Advanced Search

Law No. 440 Of 25 October 2004

Original Language Title:  LEGE nr. 440 din 25 octombrie 2004

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
LEGE no. 440 440 of 25 October 2004 to amend and supplement Law no. 96/2000 on the organization and functioning of the Export-Import Bank of Romania EXIMBANK-S.A. and the specific instruments to support foreign trade
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 985 985 of 26 October 2004



The Romanian Parliament adopts this law + Article I Law no. 96/2000 on the organization and functioning of the Export-Import Bank of Romania EXIMBANK-S.A. and the specific instruments to support foreign trade, published in the Official Gazette of Romania, Part I, no. 250 of 6 June 2000, shall be amended and supplemented as follows: 1. Article 1 shall read as follows: "" Art. 1. --(1) The Export-Import Bank of Romania EXIMBANK-S.A., hereinafter referred to as EXIMBANK-S.A., is a specialized institution, which carries out activities to support the Romanian foreign trade through financial and banking instruments. specific insurance. ((2) EXIMBANK-S.A. operates on behalf of and on behalf of the state, as well as in its own name and on its own account, making for legal entities legally constituted, resident or non-resident, financing, co-financing, refinancing, guarantees, other banking, insurance and reinsurance operations of Romanian foreign trade operations. " 2. In Article 2, letters e) and f) shall read as follows: " e) performing other banking operations, for the implementation of the specific object of activity, in accordance with the legal provisions in force; f) insurance and reinsurance of short-term export credits against commercial and country risks, which cannot be secured on the private market, made up of at least two insurance companies, foreign legal entities and a company the Romanian legal person; ". 3. in Article 2, after letter f) the letter f ^ 1 is inserted) with the following contents: " f ^ 1) insurance and reinsurance of medium-and long-term export credits against trade and country risks; '. 4. In Article 2, letters g), i) and l) shall read as follows: " g) guarantee and/or insurance and reinsurance of Romanian investments abroad; ............................................................... i) performing other operations specific to the insurance and reinsurance activity of loans, guarantees and investments to support the export activity, in accordance with the legal provisions in force; ............................................................... l) providing assistance for technical expertise and carrying out banking operations for the implementation of projects approved by the Inter-Ministerial Committee of Guarantees and Foreign Trade Credits; ". 5. In Article 3, paragraph 3 shall read as follows: "(3) EXIMBANK-S.A. operates at the central level, and at territorial level and abroad, through branches and other secondary offices-agencies and the like." 6. Article 4 shall read as follows: "" Art. 4. -EXIMBANK-S.A. is headed by a board of directors appointed by the general meeting of shareholders, consisting of 7 members: the chairman of the board of directors, who is also the executive chairman of the bank, 2 vice presidents, who are also The bank's executive vice presidents, and 4 members. " 7. In Article 5, letters b), d), g) and h) shall read as follows: "" b) approve the organization and operation of audit, credit, risk, asset and liability management committees, as well as other working bodies, with a view to carrying out its specific work; ............................................................... d) approve the internal rules of EXIMBANK-S.A. for carrying out the activity; ............................................................... g) decides the establishment of branches and other secondary offices-agencies and the like-in the country and abroad; h) appoints directors and deputy directors in the plant and secondary offices, in the country and abroad, in compliance with the regulations in force, establishing their duties, powers and responsibilities; ". 8. Article 7 shall read as follows: "" Art. 7. -The financial statements of EXIMBANK-S.A., drawn up on an individual basis and, as the case may be, on a consolidated basis, are audited by financial auditors, legal entities authorized by the Chamber of Financial Auditors in Romania and approved by the National Bank of Romania. " 9. Article 7 (1) shall be inserted after Article 7: "" Art. 7 ^ 1-Annual, until 31 May, EXIMBANK-S.A. presents to the Government the activity report for the previous year. " 10. The title of Chapter III shall read as follows: "" CHAPTER III The Interministerial Committee of Dealers And Credits of Foreign Trade and the activity of EXIMBANK-S.A. on behalf of and on behalf of the State " 11. In Article 8, the introductory part shall read as follows: "" Art. 8. -EXIMBANK-S.A. carries out, within the limits of the competences approved by the Interministerial Committee of Guarantees and Foreign Trade Credits, the following operations, on its behalf with the guarantee of the state: ". 