Law No. 58 of 5 March 1998 (republished) (* updated *) concerning banking activity (updated until May 19, 2006 *) ISSUER-PARLIAMENT--*) Republished pursuant to art. II of law No. 443/2004 published in the Official Gazette of Romania, part I, no. of 9 November 2004 1,035, posing a new texts.
Law No. 58/1998 was published in the Official Gazette of Romania, part I, no. 121 of 23 March 1998 and was edited by: Emergency Ordinance of Government No. 24/1999 published in the Official Gazette of Romania, part I, no. 130 of 31 March 1999, approved with modifications by the law nr. 246/2002 published in the Official Gazette of Romania, part I, no. 304 of 9 May 2002; The Government Emergency Ordinance nr. 56/2000 published in the Official Gazette of Romania, part I, no. 227 of 23 May 2000, approved by law No. 437/2001 published in the Official Gazette of Romania, part I, no. 404 of 20 July 2001; The Government Emergency Ordinance nr. 137/2001 published in the Official Gazette of Romania, part I, no. 671 of 24 October 2001, approved with modifications by the law nr. 357/2002 published in the Official Gazette of Romania, part I, no. 446 of 25 June 2002; Law No. 485/2003 published in the Official Gazette of Romania, part I, no. 876 of 10 December 2003; Law No. 116/2004 regarding the approval of the Government Ordinance. 29/2004 for regulating financial measures, published in the Official Gazette of Romania, part I, no. 353 of 22 April 2004; Law No. 278/2004 for the approval of the Government Ordinance. 10/2004 on the procedure of reorganization and bankruptcy of credit institutions and published in the Official Gazette of Romania, part I, no. 579 of 30 June 2004.
— — — — — — — — — — — — — — *) originally was published in MONITORUL OFICIAL nr. 78 of 24 January 2005. This is the updated form of S.C. "territorial Center of Electronic Computing" until May 19, 2006, with amendments and additions to law No. 131 of 12 May 2006.
Chapter I General provisions section 1 scope of application Article 1 banking activity in Romania is conducted through credit institutions authorised in accordance with the law.
Credit institution represents: a) the entity performing Professional activity for attraction of deposits or other repayable funds from the public and to grant credits for its own account;
(b) the entity that issued currency), other than that referred to in He still called), the issuer of electronic money institution.
By the public, for the purposes of this Act, means any person, legal entity without juridical personality times, what has the capability and experience required for the risk assessment of the amounts secured by way of nerambursare. Do not fall into the category of public authorities: State, local and Central Government, government agencies, central banks, credit institutions, financial institutions and other similar institutions.
In Romania, credit institutions may be established and may function as cooperative banks, credit organizations, institutions issuing electronic money and savings for housing.
By special law may regulate the establishment and activity of the credit institution, other than those referred to in paragraph 1. 4, while respecting the principles of this law.
Article 2 this law shall apply to banks and institutions issuing electronic money, legal entities, and branches from Romania of foreign credit institutions.
From the date of accession of Romania to the European Union, the institutions, including credit institutions issuing electronic money, or financial institutions which are authorised in another Member State and operating in Romania through a branch or provide services directly, will be provided in the head. XVII. Provisions of cap. X applies to payment systems from Romania, including participants in these systems and their managers, subject to the conditions laid down by the regulations of the National Bank of Romania.
Organization and operation of credit institutions that are founded as a cooperative organization of credit and savings for housing are regulated by special laws.
Section 2 Definitions for the purposes of article 3 of this law, the terms and expressions below have the following meanings: 1. banking activity-acceptance of deposits or other repayable funds from the public and to grant credits for its own account;
2. financial institution-an entity, other than a credit institution whose principal activity consists in acquiring shares or conduct one or more of the financial activities referred to in article. 11(2). and (b). b));
3. society-mother-entity that is located in one of the following situations: a) holds directly or indirectly the majority of the voting rights in another entity, called hereinafter the branch;
b) has the right to appoint or to revoke the majority of the members of the administrative or management organs of control most other times drivers ' entities, called hereinafter the branch, and is at the same time a shareholder in or member of that entity;
c) has the right to exercise a dominant influence over an entity, called hereinafter the branch to which it is a shareholder or member, pursuant to clauses included in contracts signed with the respective entity or certain provisions contained in the articles of incorporation of this entity, in a situation where the legislation governing the status of the subsidiary allows the existence of such clauses times provisions;
d) is a shareholder in or member of an entity, called hereinafter the branch, and in the last 2 years has named alone, as a result of the exercise of its voting rights, the majority of members of the administrative or management bodies of the majority of the directors of the subsidiary control times;
e) is a shareholder or member entity, called hereinafter the branch, and controls alone, under an agreement concluded with other shareholders or members, a majority of the voting rights in that branch;
4. operational branch-unit without legal personality of a credit institution which carries out directly all or some of the activities of credit institutions within the scope of this mandate;
5. the competent authority-the authority responsible for the supervision of the national prudentiala of credit institutions;
6. deposit the amount of money given in the following conditions: (a)) to be repaid in full, with or without interest, or any other facilities, upon request or at a time-limit agreed by the depositor with the depositary;
b) not to refer to the transmission of the property, the provision of services or the provision of warranties;
7. credit-any commitment to make available or to grant a sum of money or to extend the debt maturity in return for an obligation of the debtor to the reimbursement and the payment of interest or other expenses related to this amount or any commitment to purchase a title incorporating a debt or other right to the payment of a sum of money;
8. leaders-people who, according to the instruments of incorporation and/or the decision of the statutory bodies of the credit institution, they are empowered to lead and coordinate the daily activity and are invested with authority to engage the liability of the credit institution; do not fall into this category people who provide direct leadership of compartments within the Bank's branches and other offices. In the case of branches of foreign credit institutions carrying out activity on the territory of Romania, the rulers are people empowered by the credit institution to lead the work of the branch and to engage lawfully in Romania foreign credit institution;
9. significant shareholder-natural person, legal person or group of natural persons and/or legal entities acting together and who directly or indirectly hold a stake of 10% times more of the share capital of a company or of the voting rights or a stake that enables it to exercise significant influences management and business policy;
10. Group of people acting together-two or more natural or legal persons who infaptuiesc a township policy to society;
11. authorization-a declaration by the competent authority, which give the right to carry out activities specified therein;
12. the issuer of electronic money institution-a legal entity that provided the means of payment in the form of electronic money;
13. electronic money-the monetary value representing a claim on the issuer which fulfills the following conditions: (a) (b) cumulatively) is stored on a data medium;
b) is issued in return for receipt of funds whose value cannot be smaller than the monetary value issued;
c) is accepted as means of payment and other entities than the issuer;
14. the initial capital-part of own funds, including capital or capital endowment and other balance sheet size, calculated and updated in accordance with the methodology established by the regulations of the National Bank of Romania;
15. own funds-funds available to credit institutions, the calculation methodology is established by the National Bank of Romania through regulations;
16. Member States, Member States of the European Union and other countries belonging to the European Economic area;
17. home Member State means the Member State in which a credit institution has been authorised;
18. a single borrower-any person times cluster of individuals and/or legal entities against which the Bank has an exposure and which are linked economically, in that: (a) one of the persons) to exercise control over the other, directly or indirectly;
b) cumulative exposures level represents a single credit risk for the Bank, since people are connected in such a way that the measure, though some of them will encounter repayment difficulties, or others will similar difficulty; in the case of such persons shall be taken into account, without being limitative, the following situations:-are subsidiaries of the same entity;
have the same driving;
-interdependence between them, there are direct commercial, which cannot be substituted in a short term;
19. any risk of exposure a Bank, actually or potentially, to be spotlighted in the balance sheet and/or out of balance and arising out of the following, but not limited to: (a));
b) shares and other investments in securities;
(c) the nature of the equity stake) other financial assets;
(d) the expected trade effects) or avalizate;
e) guarantees issued;
f) open or confirmed letters of credit;
20. the undertaking providing ancillary services or related-company whose activity consists primarily in the ownership and administration of movable and immovable property in the data-processing services and administration of databases or in other activities associated with a character in relation to the main activity of one or more credit institutions;
21. the host Member State means the Member State in which a credit institution has opened a branch or in which it provides services directly;
22. financial holding company-a mother, whose financial institution subsidiaries of credit institutions are exclusively or mainly credit institutions, financial institutions, the times but at least one should be a credit institution;
23. holding company-a mother, other than a financial holding company or a credit institution, whose subsidiaries include at least one credit institution;
24. close ties existing between relations-two or more natural persons and/or legal entities that are in one of the following situations: a) one of the persons owns a direct stake or via a control relationship of at least 20% of the share capital or voting rights of the other person;
b) one of the persons exercising control over the other person;
(c) persons are connected permanently) with one and the same person by a control relationship;
25. the system of pay-collective arrangement formalized, including standardized rules and procedures common to the execution of transfer orders between the participants, as well as the corresponding infrastructure through the execution of all or part of the activities of processing, clearing and settlement of any means of payment and/or payment of any sums of money through means of payment arrangement between at least three speakers participants that can be a credit institutions: companies of financial services, the State Treasury or other foreign entity which carries out specific activities of credit institutions or investment companies.
For the purposes of this law: a) all premises of a Romania side from institutions of foreign credit will be considered a single branch;
(b) a company's affiliates) all-mother who, in turn, is a subsidiary of another company-mother will be considered subsidiaries of the aftermath.
Article 4 a person is under the control of natural or legal persons in situations where there is a relationship between nature than that of a mother and a branch of it, as is this article. 3, point 3, or a similar relationship, like the existing relations between the spouses: a), relatives and affine transformation up to the second degree inclusive;
(b) the persons referred to in subparagraph (a)). ) and the companies under their control;
c) one company, administrators and natural or legal persons exercising control over it;
d) companies under the control of the same times the same natural or legal persons.
Persons in situations referred to in paragraph 1. 1 shall be presumed that a group of people acting together.
Article 5 the National Bank of Romania may decide as a group of persons acting together, taking into account the circumstances and other. 4. In article 6 the assessment of a person's vote will take into account the following: a) voting rights held by other persons or entities in their own names but on behalf of that person;
b) voting rights held by an entity that is under the control of the person concerned;
c) voting rights held by a third party with whom that person has signed a written agreement by which they undertake to act in concert, so that through the exercise of the voting rights they hold to a policy with character continuity versus entity possessing such voting rights;
d) voting rights held by a third party under a written agreement concluded with that person or an entity that is under the control of that person, which provides for the temporary transfer of voting rights by the third party;
e) voting rights attaching to shares owned by that person, even if those actions were unencumbered, except where the person in favour of whom were pledged shares controls the voting rights and declares its intention of exercising them, in which case the voting rights shall be regarded as belonging to the person in whose favor the shares have been pledged;
f) the voting rights attached to shares in respect of which that person has a right of usufruct;
g) voting rights which that person or entity under its control is entitled to characterize its initiative on the basis of a formal arrangement;
h) voting rights attaching to shares deposited at that person, that it can exercise the discretionary way, in the absence of specific instructions from the third party that owns such actions.
Section 3 of the Prohibitions in article 7 prohibits any individuals acting on their own account, on behalf of another person, or in/other as Manager or a representative of an entity which is not authorized as a credit institution to carry out activity for attraction of deposits or other repayable funds from the public or attract business and/or administration of sums of money resulting from the Association for the purpose of granting credits and savings in a collective system.
Article 8 shall prohibit any person who does not have the authorization issued by the National Bank of Romanei, to use the name of the Bank or the derivatives of the name by the Bank in connection with a product or service, unless it is established or recognised by law or by an international agreement, or when, in the context in which it is used the Word Bank Doubtless, that it is not about banking activities.
In any form of advertising, official acts, contracts or other such documents, initials, logo, emblem or other identification particulars of a bank that operates in Romania or suggest a link with it can only be used by and in conjunction with a branch of the Bank, including its name.
For the purpose of carrying on specific activities, foreign credit institutions may use Romanian territory the designation which it uses and in the country of origin, without prejudice to the provisions relating to the use of the names "household savings in the field of housing", "Bank" or other terms you use in Romania, designating credit institutions. In a situation where there is no danger of confusion, in order to ensure an appropriate clarifications, National Bank of Romania may require that the name of the credit institution in question shall be accompanied by a mention explicativa.
Article 9 shall prohibit any foreign credit institutions to develop activity in Romania, except in cases in which the activity is conducted through a subsidiary in respect of which a permit has been issued by the National Bank of Romania.
Article 10 prohibits any entity that is not authorized as a credit institution to engage in their own account or on behalf of other people, other/in a task of attracting deposits and/or other repayable funds from the public, in an activity of issuing electronic money of the time in a task of attracting and/or administration of sums of money resulting from the Association for the purpose of saving and lending in a collective system.
Prohibition laid down in paragraph 1. 1 does not apply in the case of deposits and other repayable funds *): — — — — — — — — — — — *) according to art. III para. and (b). the Act No.) 485/2003 provisions of this paragraph, shall apply with effect from the date of accession of Romania to the European Union.
the Romanian State) or of a Member State or by regional authorities or local Government of the Romanian State times of a Member State;
b) by international public bodies State or one or more Member States participate as Member;
c in the cases expressly provided for) in the Romanian legislation or in the national legislation of a Member State or in the Community legislation, provided that these activities do subject to regulations and appropriate supervision, in order to protect depositors and investors.
Prohibition laid down in paragraph 1. 1 relating to the issuance of electronic money does not apply to the issuing of electronic money institutions exempted, in whole or in part from the application of the provisions of this law. The exemption can be made, as stipulated by the regulations of the National Bank of Romania issued pursuant to Community legislation, for reasons related to the volume of the sphere of activity of times accepting entities as a means of payment by electronic currency issued by them.
Chapter II article 11 permitted Activities banks banks can take place, within the limits of the authorization granted, the following activities: a) attracting deposits and other repayable funds;
(b) the Contracting Officer,) including inter alia: consumer credit, mortgages, financing of commercial transactions, factoring operations, distributive lump;
c) financial leasing;
d monetary transfer services);
(e) the issuance and administration of) means of payment, such as credit cards, travellers cheques and the like, including the issuance of electronic money;
f) issuing guarantees and assuming commitments;
g) trading on own account or for account of customers, according to the law, with:-money market instruments, such as cheques, bills of Exchange, promissory notes, certificates of deposit;
-currency;
-futures and options;
-having regard to the basis of the exchange rate and interest rate;
-Securities and other financial instruments;
h) according to the law, mediation, in securities and other financial instruments, through subscription and their placement or placement and provision of related services;
I) providing advice on capital structure, business strategy and other matters related thereto, and consultancy services relating to mergers and acquisitions of companies;
j) interbank market intermediary;
k) portfolio customer management and consultancy connected with it;
l) storage in custody and administration of securities and other financial instruments;
m) provision of services relating to the supply of data and the field references crediting;
n) rental of safety deposit boxes.
