On 30 December 2014, Government Emergency Ordinance no. 90/2014 (“GEO no.90/2014”) amending Law no. 297/2004 on capital markets (“Romanian Capital Market Law”) was published with the Official Gazette. The provisions of GEO no. 90/2014 have entered into force on 9 January 2015.
Having been previously announced by the Ministry of Public Finance as a law, this enactment was finally passed “in emergency” by the Romanian Government as it was considered vital to eliminate the existing legislative barriers and continue the process of aligning the Romanian Capital Market Law to the European standards, in particular to those set out under MiFID1 and the Prospectus Directive2, in order for Romania to gain the status of an emerging capital market.