12. In Article 8, points c), d) and e) shall read as follows: " c) carry out financing, co-financing and refinancing; d) realize the insurance and reinsurance of export credits of goods and services against political and commercial risks, Romanian investments abroad, insurance of export guarantees and leasing export operations; e) carry out operations to stimulate complex exports, under the conditions provided in art. 11 11 ^ 1; '. 13. in Article 8, by letter e) the letters f), g) and h) shall be inserted, with the following contents: " f) guarantees loans for the realization of goods and services for export, buyer credits and Romanian investments abroad; g) performs other operations to stimulate Romanian exports, established by the normative acts in force, in accordance with the objectives of the foreign trade policy of the Government; h) carry out other operations provided by law. " 14. in Article 8, after paragraph 1, paragraphs 2 and 3 shall be inserted, with the following contents: " (2) The guarantee, insurance and reinsurance operations, carried out on behalf and on behalf of the state, shall be granted, as a rule, within 85% of the value of the export contracts. Depending on the objectives of foreign trade policy, by Government decision, this percentage can be increased. ((3) The rules governing the activities carried out on behalf of and on behalf of the state shall be approved by the Interministerial Committee on Foreign Trade Guarantees and Credits and shall be published in the Official Gazette of Romania, Part I, according to the law. " 15. In Article 9, points a) and b) shall read as follows: " a) the fund for export guarantees, for the guarantee of loans for goods and services for export, buyer loans and Romanian investments abroad; b) the fund for the insurance and reinsurance of export credits, export guarantees, leasing export operations and Romanian investments abroad; ". 16. in Article 9, after letter d) the letter e) is inserted with the following contents: "e) other funds that will be established by Government decision, with the regulation of modalities of use." 17. Paragraph 3 of Article 10 shall read as follows: " (3) The amounts provided annually in the state budget for the establishment of the funds provided for in art. 9 represents maximum limits that cannot be exceeded, will be transferred monthly by the Ministry of Public Finance to EXIMBANK-S.A. and will be distributed by the Interministerial Committee of Guarantees and Foreign Trade Credits, depending on the needs of export support. " 18. Article 11 (1), after point 4 of the letter a), insert point 4 ^ 1 with the following contents: "" 4 ^ 1. guarantees on loans for the production of goods and services for export, for buyer loans and guarantees for Romanian investments abroad; ". 19. In Article 11 (1), points 1 and 2 of letter b), sentence II, shall read as follows: " 1. insurance and reinsurance of short-term export credits against commercial and non-insurable country risks on the private market, under the conditions of art. 2 lit. f); 2. insurance of export guarantees and Romanian investment insurance abroad; ". 20. In Article 11 (1), after point 1 of point (b), second sentence, point 1 ^ 1 shall be inserted as follows: "" 1 ^ 1. insurance and reinsurance of medium and long-term export credits against commercial and country risks; ". 21. In Article 11 (1) (b), point 3 of the second sentence shall read as follows: " 3. other insurance, co-insurance and reinsurance operations against non-payment, non-insurable risks on the private market. The guarantees and export insurance are issued by EXIMBANK-S.A., based on the approval of the Interministerial Committee of Guarantees and Foreign Trade Credits; ". 22. In Article 11 (1), letter c) shall read as follows: "c) The Fund for the granting of interest-rate bonuses will be allocated until the date agreed with the European Union." 