Providing data and references mentioned in paragraph 1. and (b). m) is made in compliance with the legal provisions relating to the obligation to preserve the secrecy.
Banks can take place, within the limits of the authorization granted, and other activities allowed by legislation in force, such as the storage of assets investment funds and investment companies, securities investment funds and shares of investment companies, acting as operator of Electronic Archive of movable Guaranties operations with precious metals and stones and articles made therefrom the mandate, operations, data processing services, database administration or other such services for third parties, participation in the share capital of other entities.
Banks may provide ancillary services or related activities, such as: ownership and administration of movable and immovable property necessary for the conduct of the activity or for use by employees, and may carry out any other activities necessary to achieve operation times the objects, without the need for their inclusion in the authorization granted.
Financial leasing transactions will be carried out directly from the date of accession of Romania to the European Union. To date, financial leasing operations can be carried out by separate undertakings, set up as subsidiaries for this purpose.
Article 12 Banks cannot carry out activities other than those referred to in article 1. 11. In addition, the banks may not conduct the following activities: a) operations with movable and immovable property, except as provided in article 13. 13;
b) shares in pledging its own debt the bank account;
c) granting credits or the provision of other services to customers, subject to selling or buying shares in the Bank;
d) credits guaranteed by shares issued by the Bank;
e) receipt of deposits, securities or other valuables, when the Bank was located in termination pay;
f) granting credits subject to acceptance by the client of other services that are not related to the operation of such lending.
Article 13 banks can carry out the following operations with movable and immovable property: a) operations required activities according to the present law;
b) operations with movable and immovable property intended for permanent professional training of employees, organizing spaces for rest and recreation or housing insurance for employees and their families;
c) rental of movable and immovable property to third parties, provided that the value of movable and immovable property to rent does not exceed 5% of the own funds of the Bank and that the total revenue derived from these operations not exceeding 5% of the total income of the Bank, less gains from these operations; These levels can be exceeded in duly justified cases, only with the approval of the National Bank of Romania;
d) operations with movable and immovable property acquired as a result of enforced collection of receivables the Bank.
Movable and immovable property acquired as a result of enforced collection of receivables the Bank will be sold by the Bank within one year from the date of the acquisition, if these goods are not used under the conditions laid down in paragraph 1. 1. For duly justified reasons, the deadline may be extended with the approval of the National Bank of Romania.
Article 14 the provisions of art. 11-13 apply properly and branches from Romania of foreign credit institutions.
Chapter III Authorisation section 1 authorisation of article 15 banks, Banks, legal entities can operate only on the basis of the authorization issued by the National Bank of Romania. They shall be set up under the legal form of a joint stock company on the basis of approval by the National Bank of Romania, in compliance with the legal provisions in force, applicable to the companies.
Banks, corporates, will have its registered office and, where appropriate, headquarters, representing the place where the central management and the discharge of statutory activity, within the territory of Romania.
Article 16 of the authorisation of a Bank, Romanian legal person, established as a branch of a foreign credit institution or as a branch of an entity that owns as a credit institution branch foreign times which will be controlled by the same natural or legal person controlling a credit institution, National Bank of Romania shall consult with the competent authority of the country of origin of the credit institution) URstraine.* — — — — — — — *) according to art. III para. and (b). b) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 17 request for approval will be submitted Banca Naţională a României in the form established by it.
Documentation that must accompany the request, terms and procedure for authorisation will be laid down by the regulations of the National Bank of Romania.
The conditions under which a permit may be granted shall be regulated by the National Bank of Romania and will relate, without being limitative: the professional qualifications and experience) of the heads of the Bank;
b) minimum initial capital;
c) feasibility study that will encompass at least the type of operations intended to unfold and the organizational structure of the Bank;
d) significant shareholders and founders of the Bank;
e) shareholders;
f) Bank premises;
g) financial auditor.
Article 18 the National Bank of Romania may require an applicant to submit additional information and documents if the submitted is incomplete or inadequate.
Article 19 not later than four months from receipt of the request, the National Bank of Romania will approve the formation of a bank or will reject the request and will notify in writing the applicant of his decision, together with the reasons for it, in case of rejection of the application.
Within two months of the notification of the approval of the Constitution, in order to obtain the authorization of the operation will be presented to the National Bank of Romania legal documents attesting the establishment of the Bank. In the case of banks which is on the path of public subscriptiei, the term for the submission of these documents is 8 months.
Romania's National Bank to decide on the authorisation of officials of a bank not later than 4 months after the date of receipt of the documents referred to in paragraph 1. 2. the provisions of paragraphs 1 and 2. 1 shall apply accordingly.
Where the National Bank of Romania not acted upon a request within the time limits laid down in this article, the applicant may request the Board of Directors of the National Bank of Romania, within 15 days after the expiry of these time limits, the issue of a decision. The procedure laid down in article 21. 149 applies accordingly.
Article 20 authorization request will be rejected if: (a) documentation incomplete) is or is not drawn up in accordance with the legal provisions in force;
(b) the initial capital) under the minimum level set by the National Bank of Romania;
c) legal form is different than that provided for in art. 15;
d) the assessment documentation submitted it appears that the Bank may not ensure the achievement of objectives in a manner compatible with the proper functioning of the banking system and the rules of prudent banking practices, which ensure the protection of interests of depositors and other creditors;
(e) the National Bank of Romania) noticed that the persons named as the leader or administrator does not correspond to the objectives and necessity of Bank activities in accordance with the requirements of the law and the rules of prudent banking practices and healthy;
(f) the National Bank of Romania) conclude that the Bank's shareholders, both in terms of their quality and of the structure of the Group of which they are part, or others who have close ties to the Bank do not meet the requirements to ensure a healthy and prudent management of the Bank and carry out an effective supervision according to this law;
g) before getting the approval of incorporation, the founders have made public communications on the Bank's officers;
h) are not complied with provisions of this law or the regulations of the data in its application;
(I) the National Bank of Romania) finds that the provisions laid down by law, regulations or administrative provisions existing in the country of origin, which governs the status of persons having close ties with the Bank, or difficulties in the implementation of these provisions prevent effective prudential supervision or supervision in the country of origin of a foreign credit institution which requested the authorization of a branch is insufficient;
j) financial auditor meets the requirements of experience, independence and other requirements provided by law.
Section 2 of the credit institutions ' foreign Regime Article 21 foreign credit institutions may conduct activities in Romania through branches, whose establishment and operation are subject to the authorization of the National Bank of Romania. In this regard, the provisions of art. 17-20 shall apply accordingly.
Article 22 foreign credit institutions are required to notify the National Bank of Romania opening representative offices in Romania in accordance with the regulations of this data.
The subsidiaries will limit activity to information acts, representation, market research, customer contact and will not perform any kind of operation subject to the provisions of this law.
Section 3 authorisation of the issuing of electronic money institutions other than the issuing Institutions banks article 23 of electronic money in Romania may be established as joint-stock companies on the basis of approval by the National Bank of Romania, in compliance with legislation applicable to companies, and they can operate only on the basis of the authorization issued by it.
In this regard, the provisions of art. 15 para. 2, art. and article 16. 17-20 shall be URcorespunzător.*) — — — — — — — — *) Art. VII of law No. 485/2003 States that: "the issuing of electronic money Institutions other than banks, including branches in Romania of such institutions from abroad, carrying out activity in Romania, are considered to hold a permit, according to the present law.
The institutions referred to in paragraph 1. 1 shall submit to the National Bank of Romania, within 6 months from the date of entry into force of this law, the necessary documentation to evaluate the fulfillment of the conditions prescribed by law. 58/1998, with subsequent amendments and additions, including those made by this Act, and the regulations of the National Bank of Romania dates in its application and, where appropriate, adopting, including withdrawal of authorization. "
Article 24 of the issuing of electronic money institutions will be limited to the activity of issuing electronic money and to provide the following categories of services: services of financial and non-financial) closely related to the activity of issuing electronic money such as: administration of electronic money through the fulfilment of certain operational functions and other functions related to issuing electronic money , issuance and maintenance of other means of payment, without thereby to grant loans in any form;
b) storage services information on an electronic support, on behalf of a public institution or other entity.
The issuing of electronic money institutions shall not attract other repayable funds than those that are immediately processed in electronic money.
Chapter IV article 25 withdrawal of authorization of the Romanian National Bank may withdraw the authorization granted to a Bank, Romanian legal person, or a branch of Romania has a foreign credit institutions, or at the request of the Bank, when shareholders have decided its dissolution and liquidation respectively at the request of the foreign credit institution, either as a sanction under article. 99 para. 2(a) (d)), or for the following reasons: a) Bank started operations for which it was authorized, within one year of receipt of the authorization, or has not exercised for more than 6 months, the activity of acceptance of deposits;
b) authorization was obtained on the basis of false statements or by any other way illegal;
c) there has been a merger or a division of the Bank;
d) the competent authority of country in which the headquarters of the foreign credit institution set up a branch in Romania withdrew its authorization to conduct banking activities;
e) has pronounced its decision to initiate the procedure of bankruptcy, if it owns the operating permit at pronuntarii date of the judgment;
f) Bank shareholders no longer meets the conditions laid down by the law and regulations in order to ensure sound and prudent management of the Bank's healthy times no longer allows effective supervision;
g) National Bank of Romania appreciates the tangible assets as bank interests maintain authorization depositors and other creditors of the Bank, that the Bank no longer possesses sufficient own funds for carrying out normal activity or there are elements that lead to the conclusion that in the near future the Bank will not be able to meet the oblibaţiile the other depositors or creditors or that the Bank no longer justify its presence in the market because the work does not conform to the purpose for which the Bank has been set up, or this activity cannot be carried out than by attracting resources to interest rates much higher than those charged on the market;
h) the Bank's management has not been provided by at least two persons for a period not exceeding 3 months;
I) are no longer fulfilled any other conditions which have led to the issuance of the authorization.
Article 26 Application of withdrawal of authorization, formulated in compliance with art. 25, by the Romanian legal person, i.e. the foreign credit institution, will be accompanied at least by the plan of liquidation of the assets and liabilities of extinguishing systems to ensure full payment of claims by depositors and other creditors.
Liquidation of the shareholders is allowed only if the Bank is not in any of the situations stipulated by law for triggering the procedure of bankruptcy.
Article 27 in case of withdrawal of authorization a Bank, Romanian legal entity, or of a branch from Romania to a foreign credit institution which does not have its registered office in the territory of a Member State, the National Bank of Romania shall inform the competent authorities of consequence Member States host the Bank, credit institution, respectively, carrying URactivitate.*) — — — — — — — —-*) according to art. III para. and (b). c) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 28 judgment of the National Bank of Romania to withdraw authorization shall be communicated in writing to the Bank or branch in the case, together with the reasons for the decision, and shall be published in the Official Gazette of Romania, part I, and at least two daily newspapers of national circulation.
The decision withdrawing the authorization takes effect from the date of its publication in the Official Gazette of Romania, part I, or at a later date specified in the judgment.
Article 29
As a result of the withdrawal of authorization, the Bank will go into liquidation, the provisions contained in the head. XIV concerning the liquidation of banks being applicable in consequence.
From the date of entry into force of the decision of withdrawal of authorization, the Bank, Romanian legal person, i.e. Romania subsidiary of foreign credit institution will not be able to carry out activities other than those related to liquidation.
Chapter V Merger and splitting of article 30 of the merger or the Division of banks shall be carried out according to legal provisions, as well as in compliance with the regulations of the National Bank of Romania.
Article 31 the merger can be achieved: a) between two or more banks;
b) between banks and institutions issuing electronic money;
c) between banks and financial institutions;
d) between banks and entities that provide ancillary services and related activities.
Merger and Division, under para. 1, are subject to the prior approval of the National Bank of Romania.
If in the process of merger or Division of a bank credit institutions follows us, they are required to obtain a permit for operation on behalf of the National Bank of Romania.
Chapter VI Organization and leadership of the Organization and Article 32 banks directing banks are established through incorporation of banks in accordance with commercial legislation and in compliance with the provisions of this law.
Article 33 in all his acts of formal Bank must identify themselves clearly through a minimum of data: company under which it inmatriculata in the commercial register, social capital, scat, sole registration code, serial number in the trade register number and the date of registration in the register of banking.
Article 34 the Bank is engaged by the signature of at least two leaders having competences laid down in the articles of incorporation, or of at least two employees of the Bank, empowered leadership.
Assimilate referred to in paragraph semnaturilor. 1: electronic signature) extended, based on a qualified certificate issued by a certification-service-provider qualified in accordance with the legal provisions concerning electronic signatures;
b) any other equivalent technique to guarantee the authenticity of the signature, approved by the National Bank of Romania.
Article 35 Each Bank will have its own rules of operation approved by the statutory bodies, through which will establish at least: a) the organizational structure of the Bank;
b) powers of each compartment of the Bank and the relations between them;
c) powers of other branches and secondary offices of the Bank;
(d) the duties of the audit Committee), the risk management committee, whose formation and functioning shall be determined by the regulations of the National Bank of Romania;
e) powers of the Committee of management of the assets and liabilities of the credit Committee and other specialized organs of the Bank, whose formation and functioning shall be determined in accordance with a decision of the statutory organs;
f) competencies of leaders, individuals who provide leadership to departments within the Bank's branches and other offices and to other employees that performs operations on behalf and on account of the Bank;
g) internal control system and the Organization and functioning of the internal audit activity.
Article 36 Leaders and directors of a bank must have a good reputation, skill and competence appropriate to achieve the objectives proposed and for creating the preconditions necessary for the conduct of the Bank's activity in accordance with the requirements of the law and the rules of prudent banking practices and healthy, in order to ensure the credibility and viability of the banking system, including protecting the interests of depositors and other creditors of the Bank.
Each of the persons referred to in paragraph 1. 1 must be approved by the National Bank of Romania before beginning exercising responsibilities.
The appointment of bank directors and managers must ensure the fulfilment of the requirement that each of the types of activities carried out under the coordination of a leader with experience in these activities.
National Bank of Romania has the authority to examine to what extent compliance with the minimum requirements laid down in this law and the regulations given in the application, to assess all the circumstances and the information regarding the activity on morals, integrity, reputation and experience of each individual and to decide whether such persons satisfy the requirements referred to in paragraph 1. 1. the evaluation will be done at both the individual and the collective level, so as to ensure fulfilment of the requirements referred to in paragraph 1. 4. Article 37 the Bank's management must be secured by at least two people. Leaders must be employees of the Bank and may be members of the Board of Directors. The Bank's leaders must ensure effective day-to-day management of the Bank's activity, to pursue exclusively the function for which they were appointed, and at least one of them to prove knowledge of the Romanian language. They must be licensed in one of the areas economic, legal times in another area that is the financial and banking activity and/or have completed post-graduate courses in one of these areas and have a minimum of 7 years experience in banking and finance, which would be relevant to the specific nature and volume of work carried out by the Bank.
The Bank's administrators may be only individuals. These individuals must have at least 3 years experience in banking and finance, or in an area that may be considered relevant to the work of the Bank.
Article 38 In order to ensure the credibility and viability of the banking system, National Bank of Romania will be established through regulations and other specific criteria for assessing the quality and experience of the persons designated as a leader or Manager of a Bank, as well as other rules and ethical standards and professional staff.
Article 39 where leaders are part of the Bank's Board of Directors, the number of its members should be established so that administrators who do not have and the quality of its leader constitute the majority.
Article 40 in addition to the conditions prescribed by the legislation in force relating to administrators, a person may not be elected into the Board of Directors of a Bank, and if he was elected, the term of Office or forfeited if the employee: (a) the Bank) is concerned, with the exception of its leaders;
b) is an employee, Manager or auditor to another credit institution, the Romanian legal person, unless the Bank is a branch of the credit institution in question;
c) over the past 5 years i withdrew the approval by the competent authority to conduct a credit institution or has been replaced as a result of corrective measures taken by a credit institution;
d) is forbidden, by a legal provision, a judgment or a decision of another authority, running a credit institution, a financial institution or an insurance company/reinsurance activity or engage in one of the specific areas of the respective institutions.
The stipulations of the legislation in force relating to situations of incompatibility stipulated for Admins, including those of paragraph 4. 1, and the provisions of cap. VII applies to Bank leaders who are not members of the Board of Directors.
Article 41 provisions of art. 32-38 apply properly and branches of foreign credit institutions authorised to operate in Romania. The rulers of these branches and apply provisions of art. 40 para. 2. Article 42 From Romania's accession to the European Union provisions of art. 37 para. 2 and 3 and art. 38 is repealed.
Chapter VII Article 43 conflict of interest in writing notify the Bank Manager the nature and extent of his interest or relationship, whether materials: a) is a party to a contract with the Bank;
b) is Manager of a legal person that is a party to a contract with the Bank;
c) has a material interest or a financial relationship with a person who is a party to a contract with the Bank, with the exception of contracts of deposit or storage of values.
Article 44 the obligation laid down in article 21. 43 returns when he met administrator or was supposed to know the fact that it has been completed or is in the process of being signed such a contract.
Article 45 a Bank Manager is obliged that, whenever necessary, but no less than once a year, to present in writing to the Board of Directors of a bank statement showing the name and address of its associates and data relating to the nature of material financial interests, commercial, agricultural, industrial or other administrator and his family.
Article 46 an administrator who has an interest in the material or a material relationship, within the meaning of art. 43, 45 and 47, he will not participate in the debates on the contract and will refrain from voting on any matters relating to this agreement.
In order to achieve the quorum necessary to take a decision on the contract in the case, an administrator will be considered.
Article 47 is considered material interest, within the meaning of art. 43 and 45, if it relates to wealth, or business interests of the family (husband/wife, relatives and Bush berries up to the second degree inclusive) of the person.
Article 48 When an administrator does not declare a conflict of interest, in accordance with the provisions of this chapter: (a)), a shareholder of the Bank or National Bank of Romania may request judicial court annulment of any contract in which he or she has a material interest in unreported, according to those laid down in this chapter;
(b) the National Bank of Romania), under art. 100 suspending Bank, may ask the administrator for a period not exceeding one year, or its replacement.
Chapter VIII professional secrecy in banking and information-sharing between authorities in article 49 the Bank will keep the confidentiality of all facts, information and data relating to the work done, as well as of any fact, date or information at his disposal, which relate to the person, property, activity, business, personal or business relationships of clients times information on clients ' accounts-clearance sale! General Ledger, transactions conducted,-the services provided, or to contracts signed with clients.
Any person who receives the services of a bank is deemed to be a customer.
Article 50 Any member of the Board of Directors of a Bank, its employees and any person who, in one way or another, participate in the management, the management of times the activity of the Bank is obliged to keep professional secrecy of any fact, data or information referred to in article 1. 49, who took the knowledge in the course of his professional activities.
The persons referred to in paragraph 1. 1 does not have the right to use or disclose, neither during nor after it has stopped raining, facts or data which, if it were to become public, it would damage the interests of the times a bank or prestige of a client.
The provisions of paragraphs 1 and 2. 1 and 2 shall also apply to persons who obtain information on the nature of those shown, in reports or other documents of the Bank.
Article 51 the obligation of professional secrecy cannot be opposed to the competent authority in the exercise of his duties as provided by law.
Information on the nature of professional secrecy may be provided, to the extent that they are justified by the purpose for which they are required, in the following times provided scenarios: a) at the request of holders or their heirs, including their legal representatives and/or their Constitution or with the express consent of them;
b) in cases where a legitimate interest justifying Bank;
c) on written request of other authorities or institutions or from the Office, whether by law or authorities are referred to special institutions that are indrituite to request and/or receive such information are clearly identified and the information that can be provided by the Bank, in order to fulfill specific duties of such authorities or institutions;
d) on written request of the account holder's husband, when proving that in court has introduced a request for Division of joint property, or at the request of the Court.
In response to a request addressed to the Bank, in accordance with paragraph 1. 2(a) (c)), you must specify the legal basis of the request for information, the identity of the client to which it refers information confidential is requested, the requested category data and the purpose for which you require them.
Persons entitled to apply for and/or to receive information on the nature of professional secrecy in banking are bound to preserve the confidentiality thereof and may use them only for the purposes for which they have been applied for or has been provided under the law.
Bank staff may not use personal or on behalf of another person, directly indirectly, information times nature as set forth in art. 49, which it owns or has taken the knowledge in any way.
Article 52 in criminal cases, on written request of the Prosecutor or judicial proceedings or, as the case may be, criminal research organs, with the authorization of the public prosecutor, the banks will provide information on the nature of professional secrecy.
Provisions of art. 51 para. 4 apply accordingly.
Article 53 shall not be considered violations of the obligation of professional secrecy;
of providing aggregate data), so the identity and information of each client's activity cannot be identified;
b) providing data established structures in the form of banking risks, plant power plant incidents of payment or deposit guarantee fund, set up in accordance with the law;
c) providing data financial auditor of the Bank;
d) providing information at the specific request of the banks concerned;
e) providing data and information necessary for carrying out supervision on a consolidated basis.
Article 54 the provisions contained in this chapter shall be applied properly and branches of foreign credit institutions authorised to operate in Romania, as well as legal persons referred to in art. 2 (2). 2. Article 55 in the exercise of his powers as provided by law, the National Bank of Romania, ensure sharing of information with the authorities of Romania and with the competent authorities of the Member States of the European Union, in accordance with the provisions of art. 3 of law No. 312/2004 on the Statute of Banca Naţională a României.
Chapter IX operational Requirements section 1 General provisions Article 56 in their business, banks are subject to the regulations and orders issued by the National Bank of Romania, the application of the legislation on monetary policy, credit, currency, finance, insurance and banking prudentei banking supervisors.
Banks must organize all activity in accordance with the rules of prudent banking practices and healthy, with the requirements of the law and of the regulations of the National Bank of Romania. In this sense, the banks must have administration and accounting procedures and adequate systems of internal control.
Changes in the situation of the Bank shall be subject to approval by the National Bank of Romania under the conditions laid down by it through regulations. Registration in the commercial register of particulars concerning such changes will only be made after obtaining this approval.
Include in their statutes, banks will not be able to establish exceptions to the principle according to which an action entitle to one vote.
Shares issued by banks will be able to be registered.
For the purposes of article 57 officials within 30 days from the date of obtaining authorization, each bank is obliged to open a current account at the National Bank of Romania, in accordance with regulations issued under it.
Money transfers via the registrations handled in the current account opened in evidence, National Bank of Romania are irrevocable and unconditional.
Banks can open the National Bank of Romania and other accounts, the terms set out therein.
Section 2 of the Requirements of Article 58 capital the share capital of a Bank shall be paid, in full and in cash form at the moment of subscription.
Minimum initial capital is set by the National Bank of Romania through regulations without necessarily be smaller than the equivalent in national currency of EUR 5 million.
At incorporation, capital contribution will be paid into an account opened in a credit institution, which will be blocked until registration in the commercial register Bank.
The provision of banking services, capital is equal to the initial capital, except in cases in which the newly-established Bank is a process resulting from the reorganisation by merger or Division. At the opening of a branch, the initial capital will be ensured by making available its capital endowment of the foreign credit institution.
Article 59 major banks can only share capital by using the following sources: a new consideration in the form of) money;
(b) the share premium account) or the intake and other equity-related bonuses, completely received, remaining after the costs of such operations, unredeemed, and reserves held on account of such raw materials;
c) dividends from net profit due to shareholders after paying tax on dividends, according to the law;
d) reserve consisting of net profits, existing in balance, according to the balance sheet.
Branches of credit institutions authorized to function, in Romania, a major Endowment capital can by using the following sources: a new consideration in the form of) money provided to the branch by a foreign credit institution, bound for "capital equipment";
b) reserves made up of net profits, according to the existing balance of the last financial statements URanuale.*) — — — — — — —
*) Art. IX of law No. 485/2003 States that: "the existing Reserves in the balance, as well as favorable revaluation differences assets, including foreign-exchange reserves related differences from the first half of 2002, according to the Government's Emergency Ordinance No. 217/1999 for the modification and completion of the Government Ordinance. 70/1994 income tax, approved with modifications and additions to law No. 189/2001, set up by banks until the date of entry into force of this Act and who, before that date, could constitute a source of increasing social capital, according to the applicable legislation, may be used for this purpose until exhaustion thereof.
Supplies in balance at the end of the semester I of 2002, represented by branches in Romania of foreign credit institutions from the differences in valuation reserves in foreign currencies representing Endowment capital, may be used to increase the Endowment capital until exhaustion of those reserves.
Article 60 Banks allocated 20% of accounting profit determined before deduction of income tax, for the establishment of a reserve fund until the Fund thus constituted the equivalent social capital, then a maximum of 10% by the time the Fund has gotten two times larger than the capital. After reaching this level, the allocation of the reserve fund amounts is made from the net profit.
Assign banks from accounting profit determined before deduction of corporation tax amounts intended for the establishment of the reserve for credit risk limit of 2% of the balance of the loans.
The provisions of paragraphs 1 and 2. 1 and 2 shall apply until the conclusion of the exercise of financial year 2003.
Starting with the 2004 exercise, banks Reserve Fund according to the provisions of the laws relating to companies and also Fund for general banking risks from accounting profit determined before deduction of income tax, up to a limit of 1% of your balance risk-bearing assets specific to banking activity, as determined by the regulations of the National Bank of Romania, with the opinion of the Ministry of public finance to the extent that these amounts are included in net profit.
In determining the level of the Fund for general banking risks are considered and the amounts representing the general reserve for credit risk, established pursuant to paragraph 1. 2, the existence in the balance.
Reserve Fund and general reserve for credit risk, established pursuant to paragraph 1. 1 and 2, there will be reduced depending on the limits and quotas referred to in paragraph 1. 4 and will be used according to the destinations provided for in legal regulations.
How to use the Fund for general banking risks are established by regulations of the National Bank of Romania.
Section 3 of the prudential Requirements Article 61 The granting of credit, banks follow that applicants submit their credibility for the repayment at maturity. For this purpose applicants asking banks to guarantee loans under the conditions laid down by the rules of their lending.
Article 62 banks must comply with the requirements of prudential, at the individual level or strengthened, where appropriate, as referred to in the regulations issued by the National Bank of Romania, which refers, without being limitative: the solvency);
b) liquidity;
c) maximum exposure to a single debtor and aggregate maximum exposure;
d) exposure compared to persons in special relationships with the Bank;
e) currency risk;
f) asset quality, the establishment and use of risk provision;
g) Organization and internal control.
The indicators associated with the requirements referred to in a), c)-e) of paragraph 1. 1 will be calculated depending on the level of own funds; This level cannot be lower than the minimum level of initial capital, established by the regulations of the National Bank of Romania.
Article 63 for the purposes of determining solvency indicator, National Bank of Romania can recognize diminishing credit risk in the event of the conclusion of the following types of contracts and claims compensation of mutual obligations resulting from operations with instruments based on exchange rate and interest rate and similar operations with gold: a) bilateral contracts whereby the parties provides that, within specified time limits or from the date of the occurrence of a specific event-rule , the impossibility of a party to honour commitments-oblibaţiile oblibaţiile, reciprocal, even neajunse on the due date, shall be extinguished automatically, being replaced by a new obligation, so a single sum resulted from the neta original obligations compensation will be payable by the party responsible for payment;
(b)) other bilateral netting agreements.
Operations and the conditions under which the National Bank of Romania recognizes the mitigation of credit risk, according to para. 1, and the method of its calculation shall be determined by regulations issued by the National Bank of Romania.
Article 64 Banks, corporates, can open branches in Romania and other secondary-ticketing offices and the like, under the regulations of the National Bank of Romania.
Banks, Romanian legal persons, will be able to conduct banking activity and other financial activities abroad, within the limits of the authorization granted by the National Bank of Romania, only through a branch.
Opening of branches in foreign countries is subject to prior approval of the National Bank of Romania, in accordance with regulations issued under it.
Request for approval of opening a branch abroad will indicate the country in which it is intended that the opening of the branch and will be accompanied, without being limited to, the following: a) a feasibility study, which will include at least the types of activities that will be carried through and organizational structure;
b) particulars of the persons designated to provide information on branch and leadership qualifications, experience and reputation thereof;
c) address of the branch.
