Law No. 485 Of 18 November 2003 Amending And Supplementing The Banking Law No. 58/1998
Original Language Title: LEGE nr. 485 din 18 noiembrie 2003 pentru modificarea şi completarea Legii bancare nr. 58/1998
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LEGE no. 485 485 of 18 November 2003 to amend and supplement Banking law no. 58/1998
Published in OFFICIAL MONITOR no. 876 876 of 10 December 2003
The Romanian Parliament adopts this law + Article I Banking Law no. 58/1998 , published in the Official Gazette of Romania, Part I, no. 121 121 of 23 March 1998, as amended and supplemented, hereinafter referred to as Law no. 58/1998 ,, amend and supplement as follows: 1. The title of the law will read: "" Law on banking activity " 2. Article 1 shall read as follows: "" Art. 1. -Banking activity in Romania is carried out through authorized credit institutions, under the law. The credit institution shall represent: a) the entity that carries out a professional activity of attracting deposits or other repayable funds from the public and granting loans on its own; ... b) the electronic money issuing entity other than the one referred to in point (a). a), hereinafter referred to as the electronic money institution. ... By public, for the purposes of this law, it is understood any natural person, legal entity or entity without legal personality, which does not have the capacity and experience necessary to assess the risk of non-repayment of the amounts submitted. It does not fall into the category of public: the state, central and local public administration authorities, government agencies, central banks, credit institutions, financial institutions and other similar institutions. In Romania credit institutions can be constituted and can operate as banks, cooperative credit organizations, electronic money institutions and savings banks for housing. Special law can regulate the establishment and conduct of activity by credit institutions, other than those provided in par. 4, respecting the principles of this law. " 3. Article 2 shall read as follows: "" Art. 2. -This law applies to banks and institutions issuing electronic money, Romanian legal entities, and branches in Romania of foreign credit institutions. Provisions head. X applies to payment systems in Romania, including participants in these systems and their administrators, under the conditions established by the regulations of the National Bank of Romania. The organization and functioning of credit institutions that constitute as cooperative organizations of credit and savings houses for the housing field are regulated by special laws. " 4. Article 3 shall read as follows: "" Art. 3. -Within the meaning of the present law, the following terms and expressions have the following meanings: 1. banking activity-attracting deposits or other repayable funds from the public and granting loans on their own; 2. financial institution-an entity, other than a credit institution, whose main object of activity consists in the acquisition of holdings or in the performance of one or more of the financial activities referred to in art. 8 8 para. 1 lit. b)-l); 3. parent company-the entity which is in one of the following situations: a) directly and/or indirectly hold the majority of voting rights in another entity, hereinafter referred to as a subsidiary; ... b) has the right to appoint or revoke the majority of the members of the management or control bodies or the majority of the heads of another entity, hereinafter referred to as the subsidiary, and is at the same time a shareholder or associate of that ... c) has the right to exercise a dominant influence over an entity, hereinafter referred to as a subsidiary, to which it is a shareholder or an associate, by virtue of clauses contained in contracts concluded with that entity or provisions contained in the constitutive act of this entity, where the legislation governing the status of the subsidiary allows the existence of such clauses or provisions; ... d) is a shareholder or associate of an entity, hereinafter referred to as a subsidiary, and in the last 2 years has appointed itself, as a result of the exercise of its voting rights, the majority of the members of the administration or control bodies or the majority the branch managers; ... e) is a shareholder or associate of an entity, hereinafter referred to as a subsidiary, and controls alone, on the basis of an agreement concluded with the other shareholders or associates, the majority of voting rights in that subsidiary; ... 4. branch-the operational unit without legal personality of a credit institution, which directly performs all or some of the activities of the credit institution, within the limits of the mandate given by it; 5. competent authority-the national authority responsible for prudential supervision of credit institutions; 6. deposit-the amount of money entrusted under the following conditions: a) to be reimbursed in full, with or without interest or any other facilities, upon request or at a term agreed by the depositary with the depositary; ... b) not to refer to the transmission of the property, to the provision of services or to the granting of guarantees; ... 7 7. credit-any commitment to making available or granting a sum of money or extending the maturity of a debt, in exchange for the debtor's obligation to repay that amount, as well as to the payment of an interest or other related expenses of this amount or any commitment to purchase a title that incorporates a claim or other right to the collection of a sum of money; 8. leaders-persons who, according to the constituent acts and/or the decision of the statutory bodies of the credit institution, are empowered to lead and coordinate their daily activity and are invested with the competence to hire the liability of the credit institution; the persons who provide the direct management of the compartments within the bank, branches and other secondary offices do not fall into this category. In the case of branches of foreign credit institutions operating on the territory of Romania, the leaders are the persons empowered by the credit institution to conduct the activity of the branch and to legally hire in Romania the institution of foreign credit; 9. significant shareholder-natural person, legal person or group of natural and/or legal persons acting together and holding directly or indirectly a 10% or more interest from the share capital of a company or from voting rights or a participation that allows the exercise of significant influence over its management and business policy; 10. group of persons acting together-twice as many natural or legal persons who perform a common policy towards society; 11. authorization-the act issued by the competent authority, which gives the right to carry out the activities specified therein; 12. electronic money institution-the legal entity issuing means of payment in the form of electronic money; 13. electronic money-the monetary value representing a claim on the issuer, which cumulatively meets the following conditions: a) is stored on an electronic medium; ... b) is issued in exchange for the receipt of funds whose value may not be less than the monetary value issued; ... c) is accepted as a means of payment by entities other than the issuer; ... 14. initial capital-the share of own funds, comprising the share capital or endowment capital and other balance sheet items, calculated and updated according to the methodology established by the regulations of the National Bank of Romania; 15. own funds-the funds available to credit institutions, whose calculation methodology is established by the National Bank of Romania through regulations; 16. Member States-the Member States of the European Union and the other States of the European Economic Area; 17. Member State of origin-the Member State in which the credit institution has been authorised; 18. a single debtor-any person or group of natural and/or legal persons to whom the bank has an exposure and which are economically related to each other, in the sense that: a) one of the persons exercises control over the others, directly or indirectly; ... b) the cumulative level of exposures is a single credit risk to the bank, as individuals are linked to such an extent that, if some of them experience repayment difficulties, another or the others will encounter difficulties similar; in the case of these persons, the following situations shall be taken into account: ... --are subsidiaries of the same entity; -have the same management; -between them there is a direct commercial interdependence, which cannot be substituted at short notice; 19. exposure-any risk of a bank, effectively or potentially, to be highlighted in the balance sheet and/or off-balance sheet and arising from the following, but not limited to: a) credits; ... b) investments in shares and other securities; ... c) other holdings of the nature of financial assets; ... d) expected or endorsed trade effects; ... e) guarantees issued; ... f) open or confirmed letters of credit; ... 20. ancillary or ancillary services company whose object of activity consists mainly in the possession and administration of movable and immovable property, in data processing services and database administration or in other activities, having a related character in relation to the principal activity of one or more credit institutions; 21. host Member State-the Member State in which the credit institution has opened a branch or in which it provides services directly; 22. financial holding company-a parent company, financial institution whose subsidiaries are exclusively credit institutions or are mainly credit institutions or financial institutions, but at least one to be a credit institution; 23. holding company-a parent company other than a financial holding company or credit institution, whose subsidiaries include at least one credit institution; 24. close ties-existing relationships between two times as many individuals and/or legal entities in one of the following situations: a) one of the persons holds a direct participation or through a control relationship of at least 20% of the share capital or voting rights of the other person; ... b) one of the persons exercises control over the other person; ... c) persons are permanently linked with one and the same person through a control relationship; ... 25. payment system-formalized collective arrangement, comprising common standardised rules and procedures regarding the execution of transfer orders between participants, as well as the corresponding infrastructure through which all or one part of the processing, handling, clearing and settlement activities of any means of payment and/or payment of any money by means of payment, arrangement intervened between at least 3 participants, which may be: institutions of credit, financial investment services companies, state treasury or other entities abroad that carry out activities specific to credit institutions or financial investment services companies. For the purposes of prudential supervision: a) all secondary offices in Romania of a foreign credit institution will be considered a single branch; ... b) all subsidiaries of a parent company, which, in turn, is a subsidiary of another parent company, will be considered as subsidiaries of the latter. " ... 5. Article 3 ^ 1 shall read as follows: "" Art. 3 3 ^ 1. -A person is under the control of a natural or legal person in situations where there is a relationship of the nature of that between a parent company and a subsidiary thereof, as provided for in art. 3 3 section 3 3, or a similar relationship, like the existing relationships between: a) spouses, relatives and afini up to the second degree inclusive; ... b) persons referred to in lett. a) and the companies under their control; ... c) a company, administrators and natural or legal persons exercising control over it; ... d) companies under the control of the same or legal persons. ... Persons in the situations referred to in par. 1 is presumed to form a group of people acting together. " 6. After Article 3 ^ 2, insert Article 3 ^ 3 with the following contents: "" Art. 3 3 ^ 3. -When determining the voting rights of a person, the following shall be taken into account: a) voting rights held by other persons or entities on their own behalf, but on the account of that person; ... b) voting rights held by an entity under the control of that person; ... c) voting rights held by a third party with whom that person has entered into a written agreement, whereby they undertake to act in concert, so that by exercising the voting rights they hold to achieve a common policy with continuity in relation to the entity in which they hold these voting rights; ... d) voting rights held by a third party on the basis of a written agreement concluded with that person or an entity under the control of this person, providing for the temporary transfer of voting rights to the third party; ... e) voting rights related to the shares held by that person, even if these actions were pledged, unless the person in favor of whom the shares were pledged controls the voting rights and declares his intention to exercise, in which case the voting rights will be considered as belonging to the person in favour of whom the shares were pledged; ... f) voting rights related to the actions on which the person concerned has a right of use; ... g) the voting rights which that person or an entity under its control is entitled to acquire on his initiative on the basis of a formal agreement; ... h) the voting rights attached to the shares stored in that person, which it may exercise discretionary, in the absence of specific instructions from the third party holding these shares. " ... 7. Article 4 shall read as follows: "" Art. 4. -It shall be prohibited to any natural person acting on his own account, on behalf of another person or as administrator or representative of an entity that is not authorized as a credit institution to carry out attracting deposits or other repayable funds from the public or an activity to attract and/or manage amounts of money resulting from the association in order to save and grant credits in a collective system. " 8. In Article 5, paragraphs 2 and 3 shall be inserted as follows: " In any form of advertising, official acts, contracts or other such documents, initials, logos, emblems or other elements of identification of a bank operating in Romania or suggesting a link to it may be used only by to and in connection with a subsidiary of the bank, including its name. For the purpose of exercising specific activities, foreign credit institutions may use on the territory of Romania the name they use in their country of origin, without prejudice to the provisions relating to the use of designations " savings for housing "," bank " or other terms used in Romania, which name credit institutions. If there is a danger of confusion, in order to ensure a proper clarification, the National Bank of Romania may request that the name of the respective credit institution be accompanied by an explanatory statement. " 9. Article 6 shall read as follows: "" Art. 6. -It shall be prohibited for any foreign credit institution to carry out activity in Romania, unless the activity is carried out through a branch for which an authorization has been issued by the National Bank of Romania. " 10. Article 7 shall read as follows: "" Art. 7. -It shall be prohibited to any entity that is not authorized as a credit institution to engage, on its own account or in the account of another person, in an activity of attracting deposits and/or other repayable funds from the public, in a electronic money issuance activity or in an activity of attracting and/or administering amounts of money resulting from the association in order to save and credit in a collective system. The prohibition provided in par. 1 1 shall not apply to the attraction of deposits and other repayable funds: a) by the Romanian State or by a Member State or by the regional authorities or local public administration of the Romanian State or of a Member State; ... b) by international public bodies to which the Romanian State or one or more Member States participate as a member; ... c) in the cases expressly provided for in Romanian legislation or in the national law of a Member State or in Community law, provided that these activities are subject to adequate regulation and control, in order to protect depositors