Romanian authorities have been busy this year putting forward several pieces of legislation affecting the construction field, including, most importantly: (i) a draft of a new law on authorizing construction; (ii) a draft proposal for amending the current application norms for the existing Construction Law; and (iii) preliminary theses for a long-awaited Urban Planning and Construction Code. These proposals were all designed to further the ambitious aim of unifying all the regulations on town planning and construction.
Without going into too much detail, having seen the recent turmoil regarding the implementation of the General Data Protection Regulation and the fact that the subject has been more than widely debated, we wish to point out that, from our point of view, record keeping of data processing activities is a key aspect in a proper GDPR implementation scheme.
According to Dana Radulescu, Corporate/M&A and Restructuring Partner at Maravela & Associates, “Romania is flourishing compared to past years, in terms of transactions in the banking, retail, real estate, and agriculture sectors, so M&A lawyers are quite busy and quite happy.” And things look good for the future as well, she says. “It’s not over yet. From this point of view things are going in the right direction, and it should continue for the rest of this year."
The High Court of Cassation and Justice has received a referral for a preliminary ruling in order to resolve the following matter of law: "The provisions of art. 1473of the Tax Code may be interpreted as meaning that, although it was established by a final decision that a tax receivable cannot be claimed in the insolvency procedure governed by Law no. 85/2006 as a result of its late submission, the same receivable can be claimed by the fiscal body in the procedure for solving the VAT return application made by the debtor undergoing insolvency proceedings?".
Following the entry into force of the Fourth Anti-money Laundering (AML) Directive (2015/849) in 2015, Ireland, Greece, the Netherlands and Romania are still in the process of passing appropriate implementation measures into national law. As such, they have exceeded the 26 June 2017 transposition deadline by one year.