Significant amendments in the energy sector – bilaterally negotiated PPAs have green light

As of the entry into force of the Electricity and Natural Gas Law no. 123/2012 (“Energy Law“) in July 2012, all wholesale electricity transactions had to be concluded exclusively on the centralized market (“OPCOM“), in a transparent, public, competitive and non-discriminatory manner. The conclusion of bilateral power purchase agreements (“PPAs“) outside OPCOM markets was not …

Romania: Financial and Insolvency Measures – Legislative Fallout from the COVID-19 Outbreak

Download Financial and Insolvency Measures: Legislative Fallout from the COVID-19 Outbreak (A multijurisdictional overview for the central European, southern European and Baltic countries). LOANS The Romanian Government has introduced certain facilities for loans granted by credit institutions and non-banking financial institutions to certain categories of debtors under Government Emergency Ordinance no. 37/2020 (the “GEO 37/2020”) …

Suspension of the repayment of loans in the context of the COVID-19 pandemics

In the context of the COVID-19 pandemics, the Romanian Government has introduced certain facilities for loans granted by credit institutions and non-banking financial institutions to certain categories of debtors under Government Emergency Ordinance no. 37/2020 (“GEO 37/2020”) as further detailed by its implementation norms set out under Government Decision no. 270/2020. Concurrently, on 3 April …

Elimination of the tax on financial assets of banks

Following the dismissal of the Romanian Social Democrat government in October 2019 after losing a no-confidence vote, a new minority liberal government was installed in Romania in the beginning of November 2019. One of the new government’s priorities was to amend the controversial Emergency Government Ordinance no. 114/2018 (“GEO 114/2018“), which was adopted by the …

Legal revisions to ease up the building permitting process in Romania

On 2 November 2019, the Law no. 50/1991 regarding authorisation of construction works has been revised and amended pursuant to Amendment Law no. 193/2019 (“Revised Constructions Law“) in order to ease and speed up the building permitting process in Romania. In a nutshell, the building permitting process requires the beneficiary of a construction/demolition project to …