and investors. ... The prohibition provided in par. 1 regarding the issuance of electronic money shall not apply to electronic money institutions exempted, in whole or in part, from the application of the provisions of this law. The exemption may be made, under the conditions provided for by the regulations of the National Bank of Romania issued in accordance with the Community legislation, for reasons related to the volume of activity or to the sphere of entities that accept as a means electronic money issued by them. ' 11. Article 8 shall read as follows: "" Art. 8. -The banks may carry out the following activities within the limits of the authorization a) attracting deposits and other repayable funds; ... b) credit contracting, including among others: consumer loans, mortgages, commercial transaction financing, factoring operations, discounting, lump sum; ... c) financial leasing; ... d) monetary transfer services; ... e) issue and administration of means of payment, such as: credit cards, traveller's cheques and the like, including electronic money issuance; ... f) issuance of guarantees and commitment; ... g) trading on its own account or on behalf of clients, under the law, with: ... -money market instruments such as cheques, bills, promissory notes, certificates of deposit; --currency; -futures and options contracts; -instruments based on the exchange rate and the interest rate; --securities and other financial instruments; h) intermediation, under the law, in the offer of securities and other financial instruments, by their subscription and placement or by placement and the provision of related services; ... i) advising on capital structure, business strategy and other issues related to it, consulting and providing services on mergers and acquisitions of companies; ... j) intermediation on the interbank market; ... k) management of client portfolios and related consultancy; ... l) retention in custody and administration of securities and other financial instruments; ... m) provision of services regarding the provision of data and references in the field of lending; ... n) rental of safety tapes. ... Provision of data and references provided in par. 1 lit. m) is made in compliance with the legal provisions regarding the obligation to keep professional secrecy. Banks may carry out, within the limits of the authorization granted, other activities permitted by the legislation in force, such as: the storage of investment fund assets and investment companies, the distribution of securities to participate in investments and shares of investment companies, acting as an operator of the electronic securities archive, operations with precious metals and stones and objects made of them, operations in office, processing services of data, database administration or other such services for third parties, participation to the share capital of other entities. Banks may provide ancillary or related services related to the activities carried out, such as: possession and administration of movable and immovable property necessary to carry out the activity or for the use of employees, and may perform any other activities or operations necessary to carry out the object of authorized activity, without the need to include them in the authorization granted. Financial leasing operations will be able to be carried out directly from the date of Romania's accession to the European Union. Until this date, financial leasing operations may be carried out through distinct companies, constituted as subsidiaries for this purpose. " 12. After Article 8, Articles 8 ^ 1 -8 ^ 3 are inserted with the following contents: "" Art. 8 8 ^ 1. -Banks cannot carry out other activities outside those provided in art. 8. Banks may also not carry out the following activities: a) operations with movable and immovable property, except for those provided in art. 8 8 ^ 2; ... b) pledging its own shares to the bank's debts; ... c) granting credits or providing other services to clients, subject to the sale or purchase of bank shares; ... d) granting of loans guaranteed with the shares issued by the bank; ... e) the receipt of deposits, securities or other values, when the bank is in cessation of payments; ... f) the granting of credits conditional on the acceptance by the customer of other services not related to the respective lending operation. ... Art. 8 ^ 2. -Banks may conduct the following operations with movable and immovable property: a) operations necessary for the activity, according to this law; ... b) operations with movable and immovable property intended to improve the professional training of employees, to organize rest and recreation spaces or to provide housing for employees and their families; ... c) rental of movable and immovable property to third parties, provided that the value of movable and immovable property leased does not exceed 5% of the bank's own funds and that the total of the income obtained from these operations does not exceed 5% of the total income of the bank, less the income obtained from these operations; these levels may 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 forced execution of bank claims. ... The movable and immovable property acquired as a result of the forced execution of the bank's claims will be sold by the bank within one year from the date of acquisition, if these goods are not used under the conditions provided in par. 1. For justified reasons, the term may be extended with the approval of the National Bank of Romania Art. 8 ^ 3. --Provisions art. 8-8 ^ 2 shall also apply accordingly to branches in Romania of foreign credit institutions. " 13. The title of Chapter III shall read as follows: "" CHAPTER III Authorisation ' 14. The following shall be inserted after the heading of Chapter III: "" SECTION 1 Authorisation of banks 15. Paragraph 2 of Article 9 shall read as follows: "Banks, Romanian legal entities, will have their registered office and, as the case may be, the real headquarters, representing the place where the main management and management center of the statutory activity is located, on the territory of Romania." 16. Article 10 shall read as follows: "" Art. 10. -Upon the authorization of a bank, the Romanian legal person, constituted as a subsidiary of a credit institution authorized in another state or as a subsidiary of an entity that holds an authorized subsidiary as a credit institution in another state or that will be find out under the control of the same natural or legal persons who control a credit institution authorized in another state, the National Bank of Romania will consult with the competent authority of the state concerned. " 17 17. Letters b), c), f) and g) of paragraph 2 of Article 11 shall read as follows: " b) the minimum level of initial capital; c) the feasibility study, which will include at least the type of operations provided for the organizational structure of the bank; ... ............................................................... f) the bank's premises; ... g) the financial auditor. " ... 18. Paragraph 3 of Article 13 shall read as follows: " The National Bank of Romania decides on the authorization of the functioning of a bank no later than 4 months from the date of receipt of the documents provided in par. 2. Provisions of para. 1 1 shall apply accordingly. '; 19. in Article 13, after paragraph 3, paragraph 4 is inserted as follows: " If the National Bank of Romania does not rule on an application for authorization within the deadlines provided for in this article, the applicant may ask the Council of Administration of the National Bank of Romania, within 15 days of on the expiry of these deadlines, the issue of Procedure provided for in art. 83 83 shall be duly applicable. ' 20 20. Letters c), f), g), h) and j) of Article 14 shall read as follows: " c) the initial capital is below the minimum level established by the National Bank of Romania; ............................................................... f) The National Bank of Romania finds that persons appointed as leaders or administrators do not meet the proposed objectives and the need to carry out the bank's activity in accordance with the requirements of the law and the rules prudent and healthy banking; ... g) The National Bank of Romania finds that the shareholders of the bank, both from the perspective of their quality and of the structure of the group from which they belong, or other persons who have close ties with the bank do not meet the requirements of sound and prudent management of the bank and effective supervision, according to the present law; ... h) before obtaining the approval of the establishment, the founders made public communications on the functioning of the bank; ... .............................................................. j) The National Bank of Romania finds that the existing legal, regulatory or administrative provisions in the country of origin, which govern the status of persons having close ties with the bank, or difficulties in implementing these provisions prevent effective prudential supervision, or that surveillance in the country of origin of a foreign credit institution which has applied for the authorisation of a branch is insufficient. '; ... 21. in Article 14, the letter k shall be inserted after point j) with the following contents: "k) the financial auditor shall not meet the requirements of experience, independence and other requirements of the law." 22. After Article 14, the following section 2 is inserted: "" SECTION 2 Regime of foreign credit institutions " 23. Article 15 shall read as follows: "" Art. 15. -Foreign credit institutions may carry out activities in Romania through branches, the establishment and operation of which are subject to the authorization of the National Bank of Romania. In this regard, the provisions of art 11 11-14 shall apply accordingly. ' 24. Article 15 shall be inserted after Article 15 (1) with the following contents: "" Art. 15 15 ^ 1. -Foreign credit institutions have the obligation to notify the National Bank of Romania of the opening of representations in Romania in accordance with the regulations given by it. The representations will limit their activity to acts of information, representation, market research, customer contact and will not carry out any operations subject to the provisions of this law. " 25. After Article 15 ^ 1, the 3rd section and Articles 15 ^ 2 and 15 ^ 3 are inserted, with the following contents: " SECTION 3 Authorisation of electronic money institutions, other than banks Article 15 ^ 2. -Electronic money institutions can be constituted in Romania as joint stock companies based on the approval of the National Bank of Romania, in compliance with the legislation applicable to companies, and can operate only on the basis of the authorization issued by it. In this regard, the provisions of art 9 9 para. 2 2, art. 10 10 and art. 11 11-14 shall apply accordingly. Article 15 ^ 3. -The object of activity of electronic money institutions will be limited to the activity of electronic money issuance and to the provision of the following categories of services: a) financial and non-financial services closely related to the activity of electronic money issuance, such as: administration of electronic money by performing operational functions and other related functions related to the issuance of currency the electronic, issuing and administration of other means of payment, without providing credit in any form; ... b) information storage services on an electronic medium, on behalf of a public institution or other entity. ... Electronic money institutions shall not attract any repayable funds other than those which are immediately converted into electronic money. " 26. The introductory part of Article 16 shall read as follows: " The National Bank of Romania may withdraw the authorization granted to a bank, Romanian legal person, or a branch in Romania of a credit institution based abroad, or at the request of the bank, when the shareholders decided to dissolve and its liquidation, respectively at the request of the foreign credit institution, or as a sanction according to art. 69 69 para. 2 lit. e) or for the following reasons: " 27. The three indents and letters c) and f) of Article 16 shall be repealed. 28. After Article 16, Articles 16 ^ 1 and 16 ^ 2 are inserted with the following contents: "" Art. 16 16 ^ 1. -The application for the withdrawal of the authorization, formulated according to the 16 by the bank, the Romanian legal person, respectively by the foreign credit institution, will be accompanied at least by the plan to liquidate the asset and extinguish the liability, to ensure the full payment of the claims of depositors and other creditors. Liquidation at the initiative of the shareholders is allowed only if the bank is not in any of the situations provided by law for triggering the bankruptcy procedure. Article 16 ^ 2. -In case of withdrawal of the authorization of a bank, Romanian legal person, or a branch in Romania of a foreign credit institution that does not have its registered office on the territory of a Member State, the National Bank of Romania shall inform accordingly the competent authorities of the host Member States where the bank and the foreign credit institution are active. '; 29. Paragraph 1 of Article 17 shall read as follows: " The decision of the National Bank of Romania to withdraw the authorization shall be communicated in writing to the bank or branch concerned, together with the reasons that were the basis of the decision, and shall be published in the Official Gazette of Romania, Part I, and at least in two daily national circulation. " 30. Article 18 shall read as follows: "" Art. 18. -Following the withdrawal of the authorization, the bank will go into liquidation, the provisions contained in the head XIII ^ 1 relating to the liquidation of banks shall be applicable accordingly. Starting with the date of entry into force of the decision to withdraw the authorization, the bank, the Romanian legal person, namely the Romanian branch of the foreign credit institution, will not be able to carry out activities other than those related to liquidation. " 31. The title of Chapter V shall read as follows: "" CHAPTER V Merger and division " 32. Article 20 shall read as follows: "" Art. 20. -The merger can be achieved: a) between two or more banks; ... b) between banks and electronic money institutions; ... c) between banks and financial institutions; ... d) between banks and entities providing ancillary or ancillary services. ... Merger and division, under the conditions of par. 1, are subject to prior approval of the National Bank of Romania. If new credit institutions result from the merger or division of a bank, they are obliged to obtain the operating authorization from the National Bank of Romania. " 33. Article 22 shall read as follows: "" Art. 22. -In all its official acts the bank must clearly identify itself by a minimum of data: the company under which it is registered in the commercial register, the share capital, the address of the registered office, the unique registration code, the order number in the register of trade, the number and the date of registration in the register 34. Article 23 shall read as follows: "" Art. 23. -The bank is committed by signature of at least 2 leaders, having the powers established by the articles of association, or at least 2 employees of the bank, empowered by its management. It is assimilated to the signatures provided in par. 1 1: a) extended electronic signature, based on a qualified certificate issued by a qualified certification service provider, in accordance with the legal provisions on electronic signature; ... b) any other equivalent technique to guarantee the authenticity of the signature, approved by the National Bank of Romania. " ... 35 35. The letter d) of Article 24 shall read as follows: "d) the tasks of the audit committee, the risk management committee, the establishment and operation of which will be established by the regulations of the National Bank of Romania;" 36. in Article 24, after letter d), the letter d ^ 1 is inserted) with the following contents: "d ^ 1) the tasks of the management committee of assets and liabilities, of the credit committee and of other specialized bodies of the bank, the establishment and operation of which will be established on the basis of the decision of the statutory bodies;" 37. Letters e) and f) of Article 24 shall read as follows: " e) the powers of the heads of the bank, persons who provide the management of the compartments within the bank, branches and other secondary offices and other employees who carry out operations on behalf of and on behalf of the bank; f) the internal control system and the organization and functioning of the internal audit activity. " ... 