National Bank of Romania may reject an application for the approval of opening a branch abroad by a Bank, Romanian legal person, if, based on the information held and of the documentation submitted by the Bank, conclude that: (a) does not hold) the administrative capacity or a proper financial statement in relation to the work proposed to be carried out through a branch;
(b) the existing legislative framework) host country and/or how to apply its hinder supervision in accordance with the principles of this Act;
c) a bank fault associated indicators evolution of banking prudence.
Any modification of the elements referred to in paragraph 1. 4 is subject to prior approval of the National Bank of Romania.
Article 65 notwithstanding the provisions of art. 64 para. 3 banks, corporates, Member States can carry out activity in the banking and other financial activities, according to art. 11(2). 1, for which they are approved, through a branch or directly, if they meet the conditions laid down by the legislation of the Member State concerned, which aims at protecting the general interest.
Bank, Romanian juridical person, who plans to open a branch in a Member State, shall notify this National Bank of Romania, together with the information referred to in article 1. 64 para. 4. Within three months of receipt of the notification, the National Bank of Romania shall communicate to the competent authority of the host Member State with the information received and, where appropriate, will deny their transmission and shall inform the Bank in consequence. Where the National Bank of Romania does not inform the Bank within the prescribed period, it shall, within 15 days after the closing date, may apply to the Board of Directors of the National Bank of Romania, demanding the release of a decision procedure laid down in article 21. 149 being applicable as appropriate.
National Bank of Romania will be able to refuse the transmission of the communication by the competent authority in the host Member State, on the considerations referred to in art. 64 para. 5 letter ) and (c)), in which case it will notify the Bank and the reasons which have led to the decision.
The communication to the competent authority of the host Member State shall, in addition to the information provided by the Bank, according to art. 64 para. 4, and information: a) the amount of the Bank's own funds and the solvency level indicators;
b) a description of the system of guarantee schemes existing in Romania.
At the request of the competent authority of the host Member State, the National Bank of Romania will be able to communicate and other information requested by it.
Any intention to amend the information provided under paragraph 1. 2 will be communicated to the National Bank of Romania at least one month before the date on which such modification is going to be conducted, within which National Bank of Romania will proceed in accordance with paragraph 1. 3. *) — — — — — — — — — — — *) according to art. III para. and (b). d) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 66
Banks, corporates, which intends to hold for the first time the banking activity and other financial activities directly in a Member State, shall notify this Banca Naţională a României. The notification shall indicate the Member State concerned and shall include the activities referred to in article 1. 11(2). 1 who is going to be deployed.
Within one month of receipt of the notification, in accordance with para. 1, National Bank of Romania shall communicate to the competent authority of the Member State URgazda.*) — — — — — — — — — — — *) according to art. III para. and (b). d) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 67 a bank cannot make profit for dividends to be taxed if, as a result of a bank to be taxed, the solvency level below the minimum provided for by the regulations of the National Bank of Romania.
Article 68 Any stake assets financial nature-directly owned and/or indirectly-of a Bank, the shares, stock or other forms of participatory nature to entities other than credit institutions, financial institutions, and insurance companies that provide ancillary services and related activities, shall not exceed: a) 15% of its own funds;
b) 20% of the share capital of the entity in question or, where appropriate, of the total value of debt securities issued by non-participatory nature of such an entity.
The total value of the financial assets set out in paragraph 1. 1 may not exceed 60% of the own funds of the Bank.
Article 69 shall be subject to prior approval of the National Bank of Romania, in accordance with its regulations: a) any equity interest that the Bank intends to hold in credit institutions, financial institutions, insurance and other entities as a result of purchasing the respective marketability, would fall within the perimeter of the consolidation of the accounts, in accordance with the applicable regulations;
b) any entity whose value is at least 10% of the own funds of the Bank, which it intends to hold the shares or other securities of an unlisted participatory nature's regulated market;
c) any entity whose value is between 10% and 15% of the own funds of the Bank, which it intends to hold the shares or other forms of participatory nature, quoted on a regulated market, issued by entities other than credit institutions, financial institutions, insurance companies providing the service times of ancillary or incidental thereto;
(d) participation of the Bank), the nature of those referred to in article 1. 68 para. 1, which in situations justified by exceptional circumstances, exceed the limits set out in this article. *) — — — — — — — — — *) Art. Vi of law No. 485/2003 States that: "Banks, corporates, and branches of foreign credit institutions which benefit from the operating authorization on behalf of the National Bank of Romania must comply with the provisions of law No. 58/1998, with subsequent amendments and additions, including those brought by this law, within the time limits set by the National Bank of Romania.
Their stakes nature of financial investments that banks hold them on the date of entry into force of this law shall be deemed to be authorised, under the provisions of art. 49 *) of law No. 58/1998, with subsequent amendments and additions, including those brought by this law. The National Bank of Romania to ascertain that the requirements of art. 49 ^ 1 *) are not fulfilled, the Bank may provide limiting or, where applicable, the liquidation of these shares are in a reasonable time. "*) Art. 49 became art by renumbering. 69. *) Art. 49 ^ 1 has become art by renumbering. 70. Article 70 the objectives pursued by the National Bank of Romania, for approval. 69, shall be considered as: a) for purchase in question not to submit to the Bank or to prevent undue risks to the achievement of effective supervision on the consolidated basis;
b) Bank have sufficient financial resources and organizational nature for acquisition and management for their clients.
In case of approval of an equity stake, in the conditions laid down in article 21. 69 lit. d), National Bank of Romania will prompt the Bank to increase its own funds in an appropriate manner and shall determine the period within which it will achieve this increase.
Their stakes nature of financial assets, other than those subject to the prior approval of the National Bank of Romania shall be notified thereof within 5 days from the date of purchase by the Bank.
Article 71 Loans granted to persons in special relationships with the Bank or its staff, including their families, may be permitted only under the conditions laid down by the regulations of the National Bank of Romania.
Section 4 of Shareholders Article 72 Any physical or juridical person times cluster of people intending to become a significant shareholder of a bank must notify this intention of the National Bank of Romania, in accordance with the regulations issued under it, informing on the size for one who wants to purchase.
Not later than 3 months after receipt of the notification, the National Bank of Romania may oppose the intent of purchase of an equity stake, in accordance with paragraph 1. 1, having regard to the requirements laid down in article 21. 74. If the National Bank of Romania does not oppose the intention referred to in paragraph 1. 2, it may fix a maximum period in which this intention to materialize.
Article 73 Any significant shareholder who intends to increase its stake times the proportion of the voting rights, so that they reach or exceed levels of 20%, 33% or 50% of the times the share capital or voting rights of all the times to become a bank branch, you must notify this intention to the Romanian National Bank, in which case the provisions of art. 72 shall apply accordingly.
Any significant shareholder who intends to reduce its stake or the proportion of the voting rights, so that it will represent less than 10%, 20%, 33% or 50% of the times the share capital or voting rights in the total times the Bank to cease to be a subsidiary of his intention, it will notify the National Bank of Romania.
Banks will immediately inform the National Bank of Romania with respect to any acquisition or alienation of shares which exceeds their respective ranks below the levels referred to in paragraph 1. 1 and 2.
At least once a year, the banks will communicate to the National Bank of Romania and the identity of their significant shareholders, as appropriate, any other data and information with respect to these persons, required by the regulations of the National Bank of Romania.
Article 74 the quality and structure of shareholders which groups must correspond to the need to guarantee a healthy and prudent management of the Bank and to enable effective supervision, in order to ensure the credibility and viability of the banking system, including protecting the interests of depositors and other creditors of a bank.
National Bank of Romania has the authority to examine to what extent compliance with conditions laid down by this law and the regulations given in the application, to assess all the circumstances and the information relating to the activities, reputation and moral integrity of persons referred to in art. 72 and 73, including obtaining funds for provenance, and deciding if these satisfy the requirements set out in paragraph 1. 1. If the person who intends to become a significant shareholder of a Bank, Romanian legal person, is a credit institution or a foreign entity that owns as a branch of a foreign credit is either a natural or legal person controlling a credit institution, foreign and if purchasing for the Bank will become a subsidiary of the person who has purchased its stake times will be controlled by this person significant shareholder, evaluation will be subject to prior consultation with the competent authority of the country of origin of the credit institution) URstraine.* — — — — — — — —-*) according to art. III para. and (b). e) of law No. 485/2003 provisions of this paragraph, shall apply with effect from the date of accession of Romania to the European Union.
For the purposes of article 75 as set forth in art. the persons referred to in article 74. 72 and 73 must meet at least the following conditions: a) to have a stable financial situation, justifying, in a manner satisfactory to obtain funds for their provenance in the capital of the Bank and to create prerequisites for an eventual financial support;
(b)) to provide enough information to ensure the transparency required for the identification of the group structure of which they are part;
c) legal persons to work a minimum of 3 years, except for those resulting from a merger or a Division, in which case the term of three years and includes the operation of a legal person or from which they originate;
(d)) to be adequately supervised by the competent authority of the country of origin.
Where the persons referred to in paragraph 1. 1 credit institutions are or their subsidiaries or in other duly justified cases, the National Bank of Romania may exempt such persons from the fulfillment of the condition referred to in subparagraph (a). c) of paragraph 2. 1. Article 76 In order to ensure the stability and reliability of the banking system, National Bank of Romania will be established through regulations and other specific criteria for assessing the quality of a bank's shareholders.
Section 6 contract documents, workbooks, and the obvious Article 77 Each Bank shall establish and maintain at its registered office or social, and obvious, in Romanian language, including: a) the contract and status, as well as all additional acts whereby they have been modified;
b) a register of its shareholders, except in cases in which the record of shareholders is an outfit independent, according to the law;
c) minutes and decisions of the general meeting of shareholders;
(d) the minutes and decisions of the session) of the Board and of the committees prescribed by law or regulations of the National Bank of Romania and, where appropriate, the committees formed on the basis of the judgment of the Bank's statutory bodies;
e) books and accounting records which shows clearly and correctly the situation, explaining his business transactions and financial situation, so as to allow the National Bank of Romania to determine whether the Bank has complied with the provisions of this law;
f) regulations relating to the own activity, and all amendments thereto;
g) other records which are required according to the provisions of the regulations of this law times Banca Naţională a României.
The documents referred to. a) and f) is being transmitted to the National Bank of Romania, and documents representing the prominence of daily records for each customer of the Bank, its transaction characteristics with that client or in its account and balance due by the customer or it shall be kept at the registered office of the Bank or on the premises.
Article 78 Each Bank shall draw up and keep at the registered office or the premises of its side a copy of documentation of appropriate credit and any information relating to its business relationships with clients and with other people on the National Bank of Romania can provide by regulations and which shall be made available to the authorised personnel of the National Bank of Romania at his request.
Article 79 all credit and bank guarantee must be recorded in the contract documents clearly indicating all terms and conditions of such transactions. These documents must be kept by the Bank and provided to the authorised personnel of the National Bank of Romania, at the latter's request.
Bank loan agreements, as well as personal, moveable and established in order to guarantee a bank loan, are enforceable.
From the date of the initiation of judicial proceedings against a debtor, including if the request by the Bank to invest the enforceability of the credit agreement or, as the case may be, of the initiation of an enforcement procedures provided for by law, the interest rate established in accordance with the contract or, where appropriate, legal interest rate shall be calculated in the following, if the law does not stipulates that from the date of the opening of proceedings no longer owes interest; interest and those loans will highlight by the bank outside the balance sheet.
Guarantees provided in favour of the Bank in order to guarantee loans that meet the conditions provided for by law, confer on banks a priority over third parties, including the State, whose claims and warranties have fulfilled the conditions later.
Article 80 provisions of art. 79 para. 1 applies to all operations and transactions of the Bank.
Banks which issue electronic money are required to conclude contracts with owners, to establish clearly its repayment conditions. Within the validity period in respect of which it was issued by electronic currency issuing banks are required to redeem, at the request of the holders, in an amount equal to the value of its existence in the balance. Redemption will be achieved by changing its value in cash or by transfer to the account without withholding taxes and fees other than those strictly necessary to carry out the operation for a ransom.
The contract may stipulate a minimum threshold for redemption, which cannot be higher than the equivalent of 10 euros.
Section 6 Accounts, financial statements and their control in article 81 banks must standing accounts, tina in compliance with law provisions and specific regulations of accounting data in its application, and to make financial statements that give a true picture of the financial position, financial performance, cash flows and other information relating to the work done. Accounting and financial statements of a bank must also reflect the transactions and accounts of subsidiaries, branches and other offices, on an individual basis and, as appropriate, on the basis of consolidated.
Article 82 banks are obliged to submit to the National Bank of Romania in their financial statements consisting of the elements of the balance sheet, and other data required by the National Bank of Romania, at the time limits and in the form laid down in the regulations.
Article 83 of the Bank's financial statements, prepared on an individual basis and, as appropriate, on the basis of consolidated, must be audited, according to this law, auditors approved by National Bank of Romania.
Article 84 of the financial statements of banks will be certified, pending the exercise of financial year 2001 inclusive, by the censors, in order to submit legal authorities in law.
The boards of Directors of banks will contract auditing services financial auditors, members of the Chamber of financial auditors of Romania or the international auditing firm approved by Romania Chamber of financial auditors, in accordance with the legislation on financial audit and in accordance with the harmonised accounting regulations implementing directive IV bis 86/635 and with international financial reporting standards.
Article 85 of the financial statements for the purpose of initiating, each bank will end contracts with Auditors, legal entities authorised Chamber of financial auditors of Romania, according to the law.
Financial auditor: a) will draw up an annual report along with his opinion, indicating whether the financial statements present a true picture of the financial position, financial performance, cash flows of the Bank and other information relating to the work done according to professional standards issued by the Chamber of financial auditors from Romania;
b) will review the practices and procedures of control and internal audit and, if they consider that they are not adequate, it will make recommendations for remediation;
c) will provide, at the request of Banca Naţională a României, any details, clarifications, explanations concerning the data contained in the financial statements of the Bank.
Financial auditor's report together with its opinion shall be submitted to the general meeting of shareholders and shall be published together with the annual financial statements.
Article 86 of the financial Auditor of a bank must inform the National Bank of Romania once in exercise of his powers, has taken the knowledge about any act or fact in connection with the Bank or entities falling within the perimeter of the consolidation act or fact: a) serious breach of the law and/or regulations or acts issued pursuant thereto through the established conditions for authorisation and ongoing activity of the Bank;
b) is likely to affect the patrimonial situation of the Bank or its proper functioning;
c) may lead to a refusal on the part of the auditor to express their opinion on the financial statements of the Bank or to the expression of an opinion with reservations.
