The Court of Justice of the European Union (CJEU) laid down a watershed ruling on December 7, 2022, in preliminary ruling case C-566/21. This significant judgment clarified the bounds of protection granted under Directive 93/13/EEC, expressing that consumer protection should not be manipulated into a tool for acquiring economic gains or disrupting contractual equilibrium. Understanding the Directive 93/13/EEC The interpretation […]
Tag Archives: National Bank of Romania
Amendments to the legal framework of credit institutions
Government Ordinance no. 1/2012 for amending and supplementing certain enactments regarding credit institutions – published in the Official Gazette no. 41 of 18 January 2012 [in Romanian, Ordonanta nr. 1 din 11 ianuarie 2012 pentru modificarea si completarea unor acte normative din domeniul institutiilor de credit]. Two important Government Ordinances regulating the banking sector have been amended by this new […]
Enforcement activity of the credit and non-banking financial institutions
Law no. 287/2011 regarding certain measures for organizing the enforcement activity of the receivables belonging to credit institutions and non-banking financial institutions was published in the Official Gazette no. 894 of December 16, 2011 [in Romanian, Legea nr. 287 din 14 decembrie 2011 privind unele masuri referitoare la organizarea activitatii de punere in executare a creantelor apartinand institutiilor de credit […]
Amendments to the banking legislation
Order no. 26/2011 issued by the National Bank of Romania regarding certain provisions for the application of the banking prudential requirements was published in the Official Gazette no. 903 of December 20, 2011 with a view to implement the International Financial Reporting Standards at individual level [in Romanian, Ordin nr. 26 din 9 decembrie 2011 privind unele dispozitii de aplicare […]
New provisions on the credit institutions liquidity requirements
Regulation no. 25/2011 issued by the National Bank of Romania, regarding the credit institutions liquidity requirements [in Romanian, Regulamentul nr. 25 din 8 noiembrie 2011 privind lichiditatea institutiilor de credit] was published in the Official Gazette no. 820 of November 21, 2011 and shall entry into force at January 1, 2012. Regulation no. 25/2011 provides the minimum liquidity level applicable […]
Amendments to the bankruptcy procedure of credit institutions
The bankruptcy procedure of credit institutions was amended by Law no. 207/2011 regarding the approval of Government Emergency Ordinance no. 37/2010 as published in the Official Gazette no. 817 of November 18th, 2011. The latter amends and supplements the Government Ordinance no. 10/2004 regarding the bancrupcy of credit institutions [In Romanian, Legea nr. 207 din 15 noiembrie 2011 privind aprobarea […]
New regulation for bringing the banking/capital market laws in line with the EU law
With a view of bringing the banking/capital market legislation in line with the EU law, the Order no. 82/2011 regarding the approval of the Regulation no. 20/11/2011 issued by National Bank of Romania and Romanian National Securities Commission (the “Order no. 82/2011”) has been published in the Official Gazette no. 800 – Part I of 11 November 2011. The latter […]