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Law No. 276 Dated 12 November 2015

Original Language Title: LEGE nr. 276 din 12 noiembrie 2015

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LEGE no. 276 276 of 12 November 2015 on the establishment of implementing measures Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 847 847 of 15 November 2015



The Romanian Parliament adopts this law + Chapter I General provisions + Article 1 (1) The present law sets out the measures necessary to implement the provisions relating to transactions in relation to sovereign debt and sovereign credit default swaps provided for in Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps, hereinafter referred to as Regulation (EU) No 236/2012 . (2) The terms and expressions used in this Law have the meaning provided for in Regulation (EU) no. 236/2012 236/2012. + Article 2 (1) In application of art. 32 32 of Regulation (EU) No 236/2012 , The National Bank of Romania is designated a competent national authority responsible for: a) follow-up of the application Regulation (EU) No 236/2012 ,, as regards transactions in relation to sovereign debt issued by the Romanian State and sovereign credit default swaps; b) ensuring coordination of cooperation and exchange of information with the European Commission, the European Securities and Markets Authority and the competent authorities of other Member States and, where appropriate, with the competent authorities of third countries. (2) For the purposes of paragraph (1), the National Bank of Romania shall perform the tasks and exercise all the powers arising from the application Regulation (EU) No 236/2012 or from the implementing acts adopted by the European Commission, on the basis of the delegated powers conferred on it. ((. Without prejudice to the provisions of art. 35 35 of Regulation (EU) No 236/2012 , The National Bank of Romania collaborates with the Ministry of Public Finance and the Financial Supervisory Authority, which must communicate the data and information available to it or that they can obtain in the exercise of their legal prerogatives, for the fulfilment by the National Bank of Romania of its duties under this law. + Article 3 (1) In exercising the powers provided for in art. 2, the National Bank of Romania collects and processes any relevant data and information, including the nature of personal data, on the operations that are subject Regulation (EU) No 236/2012 . (2) The natural and legal persons shall be obliged to provide to the National Bank of Romania, at the time limits and in the requested form, any documents, data, information, explanations necessary for the performance of their duties under this law. + Chapter II Administrative measures and sanctions + Article 4 (1) The National Bank of Romania, as the competent national authority within the meaning of art. 2 2 para. ((1) lit. a), it has the necessary measures and/or applies sanctions, in accordance with the provisions of this law, to any person, natural or legal, who violates the provisions Regulation (EU) No 236/2012 , the implementing acts adopted at European Union level in the field covered by the Regulation (EU) No 236/2012 or regulations issued by the National Bank of Romania according to art. 12. (2) Measures and/or sanctions ordered according to par. ((1) must be effective, proportionate and likely to have a deterrent effect. ((3) When determining the measure and/or sanction, as well as, as the case may be, the amount thereof, the National Bank of Romania shall consider the personal and actual circumstances of the act and the guidelines adopted in this regard by the European for Securities and Markets, according to art. 41 41 of Regulation (EU) No 236/2012 . + Article 5 In application of art. 4 4 para. (1), the National Bank of Romania may order any measure it considers necessary for the purpose of removing the deficiencies found and/or their causes, as well as to impose on persons at fault a conduct conforming to the requirements provided by Regulation (EU) No 236/2012 , the implementing acts adopted at European Union level in the field covered by the Regulation (EU) No 236/2012 or with the provisions of this law or regulations issued by the National Bank of Romania according to art. 12. + Article 6 The following facts are sanctioned according to this law: a) failure to fulfill or improper performance by any person of his/her obligations Regulation (EU) No 236/2012 or its violation of any restrictions or conditions laid down by Regulation (EU) No 236/2012 for the conduct of transactions in relation to sovereign debt issued by the Romanian State and sovereign credit default swaps; b) non-compliance with any limitations, prohibitions, suspensions ordered by the National Bank of Romania Regulation (EU) No 236/2012 ; c) non-compliance with any measures ordered by the National Bank of Romania according to the d) breach in any other way the provisions on transactions in relation to sovereign debt issued by the Romanian State and sovereign