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Thursday, November 23, 2017 
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Laws and regulations

I. ISSUERS

Directive 2001/34/EC was implemented in the Romanian law by Law no. 297/2004 on capital markets and National Securities Commission („NSC”) Regulation no. 1/2006 on issuers and operations with securities.

Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities

Directive 2003/71/EC was implemented in the Romanian law by Law no. 297/2004 on capital markets and NSC Regulation no. 1/2006 on issuers and operations with securities.

Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC

Regulation (EC) No 809/2004 is directly applicable in Romania.

Certain (selected) provisions of this regulation can be found in Law no. 297/2004 on capital markets and NSC Regulation no. 1/2006 on issuers and operations with securities.

Commission regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements

Directive 2007/14/EC was implemented in the Romanian law by NSC Regulation no. 1/2008 on the implementation of Directive 2007/14/EC laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.

Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market

Directive 2004/25/EC was implemented in the Romanian law by Law no. 297/2004 on capital markets, NSC Regulation no. 1/2006 on issuers and operations with securities and Government emergency ordinance no. 32/2012 on undertakings for the collective investment in transferable securities and investment management companies and for the amendment and supplementation of Law no. 297/2004 on capital markets.

Directive 2004/25/EC of the European parliament and of the council of 21 April 2004 on takeover bids

Directive 2007/36/EC was implemented in the Romanian law by NSC Regulation no. 6/2009 on the exercise of certain rights by shareholders in general meetings.

Directive 2007/36/EC of the European Parliament and of the Council of 11 July 2007 on the exercise of certain rights of shareholders in listed companies

II. MARKET ABUSE

Directive 2003/6/EC was implemented in the Romanian law by Law no. 297/2004 on capital markets and NSC Regulation no. 1/2006 on issuers and operations with securities.

Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)

Directive 2003/124/EC was implemented in the Romanian law by Law no. 297/2004 on capital markets, NSC Regulation no. 1/2006 on issuers and operations with securities and NSC Regulation 32/2006 regarding financial investment services.

Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation

Directive 2003/125/EC was implemented in the Romanian law by Law no. 297/2004 on capital markets and NSC Regulation 15/2006 on presentation of investment recommendations.

Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest

III. REGULATED MARKETS AND FINANCIAL INVESTMENT SERVICES

Directive 2004/39/EC was implemented in the Romanian law by:
  • Law no. 297/2004 on capital markets
  • NSC Regulation no. 1/2006 on issuers and operations with securities
  • NSC Regulation no. 2/2006 on regulated markets and alternative trading systems
  • Government emergency ordinance no. 32/2012 on undertakings for the collective investment in transferable securities and investment management companies and for the amendment and supplementation of Law no. 297/2004 on capital markets
  • NSC Regulation no. 32/2006 regarding financial investment services
  • Government emergency ordinance no. 99/2006 on credit institutions and capital adequacy.
Directive 2004/39/EC is repealed with effect from 3 January 2017. Starting with 3 January 2017 Directive 2014/165/UE will apply.
Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (known as MiFID I)

Member States have to adopt and publish by 3 July 2016 the laws, regulations and administrative provisions necessary to comply with this Directive 2014/65/EU and will apply those measures from 3 January 2017 (certain provisions have a different application date).

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

Regulation (EU) No 600/2014 will apply starting with 3 January 2017 and is directly applicable in the Romanian law.

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012

IV. SHORT SELLING

Regulation (EU) No 236/2012 is directly applicable in the Romanian law.

National regulations on short-selling:
  • NSC Regulation no. 6/2012 regarding the application of article 41 of Regulation (EU) No. 236/2012 on short selling and certain aspects of credit default swaps
  • NSC Regulation no. 5/2010 on the use of global accounts, mechanisms with and without pre-validation of securities, securities lending and collateral arrangements, and short selling
  • NSC Disposal of Measures no. 20/2012 on corroboration of national regulations with Regulation (EU) No 236/2012 and its implementing regulations.
Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps

V. CLEARING AND SETTLEMENT AND POST-TRADING INFRASTRUCTURE

Directive 98/26/EC was implemented in the Romanian law by Law no. 253/2004 on settlement finality in payment and securities settlement systems.

Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems

Regulation (EU) No 648/2012 is directly applicable in the Romanian law.

Financial Supervision Authority (NSC’s successor) („FSA”) issued FSA Regulation no. 3/2013 on the authorization and functioning of central counterparties, issued in accordance with Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories and FSA Regulation 6/2013 issued in accordance with the provisions of Article 12(1) of Regulation (EU) no. 648/2012 on OTC derivatives, central counterparties and trade repositories.

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

VI. INVESTOR COMPENSATION SCHEMES

Directive 97/9/EC was implemented in the Romanian law by Law no. 297/2004 on capital markets and NSC Regulation no. 3/2006 for the authorization, organization and functioning of the Investor Compensation Fund.

Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes

VII. ANTI-MONEY LAUNDERING

Directive 2005/60/EC was implemented in the Romanian law by a series of regulations, most relevant from the perspective of capital markets is NSC Regulation 5/2008 on the prevention and control of money laundering and terrorist financing through the capital market.

Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing