Legislative News in December 2011

LEGISLATIVE NEWS IN DECEMBER 2011

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

I. Law no. 287/2011 regarding several measures for organizing the enforcement of claims of credit institutions and non banking financial institutions.

Published in the Official Gazette, Part I no. 894 of 16.12.2011.

The Act came into force on 19 December 2011.

According to the Law, officers of the court registered with the Ministry of Justice until May 31, 2011, belonging to bodies of officers organized within the credit institutions and other entities belonging to their group and which are performing financial activities, by non-banking financial institutions or cooperative credit institutions, carrying out enforcement activities upon the expiry of three months after entry into force of this Act, having an effective length in office of at least 2 years after the first record in this activity will be appointed, upon request, on the position of office of the court, if the general conditions provided in art. 15 letters a)-f) of Law no. 188/2000 on officers of the court, republished.

II. Law no. 279/2011 – for amending and supplementing the Government Emergency Ordinance no. 34/2006 regarding the award of public procurement contracts, concession contracts works and services concession.

Published in Official Gazette, Part I no. 872 of 09.12.2011.

The Act came into force on 12 December 2011.

The Law amends the Government Emergency Ordinance no. 34/2006 regarding the award of public procurement contracts, public works concession and services concession contracts, published in the Official Gazette, Part I, no. 418 of 15 May 2006.

Through these changes and additions the following can be observed:

III. Order no. 27/2011 for the approval of Accounting Regulations in accordance with European directives

Published in the Official Gazette, Part I no. 930 of 28.12.2011.

The Act came into force on January 1st 2012, and is issued by the National Bank of Romania.

This Order approves accounting regulations complying with EU directives contained in the Annex, which is part of the Order and are published in the Official Gazette, Part I no. 930bis of 28/12/2011.

Provisions of the Order apply to several entities including non banking financial institutions entered in the General register according to Law no. 93/2009 on non- banking financial institutions, as amended and supplemented.


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