Romania announces new financial supervisory authority

In December 2012, the government issued an emergency ordinance for the creation, organisation and functioning of a financial supervisory authority (FSA). The FSA replaces the existing authorities supervising capital markets (the National Securities Commission), insurance (the Insurance Supervisory Commission) and pensions (the Private Pensions System Supervisory Commission). The FSA will take over all the rights and obligations (including the personnel and litigations) of the replaced authorities. The replaced authorities will be dissolved and the mandates of their executive bodies automatically terminated. The FSA will be the sole authority entitled to issue, cancel or suspend authorisations, issue regulations, supervise the relevant entities and apply sanctions in the sectors supervised by, and according to the legislation applicable to, the replaced authorities.

A new code of civil procedure (the NCCP) entered into force in February 2013. The NCCP changes the structure of trials in Romania, aiming to minimise the duration of a lawsuit and to align the civil procedure with the provisions of the new civil code,11 but also makes changes in other areas (such as on the recognition of foreign judgments).

A noteworthy aspect is that a choice of a foreign jurisdiction as the forum to resolve disputes is valid only if there is an objective foreign element involved in the dispute (for example, the intention of the parties to resolve their dispute before, say, the German courts, is by itself an insufficient foreign element)…

If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

  • Panel reviews

    Panel reviews 2014: The chosen ones

    Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all

  • training

    Accutrainee: Revolution postponed

    At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.

View more analysis from The Lawyer


One Bishops Square
E1 6AD

Turnover (£m): 1,234.30
No. of lawyers: 2,194 (UK 200)
Jurisdiction: UK
No. of offices: 11
No. of qualified lawyers: 369 (International 50)
No. of partners: 81