{"id":44198,"date":"2024-09-10T09:37:30","date_gmt":"2024-09-10T09:37:30","guid":{"rendered":"https:\/\/my.legal500.com\/developments\/?post_type=legal_developments&p=44198"},"modified":"2024-09-10T09:37:39","modified_gmt":"2024-09-10T09:37:39","slug":"bnr-authorization-of-an-online-payment-processor-in-romania","status":"publish","type":"legal_developments","link":"https:\/\/my.legal500.com\/developments\/thought-leadership\/bnr-authorization-of-an-online-payment-processor-in-romania\/","title":{"rendered":"BNR authorization of an online payment processor in Romania"},"content":{"rendered":"

Companies mediating online payments must obtain BNR authorization<\/strong><\/p>\n

Legal entities involved in online payment processing or online payment processors must obtain\u00a0authorization from the National Bank of Romania\u00a0or\u00a0BNR,<\/strong> according to the new amendments to BNR Regulation No. 4\/2019 concerning payment institutions and specialized providers of account information services. This measure is part of the implementation of Directive (EU) 2015\/2366 or PSD2 and aims to align with European standards, improve transaction security, and clarify activities requiring authorization. In this legislative context, companies engaged in\u00a0online payment processing in Romania<\/strong>\u00a0can benefit from the support of a\u00a0corporate lawyer in Romania<\/strong><\/a>\u00a0<\/strong>from\u00a0The Romanian Law Firm Pavel M\u0103rg\u0103rit and Associates<\/strong>\u00a0assisting them in understanding and applying the new\u00a0BNR\u00a0<\/strong>rules, including the requirements for authorization and compliance with\u00a0Law No. 209\/2019<\/strong>\u00a0and Directive PSD2.<\/p>\n

When is BNR authorization necessary?<\/strong><\/p>\n

Under the new regulations, many companies operating online wonder if they need to obtain\u00a0authorization from the National Bank of Romania\u00a0<\/strong>or\u00a0BNR<\/strong>, for their activities. Companies that charge payment processing fees for certain services but do not actually process payments between payers and beneficiaries are not considered payment service providers under\u00a0Law No. 209\/2019<\/strong>\u00a0and Directive PSD2. These companies limit their role to facilitating connections between users through the charging of payment processing fees, stopping short of actual fund processing.<\/p>\n

Another important factor to consider is the frequency with which an\u00a0online payment processor in Romania<\/strong>\u00a0engages in fee-charging activities. If these activities are occasional and not part of the company\u2019s core operations, it does not fall under the regulated categories of\u00a0Law No. 209\/2019<\/strong>. For example, a company providing brokerage services between an insurance broker and a potential insured and occasionally charging a commission for connecting clients with third parties, without managing funds, does not need to obtain\u00a0BNR authorization.<\/strong>\u00a0It is advisable for such companies to work with a\u00a0financial lawyer in Romania<\/strong>\u00a0and a\u00a0commercial lawyer in Romania<\/strong><\/a>\u00a0to evaluate their activities and correctly classify them within the regulated categories of the applicable legislation to avoid penalties and sanctions.<\/p>\n

BNR authorization procedure<\/strong><\/p>\n

The new\u00a0BNR regulations<\/strong>\u00a0emphasize protecting users of payment services through an\u00a0online payment processor in Romania<\/strong>, highlighting that obtaining user funds is an important criterion for qualifying as a payment service. Entities involved in\u00a0online payment processing<\/strong>\u00a0are required to reevaluate and categorize their activities according to\u00a0Law No. 209\/2019<\/strong>\u00a0and submit the necessary documentation for\u00a0BNR authorization<\/strong>. Documentation must be submitted within specified deadlines to ensure compliance with the new regulations, which is why\u00a0The Romanian Law Firm Pavel M\u0103rg\u0103rit and Associates<\/strong>\u00a0recommends seeking specialized services from a commercial lawyer who can provide legal assistance in preparing and verifying the necessary documents for obtaining authorization as payment service providers and submitting the documentation to\u00a0BNR<\/strong>.<\/p>\n

The Romanian Law Firm Pavel M\u0103rg\u0103rit and Associates<\/strong>\u00a0offers top-quality legal consulting for companies engaged in\u00a0online payment processing<\/strong>\u00a0activities. Our team of\u00a0commercial lawyers in Romania<\/strong>\u00a0is prepared to help companies understand and correctly apply the regulations of the\u00a0National Bank of Romania<\/strong>\u00a0or\u00a0BNR<\/strong>, including evaluating whether\u00a0BNR authorization<\/strong>\u00a0is required under\u00a0Law No. 209\/2019<\/strong>\u00a0and Directive PSD2. We invite you to confidently seek our legal services for assistance in the\u00a0BNR authorization<\/strong>\u00a0process by completing the contact form available at\u00a0https:\/\/avocatpavel.com\/contact\/<\/a>.<\/p>\n

Don\u2019t navigate these challenges alone. Contact Us today for expert assistance tailored to your needs.<\/strong><\/p>\n

Contact Us<\/a><\/p>\n

\u201cWe aim to support companies operating as\u00a0online payment processors<\/strong>\u00a0in Romania<\/strong>\u00a0in navigating complex requirements and avoiding unnecessary authorizations, thus protecting their interests and operational efficiency,\u201d stated Dr. Radu Pavel, Managing Partner at\u00a0Pavel, Margarit and Associates Romanian Law Firm.<\/strong><\/p>\n

This legislative change, which requires\u00a0authorization from the National Bank of Romania\u00a0<\/strong>or\u00a0BNR,<\/strong>\u00a0represents a significant step toward strengthening online transaction security and ensuring a more secure and regulated digital payment environment in Romania. A\u00a0commercial lawyer in Romania\u00a0<\/strong>and a\u00a0corporate lawyer in Romania<\/strong>\u00a0from\u00a0The Romanian Law Firm Pavel M\u0103rg\u0103rit and Associates<\/strong>\u00a0offer consulting for companies engaged in\u00a0online payment processing<\/strong>, supporting them in understanding and applying the regulations imposed by\u00a0BNR<\/strong>, including the authorization requirements under\u00a0Law No. 209\/2019<\/strong><\/a>\u00a0and Directive PSD2. They prepare the necessary documentation for obtaining authorization as\u00a0online payment processors in Romania,<\/strong>\u00a0evaluate commercial activities to correctly categorize them within the regulated categories, and provide legal representation before the competent authorities.<\/p>\n

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