38. in Article 25, after paragraph 2, paragraph 2 is inserted with the following contents: " The appointment of the head of the bank shall ensure that each of the types of activities which they carry out are under the coordination of an experienced leader in these activities. ' 39. in Article 25, after paragraph 3, paragraph 3 is inserted with the following contents: " The evaluation will be done both at the individual level and at the collective level, so as to ensure the fulfilment of the requirements provided in par. 3 3. " 40. Article 25 ^ 1 shall read as follows: "" Art. 25 25 ^ 1. -The management of the bank must be provided by at least two persons. The leaders must be employees of the bank and may be members of the board of directors. The bank's leaders must effectively ensure the day-to-day management of the bank's activity, to exercise exclusively the function for which they were appointed and at least one of them to attest to the knowledge of the Romanian language. They must be licensed in one of the economic, legal or other fields that circumscribe the financial-banking activity and/or have completed postgraduate courses in one of these fields and have experience of at least 7 years in the financial-banking field, which is relevant for the specificity and volume of the activity carried out by the bank. Bank administrators can only be individuals. These persons must have a minimum of 3 years ' experience in the financial and banking field or in a field that may be considered relevant for the bank's activity. " 41. Article 26 shall read as follows: "" Art. 26. -If the bank's leaders form part of the management board, the number of its members shall be determined in such a way that administrators who do not have the status of its leader constitute the majority. " 42. Paragraph 1 of Article 27 shall be repealed. 43 43. Letters b)-d) of paragraph 2 of Article 27 shall read as follows: "" b) is an employee, administrator or financial auditor at another credit institution, the Romanian legal person, unless the bank is a subsidiary of that credit institution; c) in the last 5 years it has been withdrawn by the competent authority to conduct a credit institution or has been replaced as a result of a remedial action taken by a credit institution; ... d) it is prohibited, by a legal provision, a court decision or a decision of another authority, to run a credit institution, a financial institution or an insurance/reinsurance company or to carry out activity in one of the areas specific to those institutions. ... 44. in Article 27, after paragraph 2, paragraph 3 is inserted as follows: " The provisions of the legislation in force, regarding the situations of incompatibility provided for administrators, including those of par. 2, and the head provisions. VII shall also apply to the heads of the bank who are not members of the board. " 45. Article 28 shall read as follows: "" Art. 28. --Provisions art. 21-25 ^ 2 also applies accordingly to branches of foreign credit institutions, authorized to operate in Romania. The heads of these branches shall also apply to the provisions of 27 27 para. 3 3. " 46. The title of Chapter VIII shall read as follows: "" CHAPTER VIII Professional secrecy in banking " 47. Article 35 shall read as follows: "" Art. 35. -The bank shall maintain confidentiality on all facts, data and information relating to the work carried out, as well as on any fact, date or information, at its disposal, which concern the person, the property, the activity, business, personal or business relationships of customers or information on customer accounts-balances, turnovers, operations carried out-, to the services provided or to contracts concluded with customers. Any person benefiting from the services of a bank shall be considered a customer. " 48. Article 36 shall read as follows: "" Art. 36. -Any member of the board of a bank, its employees and any person who, in one form or another, participates in the management, administration or activity of the bank has the obligation to keep professional secrecy on any fact, data or information to which art refers. 35, which he became aware of during the course of his professional activity. Persons referred to in par. 1 do not have the right to use or disclose, either during the activity or after its termination, facts or data that, if they become public, would harm the interests or prestige of a bank or its client. Provisions of para. 1 and 2 shall also apply to persons who obtain information of the nature of those shown, from reports or other documents of the bank. " 49. Article 37 shall read as follows: "" Art. 37. -The obligation of professional secrecy cannot be opposed to the competent authority in the exercise of its duties provided by law. Information of the nature of professional secrecy may be provided, in so far as they are justified by the purpose for which they are requested or provided, in the following situations: a) at the request of the holders or their heirs, including their legal and/or statutory representatives, or their express agreement; ... b) in cases where the bank justifies a legitimate interest; ... c) at the written request of other authorities or institutions or ex officio, if by special law the authorities or institutions that are directed to request and/or receive such information are provided and are clearly identified the information that may be provided by the bank for the purpose of carrying out the specific tasks of those authorities or institutions; ... d) at the written request of the spouse of the account holder, when he proves that he has entered into court a request for the division of the common goods, or at the request of the court. ... In the request addressed to the bank, 2 lit. c), the legal basis of the request for information must be specified, the identity of the customer to whom the confidential information is requested, the category of data requested and the purpose for which they are requested. Persons empowered to request and/or receive information of the nature of professional secrecy in the banking field are obliged to keep their confidentiality and may use them only for the purpose for which they have requested them or been provided, according to law. The staff of the bank may not use personally or for the benefit of another, directly or indirectly, information of the nature of those provided in art. 35 35, which he owns or has become aware of in any way. " 50. After Article 37, Articles 37 ^ 1 -37 ^ 3 shall be inserted as follows: "" Art. 37 37 ^ 1. -In criminal cases, at the written request of the prosecutor or court or, as the case may be, of the criminal investigation bodies, with the authorization of the prosecutor, the banks will provide information of the nature of professional secrecy. Art. 37 37 para. 4 4 shall apply accordingly. Article 37 ^ 2. -No violations of the obligation of professional secrecy shall be considered: a) the provision of aggregated data, so that the identity and information on the activity of each client cannot be identified; ... b) the provision of data to the structures constituted in the form of the bank risk plant, the payment incidents plant or the deposit guarantee fund, organized under the law; ... c) the provision of data to the bank's financial auditor; ... d) provision of information at the request of correspondent banks; ... e) the provision of data and information necessary to carry out supervision on a consolidated basis. ... Article 37 ^ 3. -The provisions contained in this chapter shall also apply accordingly to the branches of foreign credit institutions authorized to operate in Romania, as well as to the legal entities referred to in art. 2 2 para. 2 2. " 51. Paragraph 2 of Article 38 shall read as follows: " Banks must organize their entire activity in accordance with the rules of a prudent and healthy banking practice, with the requirements of the law and regulations of the National Bank of Romania. In this regard, banks shall have appropriate administration and accounting procedures and appropriate internal control systems. '; 52. Article 40 shall read as follows: "" Art. 40. -The share capital of a bank must be paid up, in full and in monetary form, at the time of subscription. The minimum level of initial capital is established by the National Bank of Romania, by regulations. Upon constitution, the capital contribution will be paid into an account opened at a credit institution, which will be blocked until the bank's registration in the commercial register. When establishing a bank, the initial capital is equal to the share capital, except in cases where the newly constituted bank is resulting from a reorganization process by merger or division. At the opening of a branch, the initial capital shall be ensured by providing it with the capital of endowment by the foreign credit institution. " 53. Article 41 shall read as follows: "" Art. 41. -Banks can only increase the share capital by using the following sources: a) new contributions in the form of money; ... b) issue or contribution premiums and other capital-related premiums, in full, left after the coverage of unamortized expenses with such operations, as well as reserves constituted on account of such premiums; ... c) dividends from net profit due to shareholders, after payment of dividend tax, according to the law; ... d) reserves made up of net profit, existing in the balance, according to the last accounting balance. ... Branches of foreign credit institutions, authorized to operate in Romania, can increase the endowment capital by using the following sources: a) new monetary contributions made available to the branch by the foreign credit institution, with the destination "endowment capital"; ... b) reserves made up of net profit, existing in the balance according to the last annual financial statement. " ... 54. Article 42 shall be repealed. 55. Article 43 shall read as follows: "" Art. 43. -Banks apportion of the accounting profit determined before the deduction of the profit tax, the amounts intended to constitute the fund for general banking risks, within the limit of 1% of the balance of the assets carrying risks specific to the activity banking, as established by the regulations of the National Bank of Romania, in so far as the respective amounts are found in the net profit. " 56. in Article 45, paragraph 2 is inserted as follows: " Indicators related to the requirements laid down in lett. a), c)-e) of par. 1 will be calculated according to the level of own funds; this level will not be lower than the minimum level of initial capital, established by the regulations of the National Bank of Romania. " 57. Article 45 shall be inserted after Article 45 with the following contents: "" Art. 45 45 ^ 1. -For the purpose of determining the solvency indicator, the National Bank of Romania may recognize the reduction of the credit risk in the event of the conclusion of the following types of contracts for the clearing of receivables and mutual obligations arising from operations with instruments based on the exchange rate and interest rate and operations similar to gold: a) bilateral contracts by which the parties stipulate that, within the deadlines set or at the time of occurrence of a determined event-as a rule, the impossibility of a party to honor its obligations assumed-, the initial mutual obligations, even not reached maturity, automatically extinguished, being replaced by a new obligation, so that a single net amount resulting from the compensation of the initial obligations will be due by the debtor party; ... b) other bilateral clearing contracts. ... Operations and conditions under which the National Bank of Romania recognizes the reduction of credit risk, according to par. 1, and its method of calculation will be established by the regulations issued by the National Bank of Romania. " 58. Article 46 shall read as follows: "" Art. 46. -Banks, Romanian legal entities, can open on the territory of Romania branches and other secondary offices-agencies and the like-, under the conditions provided by the regulations of the National Bank of Romania. Banks, Romanian legal entities, will be able to carry out banking and other financial activities abroad, within the limit of the authorization granted by the National Bank of Romania, only through a branch. The opening of branches abroad is subject to prior approval of the National Bank of Romania, according to the regulations issued by it. The application for the approval of the opening of a branch abroad will indicate the country in which the opening of the branch is intended and will be accompanied, without limitation, by the following: a) a feasibility study, which will include at least the types of activities that will be carried out through the branch and its organizational structure; ... b) the identity of the persons appointed to ensure the management of the branch and information on their qualification, experience and honorability; ... c) address of the branch office. ... The National Bank of Romania may reject an application for the approval of the opening of a branch abroad by a bank, the Romanian legal person, if, on the basis of the information held and the documentation presented by the bank, it finds that: a) the bank has no administrative capacity or adequate financial situation, in relation to the activity proposed to be carried out through the branch; ... b) the existing legislative framework in the host country and/or its application shall prevent the execution of an oversight according to the principles of this law; ... c) the bank records an improper evolution of the indicators related to the banking prudence requirements. ... Any modification of the elements provided in par. 4 is subject to prior approval of the National Bank of Romania. " 59. After Article 46, Articles 46 ^ 1 and 46 ^ 2 are inserted with the following contents: "" Art. 46 46 ^ 1. -By derogation from the provisions of art. 46 46 para. 3, banks, Romanian legal entities, can carry out banking and other financial activities in the Member States, according to art. 8 8 para. 1, for which they are authorised, by means of a branch or directly, if they meet the conditions laid down by the legislation of that Member State, which aims to protect the general interest. The bank, the Romanian legal person, who intends to open a branch in a Member State, will notify this to the National Bank of Romania, together with the information provided in art. 46 46 para. 4. Within 3 months from the receipt of the notification, the National Bank of Romania shall communicate to the competent authority of the host Member State the information received or, as the case may be, refuse their transmission and inform the bank accordingly. If the National Bank of Romania does not inform the bank within the stipulated period, it shall, within 15 days from the expiry of the period, address the Board of Directors of the National Bank of Romania, requesting the issuance of a decision, the procedure referred to in Article 83 83 being properly applicable. The National Bank of Romania will be able to refuse the transmission of the communication to the competent authority of the host Member State, on the recitals 46 46 para. 5 lit. a) and c), in which case it will notify the bank and the reasons behind the decision. The communication to the competent authority of the host Member State shall include, in addition to the information provided by the bank, 46 46 para. 4, and information on: a) the bank's own funds and the level of solvency indicators; ... b) a description of the deposit guarantee system 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 other information requested by the Any intention to modify the information provided according to par. 2 will be communicated to the National Bank of Romania at least one month before the date on which the respective amendment is to be carried out, within which the National Bank of Romania will proceed according to the provisions of par. 3. Art. 46 ^ 2. -Banks, Romanian legal entities, which intend to carry out banking activity for the first time and other financial activities directly in a Member State will notify this to the National Bank of Romania. The notification shall indicate the Member State concerned and shall include the activities referred to in Article 1 8 8 para. 1 1 to be deployed. Within one month from the receipt of the notification, according to par. 1 the National Bank of Romania shall communicate it to the competent authority of the host Member State. " 60. Article 48 shall read as follows: "" Art. 48. -Any interest in the nature of financial assets, held-directly and/or indirectly-by a bank, in shares, shares or other securities of a participatory nature in entities other than credit institutions, financial institutions, insurance and ancillary or ancillary services, may not exceed: a) 15% of its own funds; ... b) 20% of the share capital of that entity or, where applicable, of the total amount of securities of a participatory nature issued by such an entity. ... The total amount of financial assets referred to in par. 1 1 may not exceed 60% of the bank's own funds. " 61. Article 49 shall read as follows: "" Art. 49. -It is subject to the prior approval of the National Bank of Romania, according to the a) any participation that the bank intends to hold in credit institutions, financial institutions, insurance or other entities that, as a result of the acquisition of that stake, would enter the consolidation perimeter of the accounts, as applicable; ... b) any holding whose value is at least 10% of the bank's own funds, which it intends to hold in shares or other securities of a participatory nature not listed on a regulated market; ... c) any interest of which is between 10% and 15% of the bank's own funds, which it intends to hold in shares or other securities of a participatory nature, listed on a regulated market, issued by entities, others other than credit institutions, financial institutions, insurance or ancillary or ancillary services companies; ... d) any participation of the bank, of the nature of those referred to in 48 48 para. 1, which, in circumstances justified by exceptional circumstances, exceeds the limits laid down in this Article. ' ... 