Fulfillment in good faith of the financial auditor of the obligation to inform the National Bank of Romania, in accordance with paragraph 1. 1 and art. 85 paragraph 4. 2(a) (c)) shall not constitute a breach of the obligation of professional secrecy, which returns its law or contractual clauses, and no material liability may apply.
Article 87 Each Bank will publish the financial statements after their approval by the general meeting of shareholders, in the form established by the National Bank of Romania and approved by the Ministry of public finance, the time limits provided by law.
Article 88 provisions of art. 56, 57, 61, 63, art. 64 para. 1, art. 77-84, 85 and 87 shall apply correspondingly and branches of foreign credit institutions authorised to operate in Romania.
In cases where foreign credit institutions decide on the level of establishment of branches from Romania to the Fund for general banking risks, as referred to in art. the provisions of this article, apply properly and those branches.
Branches of foreign credit institutions will be published in the Romanian language annual financial statements of the foreign credit institution, prepared and audited in accordance with the laws of the country of URorigine.*) provisions of art. 62 and 71 shall apply to the branches referred to in paragraph 1. 1 only if so specified in the regulations of the National Bank of Romania.
— — — — — — — — *) according to art. III para. and (b). f) of law No. 485/2003 provisions of this paragraph, shall apply with effect from the date of accession of Romania to the European Union.
Chapter X, Article 89 payment systems, National Bank of Romania regulates, authorizes and oversees payment systems from Romania, including their managers, in order to ensure civil servants systems in accordance with international standards in this area.
Payment systems referred to in paragraph 1. 1 may not operate on Romanian territory without authorization of the National Bank of Romania.
Article 90 National Bank of Romania shall issue regulations regarding payment systems, which will relate to: (a) the conditions and the manner in which) Organization of payment systems;
b) conditions and authorization procedure, cases in which a permit may be undo;
c) criteria and rules for the supervision of payment systems, including participants in these systems and their managers;
d) information and reporting to be provided to the National Bank of Romania;
e) minimum requirements relating to the operation and management of the operational audit, the risk of a system of pay and those relating to financial statements and internal audit of participants and of the administrator of a system of payments;
(f) any other specific requirements) necessary for the proper functioning of a system.
Article 91 Funds and financial instruments of payment systems participants, made available to the settlement agent, within the limits required by the rules of the system, in order to guarantee the fulfillment of the obligations arising from the quality system, may not be enforced by the parties and may not be encumbered by other guaranties times a task by the participant.
Funds and financial instruments referred to in paragraph 1. 1 are exempted from the registration procedure in electronic archive of Securities Guaranties.
In the case of bankruptcy of a participant in a payment system, funds and financial instruments referred to in paragraph 1. 1 will be used only for the purposes of fulfilling obligations arising from transfer orders and irrevocable from net positions arising from the clearing participant, returning up to date pronuntarii, including the judgment opening insolvency proceedings.
In the case of cessation of payments system participant, funds and financial instruments referred to in paragraph 1. 1 will be used only for the purposes of fulfilling obligations arising from transfer orders and irrevocable from net positions arising from clearing, returning to the participant at the time of termination of participant.
Chapter XI prudentiala Supervision of banks Article 92 In order to protect the interests of depositors and to ensure the stability and reliability of the entire banking system, National Bank of Romania to supervise prudentiala banks, corporates, and branches of foreign credit institutions which are authorized to carry out activity on the territory of Romania, by establishing rules and prudential banking indicators, monitoring their observance and other requirements prescribed by law and applicable regulations the necessary measures, the imposition and application of sanctions, with a view to preventing and reducing the special risks involved in banking.
Tracking the observance of requirements of the nature of prudentiala and other requirements laid down by the Bank shall be carried out by the National Bank of Romania based on reports made according to this law and the regulations of the data in its implementation and through inspections carried out at the premises of banks:), legal entities, branches and other offices of their secondary in the country and abroad;
b) headquarters branches of foreign credit institutions which are carrying out activity in Romania.
Article 93 the inspections at the headquarters of the Bank is carried out by the staff of Banca Naţională a României, empowered for that purpose, or by auditors appointed by the National Bank of Romania.
To check the open branches in Member States by banks, corporates, National Bank of Romania may carry out inspections on the premises of these branches, informing the competent authorities of the Member States host or may require these authorities to URverificarea.*) in the case of branches and subsidiaries of foreign credit institutions, inspection teams may also include representatives of the competent authority of the country of origin of the foreign credit institution.
For the supervision of Romanian banks operating in foreign countries, the National Bank of Romania cooperated with the competent authorities of the States concerned.
Information relating to foreign credit institutions carrying out activities in Romania can be supplied to the competent authorities of the country of origin, only under conditions of reciprocity.
— — — — — — — — — *) according to art. III para. and (b). g) of law No. 485/2003 provisions of this paragraph, shall apply with effect from the date of accession of Romania to the European Union.
Article 94 banks are obliged to permit the staff of Banca Naţională a României and financial auditors, appointed under the provisions of art. 93, which carried out the inspection, examine records, accounts and transactions and to provide all documents and information related to administration, operations and internal control of the Bank, as will be required by them.
Banks are obliged to transmit Banca Naţională a României any information requested by it in writing or under surveillance and control measures for the purpose of exercising its competences as provided by law.
The provisions of paragraph 1. 1 and 2 shall also apply to branches from Romania of foreign credit institutions.
Article 95 of the Romanian National Bank oversees banks, corporates, on an individual basis on the basis of consolidated, under the conditions laid down in this law.
Any Bank, Romanian legal person, which has as subsidiaries credit institutions or financial institutions and headquartered in Romania or abroad, will be supervised by the National Bank of Romania on the basis of its consolidated financial situation.
Any Bank, Romanian legal person, which is a subsidiary of a financial holding company based in Romania or abroad, will be supervised by the National Bank of Romania on the basis of the consolidated financial situation of the financial holding company. In this regard, the financial holding company shall forward information concerning bank accounts on the basis of consolidated.
The provisions of paragraph 1. 3 will not be interpreted as meaning that the National Bank of Romania has powers of supervision on an individual basis of the financial holding company.
Pursuant to the provisions of paragraph 1. 2 and 3, the National Bank of Romania will be established through regulations consolidation perimeter, the exceptions to the principles of consolidation, consolidation methods, the information to be supplied for the purposes of supervision on a consolidated basis and prudential requirements which must be observed at the consolidated level, which will also address at least the following elements: (a) the solvency);
b) suitability of own funds to cover market risk;
c) control large exposures;
d) limitation for the entities that do not carry out activities;
e) Organization and internal control to ensure appropriate mechanisms for producing and transmitting any data or information needed for the purpose of consolidated supervision;
f) exposures towards control persons on special relationships with the Bank.
Article 96 where the banca, Romanian legal person, and a credit institution authorized in one Member State are subsidiaries of the same holding company, National Bank of Romania is the competence to ensure supervision on consolidated basis where: a) financial holding company headquartered in Romania;
b) financial holding company has its head office in another Member State, in which he no longer owns the subsidiary credit institutions law and Bank, Romanian legal person, in relation to other credit institutions which are subsidiaries of a financial holding company has either the highest value balantier asset, either, in the event of a tie of it, was first authorized, whether through a collaboration agreement concluded with the competent authority of the Member State concerned does not provide otherwise.
By way of derogation from the provisions of paragraph 1. 1, through cooperation agreements concluded by the National Bank of Romania with the competent authorities of the Member States, it can be shown that the tasks relating to supervision on a consolidated basis to be exercised by the competent authorities concerned.
The cooperation agreements referred to in paragraph 1. and (b). b) and para. 2 should include ways of collaboration and transmission of information necessary for supervision on the basis of URconsolidata.*) — — — — — — —
*) According to art. III para. and (b). h) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 97 All credit institutions, financial institutions, insurance or other entities that are in the category of those entering the consolidation perimeter, holding companies and their subsidiaries and branches of a bank or a financial holding company which are not included in the consolidation perimeter, are required to ensure the exchange of information necessary for supervision under paragraph 1. 2, art. 95 and 98.
National Bank of Romania may require subsidiaries of banks or a financial holding company which are not included in the consolidation perimeter, to transmit any information necessary for supervision of the Bank.
Article 98 of the Romanian National Bank may, holding companies either directly or through subsidiaries-banks, corporates, Romanian-any data or information needed for the purposes of achieving the Bank's supervision.
The provisions of paragraph 1. 1 shall not be construed as meaning that the National Bank of Romania has supervisory powers in connection with holding company or its subsidiaries.
To verify the information received according to paragraph 1. 1, National Bank of Romania may carry out inspections on the premises of the holding companies and their subsidiaries, when it is located on the territory of Romania, the provisions of art. 93 para. 1 aplicandu-it properly.
Holding companies for verification and subsidiaries established in other Member States, the National Bank of Romania may carry out inspections on the premises, with the agreement of the competent authority of the home Member State, or the competent authority concerned may be required to achieve such inspections are made. *) — — — — — — — — — *) according to art. III para. and (b). I) of law No. 485/2003 provisions of this paragraph, shall apply with effect from the date of accession of Romania to the European Union.
Chapter XII remedial measures and sanctions Article 99 where the National Bank of Romania that a Bank and/or any of the Administrators or persons, Bank leaders times designated to provide leadership to departments, branches or other secondary offices shall be made guilty of a violation of): provision of this Act or the regulations or orders issued by the National Bank of Romania or of the regulations of the Bank;
(b) any conditions or violation) restrictions laid down in the permit issued to the Bank;
c) fictionalized real and without coating;
d) failure, reporting delay or erroneous reporting data on indicators of banking prudence times other indicators set forth in the regulations of the National Bank of Romania;
(e) failure to comply with measures established by) the acts or from them;
f) endangering the credibility and viability of the Bank through improper administration of the funds entrusted to it, the National Bank of Romania may apply the following sanctions: a) written warning given to the Bank;
b) fine applicable Bank between 0.05% and 1% of share capital, or managers, heads of times persons covered by paragraph 1. 1, the average net wages between 1-6/Bank, according to the situation existing in the month preceding the date on which the deed was found. Fines collected shall be made to the State budget income;
c) withdrawing approval of the directors and/or data Trustees of the Bank;
d) withdrawal of authorization.
Article 100 as a result of constatarilor, National Bank of Romania may take the following measures: a) signing a written agreement with the Board of Directors of the Bank, including a programme of remedial measures;
(b) the obligation of the bank-owned) culpa to take remedial action measures of the consequences of facts;
(c) surveillance measures) the establishment of special and Special Administration, according to the provisions of cap. XIII;
d) suspension of voting rights exercise shareholders in cases in which the persons concerned are no longer satisfying the requirements laid down in this law and the regulations issued pursuant thereto relating to the quality of a bank's shareholders infaptuiesc times a individual or common policy on tangible assets to ensure a healthy and prudent management of the Bank, at the expense of the interest of the depositors and other creditors;
e) curbing Bank, including by closing branches abroad, with the withdrawal of approval for them or curbing them, in situations where the Bank does not ensure adequate supervision of the work of the branch;
f) withdrawing approval granted for their stakes in the capital of the Bank's branches or limit such shares, including where the supervision on consolidated basis is hampered by transmit information needed by these subsidiaries;
g) withdrawal of approval granted to financial auditor, in a situation where it cannot properly fulfill the duties provided by law or does not meet the requirements of professional ethics and conduct.
Shareholders that have ordered the measures referred to in paragraph 1. and (b). d) will no longer be able to buy new shares in the Bank, aplicandu them properly provisions of art. 108. Measures referred to in paragraph 1. and (b). d) can be arranged including in cases in which the mother society, financial holding company or holding company of bank supervision on a consolidated basis prevent, according to this law, through its transmit necessary information.
In case of withdrawal of approval for their stakes in the capital of the Bank's branches or limitation of these shares, the Bank must sell their stakes held above the level set by the National Bank of Romania.
Article 101 of the corrective Measures that may be taken by the Bank under art. 100 para. and (b). ) and (b)) will include, but not limited to, the following: (a) establishment of a plan for) higher own funds;
b) replacement of Trustees;
c) replacement of persons entitled to provide leadership to departments, branches or other offices of the Bank's side;
d) improvement of the system of internal control.
Article 102 Application of sanctions, according to art. 99, do not prevent the adoption of measures under article 4. 100. In the case of imposition of special administration, National Bank of Romania will be decided and on the withdrawal of approvals granted to managers, administrators and financial auditor of the Bank and, accordingly, the suspension of voting rights of shareholders.
Article 103 referrals received from the competent authorities of the Member States with regard to host breaking by banks, corporates, activity requirements in the Member State concerned, the National Bank of Romania will have measures which it considers necessary, according to this law, and shall inform the competent authorities of the host Member States over URacestora.*) — — — — — — — —-*) according to art. III para. and (b). j) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 104 National Bank of Romania has the participants and/or the administrator of a payment system for the adoption of measures to remedy the deficiencies found within the system.
The National Bank of Romania that the persons referred to in paragraph 1. 1 are guilty of non-compliance with the provisions of cap. X, the regulations issued by the National Bank of Romania in application of those provisions or do not conform to those ordered by the National Bank to this, Romania may apply the following sanctions: a) written warning;
b) fine ranging between lions and 100 million 1.000.000.000 lei;
c) exclusion of one or more participants;
d the authorization granted in respect of withdrawal) the functioning of a system.
The levels referred to in paragraph 1. 2(a) b) may be modified by the National Bank of Romania, depending on the evolution of the annual percentage rate of inflation.
Article 105 the finding of facts contained in this chapter, which constitute violations of discipline or the Bank in the field of payment systems, is made by the staff of Banca Naţională a României, empowered for this purpose by the persons referred to in paragraph 1. 2. the scope of the laws, measures and sanctions provided for in this chapter shall be issued by the Governor or the current Vice Governors National Bank of Romania, with the exception of the sanctions provided for in article 10. 99 para. 2(a) c) and (d)) and of the measures referred to in article 1. 100 para. and (b). c), whose scope is the competence of the Board of Directors.
Article 106 application of sanctions provided for in article 10. 99 and 104 shall lapse within one year from the date of the referral to the attention, but not more than 3 years from the date of the savarsirii scene.
Application of sanctions does not remove material liability, criminal or civil, administrative, as appropriate.
Article 107 provisions of art. 99-106 apply properly and branches from Romania of foreign credit institutions, with the exception of special management measures under article 4. 100 para. and (b). (c) Article 108).
