The Legal 500

ACTS ISSUED BY THE ROMANIAN PARLIAMENT

Banking enforcement officers become judicial enforcement officers 

Ionut Serban, Partner Tuca Zbârcea & Asociatii

Economic instability in the last year has continued to exert significant pressure on the budgets of companies in debt, with amiable payment of outstanding receivables still usually challenged and subject to delay. This, in turn, has increased the number and complexity of disputes issued in courts and in arbitration, calling forth new developments in the dispute resolution system.

Romania
Francisc Eduard Peli and Alina Stancu-Birsan - PeliFilip

1 Collateral What types of collateral are available? The collateral package for a Romanian project is relatively similar to global project finance practice and includes security on the assets and rights of the project company as well as its shares.

Order No. 53/25 of the health minister and of the president of the National House for Health Insurance (“Order”) for the approval of the template and content of the form “Inventory- Statement regarding the contribution for medical leave and health insurance indemnities due on December 31st, 2010 and unpaid until January 31st, 2011, including the related additions on fiscal years and the balance of the amounts to be recovered from the sole national fund budget for health insurance” (“Inventory-Statement”) was published in the Official Gazette of Romania, Part I No. 85 of February 2nd, 2011. The Order entered into force on February 2nd, 2011.

The practice known as “tying” - the practice of providers of products and services to make customers buy one thing in order to get another - has become quite frequent in many industries. As long as it affects either the consumers’ rights or the rights of competitors in the relevant market, tying represents an unfair commercial practice which, in many jurisdictions, is forbidden.

News in Laws - Monthly Legal Newsletter November 2009

Bankruptcy has been and will remain a tough reality of the market economy, one that makes its presence felt especially in crisis situations like the current one.

This article presents the relevant legal requirements concerning the notification of the intent to acquire the position of significant shareholder in an Investment Company, as well as some considerations based on our recent practice with the Securities Commission.

Romania's Accession Treaty to the European Union contains the commitment to transpose and implement, among others, Directive 2005/60/CE on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, as well as Directive 2006/70/CE, which lays down implementation measures for Directive 2005/60/CE regarding the definition of a politically exposed person, the technical criteria for simplified customer due diligence procedures and exemption on grounds of a financial activity conducted on an occasional or very limited basis.

At the beginning of each season Voicu & Filipescu releases a specialized newsletter on Banking & Finance. Besides outlining the legislative developments of the previous trimester, the firm’s newsletter also comprises a cover article on a legal matter of interest to the business environment. Read our 2008 spring issue, including “Real Estate Investment Trusts Emerging in 2008?”, a thorough analysis drawn up by the firm’s lawyers.

The fundamental condition for a merger and acquisition process to take place is the internal and external corporate growth. Almost 20 years ago, Kenichi Ohmae described the growing realization that the world business and economic community is truly a triad, managed by the industrial complexes of Japan, North America and Western Europe.

For all that mater, (European) syndicated lending happens in London. This means that the English law will govern (most of) the transaction triggering the use of common law principles. In many cases the borrowers or the guarantors are on the Continent, i.e. located in civil law jurisdictions. More often then before, in these murky times of the liquidity crisis, the borrowers are located in Eastern Europe. The "European Tigers" are in great need of financing and, most important, the amount of the financing they need is rarely more then EUR 100 million. These amounts are still available on the market at a reasonable price. A totally new market for small and medium sized syndications has emerged.

One of the new business opportunities for Romania after the accession to the European Union concerns the Romanian insurance companies licensed by the Insurance Supervisory Commission to pursue insurance activities based on Law 32/2000. 

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