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.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
A new Luxembourg act on the immobilisation of bearer shares and units was published in the Luxembourg Official Gazette on 14 August 2014.
OFAC has issued revised guidance relating to the status of entities owned by individuals or entities whose interests in property are blocked under executive orders.
Analysis from The Lawyer
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.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.