The draft law regarding the necessary measures for performing operations for offshore wind exploitation (“Draft Law“) has been forwarded this week to the Chamber of Deputies after being tacitly approved by the Senate. The draft has been registered with the Senate in June 2020 and, if approved by the Chamber of Deputies, would be the …
Newly enacted amendments to Companies Law simplify formalities for the transfer of shares in limited liability companies
The Chamber of Deputies of the Romanian Parliament has passed a law repelling some of the most impactful red tape provisions of Companies Law 31/1990 (“Companies Law“). As recent as today, a little over two weeks after being approved by the Senate, the draft Law for simplifying and eliminating bureaucracy regarding transfer of shares and …
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 …