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Opening a Financial Company in Romania

Opening a Financial Company in Romania

by Vlad Cuc

Opening a company with financial activity in Romania implies obtaining the necessary permits and authorization from the Romanian Financial Supervision Authority (ASF in Romanian). The former attributions of the Romanian CNVM authority have been undertaken by this newly formed authority. It is very important to note that the authorizations granted by the Romanian ASF authority must be obtained before the company formation. Most of the conditions imposed by the Romanian Financial Supervision Authority refer to the credibility of the representatives of the future Romanian financial company, history, minimum share capitals and guarantees for the respective activity, type of the Romanian company which must created (for instance a Romanian SA Joint Stock Company) and other aspects that are vital for the verification of a financial company when entering a new market.

What does the Romanian Financial Supervision Authority do?
ASF exercises the powers of licensing, regulation, supervision and control over:
a) intermediaries in transactions of financial instruments in Romania; financial investment services companies in Romania; undertakings for collective investment; investment management companies; Romanian investment advisors, financial instruments markets; market and system operators ; central depositories; clearing houses and settlement ; central counterparties ; market operations; issuers of securities, etc.

b) Romanian insurance companies, mutual, insurance brokers , insurers surveillance operating in or from Romania , supervision of intermediaries insurance and reinsurance , as well as other activities in connection;

c) private pension system , according to Law . 411/2004 on private pension funds;

d ) all entities , institutions , market operators and issuers of securities and transactions and financial instruments covered by secondary legislation issued inside the entry into force of this emergency ordinance by the National Securities Commission , Insurance Supervisory Commission , Supervisory Commission of Private Pension System in support and implementation of primary legislation relating to the financial market.

How do I know whether my financial activity in Romania needs to be licensed by the ASF?
If your activity is related to those listed above than there is a high chance that this is required before the start-up of your Romanian company. If you are not certain please contact our law firm.

What are the steps required for the licensing of my Romanian financial company?
Firstly you will need to make sure that your Romanian company needs a license from ASF. Once that is ascertained we advise you to firstly obtain a comprehensive legal report to make sure your future Romanian company will be able to fulfill the conditions. Once you are sure of this aspect you can hire our law firm for the representation throughout the legal procedures.

NOTE: the Romanian ASF mantains an updated list of licenses financial vehicles on their website available for verification.

Please contact us if you want to know additional information with regards to the registration of a financial company. Our team of Romanian lawyers can present the tax obligations of this entity.

You can address to us for any concern that you may have regarding how to open a business in Romania (documentation, taxes, fees, licenses and permits and any other procedures, etc.).

When starting the process of company incorporation in Romania, you will need to address to certain institutions for the registration of the legal entity, and this procedure can be handled by our lawyers.

Our attorneys will have this right once you sign the power of attorney, a legal document through which a third party has the right to legally represent another party in certain legal matters.

Please know that our law firm can provide other services that are not related to the registration of a business.

For instance, you can easily address to us in the case in which you want to buy a house in Romania. As a foreigner, you are entitled to owning residential or commercial properties and our team can represent you in the formalities concerning the ownership transfer.