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ARTICLE · 17 DECEMBER 2019

New Law On Alternative Investment Funds

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On 27 November 2019, the Romanian Parliament approved a Law on Regulation of Alternative Investment Funds (the "New AIF Law"),...

RomaniaFinance and Banking

On 27 November 2019, the Romanian Parliament approved a Law on Regulation of Alternative Investment Funds (the "New AIF Law"), which will come into force within 30 days as of its publication in the Official Gazette – yet to occur in the following days. The Romanian Financial Supervisory Authority ("FSA") is the competent authority to apply the provisions of the New AIF Law, which is part of the FSA's plan to align Romanian legislation with recent EU developments and trends, according to which fund managers are regulated at EU and national level, while the alternative investment funds that they manage need to be regulated at national level only. The New AIF Law replaces the existing very limited legislation on undertakings for collective investment, other than UCITS1, in Romanian called "AOPC", a category that covers, among others, financial investment firms (in Romanian "SIF") and the Property Fund. This paper provides an overview of the main provisions of the New AIF

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