23. After Article 11, Articles 11 ^ 1 and 11 ^ 2 are inserted, with the following contents: "" Art. 11 11 ^ 1. -(1) For complex exports, within the meaning of art. 8 8 para. ((1) lit. e), it is understood the export of equipment, installations or parts of installations, separately or together with technologies, licenses, know-how, technical assistance, design, construction-assembly, commissioning and reception works, as well as spare parts and related materials. Also considered are complex exports geological design-exploration works, exploitation works for mineral deposits, electrical grid constructions, execution of wells boreholes, scaffolding constructions, plant and plant construction. transport, storage and distribution pipelines of petroleum products and natural gas, as well as the realization of complete ships, of objectives in the fields of transport, agriculture, land improvements, environmental facilities, hydrotechnical, forestry, organisation of forestry, energy plants and thermal, electric stations, water treatment plants, treatment plants, flexible and automatic technological lines of processing, the establishment of housing complexes and social-cultural objectives, water-sewerage networks, road building and bridges, port facilities and military technique products and the like. As the case may be, on the proposal of the Interministerial Committee of Guarantees and Credits of Foreign Trade, by Government decision, it can be approved to include in the category of complex exports and projects that are subject to analysis and approval, belonging to other fields of activity. ((2) The stimulation of the achievement of complex objectives and of production with long production cycle, intended for export, shall be carried out, in addition to the insurance of export credits, under the conditions provided by this law, by: a) guarantees for participation in international tenders, execution of works and other guarantees established by external contracts; b) the granting of state guarantees for credits used for production in the country and abroad, for complex exports, as well as for short, medium and long-term export credits, according to international standards in domain; c) granting bonuses of up to 60% of the interest paid for export credits, in pre and post-delivery phases. (3) Complex exports are carried out on the basis of external contracts by a general contractor, Romanian or foreign economic agent, who can collaborate, on the basis of commercial contracts, with subcontractors-Romanian or foreign economic agents. Exports of long-cycle products can be carried out on the basis of external contracts concluded by a general contractor or by the manufacturer, directly or by commission. (4) The internal subcontractors, participants in the realization of complex exports, are: the general designer, the general contractor, the producers, as well as the service providers employed in their realization. (5) The manufacturing period of the long-cycle products of manufacture and the value of the related export contracts shall be established annually and whenever necessary, by Government decision. Article 11 ^ 2. -(1) The Interministerial Committee of Dealers And Credits of Foreign Trade is composed of representatives of specialized bodies of central public administration and EXIMBANK-S.A. (2) The way of carrying out the activity of the Interministerial Committee of Guarantees and Credits of Foreign Trade is regulated by Government decision. The Chairperson, Vice-Presidents and Committee members shall be designated by Government Decision. (3) The Interministerial Committee of Guarantees and Credits of Foreign Trade shall have the following tasks: a) approve the maximum limit of exposure of the funds provided in art. 9 9; b) examine and approve: (i) the issuance of export guarantees, guarantees for loans for the realization of goods and services for export, for the buyer credit and guarantees for Romanian investments abroad; (ii) the insurance and reinsurance of export credits, Romanian investments abroad, export guarantees and leasing export operations, on behalf of and on behalf of the state; (iii) instruments supporting the activity of foreign trade, in accordance with the provisions of the present law and with the Government's policy of promotion and support of exports; (iv) the level of granting of interest bonuses on export credits granted in lei by EXIMBANK-S.A. and commercial banks for export activity, according to the provisions of this Law and the Government's policy of promotion and support of exports; c) at the beginning of each year the list of export goods that cannot benefit from the instruments of support of foreign trade conducted by EXIMBANK-S.A. is established by Government decision and published in the Official Gazette of Romania, Part I, under the law. (4) The Interministerial Committee of Guarantees and Foreign Trade Credits shall establish the use of the value ceilings within which the operations will be approved and carried out, on behalf of and on behalf of the State, on the basis of the country risk rankings elaborated by EXIMBANK-S.A. (5) The Interministerial Committee of Guarantees and Foreign Trade Credits shall meet, as a rule, bi-monthly or whenever necessary. " 24. In Article 13 (1), points a) and c) shall read as follows: "" a) short-term, non-marketable export credits on the private market, as well as medium-and long-term export credits; ............................................................... c) credits obtained for the production of goods and services for export, export guarantees and leasing operations. " 25. Paragraph 3 of Article 13 shall read as follows: "" (3) The insurance of export credits in the short, medium and long term, the insurance of Romanian investments abroad and the export guarantees will be made within the value ceilings by the countries, established by EXIMBANK-S.A. and approved by the Committee Interministerial by the Guarantees and Credits of Foreign Trade, depending on the Government's policy of promotion and support of export and investments in different markets. " 26. Paragraph 1 of Article 14 shall be repealed. 