Articles

Articles - Year 2004

NEW FISCAL RULES FOR 2005 - 22 December 2004 (Invest Romania)
Amongst other wishes and expectations accompanying the start of every new year, 2005 brings us the hope for a better year, triggered by the application since January 1st 2005 of newly amended fiscal provisions.

ECONOMIC CONCENTRATIONS – MERGER CONTROL THRESHOLD - 18 November 2004 (Insight)
As the brown field investments are still of interest, the concerned investors should carefully analyze beforehand whether the investment represents an economic concentration by reference to the Romanian Competition Law.

”TIMESHARE” INVESTMENTS’ REGIME - 11 November 2004 (Invest Romania)
In the process of implementing the acquis communautaire, the Romanian legal system has faces certain transformations manifested, among others, through the import of several legal institutions which have not been previously known or, even known, their implementation was impossible due to technical reasons.

OCCUPATIONAL PENSIONS - 15 October 2004 (Invest Romania)
Awaited with interest by the main actors from the market of the private administrated pensions, also contemplated as a viable alternative for improving the pensions system, as well as for attracting more capital market financing, the Law no. 249/2004 regarding the occupational pensions has been finally passed by the Parliament and shall come into force on January 1st, 2005.

Temporary Work Agency - 08 September 2004 (Invest Romania)
Generally regulated by Law No. 51 of 2003 on the Labour Code (the “Labour Code”), the actual implementation of temporary work (“Temporary Work”) as legal institution has become effective by the entry into force of the Government Decision No. 938/2004 in the setting-up, operation and authorization of temporary work agents (“GD No. 938 of 2004”).

HARD CURRENCY OPERATIONS - 16 August 2004 (Invest Romania)
The hard currency operations are regulated in Romania by the Regulation no. 1/2004 on hard currency operations (“Regulation”), designed to prepare Romania for a new stage towards accession to EU.

WORKING BY TEMPORARY WORK AGENTS - 09 August 2004 (Insight)
Temporary work is considered an integral part of well-functioning labor markets, as it plays a key role in the creation of jobs, integration of workers into the labor market, and economic growth, such as recognized, inter alia, by the documents prepared by the International Labour Organization and the European Commission.

LEGAL METAMORPHOSES OF PUBLIC PROCUREMENTS FRAMEWORK - 05 May 2004 (Invest Romania)
The tuning treatments applied periodically to the legislation in force has not ignored the Emergency Government Ordinance no. 60/2001 on public procurements, as subsequently amended.

AMENDMENTS TO PUBLIC PROCUREMENT LEGISLATION - 11 March 2004 (Invest Romania)
After more than a decade of uncertainties in the area of public procurement legislation (due to various causes, ranging from lack of enactments to abundance of rapidly changing amendments), the applicable legal framework was finally set in 2001 by implementation of the Emergency Government Ordinance no. 60/2001 on public procurement, as subsequently amended and approved by the Law no. 212/2002 (“EGO no. 60/2001”).

Recent regulatory amendments within the Romanian banking system - 04 February 2004 (Invest Romania)
After a 2 year period during which several projects for the amendment of the Banking Law have been analysed by banking specialists, the Romanian Parliament has passed Law no. 485/2003 for the amendment of the Banking Law no. 58/1998.

IMPORT AND EXPORT REGIME - 20 January 2004 (Invest Romania)
In spite of the difficult conditions faced after 1990, Romania has implemented one of the most liberal commercial policy in Europe: the import restrictions have been eliminated even since 1992 while the export restrictions have been diminished step by step until their complete cancellation in 1998.

Real Estate Investments in Romania - 02 January 2004 (Insight)
As indicated by the recent trends, the number of investors interested in the Romanian real estate market is constantly increasing. Among the real estate investments alternatives that might be envisaged at the present in Romania, depending on the foreseen purpose, we mention: (i) real estate direct or indirect acquisition; (ii) industrial park as greenfield or as brownfield investment; (iii) creation of a mortgage loan company or a mortgage fund; (iv) public private partnerships.