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In
the Legal Insights edition of 18 March 2013, we presented the potential
changes to the Romanian renewable energy scheme, resulting from an
unofficial working draft Government Emergency Ordinance (GEO) circulated
on the market. This Tuesday (2 April 2013), a draft Government
Emergency Ordinance on the amendment of Law no. 220/2008 was officially
published on the website of the Ministry of Economy. The public is
invited to submit comment within the next 30 days, to the e-mail address
dezbateri_publice@minind.ro .
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Romania
seems to be one of the most attractive CEE jurisdictions for renewable
energy investments, due to the generous support scheme which generated
increasing enthusiasm over the past few years. Implemented in 2005, the
support scheme for renewable energy (RES) consisting of tradable green
certificates (GCs) combined with mandatory acquisition quotas was
improved in 2008 and subsequently in 2010, but was only applicable as of
mid-2011, upon state aid clearance from the European Commission (EC).
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Although its stability over time represents the essence of the Romanian Constitution (the “Constitution”) and of any constitution, such fundamental law within the Romanian legal system should at the same time, at any moment, represent both a frame of reference for the Romanian social, political and economical life and a reflection of such. Given the accelerated changes within the society, in order for the Constitution to be brought in line with the overall social, political and economical evolution and perspectives, a procedure for its revision and also the limitations in what regards the possibility for the Constitution to be revised are established by this fundamental law itself.
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Government emergency ordinance no. 8/2013 for the amendment and supplementation of Law no. 571/2003 regarding the Fiscal Code and the regulation of certain financial and fiscal measures (published in the Official Gazette no. 54/23.01.2013) enters into force starting from 1 February 2013. GEO 8 introduces a number of important amendments and supplementa-tions in the fiscal legislation. We shall further present some of the amendments related to di-rect taxation, respectively to social insurance.
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1. Background
The
Romanian Competition Law no. 21/1996 (the " Law ")
has been adopted and amended on various occasions so that it reflects the evolution
of the competition law provisions in the EU. On 6 July 2010 the Law has been
substantially amended, introducing among other institutions the commitments
procedure for anticompetitive practices. Previously, the commitments were
available only in merger cases under the form of remedies. The commitments
procedure has been detailed in RCC guidelines issued in December 2010 (the " Guidelines "), which have been amended at
the end of year 2012.
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Friday (11 January 2013), the Romanian energy market regulator (ANRE) published on its website for public consultation a proposal for a procedure and regulation on OTC electricity trading (the "Proposal"). ANRE has invited stakeholders to submit their comments by 21 January 2013.
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If the Romanian taxation system were under any sign, it would surely not have been Libra this year. Hence, the unbalanced practice of abrupt or disputed changes to the tax legislation persisted in disregarding the principles set forth in art. 4 of the Romanian Fiscal Code, whereby (i) the code is to be amended solely based on a law, (ii) the amending law must be advocated for, as a rule, six months prior to its entry into force, and (iii) any amendment to the code will enter into force starting the 1st of January following the year it was adopted.
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Authors: Luminita Popa, Partner Musat & Asociatii, Iulian Popescu, Partner Musat & Asociatii
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The absence of a contract regulating the duration and termination of a distribution
relationship does not necessarily entitle a party to abruptly terminate the agreement
without facing financial exposure to the other party. In particular, a reasonable
notice period should be given to allow the other party to adapt its business
operations.
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After the New Civil Code entered into force on October 1, 2011, significant amendments were brought to the legal framework regulating the guarantees’ field, either by effective legislative changes to the existing institutions or by introduction of new types of guarantees. The New Civil Code also changed the terminology in the field (e.g. “mortgage” designates both securities over real estate and movable assets, while “pledge” is now referring only to a security interest with dispossession).