Draft Law to implement Shareholder Rights Directive II in Romania

On 5 June 2019, a draft law aiming to transposing in Romania, among others, the EU Directive 2017/828/EU as regards the encouragement of long-term shareholder engagement (the “Shareholder Rights Directive II“) was published for consultations by the Ministry of Finance (the “Draft SRD Law“). The Shareholder Rights Directive II envisages to strengthen the position of …

Equivalence between electronic signature and handwritten signature

The High Court of Cassation and Justice (“Romanian Supreme Court“) has confirmed in Decision no. 520 of 9 May 2019 (“Decision“) that documents submitted to courts in electronic format and bearing a qualified electronic signature have equivalent effects as physically submitted and handwritten signed documents. The Decision came in the context where the Romanian Supreme …

Changes to the financial assets tax affecting banks in Romania

On 29 March 2019, following significant pressure from all relevant players in the market, the Romanian Government adopted the Government Emergency Ordinance no. 19/2019 (“GEO on Revised Financial Assets Tax“) providing, inter alia, several structural changes to the tax on financial assets of banks (“Financial Assets Tax“) imposed as of 1 January 2019 to banks …