Exercise voting rights of the shareholders of banks that may not have notified the National Bank of Romania, according to art. 72 and 73, to become significant shareholders or to its stake in the bank owned major times holding a stake of the share capital or of the voting rights to purchase National Bank of Romania which made opposition, pursuant to article 5. 72 para. 2, suspended.
National Bank of Romania has significant shareholders referred to in paragraph 1. 1 to sell within three months, actions related to the marketability of Romania's National Bank has made opposition. After expiry of that period, if the shares were not sold, the National Bank of Romania has the Bank's cancellation of the shares in question, issuing new shares bearing the same number and selling them, and the price charged from sale to be recorded initially at the disposal of dobanditorului, after withholding expenses of sale.
The provisions of paragraph 1. 2 shall also apply in the case of the other shareholders to whom the National Bank of Romania ordered measure of suspension of exercise right to vote, in accordance with art. 100 para. and (b). d). Shareholders whose voting right is not suspended will be able to participate in the General Assembly and to make any judgement of the competence of the Assembly, with the majority of their votes or with another majority laid down in its rules of Association for the case.
The Bank's Board of Directors is responsible for fulfilling the necessary actions for annulment, pursuant to paragraph 1. 2, and selling shares in the newly-issued.
Whether from a lack of buyers selling did not take place or was done only a partial sale of shares newly-issued, the Bank will proceed immediately to reduce the share capital by the difference between registered capital and that owned by shareholders with the right to URvot.*) — — — — — — — *) Art. VIII of law No. 485/2003 States that: "the shareholders of banks which, at the date of coming into force of this law, shall have the right to vote suspended must sell shares of stock the Bank within three months from that date. After the passing of the deadline shall apply provisions of art. 73 *) of law No. 58/1998, with subsequent amendments and additions, including those brought by this law. "*) Art. 73 by renumbering it became art. 108. Article 109 shall constitute offences and are punishable with imprisonment of from one month to two years or by a fine of individuals committing acts referred to in section 3 of the head. I. legal persons who are guilty of violating the provisions contained in section 3 of the head. I will be prosecuted under the legislation on conducting business. If a legal entity carrying out prohibited activities, mainly according to the provisions of article 3. 7 and 10, or if this, although sanctioned, continues the activities in question, the competent court may decide the dissolution, namely entry into liquidation. *) National Bank of Romania is empowered to determine whether or not a representing activity attracting deposits or other repayable funds from the public, banking activity, activity of issuing electronic money attraction activity times and/or administration of sums of money resulting from the Association for the purpose of granting credits and savings in a collective system. In this case the decision of the National Bank of Romania is compulsory for the parties concerned.
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***) Art. XI of Act No.. 485/2003 States that: "companies which, at the date of entry into force of this law, the activities of attraction of repayable funds from the public or other activities of the nature of the banking activity, including activity attracting and/or administration of sums of money resulting from the Association for the purpose of granting credits and savings in a collective system, action will be taken as soon as the cessation of such activities. Otherwise, they become incidental provisions of art. 74 *) of law No. 58/1998, as amended, including those brought by this law. "*) Art. 74 becomes article 19. renumber 109. Article 110 opening bank accounts under fictitious names constitutes a crime and is punished with imprisonment from 2 to 7 years.
Chapter XIII Measures establishing special supervision and administration of special banks National Bank Article 111 of Romania, as a competent authority may decide to impose surveillance measures and special management of banks.
Section 1 Measures establishing the special supervision of the banks Board of Directors Article 112 of the National Bank of Romania may decide measures establishing the special supervision of banks, corporates, for violating the law or regulations issued by the National Bank of Romania, found out as a result of carrying out actions of surveillance and/or analysis reports of banks, and in the case of an infringement of a precarious financial situation.
Special supervision shall ensure through a Committee established for this purpose, consisting of a maximum of 7 specialists in the framework of the National Bank of Romania, one of which will meet the President of the Commission and one the Vice President.
Article 113 the powers of this Commission shall be established by the Board of Directors of Banca Naţională a României and relate mainly to: (a) tracking how) the Bank shall act for the establishment and implementation of the necessary measures to remedy deficiencies registered in the Act of inspection carried out by the inspection bodies of the National Bank of Romania;
b suspension or abolition) of decision of the statutory bodies of the Bank, contrary to the prudential regulations or which lead to the deterioration of the financial situation of the Bank;
c) formulation of requests regarding the amendment of regulations/filling in the Bank;
d) limitation and/or suspension of some activities and banking operations for a certain period;
(e) any other measures which) it is considered necessary to remedy the situation of the Bank;
f) formulating proposals to the National Bank of Romania for the implementation of sanctions and/or remedial measures prescribed by law in the event that the Bank did not abide by the measures ordered by the Commission.
Special Supervisory Commission does not replace the Bank's leadership in terms of coordination of the day-to-day business and competence to represent the Bank. Responsibility for the legality, accuracy and timeliness, the reality of operations performed and documents prepared by the Bank lies with statutory bodies and/or persons who prepared and signed the documents in the case, according to their duties and competences.
During the period of exercising the special supervision, the general meeting of shareholders, Board of Directors and the Bank's leaders can't decide measures contrary to those arranged by special Supervisory Commission.
Special Oversight Committee members have access to all documents and records of the Bank being forced to keep the secret of banking operations.
Article 114 special Supervisory Commission presents periodic reports to the Board of Directors of the National Bank of Romania on the situation of the Bank.
Depending on the findings resulting from these reports, the Board of Directors of the National Bank of Romania decides upon the termination or continuation of the special supervision, without exceeding however a period longer than 120 days after the imposition of the special supervision measure.
In the event that the Bank's activity to establish further serious deficiencies, National Bank of Romania may decide, on a case by case basis, the establishment of special management measure of bank or adopt further measures provided by law, including the withdrawal of authorization.
Section 2 of the Special Administration measures of Article 115 banks National Bank of Romania may decide the establishment of special management measure over a Bank, Romanian legal person, including the location of its side from Romania and from abroad. Special Administration can measure features in cases where: a special supervisory measures) have not given the results over a period of up to 120 days;
b) indicator of solvency, calculated in accordance with the regulations of the National Bank of Romania in relation to its own funds, is at a level not exceeding half the minimum level prescribed by these regulations;
c) has violated Bank repeatedly the law and/or regulations issued pursuant thereto.
d) Bank no longer has no leader and no administrator.
An announcement on the establishment of special management will be published in the Official Gazette of Romania, part IV.
Establishment of special management measures shall be ordered by the National Bank of Romania and in case of appeal by this Court responsible for triggering a bankruptcy procedure, pending the appointment of the liquidator's judge-appointed.
Article 116 Special Administration will be drawn up for a period of one year from the date of the decision of the National Bank of Romania, except where the decision is established for a period shorter or National Bank of Romania decides the termination of special administration under art. 127 para. 4.
In exceptional circumstances the Bank National of Romania may be extended under the conditions laid down for the establishment of special administration, the period referred to in paragraph 1. 1, with a maximum of 6 months.
Article 117 Special Administration shall be exercised by a special administrator, appointed by the National Bank of Romania by way of establishing this measure.
Special administrator may be a physical person or a legal person, including the Fund for guaranteeing deposits in the banking system.
For strong reasons, National Bank of Romania may replace the special administrator.
All costs associated with the administration of special support by the Bank subject to the measure.
Article 118 where deems reasonably necessary, National Bank of Romania may establish certain limitations and/or conditions concerning the activity of the Bank in respect of which it was decided the establishment of special administration. They will be communicated to the special administrator, who will be responsible for their observance.
Article 119 special Administrator undertake fully the duties of the Board of Directors and the heads of the Bank subject to special management regime, as these powers arises according to the law and the articles of incorporation.
Article 120 after the Bank's management, the administrator will notify you as soon as the special compartments within the premises of the Bank, its side, correspondent banks, trade registry office and, where applicable, deposit guarantee Fund in the banking system with respect to this measure.
The communication shall be in writing and shall include the signature specimen and special administrator.
Correspondent banks made communication will contain a reference to the fact that all future operations through bank account will only be authorized by the administrator or by persons expressly empowered by it.
Article 121 the attribution of special administrator consists in determining the optimal conditions for the preservation of the value of bank assets, eliminate existing deficiencies in management, collection of receivables and the establishment of the financial situation of the Bank; in this respect special administrator may take all measures which it considers necessary, within the limits of its competences as provided by law.
Measures that can be taken are considering negotiating claims: (a)) the Bank and/or rescadentarea thereof;
b) suspension of deposits and/or granting loans;
(c) closure of the unprofitable side premises) or whose activity is not justified;
d) scaling establishment, through reorganization of the activity, in order to reduce costs;
(e) other measures on) the Board of Directors of a bank or its leaders may be taken under the law in the course of a normal administration.
The special administrator shall take at least the necessary measures for the reduction of losses: (a));
b) cessation of fraudulent activity and abuse of every kind of persons in special relationships with the Bank;
c) action introduction the annulment of fraudulent acts, signed previously by the Bank, including to those contracts where the oblibaţiile borne by the Bank are disproportionate in relation to the performance of the other Contracting Party bound;
d) asset preservation in safety and bank documents;
(e) the competent bodies, referral) where there are indications that committing some crime.
Article 122 Through an exception to the provisions of art. 121, in the case of imposition of special administration under art. 115 paragraph 1. and (b). (d)), the attribution of special administrator is taking the necessary measures for the appointment of a new Board of Directors and the Bank's new rulers. In the course of this administration, the administrator may take any other special measures which the Board of Directors of a bank or its leaders may be taken under the law in the course of a normal administration, the provisions of art. 117-120, 123, 126, art. 127 para. 1-3, art. 128 paragraph 1. 1 and 2 and art. 129 para. 1 being applicable.
Article 123 If related financial statements of the period concluded before the imposition of special administration were not approved by law or special administrator considered that they did not reflect the real situation of the patrimonial, will proceed to the drawing up of a new financial statement and will take measures for approval, publication and submission thereof to the competent bodies, in accordance with the law.
Article 124 in order to adopt decisions concerning the Bank's situation, in areas of its competence excedeaza established by law for the Board of Directors, the Manager may convene special general meeting of the shareholders of the Bank. Agenda of the meeting will be established by the special administrator, in consultation with the National Bank of Romania, and cannot be changed by someone who has convened.
After the establishment of the special legal provisions regarding the obligation of the convocation of the general meeting at the request of the shareholders of the Bank are not applicable on its duration. Shareholders representing 50% of the share capital will be able to submit proposals to the special administrator viable financial recovery of the Bank, it will decide on them.
Article 125 where the general meeting of shareholders decides to increase the registered capital, exercise of the right of preemtiune will be given a period of at least five days, starting on the date of publication of the decision.
For good reasons, justified by the existence of serious intentions on the part of an investor, the Bank's capital participation, special administrator will be able to raise shareholders ' right to subscribe for new shares, in whole or in part, with the approval of the National Bank of Romania.
Through the decision to increase the share capital must be ensured at least a level of initial capital to permit framing solvency indicators the Bank covered by the regulations of the National Bank of Romania.
In the case of capital reduction, it will be made only after the passage of thirty (30) days from the date of publication of the judgment in the Official Gazette of Romania, part IV.
Article 126 within 60 days after appointment, the special administrator shall submit to the Board of Directors of Banca Naţională a României a written report concerning the measures undertaken by the administration of special and their effects, the financial status of the Bank and its situation can redresarii terms of financial security, presenting its recommendations in this regard. The report will annex: documents relating to the evaluation of the Bank's assets and liabilities, receivables, cost recovery situation of maintaining assets and liquidation of liabilities situation.
The report must be sufficiently detailed to substantiate recommendations made by an administrator. For good reasons, the Board of Directors of the National Bank of Romania may extend the period referred to in paragraph 1. 1. on the proposal of the special administrator, but not more than 30 days.
Article 127 within 15 days of receipt of the report of the special administrator, Board of Directors of the National Bank of Romania will make a judgment on the advisability of maintaining special management measure and shall pronounce upon the recommendations made by the special administrator.
If on the basis of the report of the special administrator is satisfied that there are no conditions for improving the financial situation of the Bank, so as to achieve the minimum level of solvency indicators, or, where appropriate, have not been appointed and approved the new leaders and managers of the Bank, National Bank of Romania will withdraw Bank authorization and will refer the matter to the Court jurisdiction for triggering the procedure of bankruptcy or shall order the dissolution of the Bank followed the liquidation in accordance with the provisions contained in the head. XIV, unless they are fulfilled the conditions stipulated by law for triggering the procedure of bankruptcy.
In the case of the continuation of the Special Administration, special administrator shall present to the National Bank of Romania, the time limits laid down by the latter, reports on the financial situation of the Bank.
On the basis of reports by the special administrator, Board of Directors of the National Bank of Romania may decide at any moment the termination of special administration, with the resumption of Bank's activity under the control of its statutory bodies, or may withdraw the authorization to the Bank, with the proper application of the provisions of paragraph 1. 2. Article 128 of the National Bank of Romania if it finds, on the basis of reports by the special administrator, as the Bank has set up special administration was recovered from a financial standpoint and fall in prudential requirements established in this law and the regulations issued pursuant thereto or, where appropriate, have been appointed and approved the new leaders and managers of the Bank, National Bank of Romania may decide the termination of special administration and the resumption of Bank's activity under the control of its statutory bodies.
A notice concerning termination of special administration shall be published in accordance with the provisions of art. 115 paragraph 1. 2. The administrator shall take necessary measures specially for the appointment of new Board of Directors, including the new leaders of the Bank.
Until the appointment and approval of new leaders and managers of the Bank, special administrator will provide the leadership and administration of it.
Article 129 where the National Bank of Romania found the financial recovery of the credit institution is not possible, it decides the withdrawal of authorization of the credit institution and referral to the competent court with a view to the commencement of bankruptcy proceedings.
Chapter XIV the banks ' Liquidation Article 130 once the withdrawal of authorization, in cases other than those in which the withdrawal was made at the request of the shareholders, the Romanian National Bank will order the winding up of the Bank's liquidation followed, except as provided for in article 10. 25 lit. c) and (e)).
Article 131 the liquidation in bankruptcy shall be carried out under the conditions laid down by the legislation which regulates the regime of bankruptcy proceedings of credit institutions.
Article 132 in case of withdrawal of authorization of a branch of a foreign credit institution which carries out activity on the territory of Romania, the credit institution will be forced to liquidate its activity in Romania.