62. Article 49 shall be inserted after Article 49 with the following contents: "" Art. 49 49 ^ 1. -Among the objectives pursued by the National Bank of Romania, when approving the holdings provided in art. 49, it shall be borne in mind that: a) the acquisition of those holdings does not subject the bank to undue risks or to prevent effective supervision on a consolidated basis; ... b) the bank shall have sufficient financial and organisational resources for the acquisition and administration of those holdings. ... In case of approval of a participation, under the conditions provided in art. 49 lit. d), the National Bank of Romania will ask the bank to increase its own funds accordingly and will set the deadline within which this increase will be achieved. Holdings of the nature of financial assets, other than those subject to prior approval of the National Bank of Romania, will be notified to it within 5 days from the date of their purchase by the bank. " 63. Article 51 shall read as follows: "" Art. 51. -Any natural or legal person or group of persons who intend to become a significant shareholder of a bank must notify this intention to the National Bank of Romania, in accordance with the regulations issued by it, informing on the size of the stake it wants to acquire. No later than 3 months after the notification is received, the National Bank of Romania may oppose the intention to purchase a stake, according to par. 1, having regard to the requirements of art. 52 52 ^ 1. If the National Bank of Romania does not oppose the intention provided in par. 2 2, it may set a maximum period for this intention to materialise. " 64. Article 52 shall read as follows: "" Art. 52. -Any significant shareholder who intends to increase their stake or the proportion of voting rights, so that they reach or exceed 20%, 33% or 50% of the share capital or the total voting rights, or bank to become a subsidiary of itself, must notify this intention to the National Bank of Romania, in which case the provisions of art. 51 51 shall apply accordingly. Any significant shareholder intending to reduce their shareholding or proportion of voting rights, so that it represents less than 10%, 20%, 33% or 50% of the share capital or total voting rights or the bank itself. cease to be a subsidiary of himself, will notify this intention to the National Bank of Romania. Banks shall immediately inform the National Bank of Romania of any acquisition or disposal of their shares exceeding, respectively, below the levels provided in par. 1 1 and 2. At least once a year the banks will communicate to the National Bank of Romania the identity of their significant shareholders and, as the case may be, any other data and information on these persons, required by the regulations of the National Bank of Romania. " 65. in Article 52 ^ 1, after paragraph 2, paragraph 3 is inserted as follows: " If the person who intends to become a significant shareholder of a bank, the Romanian legal person, is an authorized credit institution in another state or is an entity that holds an authorized subsidiary as a credit institution in another state or is a natural or legal person who controls an authorized credit institution in another state and if, following the acquisition of the stake, the bank will become a subsidiary of this person or will be controlled by it, the evaluation the significant shareholder will be subject to prior consultation with the competent authority of the the State concerned. ' 66 66. The letter c) of Article 52 ^ 2 shall read as follows: "c) legal persons shall operate for a minimum of 3 years, except those resulting from a merger or division, in which case the term of 3 years shall also include the operation of the person or legal persons from which they originate." 67. in Article 52 ^ 2, paragraph 2 is inserted as follows: " If the persons referred to in par. 1 are credit institutions or branches thereof or in other justified cases, the National Bank of Romania may exempt these persons from the fulfilment of the condition provided in lett. c) a par. 1 1. " 68. In Chapter IX, Section 5 "Prohibited Transactions" and Article 53, respectively, shall be repealed. 69 69. Letters b) and d) of paragraph 1 of Article 54 shall read as follows: " b) a register of its shareholders, except where the record of shareholders is held by an independent register company, according to the law; ............................................................... d) the minutes of meetings and decisions of the board of directors and committees provided by law or regulations of the National Bank of Romania and, as the case may be, of the committees constituted on the basis of the decision of the statutory bodies of the bank; " ... 70. Paragraph 3 of Article 56 shall read as follows: " From the date of initiation of a judicial procedure against a debtor, including in the case of the bank's request for the investment with the enforceable formula of the credit agreement or, as the case may be, of its initiation of another enforcement procedure forced by the law, the interest established according to the contract or, as the case may be, the legal interest will be calculated further, if by law it is not stipulated that from the date of opening the procedure no more interest is due; interest and credits they will be highlighted by the bank outside the balance sheet. " 71. in Article 56, after paragraph 3, paragraph 4 is inserted as follows: " The guarantees constituted in favour of the bank for the purpose of guaranteeing loans, which meet the advertising conditions provided by law, give banks priority over third parties, including the state, whose claims and guarantees have subsequently fulfilled the advertising conditions. " 72. Article 56 (1) shall be inserted after Article 56: "" Art. 56 56 ^ 1. --Provisions art. 56 56 para. 1 1 applies to all operations and transactions of the bank. Banks issuing electronic money shall be obliged to enter into contracts with the holders by which the conditions for its redemption are clearly established. During the period of validity for which the electronic money was issued, the issuing banks shall be obliged to redeem it, at the request of the holders, at an amount equal to its value existing in the balance. The redemption will be made by changing its value in cash or by transfer to the account, without retaining other fees and commissions than those strictly necessary to carry out the redemption operation. The contract may provide for a minimum redemption threshold, which may not be higher than the equivalent of 10 euros. " 73. Article 57 shall read as follows: "" Art. 57. -The banks must keep the accounting records permanently, in accordance with the provisions of the accounting law and the specific regulations given in its application, and draw up financial statements that provide a faithful image of the position financial performance, financial performance, cash flows and other information relating to the work carried out. The accounting and financial statements of a bank shall also reflect the operations and financial situation of subsidiaries, branches and other secondary offices, on an individual basis and, where appropriate, on a consolidated basis. " 74. Paragraph 1 of Article 58 shall be repealed. 75. Article 58 shall be inserted after Article 58 with the following contents: "" Art. 58 58 ^ 1. -The financial statements of the bank, drawn up on an individual basis and, as the case may be, on a consolidated basis, shall be audited, according to this law, by financial auditors approved by the National Bank of Romania. " 76. Article 60 shall be repealed. 77. Article 61 shall read as follows: "" Art. 61. -For the purpose of auditing financial statements, each bank will conclude contracts with financial auditors, legal entities authorized by the Chamber of Financial Auditors in Romania, according to the law. Financial auditor: a) will draw up an annual report together with its opinion, showing whether the financial statements present a true picture of the financial position, financial performance, treasury flows of the bank and the other information relating to the work done, according to the professional standards published by the Chamber of Financial Auditors in Romania; ... b) analyze the practices and procedures of internal control and audit and, if they consider that they are not appropriate, will make recommendations to the bank for their remediation; ... c) will provide, at the request of the National Bank of Romania, any details, clarifications, explanations regarding the data contained in the financial statements of the bank. ... The financial auditor's report together with his opinion will be presented to the general meeting of shareholders and will be published together with the annual financial statements. " 78. Article 61 (1) shall be inserted after Article 61: "" Art. 61 61 ^ 1. -The financial auditor of a bank must inform the National Bank of Romania as soon as, in the exercise of its duties, he became aware of any act or fact in connection with the bank or entities entering the perimeter of consolidation, act or fact which: a) constitutes a serious violation of the law and/or regulations or of the acts issued in its application, by which the conditions for authorization and conduct of the bank's activity are established; ... b) it is likely to affect the patrimonial situation of the bank or its good functioning; ... c) may lead to a refusal by the auditor to express his opinion on the financial statements of the bank or to his expression of an opinion with reservations. ... Fulfillment in good faith by the financial auditor of the obligation to inform the National Bank of Romania, according to par. 1 1 and art. 61 61 para. 2 lit. c), does not constitute a violation of the obligation to preserve the professional secrecy, which lies with him according to the law or contractual clauses, and cannot attract his material liability. " 79. Article 62 shall read as follows: "" Art. 62. -Each bank shall publish the financial statements, after their approval by the general meeting of the shareholders, in the form established by the National Bank of Romania and approved by the Ministry of Public Finance, at the deadlines provided by law. " 80. Article 62 shall be inserted after Article 62, with the following contents: "" Art. 62 62 ^ 1. --Provisions art. 38, 39, 44, 45 ^ 1, 46 para. 1 1, art. 54-59, 61 and 62 also apply accordingly to branches of foreign credit institutions, authorized to operate in Romania. In cases where foreign credit institutions decide to set up at the level of their branches in Romania the fund provided for in art. 43, the provisions of this Article shall also apply accordingly to those branches. Branches of foreign credit institutions shall publish in Romanian the annual financial statements of the foreign credit institution, drawn up and audited according to the legislation of the country of origin. Art. 45 45 and 50 shall apply to branches referred to in paragraph 1. 1, only if so provided in the regulations of the National Bank of Romania. " 81. The title of Chapter X shall read as follows: "" CHAPTER X Payment systems " 82. Article 63 shall read as follows: "" Art. 63. -The National Bank of Romania regulates, authorizes and supervises payment systems in Romania, including their administrators, in order to ensure the functioning of the systems in accordance with international standards in this field. Payment systems referred to in par. 1 cannot operate on Romanian territory without obtaining the authorization of the National Bank of Romania. " 83. Article 64 shall read as follows: "" Art. 64. -The National Bank of Romania issues regulations on payment systems, which will refer to: a) the conditions and modality of organization of payment systems; ... b) the conditions and the authorization procedure, the cases in which the authorization can be revoked; ... c) the criteria and rules for the supervision of payment systems, including the participants in these systems and their administrators; ... d) information and reports to be provided to the National Bank of Romania; ... e) the minimum requirements for the operation, operational audit and risk management of a payment system and those relating to the financial statements and internal audit of the participants and the administrator of a payment system; ... f) any other specific requirements necessary for the proper functioning of a payment system. " ... 84. Article 65 shall read as follows: "" Art. 65. -The funds and financial instruments of the participants in the payment systems, made available to the settlement agent, within the limits requested by the rules of the system, in order to guarantee the fulfilment of the obligations arising from the as a participant in the system, may not be subject to enforcement by third parties and may not be encumbered by other collateral or tasks by the debtor participant. Funds and financial instruments referred to in par. 1 are exempted from the registration procedure in the Electronic Archive of Real Securities Guarantees. In case of bankruptcy of a participant in the payment system, the funds and financial instruments provided in par. 1 1 will only be used for the purpose of fulfilling obligations arising from irrevocable transfer orders and net positions resulting from the clearing, which accrue to the participant until the date of delivery, including the opening decision of the bankruptcy proceedings. In case of termination of the quality of participant in the payment system, the funds and financial instruments referred to in par. 1 1 will be used only for the purpose of fulfilling the obligations arising from irrevocable transfer orders and from net positions resulting from the clearing, which accrue to the participant until the time of termination of the participant's quality. " 85. Article 66 shall read as follows: "" Art. 66. -In order to protect the interests of depositors and to ensure the stability and viability of the entire banking system, the National Bank of Romania provides prudential supervision of banks, Romanian legal entities, and branches of institutions of foreign credit, authorized to carry out activity on the territory of Romania, by establishing rules and indicators of bank prudence, tracking their compliance and other requirements provided by law and applicable regulations, imposing necessary measures and sanctions, with a view to preventing and limiting the risks specific to banking. The pursuit of compliance with the prudential requirements and other requirements stipulated by the banking legislation shall be carried out by the National Bank of Romania on the basis of reports made according to this law and the regulations given in its application and by inspections carried out at: a) the seat of banks, Romanian legal entities, branches and other secondary offices of the country and abroad; ... b) premises of branches of foreign credit institutions operating in Romania. " ... 