Legislative News in January 2012

LEGISLATIVE NEWS IN JANUARY 2012

Important legal regulations for the business environment in Romania were published in the Official Gazette, Part I, during the month of January 2012 such as:

I. Order no. 1/2012- for amending and supplementing the Regulations regarding the information that the insurers and their agents have to provide for the clients and other elements that should be included in the insurance contract.

Published in the Official Gazette, Part I no. 26 of 12.01.2012. The Act came into force on 12 January 2012.

According to the amendments mentioned in this act, before signing a life insurance contract, the insurer has to analyze the financial needs of the client and to provide, only as a recommendation, a financial solution corresponding to those needs.

II. Law no. 11/2012- for amending and supplementing the Law no. 297/2004 regarding the capital market.

Published in the Official Gazette, Part I no. 20 of 10.01.2012
The Act came into force on 13 January 2012

The Law amends the Law no. 297/2004 regarding the capital market, 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. 941/2011 –for the implementation of the Regulation for amending and supplementing the Regulation regarding economic concentrations, established by the Order no. 385/2010 issued by the President of the Competition Council.

Published in the Official Gazette, Part I no. 23 of 11.01.2012. The Act came into force on 11 January 2012 and it is issued by the Competition Council

 

IV. Government Ordinance no. 2/2012 for amending and supplementing the Government Ordinance no. 92/2003 regarding the Tax procedure code. Published in the Official Gazette, Part I no. 71 of 30.01.2012. The Act came into force on 02 February 2012 and it is issued by the Romanian Government

By this act it is established the advanced price agreement, act issued by the National Tax Administration Agency; the advanced price agreement regulates the transfer prices, during a fixed period of time, for the transactions concluded between affiliated entities.

V. Government Decision no. 50/2012 of 25.01.2012- for amending and supplementing the Methodological Standards of implementation of the Law no. 571/2003 regarding the Tax Code, established by the Government Decision no. 44/2004.

Published in the Official Gazette, Part I no. 78 of 31.01.2012.

The Act came into force on 31 January 2012 and it is issued by the Romanian Government.