Energy: Oil & Gas in Romania

Subsoil hydrocarbon resources located within the territory of Romania are public property of the Romanian State (Article 136 (3) of the Romanian Constitution and article 1 (1) of the Petroleum law no. 238/2004 (Petroleum Law)).

The New EU Prospectus Regulation is coming – Key Novelties for Issuers

The Regulation (EU) 2017/1129 (“New Prospectus Regulation“) of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (“Prospectus Directive“) came into force on 20 July 2017 and will come into full effect …

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 …