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Capital market regulations are brought in line with the New Civil Code

With a view of bringing in line the capital market laws with the New Civil Code, Regulation no. 18/2011 for amending and supplementing certain regulations issued by the Romanian National Securities Commission according to Law no. 287/2009 regarding the Civil Code was published in the Official Gazette no. 2 of January 2, 2012 [in Romanian, Regulament nr. 18 din 14 decembrie 2011 privind modificarea si completarea unor regulamente ale Comisiei Nationale a Valorilor Mobiliare in conformitate cu dispozitiile Legii nr. 287/2009 privind Codul civil ].

The main amendments concern:
• the regulation of the financial guarantee and the procedure to be followed in order to constitute such guarantee;
• the regulation of the mortgage over securities and the procedure to be followed in order to constitute such mortgage;
• the publicity of the above-mentioned guarantees through the Central Depository.

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