Client briefs
Reform of the European data protection rules
After more than four years of drafts and negotiations, the new EU data protection framework has finally been adopted. It takes the form of a General Data Protection Regulation (the “GDPR”)1 and a Data Protection Directive for Police and Criminal Justice Authorities (the “PCJA Directive”)2, both of them published on 4 May 2016 in the
Law regarding the recovery and resolution of insurance undertakings
The law regarding the recovery and resolution of insurance undertakings (the “IRR Law”) was published with the Official Gazette on 02 November 2015 and entered into force on 05 November 2015. In a nutshell, the IRR Law is meant to implement principles and tools similar to those applying to the recovery and resolution of credit
Labour law – Case of Bărbulescu v Romania
On 12 January 2016, the European Court of Human Rights (the “Court”) ruled that that there had not been a violation of Article 8 of the Convention for the Protection of Human Rights and Fundamental Freedoms protecting the individual’s private life in case of an employer monitoring the employee’s communications within the framework of disciplinary
Law on mortgage bonds
Law no. 304/2015 on mortgage bonds (the “Law”) was published with the Official Gazette on 4 December 2015 and will enter into force within 90 days as of its publication.
Law regarding the recovery and resolution of credit institutions and investment firms
On 03 December 2015, Romania’s President has promulgated the law regarding the recovery and resolution of credit institutions and investment firms (the “BRR Law”), transposing the Bank Recovery and Resolution Directive (the “BRRD”). The BRR Law is now pending publication with the Official Gazette and will enter into force within three days as of such
Anti-money laundering and terrorist financing | EU
On 25 June 2015, the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“4th AML Directive“) entered into force, repealing Directive 2005/60/EC of the European Parliament and of the
Amendments to the registration procedure with the Trade Registry and the Companies Act
On 16 June 2015, the Law No. 152/2015 amending and supplementing the legislation regarding the registration with the trade registry (“Law No. 152/2015”) has been announced and is pending publication with the Official Gazette. The Law No. 152/2015 transposes the Directive 2012/17/EU of the European Parliament and of the Council amending Council Directive 89/666/EC and
The New Law on the Insolvency of Individuals
On 26 June 2015, Law no. 151/2015 regarding the insolvency of individuals (the “Law”) was published with the Official Gazette. The Law sets forth the legal framework for a collective procedure aimed at supporting the financial recovery of good-faith individuals, by means of covering their liabilities to the largest extent possible and having access to