Upcoming transposition of PSD II

Background The EU Directive 2015/2366 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (“PSD II“) entered into force on 12 January 2016 and should have been transposed by all member states by 13 January 2018. Several drafts of a government emergency …

Data processing activities subject to a data protection impact assessment

The National Supervisory Authority for Personal Data Processing issued the Decision no. 174/2018 (“DPIA Decision“) regarding the list of processing operations that are subject to the requirement of data protection impact assessment (“DPIA“): processing of personal data in order to carry out a systematic and extensive evaluation of personal aspects relating to natural persons which …

New rules on insolvency

On 2 October 2018, the Government Emergency Ordinance no. 88/2018 amending the insolvency legislation was published in the Official Gazette of Romania (“GEO 88/2018”), primarily aimed at making the recovery of state receivables from insolvent companies more efficient. The key changes brought by GEO 88/2018 are: Debtors are no longer allowed to petition for their …

Unconstitutional provisions from the Companies Law

In a decision published on 1 August 2018, the Constitutional Court ruled that the legislative solution stated by article 144 paragraph (3) of Companies Law 31/1990 is unconstitutional – this legal provision prohibits interested parties to file a court action for annulment of the decisions of the board of directors regarding share capital increase (when …

New Regulation on issuers of financial instruments and market operations

More than one year after Law no. 24/2017 on issuers of financial instruments and market operations (“Financial Instruments and Market Operations Law“) entered into force to set out the updated legal regime governing issuers of financial instruments and market operations in relation to financial instruments admitted to trading and abrogated the corresponding provisions under Law …