credit default swaps provided for in Regulation (EU) No 236/2012 or in the acts of direct application adopted at European Union level in the field covered by Regulation (EU) No 236/2012 , of the provisions of this law or regulations issued by the National Bank of Romania according to art. 12. + Article 7 (1) In the cases provided in art. 6, the National Bank of Romania may apply the following sanctions: a) written warning; b) fine in the amount representing 1% to 20% of the transaction value, if it has not been notified according to the provisions Regulation (EU) No 236/2012 or the transaction was carried out in violation of any restrictions or conditions provided for in it or with non-compliance with the limitations, prohibitions, suspensions or measures ordered by the National Bank of Romania; c) fine from 1,000 lei to 2,500,000 lei, in other cases than those provided in lett. b). (2) The acts of application of the penalty of fine constitute enforceable securities. The fines collected are made to the state budget. (3) The application of sanctions shall not remove civil or criminal liability, as appropriate. (4) The application of sanctions provided in par. (1) shall be prescribed within one year from the date of the finding of the deed, but not more than 3 years from the date of its commission. (5) The sanctions provided in par. (1) may be applied concurrently with the arrangement of measures according to art. 5 5 or independent of them. + Article 8 In case of finding the commission of two or more facts of those provided in art. 6 the heaviest penalty is applied, increased by up to 50%. + Article 9 (1) The finding of the facts provided in art. 6 is carried out by representatives of the National Bank of Romania, empowered in this regard, during the inspections or investigations carried out under the conditions provided by Regulation (EU) No 236/2012 or on the basis of notifications, reports, information sent to the National Bank of Romania in the exercise of its duties according to the present law and/or data and information available to it in any other way. (2) The acts by which measures are ordered or sanctions are applied according to this law shall be issued by the governor, the first deputy governor or deputy governor of the National Bank of Romania, according to its internal regulations, and must contain at least the elements of identification of the person at fault, description of the deed and its circumstances and the basis of law of the disposition of the measure or, as the case may be, of the application of the (3) The National Bank of Romania may delegate the finding of the facts provided in art. 6 to agents empowered or to the competent authorities of other Member States or, as the case may be, from third States, on the basis of agreements concluded with them. + Article 10 ((1) The acts adopted by the National Bank of Romania according to this law may be challenged, within 15 days from the communication, to the Board of Directors of the National Bank of Romania, which shall be pronounced by reasoned decision within 30 days. days from the date of referral. (2) The decision of the Council of Administration of the National Bank of Romania can be appealed within 15 days from communication to the Administrative and Fiscal Litigation Section of the High Court of Cassation and Justice. The National Bank of Romania is the only authority able to rule on the considerations of opportunity, the assessments and qualitative analyses underlying the issuance of its acts. (3) In case of appeal in court of the acts of the National Bank of Romania according to para. (2), the court shall rule on the legality of these acts. The judgment is final. (4) Until the adoption of a decision by the Board of Directors of the National Bank of Romania, according to par. (1), or until the delivery of a final decision by the court, according to par. (3), the execution of acts issued by the National Bank of Romania is not suspended. + Article 11 It constitutes a crime and is sanctioned with imprisonment from 1 to 3 years the act of any person who obstructs in any way the exercise by the National Bank of Romania of the powers and prerogatives conferred to it according to the present law. + Chapter III Final provisions + Article 12 (1) In the exercise of his prerogatives according to art. 2 2 para. (1), the National Bank of Romania may issue regulations to ensure the implementation of the provisions Regulation (EU) No 236/2012 ,, of the technical regulatory or implementing standards adopted by the European Commission on the basis of the powers conferred on it, as well as the guidelines issued by the European Securities and Markets Authority. (2) Regulations issued under this Law shall be published in the Official Gazette of Romania, Part I. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (1) of the Romanian Constitution, republished.
CHAMBER OF DEPUTIES PRESIDENT
VALERIU-STEFAN ZGONEA
SENATE PRESIDENT
CĂLIN-CONSTANTIN-ANTON POPESCU-TARICEANU
Bucharest, November 12, 2015. No. 276. ----