86. in Article 67, after paragraph 1, paragraph 1 shall be inserted with the following contents: " For the verification of branches opened in the Member States by banks, Romanian legal entities, the National Bank of Romania may carry out inspections at the premises of these branches, with the prior information of the competent authorities of the Member States the host or may require those authorities to carry out the verification. 87. in Article 68, paragraphs 2 and 3 shall be inserted as follows: " The banks are obliged to transmit to the National Bank of Romania any information requested by it, in writing or in the framework of surveillance and control actions, in order to exercise its powers provided by law. Provisions of paragraph 1 and 2 shall also apply to branches in Romania of foreign credit institutions. " 88. After Article 68, Articles 68 ^ 1 -68 ^ 4 are inserted with the following contents: "" Art. 68 68 ^ 1. -The National Bank of Romania oversees the activity of banks, Romanian legal entities, on an individual basis and on a consolidated basis, under the conditions provided by this law Any bank, the Romanian legal entity, which has as subsidiaries other credit institutions and/or financial institutions based in Romania or abroad, will be supervised by the National Bank of Romania on the basis of its consolidated financial situation. Any bank, the Romanian legal entity, 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 will submit to the bank information on the financial situation on its consolidated basis. Provisions of paragraph 3 will not be interpreted in the sense that the National Bank of Romania has supervisory powers on the individual basis of financial holding. In application of the provisions of 2 and 3, the National Bank of Romania will establish by regulations the perimeter of consolidation, the exceptions to the consolidation principles, the consolidation methods, the information to be provided in order to achieve supervision on a consolidated basis and the prudential requirements to be complied with at the consolidated level, which shall relate at least to the following elements: a) solvency; ... b) the adequacy of own funds to cover market risk; ... c) control of large exposures; ... d) limitation of holdings in non-financial activities; ... e) internal organisation and control to ensure adequate mechanisms for the production and transmission of any data and information necessary for the purpose of enhanced surveillance; ... f) control of exposures to persons in special relations with the bank. ... Art. 68 ^ 2. -If the bank, the Romanian legal person, and a credit institution authorized in a Member State are subsidiaries of the same financial holding company, the National Bank of Romania is competent to provide supervision on a consolidated basis in case which: a) the financial holding company is based in Romania; ... b) the financial holding company is established in another Member State, in which it no longer holds as subsidiaries credit institutions and the bank, the Romanian legal person, in relation to the other credit institutions that are subsidiaries of the financial holding company, or has the the higher value of the balance sheet asset or, in the event of its equality, has been the first authorised, if a collaboration agreement concluded with the competent authority of that Member State is not otherwise provided. ... By way of derogation from paragraph 1. 1, through collaboration agreements concluded by the National Bank of Romania with the competent authorities of the Member States, it may be established that the duties on supervision on a consolidated basis are exercised by the respective competent authorities. The collaboration agreements referred to in par. 1 lit. b) and para. 2 will include the modalities of collaboration and transmission of information necessary to carry out supervision on a consolidated basis Art. 68 ^ 3. --All credit institutions, financial institutions, insurance or other entities falling within the scope of consolidation, holding companies and subsidiaries and subsidiaries of a bank or holding company financial, which are not included in the consolidation perimeter, are obliged to ensure the exchange of information necessary to carry out supervision according to par. 2 2, art. 68 68 ^ 1 and 68 ^ 4. The National Bank of Romania may request the subsidiaries of a bank or financial holding company, which are not included in the consolidation perimeter, to transmit any necessary information to the bank's supervision. Art. 68 ^ 4. -The National Bank of Romania may request, either directly to the holding companies, or through their subsidiaries-banks, Romanian legal entities-, any data and information necessary for the purposes of carrying out the supervision of the bank. Provisions of paragraph 1 will not be interpreted in the sense that the National Bank of Romania has supervisory powers in relation to the activity of the holding company or its subsidiaries. For verification of the information received according to 1, the National Bank of Romania may carry out inspections at the headquarters of holding companies and their subsidiaries, when it is located on the territory of Romania, the provisions of art. 67 67 para. 1 1 by applying properly. For the verification of holding companies and their subsidiaries, having their headquarters in the Member States, the National Bank of Romania may carry out inspections at their premises, with the consent of the competent authority of the home Member State, or may request the competent authority concerned carrying out this verification. 89. In Article 69, the introductory part and letter a) of paragraph 1 shall read as follows: " If the National Bank of Romania finds that a bank and/or any of the administrators or heads of the bank or persons appointed to ensure the management of the compartments, branches or other secondary offices shall be guilty by: a) violation of a provision of this law or regulations or orders issued by the National Bank of Romania or of the bank's own regulations; " ... 90 90. The letter b) of paragraph 2 of Article 69 shall be repealed. 91 91. The letter c) of paragraph 2 of Article 69 shall read as follows: " c) the fine applicable to the bank, between 0.05% and 1% of the share capital, or administrators, heads or persons referred to in par. 1, between 1-6 average net salaries/bank, according to the salary situation existing in the month preceding the date on which the deed was found. The fines collected are made to the state budget; " 92. Article 70 shall read as follows: "" Art. 70. -Following the findings, the National Bank of Romania can take the following measures: a) the conclusion of a written agreement with the board of directors of the bank, comprising a program of remedial measures; ... b) obliging the bank at fault to take measures to remedy the consequences of the facts found; ... c) the establishment of special surveillance and special administration measures, according to the head provisions. XIII; ... d) suspension of the exercise of the voting rights of the shareholders, in cases where those persons no longer meet the requirements laid down by this law and the regulations issued in its application on the quality of the ownership of a bank or perform an individual or common policy that jeopardises the provision of sound and prudent management of the bank, to the detriment of the interest of depositors and other creditors; ... e) limiting the bank's operations, including by closing branches abroad, with the withdrawal of approval for them or limiting their operations, in situations where the bank does not provide adequate supervision of the branch's activity; ... f) the withdrawal of the approval granted for the bank's holdings in the share capital of some subsidiaries or the limitation of such holdings, including where the supervision on a consolidated basis is prevented by not transmitting the necessary information by these subsidiaries; ... g) the withdrawal of the approval granted to the financial auditor, if he does not properly perform the duties provided by law or does not comply with the specific ethical and professional conduct requirements. ... The shareholders against whom the measures provided in par. 1 lit. d) will no longer be able to purchase new shares of the bank, properly applying the provisions of art. 73. The measures provided in par. 1 lit. d) may be ordered including in cases where the parent company, financial holding company or holding company of the bank prevents supervision on a consolidated basis, according to this law, by not submitting the necessary information to its realization. In case of withdrawal of approval for the bank's holdings in the share capital of some subsidiaries or the limitation of these holdings, the bank must sell its holdings above the level established by the National Bank of Romania. " 93. After Article 70, Articles 70 ^ 1 -70 ^ 4 are inserted with the following contents: "" Art. 70 70 ^ 1. -remedial measures that can be taken by the bank according to art. 70 70 para. 1 lit. a) and b) shall include, without limitation, the following: a) the establishment of a plan to increase own funds; ... b) replacement of administrators; ... c) replacement of persons appointed to ensure the management of compartments, branches or other secondary offices of the bank; ... d) improving the internal control system. ... Art. 70 ^ 2. -Application of sanctions, according to art. 69 69, does not preclude the adoption of the measures 70. In case of special administration, the National Bank of Romania will also decide on the withdrawal of approvals granted to the heads, administrators and financial auditor of the bank and, respectively, to suspend the voting rights of shareholders. Art. 70 ^ 3. -On the complaint received from the competent authorities of the host Member States regarding the violation by banks, Romanian legal entities, of the requirements regarding the activity in the respective Member States, the National Bank of Romania shall have the measures it deems necessary, in accordance with this law, and shall inform the competent authorities of the host Member States thereof. Art. 70 ^ 4. -The National Bank of Romania may order the participants and/or administrator of a payment system to adopt measures to remedy the deficiencies found within the system. If the National Bank of Romania finds that the persons referred to in par. 1 are guilty of non-compliance with the head provisions. X, of the regulations issued by the National Bank of Romania in application of these provisions or do not comply with those ordered by it, the National Bank of Romania may apply the following sanctions: a) written warning; ... b) fine between 100,000,000 lei and 1,000,000,000 lei; ... c) exclusion of one or more participants; ... d) withdrawal of authorization granted for the operation of a payment system. ... The levels referred to in paragraph 2 lit. b) will be modified by the National Bank of Romania, depending on the evolution of the annual inflation rate. " 94. Article 71 shall read as follows: "" Art. 71. -The finding of the facts contained in this chapter, which constitute violations of the banking discipline or that in the field of payment systems, is made by the staff of the National Bank of Romania, empowered in this regard by the persons mentioned in par. 2. The acts of application of the measures and sanctions provided for in this chapter shall be issued by the Governor or Deputy Governors of the National Bank of Romania, except for the sanctions provided in art. 69 69 para. 2 lit. d) and e) and of the measures provided for in art. 70 70 para. 1 lit. c), the application of which is within the competence of the Board. " 95. Paragraph 1 of Article 72 shall read as follows: " Application of sanctions provided in art. 69 and 70 ^ 4 are prescribed within one year from the date of becoming aware, but not more than 3 years after the date of the act. " 96. After Article 72, the following Article 72 ^ 1 is inserted as follows: "" Art. 72 72 ^ 1. --Provisions art. 69-72 shall also apply accordingly to branches in Romania of foreign credit institutions, except for the special administration measures provided for in art. 70 70 para. 1 lit. c). " 97. Article 73 shall read as follows: "" Art. 73. -The exercise of the right to vote of the significant shareholders of a bank that did not notify the National Bank of Romania, according to art. 51 and 52, the intention to become significant shareholders or to increase its stake in the bank or holding a stake in the share capital or voting rights to the acquisition of which the National Bank of Romania has made opposition, under art. 51 51 para. 2, adjourned. The National Bank of Romania shall have the significant shareholders referred to in par. 1 to sell, within 3 months, the shares related to the participation in which the National Bank of Romania made opposition. After the expiry of this period, if the shares were not sold, the National Bank of Romania orders the bank to cancel the respective shares, issuing new shares bearing the same number and selling them, following that the price collected from the sale will be recorded at the disposal of the original acquirer, following the retention of the costs of the sale Provisions of paragraph 2 shall also apply to other shareholders against whom the National Bank of Romania ordered the measure of suspension of the exercise of the right to vote, according to art. 70 70 para. 1 lit. d). Shareholders whose voting rights are not suspended will be able to attend the general meeting and take any decision of the assembly's competence, with the majority of their votes or with another majority provided for in the articles of association for this case. The bank's board of directors is responsible for carrying out the necessary measures to cancel the shares, according to par. 2, and selling newly-issued shares. If for the lack of buyers the sale did not take place or only a partial sale of the newly-issued shares was realized, the bank will immediately proceed to the reduction of the share capital with the difference between the registered share capital and that held by the shareholders with the right to vote. " 98. in Article 74, paragraphs 2 and 3 shall be inserted as follows: " Legal persons who are guilty of violating the provisions contained in section 3 of the head. I will be sanctioned under the conditions provided by the legislation on the conduct of illicit commercial activities. If the legal person carries out mainly prohibited activities, according to the provisions of 4 4 and 7, or if it, although sanctioned, continues to carry out the respective activities, the competent court may decide to dissolve, respectively the entry into liquidation. The National Bank of Romania is empowered to determine whether an activity represents or does not attract deposits or other repayable funds from the public, banking activity, electronic money issuance activity or attraction activity. and/or administration of money resulting from the association in order to save and grant credits in a collective system. In this case the decision of the National Bank of Romania is mandatory for the interested parties. " 99. Article 74 (1) shall be inserted after Article 74: "" Art. 74 74 ^ 1. -The opening of bank accounts under fictitious names constitutes a crime and is punishable by imprisonment from 2 to 7 years. " 100. Article 76 will read as follows: "" Art. 76. -The Board of Directors of the National Bank of Romania may decide measures to establish special supervision of banks, Romanian legal entities, for violation of the law or regulations issued by the National Bank of Romania, found in the performance of supervisory actions and/or the analysis of bank reports, as well as the finding of a precarious financial situation. Special supervision is ensured through a commission established for this purpose, consisting of a maximum of 7 specialists from the National Bank of Romania, one of whom will serve as chairman of the commission and one, the vice president of the 101. Points b) and c) of paragraph 1 of Article 77 shall read as follows: " b) the suspension or abolition of acts of decision of the statutory bodies of the bank, contrary to prudential regulations or leading to the deterioration of the financial situation of the bank; c) the formulation of requests for modification/completion of the bank's own regulations; " ... 