Țuca Zbârcea & Asociații Financial Institutions & Security Interests



1. What is the legal framework applicable to financial institutions and security interests in Romania?


The activity of credit institutions is regulated by Government Emergency Ordinance No. 99/2006 (Banking Law), which is aligned to the Capital Requirements Directive (CRD) IV package.

Non-banking financial institutions benefit of special regulation under Law 93/2009 on non-banking financial institutions, while payment institutions and electronic money institutions are also regulated under specific legal enactments duly implementing the provisions of Directive (EU) 2015/2366 on payment services (PSD 2) in the Romanian legislation.

The main legal framework for credit agreements and security interest consists in the Romanian Civil Code. Consumers benefit of additional protection under special regulations.

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