27. Paragraph 2 of Article 14 shall read as follows: " (2) EXIMBANK-S.A. may carry out other operations in the account of the state, according to the objectives provided in art. 2, and may implement any instruments to stimulate the foreign trade activity, established by the Interministerial Committee of Guarantees and Appropriations Of Foreign Trade and approved by Government Decision, in accordance with its legal powers and with the Government's policy of supporting foreign trade. " 28. Article 15 shall read as follows: "" Art. 15. -(1) EXIMBANK-S.A. performs bank operations in order to stimulate the activity of foreign trade, in accordance with the regulations of the banking legislation in force and with the provisions of this law. ((2) EXIMBANK-S.A. carries out financing, co-financing and refinancing operations of foreign trade operations, in order to facilitate the access of Romanian exports to international markets. ((3) EXIMBANK-S.A. may conclude agreements with financial institutions in the country and abroad, in order to establish funds to be used as sources attracted to support activities in name and in their own account. ((4) EXIMBANK-S.A. may issue bonds on the internal and external market, under the law, in order to attract sources, necessary to carry out its activity. " 29. After paragraph 4 of Article 16, paragraph 5 is inserted as follows: " (5) EXIMBANK-S.A. will carry out insurance and reinsurance operations of export credits in the short, medium and long term against commercial and country risks, in name and in its own account, in accordance with the provisions of par. ((1)-(4), until 31 December 2004. ' 30. After Article 16, Chapter IV ^ 1 is inserted as follows: "" CHAPTER IV ^ 1 Accounting of operations Article 16 ^ 1. -The accounting of EXIMBANK-S.A. is distinctly carried out on operations carried out on behalf of and on behalf of the state and on operations carried out in name and on its own account, both for bank activity and for insurance activities and reinsurance conducted according to the law Article 16 ^ 2. -EXIMBANK-S.A. prepares annual financial statements, distinct from activities, namely banking and insurance, on an individual basis and on a consolidated basis, in accordance with the legislation in the field and with international accounting standards. " 31. Paragraph 1 of Article 17 shall read as follows: "" Art. 17. -(1) Members and empowers in the general meeting of shareholders, members of the board of directors and auditors, as well as employees of EXIMBANK-S.A. are obliged to keep professional secrecy over any facts, data and information of which have become aware in the course of the exercise of their functions and not intended for advertising. ' + Article II ((1) Law no. 96/2000 on the organization and functioning of the Export-Import Bank of Romania EXIMBANK-S.A. and the specific instruments to support foreign trade, published in the Official Gazette of Romania, Part I, no. 250 of June 6, 2000, with the amendments and completions brought by this law, will be republished, giving the texts a new numbering. (2) On the date of entry into force of this Law, it is repealed a) Government Ordinance no. 14/1995 on certain measures to stimulate the achievement of complex objectives and long-cycle production, intended for export, approved by Law no. 70/1995 ,, as amended; b) Technical rules no. 101.325/M.C. /1998 on some measures to stimulate the achievement of complex objectives and long-cycle manufacturing production, intended for export, issued by the Minister of Industry and Trade, Minister of Public Works and Spatial Planning, Minister the finances and the President of the Export-Import Bank of Romania, published in the Official Gazette of Romania, Part I, no. 128 of 27 March 1998, with subsequent amendments and completions. (3) Within 60 days from the date of entry into force of this Law, the Export-Import Bank of Romania EXIMBANK-S.A. will modify its constitutive act accordingly. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (2) of the Romanian Constitution, republished. p. CHAMBER OF DEPUTIES PRESIDENT, VIOREL HREBENCIUC SENATE PRESIDENT NICOLAE VACAROIU Bucharest, October 25, 2004. No. 440. ________________