102. In Article 77 (1), the following point (f) is inserted after point (e): "f) the formulation of proposals to the National Bank of Romania for the application of sanctions and/or remedial measures provided by law, if the management of the bank does not comply with the measures ordered by the commission." 103. Paragraph 2 of Article 77 will read as follows: " The special supervision commission does not substitute the management of the bank in terms of coordination of the daily activity and the competence to engage the bank. The liability for the legality, the reality, the accuracy and the appropriateness of the operations carried out and the documents drawn up by the bank shall exclusively lie with the statutory governing bodies and/or persons drawing up and signing the documents concerned according to their duties and powers. " 104. Paragraph 3 of Article 78 will read as follows: " If serious deficiencies are still found in the bank's activity, the National Bank of Romania may decide, on a case-by-case basis, to establish the bank's special administration measure or to adopt other measures provided by law, including Withdrawal of authorisation 105. The introductory part of Article 79 will read as follows: " The National Bank of Romania may decide to establish the special administration measure on a bank, the Romanian legal entity, including its secondary offices in Romania and abroad. The special administration measure may be ordered in cases where: " 106. In Article 79 (1), the following point (d) is inserted after point c): "d) the bank shall have no leader and no administrator." 107. Paragraphs 2 and 3 of Article 79 shall read as follows: " An announcement on the establishment of special administration will be published in the Official Gazette of Romania, Part IV. The establishment of special administration measures is ordered by the National Bank of Romania and in case of referral by this court to the competent court for triggering the bankruptcy procedure of a bank, until the appointment by the syndic judge liquidator. ' 108. After Article 79, Article 79 ^ 1 is inserted as follows: "" Art. 79 79 ^ 1. -The special administration will be established for a period of one year from the date of the decision of the National Bank of Romania, unless the decision establishes a shorter period or the National Bank of Romania decides to terminate special administration, according to art. 82 ^ 1 para. 4. In exceptional circumstances the National Bank of Romania may extend, under the conditions provided for the establishment of special administration, the period provided in par. 1 1, not more than 6 months. " 109. Article 80 will read as follows: "" Art. 80. -The special administration shall be exercised by a special administrator, appointed by the National Bank of Romania by the decision establishing this measure. Special administrator may be a natural person or a legal person, including the Deposit Guarantee Fund in the Banking System. For good reasons, the National Bank of Romania can replace the special administrator. All expenses related to special administration shall be borne by the bank subject to this measure. " 110. After Article 80, Article 80 ^ 1 is inserted as follows: "" Art. 80 80 ^ 1. -If it considers necessary, the National Bank of Romania may set certain limits and/or conditions regarding the activity of the bank in respect of which the establishment of special administration has been decided. They will be communicated to the special administrator, who will respond to their compliance. " 111. Article 81 will read as follows: "" Art. 81. -The special administrator shall fully take over the duties of the board of directors and of the heads of the bank subject to the special administration regime, as these powers result according to the law and the 112. After Article 81, Articles 81 and 1 -81 ^ 6 are inserted as follows: "" Art. 81 81 ^ 1. -After taking over the administration of the bank, the special administrator will immediately notify the compartments within the bank, its secondary offices, the correspondent banks, the trade register office and, as the case may be, the Deposit Guarantee Fund in the Banking System on taking this measure. The communication is made in writing and will also include the special administrator's signature specimen. The communication made to the correspondent banks will include the mention that all future operations through the bank's account will be authorized only by the special administrator or by the persons expressly empowered by him. Art. 81 ^ 2. -The main task of the special administrator is to establish the optimal conditions for the preservation of the value of the bank's asset, eliminate the existing deficiencies in administration, collect the receivables and establish the possibility of recovery the financial situation of the bank; in this regard the special administrator may take all measures it considers necessary, within the limits of its powers provided for by law. The measures that may be taken envisage: a) the negotiation of bank receivables and/or their rematurity; ... b) the suspension of the attraction of deposits and/or the granting of credits; ... c) the closure of unprofitable secondary premises or whose activity is not justified; ... d) resizing the personnel scheme, by reorganizing the activity, in order to reduce the expenses; ... e) other measures that the board of directors of a bank or its leaders may take, according to the law, during a normal administration. ... The special administrator shall at least take the necessary measures to: a) reduction of losses; ... b) cessation of fraudulent activities and abuses of any nature of persons in special relations with the bank; ... c) the introduction of actions for the cancellation of fraudulent acts, previously concluded by the bank, including those contracts in which the obligations assumed by the bank are disproportionate in relation to the performance to which the other party was obliged contracting; ... d) safekeeping of the bank's assets and documents; ... e) referral to the competent bodies, if there are indications of the commission of crimes. ... Art. 81 ^ 3. -By exception to the provisions of art. 81 ^ 2, in case of establishment of special administration, according to art. 79 79 para. 1 lit. d), the main task of the special administrator is to take the necessary measures to appoint a new board of directors and the new leaders of the bank. During this administration, the special administrator may take any other measures that the board of directors of a bank or its leaders may take, according to the law, during a normal administration, the provisions of art. 80, 80 ^ 1, 81, 81 ^ 1, 81 ^ 4, 82, art. 82 ^ 1 para. 1-3 1-3, art. 82 ^ 2 para. 1 1 and 2 and art. 82 ^ 3 para. 1 1 being applicable. Art. 81 ^ 4. -If the financial statements related to the period concluded before the establishment of the special administration have not been approved according to the law or the special administrator considers that they do not reflect the real property situation of the bank, preparation of a new financial situation and will take measures to approve, publish and submit it to the competent bodies, according to the law. Art. 81 ^ 5. -In order to adopt decisions on the situation of the bank, in areas that exceed its powers established by law for the board of directors, the special administrator may convene the general meeting of the bank's shareholders. The agenda of the meeting will be established by the special administrator, with the prior consultation of the National Bank of Romania, and cannot be changed by the persons convened. After the establishment of the special administration, the legal provisions regarding the obligation to convene the general meeting at the request of the bank's shareholders are Shareholders representing 50% of the share capital will be able to submit to the special administrator viable proposals for financial recovery of the bank, which will decide on them. Art. 81 ^ 6. -If the general meeting of the shareholders decides to increase the share capital, for the exercise of the right of pre-emption, a period of at least 5 days will be granted, starting from the date of publication of the decision. For thorough reasons, justified by the existence of a serious intention from an investor, to participate in the bank's capital, the special administrator will be able to raise shareholders the right to subscribe new shares, in whole or in part, with approval of the National Bank of Romania The decision to increase the share capital must ensure at least one level of initial capital that allows the bank to be classified in the solvency indicators provided by the regulations of the National Bank of Romania. In case of reduction of the share capital, it can be made only after the passage of 30 days from the date of publication of the decision in the Official Gazette of Romania, Part IV. " 113. Article 82 will read as follows: "" Art. 82. -Within 60 days from the appointment, the special administrator shall submit to the Council of Administration of the National Bank of Romania a written report on the measures taken from the establishment of special administration and their effects, at the financial condition of the bank and the possibility of recovering its financial security situation, presenting its recommendations in this regard. The report will be attached: documents related to the valuation of assets and liabilities of the bank, the situation of debt recovery, the cost of maintaining assets and the situation of liquidation of liabilities The report must be sufficiently detailed to substantiate the recommendations made by the administrator. For good reasons, the Board of Directors of the National Bank of Romania may extend the deadline provided in par. 1, on the proposal of the special administrator, but not more than 30 days. " 114. After Article 82, Articles 82 ^ 1 -82 ^ 3 are inserted as follows: "" Art. 82 82 ^ 1. -Within 15 days from the receipt of the special administrator's report, the Board of Directors of the National Bank of Romania will take a decision on the appropriateness of maintaining the special administration measure and will rule on recommendations made by the special administrator. If on the basis of the special administrator's report it is found that there are no conditions for improving the financial situation of the bank, so that it reaches the minimum level of solvency indicators, or, as the case may be, were not named approved by the bank's new leaders and administrators, the National Bank of Romania will withdraw the bank's authorization and will refer the matter to the competent court for triggering the bank's bankruptcy procedure or will order the dissolution followed by liquidation, according to provisions contained in the head. XIII ^ 1, if the conditions provided by law for triggering the bankruptcy procedure are not met. In case of continuation of the special administration, the special administrator will present to the National Bank of Romania, at the deadlines set by it, reports on the financial situation On the basis of the reports of the special administrator, the Board of Directors of the National Bank of Romania may at any time decide to terminate the special administration, with the resumption of the bank's activity under the control of withdraw the authorization of the bank with the corresponding application of the provisions 2. Art. 82 ^ 2. -If the National Bank of Romania finds, on the basis of the reports of the special administrator, that the bank to which the special administration was established has recovered financially and falls within the prudential requirements established by the present law and regulations issued in its application or, as the case may be, were appointed and approved to the new management and administrators of the bank, the National Bank of Romania may decide to terminate the special administration and resume the activity of the bank under control of its statutory bodies. An announcement on the termination of the special administration will be published in accordance with the provisions of 79 79 para. 2. The special administrator will take the necessary steps to appoint the new board of directors, including the bank's new rulers. Until the appointment and approval of the new leaders and administrators of the bank, the special administrator will ensure its management and administration. Art. 82 ^ 3. -If the National Bank of Romania decides to withdraw the bank's authorization and notify the competent court in order to trigger the bankruptcy procedure, until the appointment by the liquidator's syndic judge, the bank administration will continue to be provided by the special administrator. Provisions of paragraph 1 1 shall also apply in the other cases of dissolution followed by the liquidation of the bank, until the appointment of the liquidator, unless the dissolution and liquidation have been determined by the shareholders. " 115. After Article 82 ^ 3, chapter XIII ^ 1 is inserted with the following contents: " CHAPTER XIII ^ 1 Liquidation of banks Art. 82 ^ 4. -With the withdrawal of the authorization, in other cases than those in which the withdrawal was made at the request of the shareholders, the National Bank of Romania will order the dissolution followed by the liquidation of the bank, except in the situations provided in art. 16 lit. d) and g). Art. 82 ^ 5. -Liquidation in the event of bankruptcy is carried out under the conditions provided by the legislation governing the regime of bankruptcy of credit institutions. Art. 82 ^ 6. -In case of withdrawal of the authorization of a branch of a foreign credit institution operating on the territory of Romania, the credit institution in question will be obliged to liquidate its activity in Romania. Art. 82 ^ 7. -If the conditions provided by law for triggering the bankruptcy procedure are not realized, the liquidation of the bank, including branches in Romania and abroad, will be carried out in compliance with the Romanian legislation applicable in the event of the dissolution and liquidation of public limited liability companies and the following provisions. In the case of banks, Romanian legal entities, liquidator will be the Deposit Guarantee Fund in the Banking System, hereinafter referred to as liquidator, both if the liquidation was ordered according to art. 82 82 ^ 4 and where the liquidation takes place at the initiative of the shareholders. Art. 82 ^ 8. -In case of withdrawal of the authorization of a bank, the Romanian legal entity, which carries out activity on the territory of one or more Member States, the National Bank of Romania shall inform without delay, by any means available, the the powers of the host Member States on the decision taken and the effects it entails. The liquidator will immediately take the necessary measures to publish an extract from the decision of the National Bank of Romania, on the basis of which the bank's liquidation was triggered, in the Official Journal of the European Communities and in two national circulation newspapers in the territory of each host Member State, in its official language or, as the case may be, in one of its official languages. The liquidator will be able to act on the territory of the host Member States, on the basis of a certified copy of the decision of the National Bank of Romania or on the basis of a certificate issued by it, The liquidator will be able to exercise on the territory of the host Member States all the powers accruing him He will be able to appoint other persons to support or represent him in the territory of these states, including in order to assist creditors during the liquidation. In the exercise of its powers the liquidator shall comply