The Banking Act, the Parliament of Romania

General provisions of the banking law of Romania
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This law lists the provisions of the banking law of Romania adopted by the Chamber of Deputies and the Senate in February 1998, in accordance with provisions of the Constitution of Romania.

The law is divided into sixteen sections:

  • Chapter 1: defines the scope of the law and its applicability to banks, Romanian legal entities, incorporated as companies, as well as to bank branches of foreign legal entities operating in Romania, in section 1;
    • Section 2 explains the relevant terms and definitions whereas, section 3 lists the prohibitions.
  • Chapter 2: lists the activities that the banks are licensed to perform;
  • Chapter 3: presents guidelines on bank licensing;
  • Chapter 4: the instances under which the banks' license may be withdrawn;
  • Chapter 5: lists guidelines governing mergers and split-ups;
  • Chapter 6: presents guidelines on banks' organization and management;
  • Chapter 7: lists the instances of conflict of interest;
  • Chapter 8: defines the maintenance of professional secrecy;
  • Chapter 9: defines operational requirements for the bank;
  • Chapter 10: explains the guidelines for funds transfer;
  • Chapter 11: lays out the articles governing the prudential supervision of banks;
  • Chapter 12: lists the adjustment measures and sanctions;
  • Chapter 13: gives measures for implementing special supervision and special administration of banks;
  • Chapter 14: discusses the methods of appeal;
  • Chapter 15 and 16: detail the transitory and final provisions for banks and branches of foreign banks.

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