Article 133 If the conditions are not made as provided by law for triggering the procedure of bankruptcy, winding-up of credit institutions, including the bank branches from Romania and abroad, will be carried out in compliance with the Romanian legislation applicable to dissolution and liquidation stock companies and provisions.
In the case of banks, corporates, a liquidator will be deposit guarantee Fund in the banking system, hereinafter referred to as liquidator, so if the liquidation was due under article. 130, how and where the liquidation is taking place at the initiative of shareholders.
Article 134 in case of withdrawal of authorization a Bank, Romanian legal person, carrying out activity in the territory of one or more Member States, the National Bank of Romania shall inform without delay, by any available means, the competent authorities of the host Member States of the decision taken and the effects that they imply it.
The liquidator will take the necessary measures without delay to the publication of an extract from the judgment of the National Bank of Romania, on the basis of which it was the Bank's liquidation, unleashed in the official journal of the European Communities and in two newspapers of national circulation in the territory of each Member State in the official language of the host, or, where appropriate, in one of the official languages of the latter.
The liquidator will be able to operate in the territory of the host Member States, on the basis of a certified copy of the judgment on the National Bank of Romania, or a certificate issued by the latter, without other formality.
The liquidator will be able to exercise on the territory of the host Member States all the competences assigned according to Romanian law. He will be able to appoint others to assist or represent the territory of those States, including for the purpose of giving assistance to the creditors in the course of liquidation.
In exercising its competences and the liquidator shall abide by the legislation of the Member State in which he is acting, in particular with regard to procedures for the realisation of assets and the provision of information to employees of the State Bank. Competencies may not include the use of force or the right to solve disputes times URdispute.*) — — — — — — — —-*) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 135 In the case of liquidation of a Bank, Romanian legal person, carrying out activity in the territory of one or more Member States, Romanian legislation shall apply, with exceptions laid down in article 21. 138-146. The judgment of the National Bank of Romania will take effect in all the Member States, other host without formality, and will become effective from the date of its publication in the Official Gazette of Romania, part I, pursuant to art. 28. If you deem it necessary, the liquidator may apply to the registration of the decision of the National Bank of Romania in the real estate register, commercial register or in any other public register kept in the other Member States. If the legislation of a Member State requires such a host of formalities, the liquidator will take all steps to meet its demands. Amounts necessary for registration will be considered costs URlichidarii.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 136 any creditor of the Bank placed in liquidation, having their domicile/residence or, as the case may be, their registered office in a Member State other than that of Romania, including public authorities, shall have the right to declare the receivables or to formulate observations by buyer in connection with his work on the Bank, which will address the liquidator. The statement of claims or, where appropriate, the observations formulated may be submitted in the official language or in the official languages of that Member State and shall bear the words "receivables" or statement, as appropriate, observations relating to claims "," in Romanian language.
Claims of creditors having domicile/residence or, where appropriate, its registered office outside the territory of Romania shall be treated in the same manner and have the same preference ranking as of the same nature of the claims of creditors having domicile/residence or, where appropriate, their registered office on the territory of Romania.
Creditors exercise the right provided for in paragraph 1. 1 will forward copies of papers that certify their debts, if any, and shall indicate the nature of the claim, the date on which it was born and its value, if there are guaranties, privileges and other rights in relation to those debts which are secured debts.
At the request of the liquidator, lenders must provide and the Romanian translation of the statement of claims or, where appropriate, the observations formulated and URprezentate.* documents) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 137 the liquidator will ensure periodical of creditors in the manner considered appropriate, in particular with regard to the progress in using the Bank's assets.
The liquidator is kept by the obligation of professional secrecy, in accordance with the provisions contained in the head. VIII. Article 138 of the liquidation of the Bank Effects on certain contracts and rights will be regulated as follows: a) the contracts and employment relationships shall be governed by the legislation of the Member State applicable in the case of each contract of employment;
b) contracts through which it acquires the right of use or right of purchase of the real estate shall be governed by the law of the Member State in which the property is situated, according to which will determine the nature of the object: mobile or immobile;
c) rights to real estate, to ships and aircraft, which are subject to the obligation of registration in a public register shall be governed by the law of the Member State under whose authority the register is kept URrespectiv.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 139 Opening of insolvency proceedings on the Bank shall not affect the rights in rem of creditors or third parties in respect of goods-tangible or intangible, moveable or immovable, individually determined or determined generic-owned bank, which, at the date of entry into force of the decision of the liquidation, are situated within the territory of other Member States than Romania.
The rights referred to in paragraph 1. 1 shall cover in particular: (a)) the right to dispose of an asset or to have it at its disposal and the right of preference, if execution of the asset, or to reap the fruits, resulting in particular from a lien or mortgage;
b) preference before other rights over the goods;
c) tracking of the asset in the hands of anyone would find it;
(d) the right of usufruct over) URbunului.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 140 the commencement of liquidation, where the Bank is a party to a contract of sale of an asset, as a buyer, will not affect the right of the seller arising from a clause whereby it reserved the right of ownership to a certain time or until the fulfilment of a condition, where, at the date of entry into force of the decision of the liquidation the asset is situated within the territory of another Member State than Romania.
The opening of insolvency proceedings, where the Bank is a party to a contract of sale, as the seller, shall not constitute grounds for cancellation or termination of the contract and shall not affect the rights of the buyer, if it occurred after delivery of the asset and whether, at the date of entry into force of the decision to liquidate the asset is situated within the territory of another Member State than URRomânia.*) — — — — — —
*) According to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 141 commencement of winding-up proceedings shall not affect the rights of creditors to demand the set-off, where the applicable law allows a Bank also claims compensation.
In the case of contractual compensation will apply the law that governs contracts URrespective.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 142 provisions of art. 139-141 paragraph 1. 1 do not prevent the exercise of actions in finding or declaration of nullity or in finding legal inopozabilitatii law URromâne.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 143 exercise of the right of ownership or other rights in securities whose existence is subject to transmission times of registration in the register to an account or a centralised deposit system held, the times located in a Member State, shall be governed by the law of that Member State.
Repurchase agreements and contracts underlying the transactions carried out on an organized market shall be governed by the law applicable to their contracts, if they do not violate the provisions of paragraph 1. 1. *) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 144 Romanian Legislation regarding invalidity of fraudulent acts concluded at the expense of creditors is not applicable if the beneficiary of such an act proves that the Act, as a whole, is governed by the law of another Member State and that the law does not permit any way Appeals Act if URspeta.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 145 the validity of documents signed after the commencement of liquidation, whereby the alienator Bank real estate, ship aircraft subject to registration times in a public register or securities times rights in such securities whose existence or transfer shall be subject to the obligation of registration in the register to an account, or in a centralized storage, kept or located in a Member State, shall be governed by the law of the Member State in which the property is situated, or as appropriate, under the authority of which the register is kept in mind that times centralized URdepozitare.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 146 Actions on the role of the judicial courts, involving the goods or rights of which was private bank, will be governed by the law of the Member State where it carries on URprocesul.*) — — — — — — *) according to art. III para. and (b). k) of law No. 485/2003, this article's provisions will apply from the date of accession of Romania to the European Union.
Article 147 the liquidation of the Bank under the provisions of art. 130 or at the initiative of its shareholders not to impede the onset of insolvency proceedings, whether during the process of liquidating the Bank arrives in one of the situations stipulated by law they are fulfilled the conditions for declaration of bankruptcy.
Article 148 Dispositions contained in the legislation on bankruptcy of credit institutions concerning the powers of the liquidator, the costs related to the liquidation of debt, apply properly and in case of liquidation of the Bank, according to the provisions of this chapter.
Chapter XV Article 149 horses contesting the documents issued pursuant to this law may be appealed within 15 days of their communication to the Board of Directors of the National Bank of Romania, who stands by decision within 30 days from the date of the appeal.
The judgment of the Board may be appealed to the High Court of Cassation and justice shall, within 15 days of receipt.
Article 150 pending a ruling by the National Bank of Romania according to art. 149 paragraph 1. 1 or, where appropriate, pending the pronouncement of a final and irrevocable judgment by the Court pursuant to paragraph 1. 2 of the same article, the enforcement of laws, National Bank of Romania did not adjourn.
Article 151 National Bank of Romania is the only authority in so far as to pronounce upon considerations of opportunity, evaluation and qualitative analyses underlying the issuance of its acts.
In the case of contestarii in Court of laws, National Bank of Romania, the Court will pronounce on the legality of those acts.
Chapter XVI of the issuing of electronic money Institutions other than the issuing Institutions Article 152 banks of electronic currency are subject to the rules and supervision of the National Bank of Romania.
The initial capital, authorization conditions, the minimum level of own funds and investment institutions permits the issuing of electronic money shall be determined by the National Bank of Romania through regulations.
Institutions issuing electronic money must have a prudent and healthy management, administrative and accounting procedures and adequate internal control systems, to allow the assessment of financial and non-financial risks to which they are exposed, including technical and procedural risks and those resulting from their cooperation with entities that provides related services.
Article 153 of the issuing of electronic money Institutions shall not have shares in other entities, with the exception of those whose activity consists exclusively in providing services or other related services related to issuance of electronic currency times distribution by the institution in question.
Article 154 The validity period in respect of which it was issued electronic money, the issuing of electronic money institutions are obliged to redeem shall, at the request of the holders, in an amount equal to the value of its existence in the balance, without withholding taxes and fees other than those strictly necessary to carry out the operation for a ransom. In this regard, the provisions of art. 80 para. 2 and 3 shall apply accordingly to these institutions.
Article 155 Provisions contained in article 11. 25-30, 32-40, cap. VII, cap. VIII, art. 56-60, 62-67, 72-77, 81-83, art. 84 paragraph 3. 2, art. 85-87, 92-106, 108, chap. XIII, cap. XIV, cap. XV and at art. applicable 157-164 properly and issuing of electronic money institutions. In this case, the relevant texts instead of banks, corporates or banks will read electronic currency-issuing institutions.
Provisions of art. 65 and 66, and of art. 157-164 on the conditions of business in other Member States by the issuing of electronic money institutions shall apply only for the activity of issuing electronic money.
Article 156 of the issuing of electronic money Institutions may merge with other banks, with the issuing of electronic money institutions and other entities that provide ancillary services related times. 24. Chapter XVII *) Member States — — — — — — — — — — *) according to art. III para. and (b). l) of law No. 485/2003 provisions of this chapter, shall apply with effect from the date of accession of Romania to the European Union.
Art. III para. 2 of law No. 485/2003 States that: "until the date of accession for Romania, from branches of credit institutions having their head office in the Member States, concerning the requirement laid down in article 21. 15 *) can be used in conditions of reciprocity, on the basis of cooperation agreements concluded by the National Bank of Romania with the competent authorities of home Member States. Supervision of such branches shall be implemented under the conditions laid down in those agreements. "*) Art. 15 became art by renumbering. 21. credit Institutions Section 1 of article 157 Through an exception to the provisions of art. 9 and 21, credit institutions authorised and supervised by the competent authority of a Member State can be held in Romania, within the limits of the authorization granted by the Member State of origin, the banking activity or other activities of financial nature as referred to in art. 11(2). 1, through a branch or directly, without the need to obtain an authorization on behalf of the National Bank of Romania.
The credit institutions referred to in paragraph 1. 1 shall notify the National Bank of Romania opening representative offices in Romania, in accordance with the regulations of this data. The subsidiaries will limit activity to information acts, representation, market research, customer contact and will not perform any kind of operation subject to the provisions of this law.
Article 158
Within two months of receipt of communication from the competent authority of the Member State of origin, including the information referred to in article 1. 64 para. 4, art. 65 paragraph 1. 5, National Bank of Romania will communicate to the credit institution in question, if necessary, the conditions under which, in order to protect the general interest, to its branch from Romania to next scheduled activity.
The credit institution will be able to begin work through branch, after receipt of the communication on behalf of the National Bank of Romania or, failing that, after the passage of the deadline referred to in paragraph 1. 1. For the purpose of commencement, the branch will open a current account at the National Bank of Romania, in accordance with regulations issued under it. Money transfers via the registrations handled in the current account opened in evidence, National Bank of Romania are irrevocable and unconditional.
Any intention to amend the information contained in the communication received from the National Bank of Romania, in accordance with paragraph 1. 1, must be notified by the credit institution in question, at least one month before the date on which such modification is going to be done; in that period the National Bank of Romania will communicate to the credit institution in question, if necessary, new terms and conditions in which the work is going to be deployed on the territory of Romania.
Article 159 prudentiala Supervision of credit institutions referred to in article 1. 157, including branches from Romania, is carried out by the competent authorities of home Member States.
National Bank of Romania, in cooperation with the competent authorities of those States, the supervision of branches of credit institutions referred to in article 1. 157, in terms of liquidity, and has the power to order the measures necessary for the implementation of its monetary policy.
Branches from Romania of the credit institutions referred to in article 1. 157 shall apply accordingly: (a) legal and those dispositions) contained in the regulations of the National Bank of Romania issued pursuant to the law concerning the reporting of indicators and the provision of other data and information necessary for the proper exercise of competences provided for by the regulations of the National Bank of Romania in the field of monetary policy, liquidity risk supervision and statistics;
b) dispositions relating to professional secrecy in banking;
c) other regulations applicable legislation in Romania of the banks, seeking to protect the general interest, consumer protection, the prevention of the use of the financial system for the purpose of money laundering and the like;
d) provisions of art. 88 para. 3, relating to the preparation and publication of the foreign branches of credit institutions ' own accounts and publication of the annual financial statements of the foreign credit institution.
The provisions of paragraphs 1 and 2. 3 (a). b) and (c)) shall also apply to credit institutions as referred to in art. 157, performing directly in Romania Bank activity and other activities of financial nature.
For the purpose of carrying on specific activities, credit institutions authorised in another Member State may be used on Romanian territory the designation which it uses in the Member State of origin, without prejudice to the provisions relating to the use of the names "household savings in the field of housing", "Bank" or other terms you use in Romania, designating credit institutions. In a situation where there is no danger of confusion, in order to ensure an appropriate clarifications, National Bank of Romania may require that the name be accompanied by an indication explicativa.
In all his official acts, Romania from branches of credit institutions authorised in another Member State must identify themselves clearly through a minimum of data: company under which they are registered in the commercial register, the main office address, unique registration code, serial number in the trade register number and the date of registration in the register of banking.
Branches in Romania of credit institutions authorised in another Member State can share, from accounting profit determined before deduction of income tax, the amounts intended for the establishment of the Fund for general banking risks, within the limit of 1% of your balance risk-bearing assets specific to banking activity, as determined by the regulations of the National Bank of Romania, to the extent that these amounts are included in net profit.