with the law of the Member State in whose territory it acts, in particular with regard to the procedures for the recovery of assets and the provision of information to the employees Competencies may not include the use of force or the right to settle disputes or disputes. Art. 82 ^ 9. -In case of liquidation of a bank, the Romanian legal person, who operates on the territory of one or more Member States, shall apply the Romanian legislation, with the exceptions provided in art. 82 82 ^ 12 -82 ^ 20. The decision of the National Bank of Romania will take effect in all the host Member States, without any other formality, and will become effective from the date of publication in the Official Gazette of Romania, Part I, according to art. 17. If deemed necessary, the liquidator may request the registration of the decision of the National Bank of Romania in the real estate register, the trade register or in any other public register kept in the If the legislation of a host Member State makes it compulsory for such formalities, the liquidator shall take all measures to fulfil it. The amounts necessary for the registration will be considered expenses related to liquidation. Art. 82 ^ 10. -Any creditor of the bank in liquidation, having domicile/residence or, as the case may be, its registered office in a Member State other than Romania, including public authorities, shall have the right to declare its claims or to make written observations in link with its claims on the bank, which will address the liquidator. The declaration of claims or, as the case may be, the comments made may be submitted in the official language or in the official languages of that Member State and must bear the mention of lt; lt; declaration of claims gt; gt; or, as the case may be, lt; lt; observations on receivables gt; gt;, in Romanian. The claims of creditors having their domicile/residence or, as the case may be, the registered office outside the territory of Romania will be treated in the same way and will have the same rank of preference as the claims of the same nature domicile/residence or, as the case may be, its registered office on Creditors exercising the right provided for in par. 1 will transmit copies of the documents certifying their claims, if any, and will indicate the nature of the claim, the date on which it was born and its value, if there are privileges, real guarantees and other such rights in relation to the claims and what are the claims guaranteed thus. At the request of the liquidator, the creditors must also provide the Romanian translation of the declaration of claims or, as the case may be, of the comments made and the documents presented. Art. 82 ^ 11. -The liquidator will ensure the regular information of creditors, in the manner considered appropriate, in particular on the progress made in the valorisation of the bank's assets The liquidator is kept by the obligation of professional secrecy, according to the provisions contained in the head. VIII. Art. 82 ^ 12. -The effects of the bank's liquidation on certain contracts and rights will be regulated as follows: a) contracts and labour relations will be governed by the law of the Member State applicable to each employment contract; ... b) the contracts by which the right of use is acquired or the right to purchase immovable property will be governed by the law of the Member State on whose territory the property is located, according to which the nature of the property will be determined: mobile or building; ... c) the rights to immovable property, ships and aircraft, which are subject to the obligation to register in a public register, shall be governed by the law of the Member State under whose authority the register is kept. ... Art. 82 ^ 13. -The opening of the liquidation procedure on the bank will not affect the real rights of creditors or third parties on goods-tangible or intangible, mobile or immovable, individually determined or generically determined-located in the property of the bank, which, on the date of entry into force of the liquidation decision, are located in the territory of other Member States than The rights provided in par. 1 1 refers in particular to: a) the right to have good or to have it available and the right of preference, in the case of the execution of the good, or to collect its fruit, resulting in particular from a right of pledge or mortgage; ... b) the right of preference before other rightholders over the good; ... c) the right to follow the good in the hands of anyone who would find it; ... d) the right of use on the good. ... Art. 82 ^ 14. -Opening the liquidation procedure, if the bank is part of a contract to sell-purchase a good, as a buyer, will not affect the seller's right arising from a clause by which he reserved the right to property up to a certain period or until the fulfilment of a condition, if, on the date of entry into force of the liquidation decision, the property is situated in the territory of a Member State other than Romania. The opening of the liquidation procedure, if the bank is part of a sales contract, as a seller, will not constitute grounds for the cancellation or abolition of the contract and will not affect the rights of the buyer, if it took place after the delivery of the good and if, on the date of entry into force of the liquidation decision, the good is located in the territory of another Member State than Romania. Art. 82 ^ 15. -Opening the liquidation procedure will not affect the rights of creditors to invoke legal compensation, when the law applicable to the bank's claims allows such compensation. In the case of contractual compensation the law governing the respective contracts will be applied. Art. 82 ^ 16. --Provisions art. 82 ^ 13 -82 ^ 15 para. 1 does not prevent the exercise of actions in finding or declaring nullity or in finding the inoposability of legal acts, according to the Romanian law. Art. 82 ^ 17. -The exercise of the right of ownership or other rights to securities, the existence or transmission of which is subject to registration in a register, in an account or in a centralized storage system, kept or located in a Member State shall be governed by the law of that Member State. The report contracts and the contracts underlying the transactions carried out on an organized market will be governed by the law applicable to the respective contracts, if the provisions of par. 1. Art. 82 ^ 18. -The Romanian legislation on the nullity 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 this law does not allow any way of challenging the act in the present case. Art. 82 ^ 19. -The validity of the acts concluded after the opening of the liquidation procedure, by which the bank alienates immovable property, ships or aircraft subject to registration in a public register or securities or rights on such securities whose securities are the existence or transfer is subject to the obligation of registration in a register, an account or a centralized storage system kept or located in a Member State, shall be governed by the law of the Member State in whose territory the building is situated or, where applicable, under the authority of which that register, account or system is held centralized storage. Art. 82 ^ 20. -The actions before the courts, having as object goods or rights that the bank was deprived of, will be governed by the law of the member state in which the trial takes place. Art. 82 ^ 21. -Liquidation of the bank according to art. 82 ^ 4 or at the initiative of its shareholders does not prevent the onset of bankruptcy proceedings, if during the liquidation process the bank reaches one of the situations provided by law in which the conditions for declaring the state are met of bankruptcy. Art. 82 ^ 22. -The provisions contained in the legislation on the bankruptcy of credit institutions, relating to the powers of the liquidator, to the support of the expenses related to the liquidation, to the order to extinguish the receivables, shall also apply accordingly the bank's liquidation, according to the provisions of this Chapter 116. After Article 83 ^ 2, chapters XIV ^ 1 and XIV ^ 2 are introduced with the following contents: "" CHAPTER XIV ^ 1 Electronic money institutions other than banks Art. 83 ^ 3. -Electronic money institutions are subject to the regulation and supervision of the National Bank of Romania. The initial capital, the conditions of authorization, the minimum level of own funds and the allowed investments of electronic money institutions will be established by the National Bank of Romania through regulations. Electronic money institutions shall have prudent and sound management, administrative and accounting procedures and adequate internal control systems, enabling them to assess the financial and non-financial risks to which they are are exposed, including technical and procedural risks and those resulting from cooperation with entities providing them with related services. Art. 83 ^ 4. -Electronic money institutions may not hold stakes in other entities, except those whose object of activity consists exclusively in the provision of operating services or other related services related to the issuance or distribution of of electronic money by the institution concerned. Art. 83 ^ 5. -During the period of validity for which the electronic money was issued, electronic money institutions shall be obliged to redeem it, at the request of the holders, at an amount equal to its value existing in the balance, without retention other fees and commissions than those strictly necessary to carry out the redemption operation. In this regard, the provisions of Article 56 ^ 1 para. 2 2 and 3 shall also apply accordingly to such institutions. Art. 83 ^ 6. -The provisions contained in art. 16, 16 ^ 1, 16 ^ 2, 17-19, 21-27, cap. VII, head. VIII, art. 38-43, 45-47, 51-52 ^ 3, 54, 57-58 ^ 1, art. 59 59 para. 2 2, art. 61-62, 66-72, 73, head. XIII, head. XIII ^ 1, cap. XIV and art. 83 ^ 8 -83 ^ 15 are also properly applicable to electronic money institutions. In this case, in the respective texts, instead of banks, Romanian legal entities, or banks will be read electronic money institutions. Art. 46 ^ 1 and 46 ^ 2 and art. 83 ^ 8-83 ^ 15 on the conditions of activity in other Member States by electronic money institutions shall apply only for the conduct of electronic money issuance activity. Art. 83 ^ 7. -Electronic money institutions may merge with banks, other electronic money institutions or other entities that provide ancillary or related services, provided in art. 15 15 ^ 3. CHAPTER XIV ^ 2 Member States SECTION 1 Credit institutions Art. 83 ^ 8. -By exception to the provisions of art. 6 6 and 15, credit institutions authorised and supervised by the competent authority of a Member State may carry out in Romania, within the limits of the authorisation granted by the Member State of origin, banking or other activities of a financial nature provided in art. 8 8 para. 1, through a branch or directly, without the need to obtain an authorization from the National Bank of Romania. Art. 83 ^ 9. -Within two months from the receipt of the communication from the competent authority of the home Member State, containing the information provided for in art. 46 46 para. 4 and to art. 46 ^ 1 para. 5, the National Bank of Romania will communicate to the credit institution concerned, if necessary, the conditions in which, in order to protect the general interest, its branch in Romania is to carry out its activity. The credit institution will be able to start the activity through the branch, from the date of receipt of the communication from the National Bank of Romania or, in its absence, after the deadline provided in par. 1. Any intention to modify the information contained in the communication received by the National Bank of Romania, according to par. 1, must be notified to it by the credit institution concerned, at least one month before the date on which the respective modification is to be carried out; the new conditions in which the activity is to be carried out on the territory of Romania. Art. 83 ^ 10. -The prudential supervision of credit institutions provided for in art. 83 ^ 8, including branches in Romania, shall be carried out by the competent authorities of the Member States of origin. The National Bank of Romania shall carry out, in cooperation with the competent authorities of these states, the supervision of branches of credit institutions provided in art. 83 ^ 8, in terms of liquidity, and has the power to order the necessary measures in the application of its monetary policy. Branches in Romania of credit institutions provided in art. 83 83 ^ 8 shall be properly applied to: a) the legal provisions and those contained in the regulations of the National Bank of Romania, issued in law enforcement, regarding the reporting of indicators and the provision of other data and information necessary for the proper exercise of competences provided by law of the National Bank of Romania in the field of monetary policy, supervision of liquidity and statistical risk; ... b) the provisions on professional secrecy in the banking field; ... c) other provisions of the Romanian legislation applicable to banks, which aim to protect the general interest, consumer protection, prevent the use of the financial system for money laundering and the like; ... d) provisions of art. 62 ^ 1 para. 3, regarding the preparation and publication by the branches of foreign credit institutions of their own financial statements and the publication by them of the annual financial statements of the foreign credit institution. ... Provisions of para. 3 lit. b) and c) shall also apply to credit institutions, provided in art. 83 ^ 8, which directly carries out in Romania banking activity or other activities of a financial nature. Art. 83 ^ 11. -The inspections at the premises of branches in Romania of credit institutions authorized in a Member State may be carried out by the competent authorities of the home Member State, by persons empowered, with the prior information of the Bank National of Romania. If the competent authorities of the home Member State ask the National Bank of Romania to carry out the verification of the activity of the branches in Romania of the credit institutions authorised in the Member State concerned, the National Bank of Romania will be able to carry out this verification directly through its staff or will allow it to be carried out by auditors or financial experts. Art. 83 ^ 12. -If a credit institution in a Member State, which carries out banking or other activities of a financial nature, referred to in art. 8, in Romania, through a branch or directly, does not comply with the requirements of activity in Romania, according to those provided in art. 83 ^ 10 para. 2 and 3, the National Bank of Romania will be able to order it to take measures to remedy the facts found. If the credit institution does not comply with the provisions of par. 1, the National Bank of Romania shall inform the competent authority of the home Member State. Provisions of paragraph 2 does not prevent the application by the National Bank of Romania of sanctions or measures it considers necessary, according to the provisions of art. 72 ^ 1, or prohibition of activity in Romania directly. The National Bank of Romania will inform the European Commission and the competent authorities of the home Member State of the sanctions and/or measures ordered. Art. 83 ^ 13. -If the National Bank of Romania is informed by the competent authorities of the home Member State of the decision to withdraw the authorization of a credit institution operating on the territory of Romania, in order to protect the interests of depositors and other creditors, the National Bank of Romania will take the necessary measures so that the credit institution concerned no longer carries out activities on the territory of Romania. Art. 83 ^ 14. -If on a credit institution from a Member State operating on the territory of Romania were ordered reorganization measures, special administration, liquidation, bankruptcy or other such measures, they will apply without other formalities on the territory of Romania and will take effect under the conditions and from the date laid down in the legislation of that Member State. The reorganization, administration, liquidation and bankruptcy proceedings will apply in accordance with the legislation of the home Member State, with the exceptions provided for