Romania: Ordinance No. 28 of 26 January 2006

This Title regulates the minimum access requirements for nonbank financial institutions (NBFIs) to lending activity in order to ensure and maintain financial stability.

The Title sets out:

• General provisions that specify:
  • The scope of the Title;
  • Definitions of terms that it uses;
  • Organization and operation of NBFIs, activities that they are allowed to perform as well as those that they are not allowed to perform.
• Requirements and registers, specifying:
  • General requirements;
  • Notification requirements with the Bank of Romania;
  • The registration of NBFIs with the General Register;
  • Special requirements and registration in the Special Register.
• Features of the monitoring and supervision of NBFIs, stating that the National Bank of Romania will be responsible for the supervision of NBFIs and will have the authority to conduct on-site inspections when necessary;
• Terms for the merger, splitting-up and winding-up of NBFIs;
• The contract documents, registers and records that NBFIs should prepare and keep;
• Terms for annual financial statements and their auditing;
• Various sanctions that the Bank of Romania can impose on NBFIs;
• Provisions applicable to mutual benefit societies and pawnshops;
• Transitory provisions for NBFIs.

The Title concludes with a list of final provisions for NBFIs in Romania.