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    ANNOUNCEMENT IN THE ATTENTION OF THE UK INVESTMENT FIRMS AND CREDIT INSTITUTIONS IN THE BREXIT CONTEXT:
ANNOUNCEMENT IN THE ATTENTION OF THE UK INVESTMENT FIRMS AND CREDIT INSTITUTIONS IN THE BREXIT CONTEXT:

 12.11.2020

In respect to the intention of the UK investment firms and credit institutions to provide on the Romanian territory, after the Brexit transition period, investment services and activities under the Directive 65/2014/UE, we would like to inform you that, in this context, the provisions related to the providing of investment services and activities in Romania by a third country firm will apply. Thus, in accordance with the legislation in force  (Art. 109 of the Directive 65/2014/EU), the provision of services by third country firms in the Union is subject to national regimes and requirements.

In accordance with Art. 39 (1) of Directive 65/2014/EU {provisions transposed in Art. 122(1) of the Law 126/2018 regarding financial instruments}, a third-country firm intending to provide investment services or perform investment activities with or without any ancillary services to retail clients or to professional clients within the meaning of Section II of Annex II in other Member State, must establish a branch in  the host member state. In respect to those above mentioned, UK investment firms and credit institutions have to submit to the Romanian Financial Supervisory Authority (A.S.F.) a request and the documentation for the authorization of the branch established on the Romanian territory in accordance with Article 40 of the Directive 65/2014/EU {respectively in Article 123 of the Law 126/2018}. The Romanian A.S.F. shall authorize the branch only if there are fulfilled the conditions under Article 39, and also the obligations laid down in Articles 16 to 20, 23, 24, 25 and 27, Article 28(1), and Articles 30, 31 and 32 of this the Directive 65/2014/EU and also in Articles 3 to 26 of Regulation (EU) No 600/2014. Moreover, it must be paid the tariff mentioned in point 1.1 and point 2.2 (a) of the Annex no. 3 of the Regulation no. 16/2014 on the A.S.F.'s Income.

Also, the provisions of the Law no. 26/1990, republished, with subsequent amendments, require branches from abroad to be registered with the National Trade Register Office, therefore the investment firm shall submit to A.S.F. the certificate (a copy) issued in this respect. Afterwards, A.S.F. will also proceed with the registration of the branch in its Public Register and it shall be subject to the supervision of the Romanian Authority (A.S.F)

The national legislation in force, may be consulted on the Romanian A.S.F. official website,  the Law 126/2018.


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