Through the Order regarding the implementation of the Instructions for amending point 9 of the Instructions regarding the individualization of sanctions for contraventions provided for in art. 55 of Competition Law no. 21/1996, implemented by Order of the President of the Competition Council no. 1.037/2019, published in Official Gazette no. 269 of April 3, 2026, the methodology for calculating the turnover used by the Competition Council to establish the fines applicable to credit institutions and other financial institutions is amended.
What does it provide?
The Order establishes a clear and specific calculation formula for the turnover that serves as the basis for the application of sanctions by the Competition Council. The fine for violating competition rules can amount to up to 10% of the total turnover from the financial year preceding the sanction. The new regulation eliminates ambiguities regarding the income elements that are taken into account for entities in the financial sector, where the revenue structure differs from that of companies in other sectors.
According to the new instructions, the turnover for credit and financial institutions consists of the sum of five categories of income, after deducting taxes and duties directly related to them. This approach ensures that the calculation basis correctly reflects the economic scale of the sanctioned entity, being aligned with the specific reporting standards of the financial industry.
The income elements that will be aggregated to determine the fine basis are strictly defined and include: interest and similar income, income from securities (shares, participations), commission income, net profit from financial operations, and other operating income. Through this detailing, the competition authority creates a predictable framework for calculating risk exposure in the event of an investigation.
To whom does it apply?
The amendment exclusively targets a specific sector of activity. The provisions apply to all credit institutions and other financial institutions falling under the scope of the Competition Law, including, but not limited to:
- Commercial banks and other credit institutions;
- Non-banking financial institutions (NBFIs);
- Financial leasing companies;
- Insurance and reinsurance companies;
- Private pension fund administrators;
- Financial investment services companies (FISCs).
What should you do?
- Assess your risk exposure. Calculate the potential fine basis according to the new methodology, using data from the latest financial statements, to correctly understand the financial impact of a potential sanction.
- Update internal compliance procedures. Legal and compliance departments must integrate the new calculation formula into risk matrices and internal policies regarding adherence to competition rules.
- Inform executive management. Present to management a clear analysis of the new calculation methodology and its impact on the company’s risk profile, to ensure adequate awareness at the decision-making level.
Source: Official Gazette, Part I, no. 269 of April 3, 2026.
Note: This material is strictly for informational purposes and does not constitute legal, tax, or business advice. As the interpretation and application of legal provisions may vary significantly depending on the specific circumstances of each entity, we recommend seeking specialized legal assistance before adopting any operational decisions based on these amendments.