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 …

Romania is promoted to emerging market status

On 26 September 2019, the global index provider FTSE Russell announced that Romania is to be reclassified as a Secondary Emerging Market (from its current status of Frontier Market). As part of their September 2019 annual review, the FTSE Country Classification Advisory Committee supported the change of the criterion rating “Liquidity – Sufficient broad market …

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)).