Legislative News in August 2011

LEGISLATIVE NEWS IN AUGUST 2011

Important legal regulations for the business environment in Romania were published in the Official Gazette, Part I during the month of August 2011 published, such as:

I. Order no. 1918/2011 adopted on 25.07.2011 approving the procedure and documents that employers are required to submit to the Labor Inspectorate to obtain the password and the procedure for transmitting the general register of employees in electronic format, published in the Official Gazette, Part I no. 587 of 19.08.2011.

The Order came into force on the19th of August 2011.

The Order approves the procedure and regulations by which employers are required to submit to the Labor Inspectorate in order to obtain the password and the procedure for transmitting the general register of employees electronically.

The fill in of the Register is accomplished by one or more persons nominated by written decision by the employer.

The employers can contract the completion and transmission service of the register by concluding agreements with services providers authorized by the labour authorities, in compliance with art. 20 paragraph (5) of Law no. 677/2001 on the protection of individuals regarding the processing of personal data and free movement of such data, with subsequent amendments.

The online transmission is made after requesting and obtaining the employer's username and password, whether the employer providing for completion and submission of the register or has entered into an agreement for the providing of services, and enabling access to the portal of Labour Inspection: http://itmonline.inspectiamuncii.ro.

II. Government’s Ordinance no. 13/2011 of 24/08/2011 on the interest and penalty for remunerative legal monetary obligations and for the regulation of fiscal measures in the banking sector published in the Official Gazette, Part I no. 607 of 29.08.2011. The Act came into force on September 1, 2011.

In respect of interest and penalty for remunerative legal monetary obligations, the Government Ordinance no. 9 / 2000 on the legal interest for monetary obligations, published in the Official Gazette, Part I, no. 26 of 25 January 2000 is abrogated. The Ordinance no. 9 / 2000 is replaced by the following provisions:

The parties are free to establish in contracts, the interest rate for a loan repayment of a sum of money, as well as for late payment of monetary obligations.

Interest owed by the debtor to give a sum of money at a certain time, calculated for the period prior to expiration due obligation, is called remunerative interest. Interest on money owed by the debtor that failure to maturity is called penalty interest.

If, according to legal provisions or contractual provisions, the obligation shall bear interest remunerative and / or penalty interest, as appropriate, in the absence of express stipulation by the parties of their level, legal interest related to each of them will paid.

 

Interest should be determined by written document. In his absence is due only to the statutory rate.

Pre payment of interest may be done for maximum six months. The interest so charged is not subject to refund, regardless of subsequent variations. Interest will be calculated only on the amount borrowed. However, interest can be capitalized and can produce special interest under a convention concluded in this respect after their maturity, but only for interest owed on at least one year.

However, interest can capitalize remunerative interest and cause interest. Interest charged or paid by the Romanian National Bank, the credit institutions, the banking financial institutions and the Ministry of Finance and their calculation are established by specific regulations.

The provisions of article 1535 and article 1538-1543 of Law no. 287/2009, republished, apply to the penalty interest.

Through Ordinance no. 13/2011 the following laws are amended:

-Law no. 253/2004 on settlement finality in payment systems and securities settlement systems and financial instruments amending and completing Government Ordinance no.

9/2004 on certain financial guarantee contracts;

-Government Ordinance no. 9 / 2004 on certain financial guarantee contracts, published in the Official Gazette, Part I, no. 78 of 30 January 2004;

-Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy;

- Government Ordinance no. 39/1996 on the establishment and functioning of the Bank Deposit Guarantee;

- Government’s Ordinance no.10/2004 for credit institution bankruptcy.