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)…
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