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 …
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 …