On 27 November 2019, the Romanian Parliament approved a Law on Regulation of Alternative Investment Funds (the "New AIF Law”), which will come into force within 30 days as of its publication in the Official Gazette – yet to occur in the following days. The Romanian Financial Supervisory Authority (“FSA”) is the competent authority to apply the provisions of the New AIF Law, which is part of the...

Romanian government details UK citizens’ residence, employment and travel rights in case of a no-deal Brexit - Given the possibility of a no-deal Brexit, the European Commission has asked Member States to take a “generous approach” to the rights of UK nationals already living in their territories, subject to reciprocity. In response, Member States have agreed to extend many existing residence,

The Romanian government’s guidelines on how to implement the equal opportunity law entered into force on May 2. Government Decision no. 262/2019 (“Law 202/2002 Norms”) approved the norms for applying the provisions of Law no. 202/2002 on equal opportunity and treatment of women and men.

On April 19, 2019, the Government Emergency Ordinance no. 26/2019 (Ordinance), amending the legislation regarding day laborers and providing additional days off for women undergoing in vitro fertilization, was published in the Official Gazette and entered into force.

Some Considerations on Overcoming Difficulties in Business Relationships - The life of organizations, like that of individuals, is often an odyssey across a sea of conflicts. Some conflicts are small, some are large scale; some conflicts are frequent and some are rather rare; some are justified, some are not; but most of them are unavoidable, just like natural calamities. This is a fact. No...

New Enactment - The new rules are set out under Government Emergency Ordinance no. 114/2018, published in the Romanian Official Gazette no. 1116 dated December 29, 2018 (the Ordinance no. 114/2018).

I remember one of my first difficult title reviews as a lawyer in an international law firm. It was the year 2002; Romania had many unclear rules, and many state-owned companies and many properties had been confiscated by the state during communism. The review was engaging and provocative; however, after producing the legal review report (and sending it via facsimile to client, since it was...

Be aware that: - The new rules apply starting October 3, 2018. - Many of the new rules also apply to ongoing insolvency proceedings.

The main amendments brought by Government Emergency Ordinance no. 79/2017 to the Romanian Fiscal Code impacting employment relationships as of 1 January 2018 are the following...

Tighter rules for recording work hours and illegal work - Government Emergency Ordinance 53/2017 amending the Labour Code - - Illegal work is now defined and includes accepting a person to work (i) without entering into a written contract the day before the commencement of activity; (ii) without registering the employment relationship in the employees’ electronic register (REVISAL) at...

The Ministry of Public Finance announced that between 12.06.2017 – 23.06.2017 there will be a new session for registering Financing Requests based on the provisions of Government Decision 332/2014 (as subsequently modified by Government Decision 784/2014) for the implementation of a state aid scheme to support investments creating a minimum of 10 jobs, out of which three positions must be created

The opening of a new filing session for Financing Requests under G.D. 332/2014 - The Ministry of Public Finance announced that between 12.06.2017 – 23.06.2017 there will be a new session for registering Financing Requests based on the provisions of Government Decision 332/2014 (as subsequently modified by Government Decision 784/2014) for the implementation of a state aid scheme to support...

Law 98/2016 regarding public procurement - Law 98/2006 is the core law of the new package of four laws regarding the public procurement framework in Romania and transposing EU Directive 2014/24/EU. It sets out the main general rules and means of awarding public procurement contracts. It aims to provide only general guidelines on awarding public procurement contracts, leaving the operational...