Article 160 Inspections at the premises of branches from Romania of credit institutions authorized in one Member State may be carried out by the competent authorities of the Member State of origin, by persons empowered, informed of National Bank of Romania.
Where the competent authorities of the home Member State shall request the National Bank of Romania achieving verification activity branches from Romania of credit institutions authorised in the Member State concerned, the National Bank of Romania will be able to achieve it in directly through staff or will enable the statutory auditors times experts.
Article 161 If a credit institution of a Member State, that carries out banking activity or other activities of financial nature as referred to in art. 11 in Romania, through a branch or directly, do not meet the requirements of business in Romania, as provided for in art. 159 paragraph 1. 2 and 3, the National Bank of Romania will be able to dispose it to take remedial action measures to facts.
Where the credit institution does not meet the provisions of paragraph 1. 1, National Bank of Romania shall inform the competent authority of the Member State of origin.
The provisions of paragraph 1. 2 do not impede the application of the National Bank of Romania to sanctions or measures which it considers necessary, in accordance with the provisions of art. 107, or prohibit activities directly in Romania.
National Bank of Romania will inform the European Commission and the competent authorities of the home Member State with regard to sanctions and/or measures ordered.
Sanctions and/or measures ordered by the National Bank of Romania may be appealed as provided in chapter II. XV. Implementation of sanctions be brought within one year from the date of the referral to the attention, but not more than 3 years from the date of the savarsirii scene. Application of sanctions does not remove material liability, criminal or civil, administrative, as appropriate.
Article 162 if the National Bank of Romania shall be informed by the competent authorities of the Member State of origin of the decision to withdraw the authorization of a credit institution which carries out activity on the territory of Romania, in order to protect the interests of depositors and other creditors, National Bank of Romania shall take the necessary measures to ensure that the credit institution concerned not to carry out activities in the territory of Romania.
Article 163 If on a credit institution of a Member State which carries out the activity on the territory of Romania were willing reorganisation measures, administration, liquidation, bankruptcy or other such measures, they are applied without further formality within the territory of Romania and will take effect under the conditions and following the date provided for in the legislation of the Member State concerned.
Reorganization procedures, administration, liquidation and bankruptcy will be applied in accordance with the legislation of the Member State of origin, with the exceptions laid down in article 21. 138-146, which shall be applied in an appropriate manner, in which case instead of Romania and Romanian legislation law/read the home Member State and the law/legislation of the Member State of origin.
Article 164 Persons empowered to put into effect the measures ordered by administrative or judicial authority, in accordance with art. 163 para. 1, will be able to operate in Romania on the basis of a certified copy of the appointment or a certificate issued by this authority, accompanied by a translation into the Romanian language, without other formality.
The persons referred to in paragraph 1. 1 will be able to exercise on the territory of Romania all competencies which they are responsible under the law of the Member State of origin. These people will be able to appoint some other person to represent them on the territory of Romania, including for the purpose of giving assistance to the creditors in the course of applying the measures in question.
Section 2 of Article 165 financial institutions financial institutions based in one of the Member States will be able to conduct financial activities on the territory of Romania referred to in their instruments of incorporation, through a branch or directly, in compliance with the provisions of art. 158, 159 and 161, if these financial institutions are subsidiaries of one or more credit institutions and meet the following cumulative conditions: (a) the mother society) or mother companies are authorised as credit institutions in a Member State whose legislation governs the status of the financial institution concerned;
b) in the case of activities are actually carried out in the territory of the same Member State;
c-mama or society) companies holding mother 90% or more of the voting rights attached to the shares representing the capital of financial institutions;
d) mother or society-companies must satisfy prudential requirements of the competent authorities of home Member States with regard to the management of the financial institution branch and declare, with the agreement of those authorities, as jointly and severally guarantee the commitments entered into by the subsidiary oblibaţiile;
e-branch financial institution) is included in the supervision on a consolidated basis the mother society or, as the case may be, of each company-mother, especially in terms of financial activities in the cause, in particular for the calculation of the indicator of solvency, and of the large exposures of achieving greater levels of the nature of financial assets to entities that do not carry out activities.
Verification of fulfillment of the conditions referred to in paragraph 1. 1 shall be carried out by the competent authority of the Member State of origin, which will certify this, together with the transmission of information under article 4. 158 para. 1. the competence of the Authority in the Member State of origin shall ensure the supervision of branches listed in paragraph 1. 1. Where the National Bank of Romania shall be informed by the competent authority of the Member State of origin with regard to the fact that the financial institution is no longer fulfills one of the conditions referred to in paragraph 1. 1, the activities of the financial institution in Romania that will fall under the Romanian legislation relating to those activities.
The provisions of this article shall apply accordingly in the case of financial institutions based in Romania, which will hold its activity in the territory of the Member States, if these financial institutions are subsidiaries of some banks, corporates, and fulfil the conditions laid down in paragraph 1. 1. Verification of these conditions shall be carried out by the National Bank of Romania, which will ensure that these financial institutions supervision in accordance with paragraph 1. 3. Article 166 provisions of art. 165 apply properly and branches of financial institutions which meet the conditions laid down in this article.
Section 3 of the collaboration with competent authorities and notification requirements Article 167 prudentiala supervision of banks, legal persons, carrying out activity in the territory of other Member States and credit institutions authorised in other Member States, which conducts business in Romania, the National Bank of Romania will cooperate closely with the competent authorities of the Member States concerned.
By way of derogation from the provisions of art. 93 the last paragraph, the collaboration will be able to achieve through information exchange or in any other way, likely to facilitate the supervision of credit institutions in the case of the fulfillment of conditions that formed the basis of the authorization by the competent authority. The information will relate mainly to the Administration, management and shareholders, but also to other aspects of the nature of prudentiala, and in particular aiming the liquidity, solvency, large exposures, limiting management and accounting procedures, internal control, guaranteeing deposits.
Article 168 at the request of the competent authorities of Member States responsible for exercising supervision on a consolidated basis of credit institutions ' subsidiaries of a financial holding company based in Romania, the National Bank of Romania shall be empowered to require any holding relevant information for carrying out supervision on a consolidated basis, which it shall forward to the requesting authorities.
Article 169 In cases where the competent authorities of the Member States shall request the National Bank of Romania achieving verification of information concerning a credit institution, a financial holding company, a financial institution, a company providing ancillary banking services, a holding company and its subsidiaries or affiliates. 97 para. 2, having its registered office in Romania, the National Bank of Romania will either achieve this verification directly through staff will either allow the requesting competent authority to carry out verifications or will enable the statutory auditors times experts.
Article 170 of Romania's National Bank will notify the European Commission on the following elements: (a) any authorization granted to) banks, credit institutions, other times, Romanian legal person;
(b) any withdrawal of authorisation) granted a bank credit institutions other times, Romanian legal person;
c) any refusal of transmitting information in accordance with art. 65 paragraph 1. (4);
(d) the authorization granted to) any credit institutions, the Romanian legal person, which was established as a subsidiary owned directly or indirectly by one or more companies which are not governed by the mother of Romanian legislation or of another Member State and any purchase by a society-mother of a significant stake in a credit institution, the Romanian legal person, if, as a result of this have grown up credit institution, the Romanian legal person, becomes a subsidiary of the parent company; in this case the notification will contain the structure of the Group of which it forms part;
personalised e) of banks or other credit institutions, corporates, the opening of branches or in the pursuit of the activity in the territory of a foreign State, other than a Member State;
f) application for approval of a subsidiary, which is a credit institution that, Romanian legal entity owned directly or indirectly by one or more companies which are not governed by the mother of Romanian legislation or of another Member State and any request for approval of a significant stake in a credit institution, a legal entity created by the Romanian, a society-mother If the acquisition of this stake in the credit institution, the Romanian legal person, would become a subsidiary of the parent company;
g) financial holding companies which are list-mother of banks, corporates, monitored on the basis of consolidated by National Bank of Romania according to the present law;
any permit granted to h) branches of foreign credit institutions having their head offices outside the community space;
I) any other information that must be reported to the European Commission, at its request or in accordance with the provisions of Community law.
The information referred to in points. f) is being transmitted at the express request of the European Commission.
List referred to in subparagraph (a). g) will be transmitted to the competent authorities of the Member States, and the information referred to in points. h) is transmitted and the Banking Advisory Committee.
Article 171 if the European Commission decides that the Member States ' competent authorities shall suspend or discontinue the procedure for adopting a decision on the applications referred to in article 1. 170 lit. f), Romania's National Bank, through determination, suspend or interrupt the procedure of authorization/approval; the term of suspension or discontinuance will not exceed 3 months.
Where, before the end of the period specified in paragraph 1. 1, the European Council will decide on the continuation of the measure adopted by the European Commission, National Bank of Romania, by judgment, will extend the period for which the authorisation procedure/approval is suspended or interrupted, the period provided for in the decision of the European Council.
The provisions of paragraph 1. 1 and 2 shall not apply to applications for authorisation/approval. 170 lit. f), if the mother is a credit institution that is authorized to carry out banking activity in the territory of a Member State or a branch of such credit institutions.
Chapter XVIII final provisions Article 172 credit institutions operating in Romania under the present law is highlighted by the National Bank of Romania in credit institutions register which is accessible to the persons concerned.
Article 173 Banks can organize a professional association to represent collective interests towards public authorities, to study issues of common interest, to promote cooperation, to inform members of the Association and the public and to organize the services of common interest. The Professional Association of banks collaborate with National Bank of Romania.
Separately or in the framework of the Professional Association, the banks will be able to organize a corps of specialists, whose activities will be strictly linked to the bringing into force of the securities enforcement of Bank and of the companies belonging to its group.
The status of this body of executors will be approved by order of the Minister of Justice.
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Alin. 2 of art. 173 was amended by article in law No. 131 of 12 May 2006, published in MONITORUL OFICIAL nr. 420 on May 16, 2006.
Article 174 of reorganisation proceedings, bankruptcy or other similar proceedings does not affect bilateral netting contracts of mutual claims and obligations resulting from operations with instruments based on exchange rate and interest rate and similar transactions with gold, concluded by a Contracting Party with respect to which such measures have been arranged.
Article 175 Regulations issued by the National Bank of Romania may include:
the norms, regulations) circulars and other general acts issued in enforcement, binding to one or more categories of credit institutions;
b) issued in enforcement orders or the derived binding regulations for one or more credit institutions.
All regulations issued by the National Bank of Romania in application of this law shall be published in the Official Gazette of Romania, part I.
Article 176 this law shall enter into force 30 days after the date of its publication in the Official Gazette of Romania, part I by law is filled with companies to applicable law provisions, in so far as they do not contravene the provisions of this law.
Article 177 National Bank of Romania will work out regulations and orders pursuant to this law, within a period of 180 days from the date of coming into force.
Article 178 on the date of entry into force of the present law shall repeal the law. 33/1991 concerning banking activity, as published in the Official Gazette of Romania, part I, no. 70 of April 3, 1991, law No. 36/1997 for the approval of the Government Ordinance. 40/1996 relating to the amendment of regulations relating to the increase in the registered capital of banking companies, published in the Official Gazette of Romania, part I, no. 54 as of April 1, 1997, and any other provisions to the contrary.
Exception from the provisions of the preceding paragraph of the present regulations of the National Bank of Romania that, pending the adoption of new regulations, remain in force.
Note: 1. Reproduce below art. And art. III of the Emergency Ordinance of Government No. 137/2001 modification and completion of the law on Bank no. 58/1998, approved with modifications and additions to law No. 357/2002, which were not included in this republicabila: "Art form. II.-applications for authorisation from the coming in unresolved force of this emergency Ordinances which are not in conformity with the provisions of law No. 58/1998, as amended by this Ordinance, and the regulations issued pursuant to this Act, may be withdrawn and resubmitted Banca Naţională a României.
If the authorization request is not withdrawn, the deficiencies in the documentation presented must be removed until the date of expiry of the time limits within which the National Bank of Romania must pronounce on them under the provisions of art. 13 *) para. 1 and 3 of the law No. 58/1998. Otherwise they become incidents dowm. * 14) of the Act.
Art. III.-National Bank of Romania will evaluate the quality of managers, administrators and authorised banks and shareholders will take the appropriate measures so that within seven months from the date of entry into force of this emergency Ordinances to ensure fulfilment of the requirements laid down in law No. 58/1998, as amended by this Ordinance, and the regulations issued pursuant to this Act. In the case of the directors and Trustees according to the date of entry into force of this Act shall remain valid emergency conditions of training and professional experience in force at the date of approval thereof. For justified reasons for Romania's National Bank may extend the period referred to in paragraph 1. 1 once, with a maximum of 3 months.
In the case of non-fulfilment of requirements set out by law, after the expiry of the time limits mentioned in paragraph 1. the 1st and 2nd National Bank of Romania will proceed, as appropriate, the application of the sanctions provided for in article 10. 69 *) para. 2(a) d) and (e)) and/or from taking measures under article 4. 70 *). c) and (d)) or in article 10. 16 * *) of law No. 58/1998. "
2. We reproduce below art. IV, art. V, art. X art. XII of the law. 485/2003 modification and completion of the law on Bank no. 58/1998, which were not included in this republicabila: "Art form. IV. regulations issued by the National Bank of Romania, existing at the date of entry into force of this law shall still apply.
Art. V.-unresolved applications for authorisation from the coming into force of this Act and which do not comply with its provisions may be withdrawn and resubmitted after removing applications from holders of deficiencies.
.
Art. X.-After the entry into force of this law, the committees set up by banks on the basis of law No. 58/1998, with subsequent amendments and additions, including those made by this Bill, will be able to continue to operate in accordance with decision of the statutory bodies such as the specialized organs, to the extent that their duties will be taken over by other committees set up under the law and/or regulations of the National Bank of Romania.
.
Art. XII.-The date of entry into force of the present law shall repeal art. 160 paragraph 1. 3, art. 161, art. 162 para. 1 and art. 163 from the Government Emergency Ordinance nr. 97/2000 credit cooperative organizations, published in the Official Gazette of Romania, part I, no. 330 of 14 July 2000, approved with modifications and additions to law No. 200/2002. ' — — — — — — — — — — *) Art. 13 republicabila form became art. 19. *) Art. 14 became republicabila in the form of art. 20. *) Art. 69 became republicabila in the form of art. 99. *) Art. 70 republicabila form became art. 100. * *) Art. 16 became the art form republicabila. 25.
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