JD Supra (JD Supra Romania)

1. Types of Business Entities - When entering the Romanian market, foreign investors have the option of incorporating a new legal entity with a Romanian legal personality, or setting up a unit of a foreign mother company, which will not have a Romanian legal personality: Under Romanian law, companies with a Romanian legal personality may have the following forms...

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ROMANIAN LAW - I. Types of Real Property Transactions - A. Purchase of an undeveloped plot of land (agricultural); B. Purchase of brownfield renewable power generation projects along with land rights for power generation installations, connection, and the collection network; C. Secure land rights (ownership right, superficies right,...

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ROMANIAN LAW - 1. A brief presentation of the bankruptcy/insolvency/rehabilitation proceedings of the country and their main differences.

1. Types of Business Entities - When entering the Romanian market, foreign investors have the option of incorporating a new legal entity with a Romanian legal personality, or setting up a unit of a foreign mother company, which will not have a Romanian legal personality: Under Romanian law, companies with a Romanian legal personality may have the following forms... Please see full...

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ROMANIAN LAW - I. Types of Real Property Transactions - A. Purchase of an undeveloped plot of land (agricultural); B. Purchase of brownfield renewable power generation projects along with land rights for power generation installations, connection, and the collection network; C. Secure land rights (ownership right, superficies right,...

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ROMANIAN LAW - 1. A brief presentation of the bankruptcy/insolvency/rehabilitation proceedings of the country and their main differences. Romanian legislation provides two main categories of such procedures: I. Insolvency prevention procedures - I. 1. Restructuring agreement - A debtor who faces financial...

1. Types of Business Entities - When entering the Romanian market, foreign investors have the option of incorporating a new legal entity with a Romanian legal personality, or setting up a unit of a foreign mother company, which will not have a Romanian legal personality: Under Romanian law, companies with a Romanian legal personality may have the following forms: - Limited liability...

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ROMANIAN LAW - I. Types of Real Property Transactions - A. Purchase of an undeveloped plot of land (agricultural); B. Purchase of a buildable plot of land (with or without a building); C. Purchase of a building without the land (with superficies right over the land); D. Purchase of a flat (condominium); E. Purchase of a company having real...

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ROMANIAN LAW - 1. A brief presentation of the bankruptcy/insolvency/rehabilitation proceedings of the country and their main differences. Romanian legislation provides two main categories of such procedures: I. Insolvency prevention procedures - I.1. Ad-hoc mandate - If the debtor faces financial difficulties,

1. Types of Business Entities - When entering the Romanian market, foreign investors have the option of incorporating a new legal entity with a Romanian legal personality, or setting up a unit of a foreign mother company, which will not have a Romanian legal personality: Under Romanian law, companies with a Romanian legal personality may have the following forms: - Limited liability...

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.

KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ROMANIAN LAW - I. Types of Real Property Transactions - A. Purchase of an undeveloped plot of land (agricultural); B. Purchase of a buildable plot of land (with or without a building); C. Purchase of a building without the land (with superficies right over the land); D. Purchase of a flat (condominium); E. Purchase of a company having real...

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.

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ROMANIAN LAW - 1. A brief presentation of the bankruptcy/insolvency/rehabilitation proceedings of the country and their main differences. Romanian legislation provides two main categories of such procedures: I. Insolvency prevention procedures - I.1. Ad-hoc mandate - If the debtor faces financial difficulties,...

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.

On January 15, 2020, the Romanian Competition Council fined fined Roche Romania SRL €12.9 million ($14.2 million) following two investigations into what the Competition Counsel found to be Roche’s anti-competitive practices related to its cancer drugs. In the first investigation, the Competition Council found that between 2017 and 2019 Roche adopted a commercial strategy aimed at eliminating...

Q1/ Applicable legislation - (a) Have the requirements of the GDPR been addressed by introducing a new law, or by updating existing legislation? Old legislation has been updated in addition to new legislation being passed....