in art. 82 ^ 12-82 ^ 20, which applies accordingly, in which case, instead of Romania and the Romanian law/legislation will be read the home Member State and the law/legislation of the home Member State. Art. 83 ^ 15. -Persons empowered to implement the measures ordered by the administrative or judicial authority, according to art. 83 ^ 14 para. 1, will be able to act on the territory of Romania on the basis of a certified copy of the act of appointment or of a certificate issued by this authority, accompanied by a translation into Romanian, without any other formality. Persons referred to in par. 1 will be able to exercise on the territory of Romania all their competences according to the legislation of the home Member State. These persons will be able to appoint other persons to represent them on the territory of Romania, including in order to provide assistance to creditors during the application of the measures in question. SECTION 2 Financial institutions Art. 83 ^ 16. -Financial institutions established in one of the Member States will be able to carry out on the territory of Romania the financial activities provided for in their constituent acts, through a branch or directly, in compliance with the provisions of art. 83 83 ^ 9, 83 ^ 10 and 83 ^ 12, if these financial institutions are subsidiaries of one or more credit institutions and cumulatively meet the following conditions: a) the parent company or parent companies are authorised as credit institutions in the Member State whose legislation governs the status of the financial institution concerned; ... b) the activities in question are actually carried out in the territory of ... c) the parent company or parent companies hold 90% or more of the voting rights attached to the shares representing the share capital of the financial institution; ... d) the parent company or parent undertaking must satisfy the prudential requirements of the competent authorities of the Member States of origin with regard to the management of the financial institution-subsidiary and must declare, with the consent of those authorities, guarantee jointly and severally the obligations assumed by the subsidiary; ... e) the financial institution-subsidiary is effectively included in the supervision on the consolidated basis of the parent company or, as the case may be, of each parent company, in particular as regards the financial activities concerned, in particular for the calculation of the the solvency ratio, large exposures and the level of holdings of the nature of financial assets in non-financial entities. ... Verification of the fulfilment of the conditions 1 shall be carried out by the competent authority of the Member State of origin, which shall certify this, concurrently with the transmission of the information referred to in 83 ^ 9 para. 1. The competent authority of the home Member State shall ensure the supervision of the subsidiaries referred to in paragraph 1. If the National Bank of Romania is informed by the competent authority of the home Member State that the financial institution no longer meets one of the conditions laid down in par. 1, the activities carried out in Romania by the respective financial institution will fall under the Romanian legislation applicable to these activities. The provisions of this Article shall also apply in the case of financial institutions established in Romania, which wish to operate within the territory of the Member States, if these financial institutions are subsidiaries of banks, Romanian legal persons, and meet the conditions provided in par. 1. The verification of these conditions is carried out by the National Bank of Romania, which will also ensure the supervision of these financial institutions in accordance with the provisions of par. 3. Art. 83 ^ 17. --Provisions art. 83 ^ 16 shall also apply to the subsidiaries of financial institutions which fulfil the conditions laid down in this Article. SECTION 3 Collaboration with competent authorities and notification requirements Art. 83 ^ 18. -For the prudential supervision of banks, Romanian legal entities, which carry out activity in the territory of other Member States and credit institutions authorized in other Member States, which carry out activity in Romania, the National Bank of Romania will work closely with the competent authorities of the Member States concerned. By derogation from the provisions of art. 67 the last paragraph, the collaboration will be possible by exchange of information or in any other way, such as to facilitate the supervision of the credit institutions concerned and to verify the fulfilment of the conditions underlying their authorisation by the competent authority. The information will mainly relate to their administration, management and ownership, but also to other aspects of prudential nature, especially targeting liquidity, solvency, limitation of large exposures, management procedures and Accounting, internal control, deposit guarantee. Art. 83 ^ 19. -At the request of the competent authorities of the Member States responsible for the consolidated supervision of the subsidiary credit institutions of a financial holding company based in Romania, the National Bank of Romania shall be empowered to request holding any information relevant to the performance of supervision on a consolidated basis, which it will transmit to the requesting authorities. Art. 83 ^ 20. -Where the competent authorities of the Member States require the National Bank of Romania to carry out the verification of information relating to a credit institution, financial holding company, financial institution, a company ancillary banking services, a holding company and its subsidiaries or to the subsidiaries referred to in art. 68 ^ 3 para. 2, having its registered office in Romania, the National Bank of Romania will either carry out this verification directly through its staff, or will allow the requesting competent authority to carry out the verification or allow it to be carried out by auditors or financial experts. Art. 83 ^ 21. -The National Bank of Romania will notify the European Commission of the following: a) any authorization granted to a bank or to another credit institution, the Romanian legal person; ... b) any withdrawal of authorization granted to a bank or to another credit institution, the Romanian legal person; ... c) any refusal to transmit information, according to the provisions of art. 46 ^ 1 para. 4 4; ... d) any authorization granted to a credit institution, the Romanian legal person, which was constituted as a subsidiary directly or indirectly owned by one or more parent companies that are not governed by Romanian law or another Member State and any purchase by such a parent company of a significant stake in a credit institution, the Romanian legal person, if, as a result of this acquisition, the credit institution, the Romanian legal person, becomes a subsidiary of the parent company; in this case the notification will also include the structure of the group from which it is part; ... e) the difficulties encountered by banks or other credit institutions, Romanian legal entities, at the opening of branches or in the activity abroad, on the territory of a state, other than a Member State; ... f) application for authorization of a subsidiary, which is constituted as a credit institution, Romanian legal person, directly or indirectly owned by one or more parent companies that are not governed by Romanian law or another Member State and any application for the approval of a significant stake in a credit institution, the Romanian legal person, formulated by such a parent company, if by acquiring this stake the credit institution, the Romanian legal person, would become a subsidiary of that parent undertaking; ... g) the list of financial holding companies that are parent companies of banks, Romanian legal entities, supervised on a consolidated basis by the National Bank of Romania under this law; ... h) any authorization granted to branches of foreign credit institutions located outside the Community; ... i) any other information to be reported to the European Commission at its request or in accordance with the provisions of Community law. ... The information provided in lett. f) are transmitted at the express request of the European Commission. The list provided in lit. g) it will also be transmitted to the competent authorities of the Member States and the information referred to in h) shall also be transmitted to the Banking Advisory Committee. Art. 83 ^ 22. -If the European Commission decides that the competent authorities of the Member States must suspend or discontinue the procedure for the adoption of a decision on the applications referred to in art. 83 ^ 21 lit. f), the National Bank of Romania, by decision, will suspend or interrupt the authorization/approvals procedure; the term of suspension, respectively of interruption, will not be able to exceed 3 months. If, before the end of the term provided in par. 1, the European Council will decide to continue the measure adopted by the European Commission, the National Bank of Romania, by decision, will extend the deadline for which the authorization/approval procedure is suspended or interrupted, during the period provided for in the decision European Council. Provisions of paragraph 1 and 2 shall not apply to applications for authorization/approval provided for in art. 83 ^ 21 lit. f), if the parent company is a credit institution that is authorized to carry out banking activity in the territory of a Member State or is a subsidiary of such a credit institution. " 117. Chapter XV 'Transitional provisions' is repealed. 118. Article 87 will read as follows: "" Art. 87. -All authorizations issued under this law and those in force shall be highlighted by the National Bank of Romania in the bank register, which is accessible to interested persons. " 119. Paragraph 2 of Article 88 will read as follows: "Separately or within the professional association, banks will be able to organize a body of their own executors, whose activity will be strictly related to the execution of enforceable securities belonging to banks." 120. Article 89 will read as follows: "" Art. 89. -The opening of the reorganization, bankruptcy or other similar procedure does not affect bilateral contracts for the clearing of claims and mutual obligations arising from operations with instruments based on the exchange rate and the rate interest and operations similar to gold, concluded by the contracting party, on which these measures were ordered. " 121. Article 90 is repealed. 122. Article 91 will read as follows: "" Art. 91. -The regulations issued by the National Bank of Romania may include: a) regulations, rules, circulars and other acts of general nature, issued in law enforcement, mandatory for one or more categories of credit institutions; ... b) orders issued in the application of the law or a regulation, mandatory for one or more credit institutions. ... All regulations issued by the National Bank of Romania in the application of this law shall be published in the Official Gazette of Romania, Part I. " + Article II Throughout the whole Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law, the following terms will be replaced as follows: a) foreign bank or bank, foreign legal entity shall be replaced by foreign credit institution; ... b) bank supervisory authority shall be replaced by competent authority; ... c) the independent auditor shall be replaced by the financial auditor; ... d) the main office will be replaced by registered office. ... + Article III The following provisions Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law, will apply from the date of Romania's accession to the European Union: a) art. 7 7 para. 2 2; ... b) art. 10 10; ... c) art. 16 16 ^ 2; ... d) art. 46 46 ^ 1 and 46 ^ 2; ... e) art. 52 ^ 1 para. 3 3; ... f) art. 62 ^ 1 para. 3 3; ... g) art. 67 67 para. 1 1 ^ 1; ... h) art. 68 68 ^ 2; ... i) art. 68 ^ 4 para. 4 4; ... j) art. 70 70 ^ 3; ... k) art. 82 82 ^ 8 -82 ^ 10 and art. 82 82 ^ 12 -82 ^ 20; ... l) head. XIV ^ 2 "Member States". ... Until the date of accession, for branches in Romania of credit institutions having their headquarters in the Member States, the requirement of the authorization provided for in art. 15 may be removed under conditions of reciprocity, based on cooperation agreements concluded by the National Bank of Romania with the competent authorities of the Member States of origin. The supervision of these branches will be carried out under the conditions laid down in + Article IV The regulations issued by the National Bank of Romania, existing on the date of entry into force of this Law, will continue to apply. + Article V Applications for unresolved authorization on the date of entry into force of this Law and which do not comply with its provisions may be withdrawn and presented again by the holders of applications after the removal of deficiencies. + Article VI Banks, Romanian legal entities, and branches of foreign credit institutions that benefit from operating authorization from the National Bank of Romania must comply with the provisions Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law, within the deadlines set by the National Bank of Romania. Holdings of the nature of financial investments that banks hold on the date of entry into force of this Law will be considered as authorized, according to the provisions of art. 49 49 of Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law. If the National Bank of Romania finds that the requirements of art. 49 ^ 1 are not fulfilled, may order the bank to limit or, as the case may be, liquidate these holdings, within a reasonable time. + Article VII Electronic money institutions, other than banks, including branches in Romania of such institutions abroad, which carry out activity in Romania, are considered to have an authorization, according to this law. Institutions referred to in par. 1 must submit to the National Bank of Romania, within 6 months from the date of entry into force of this law, the necessary documentation to allow the assessment of their fulfilment of the conditions provided by Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law, and by the regulations of the National Bank of Romania given in its application and, as the case may be, the adoption of the necessary measures, including the withdrawal of + Article VIII Shareholders of banks who, on the date of entry into force of this law, have the right to vote suspended must sell their shares held at the bank within 3 months from this date. After the deadline, the provisions will apply art. 73 73 of Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law. + Article IX Existing reserves in the balance, as well as favourable differences in the revaluation of assets, including differences in the availability of estimates in the first half of 2002, according to Government Emergency Ordinance no. 217/1999 to amend and supplement Government Ordinance no. 70/1994 on corporation tax, approved with amendments and additions by Law no. 189/2001 , constituted by banks until the date of entry into force of this law and which, until this date, could constitute the source of increase of the share capital, according to the applicable legislation, will continue to be used for this purpose until their exhaustion. The reserves existing in the balance at the end of the first semester of 2002, constituted by the branches in Romania of foreign credit institutions from the differences in the valuation of foreign currency assets representing endowment capital, will be able to be used to increase the endowment capital until such reserves are exhausted. + Article X After the date of entry into force of this Law, the committees constituted by banks on the basis of Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law, will continue to be able to operate, according to the decision of their statutory bodies, as specialized bodies, in so far as their duties will not be taken over by other committees established according to the law and/or regulations of the National Bank of Romania. + Article XI Companies that, on the date of entry into force of this law, carry out activities of attracting repayable funds from the public or other activities of the nature of banking activity, including activity of attracting and/or administering some amounts of money resulting from the association in order to save and grant credits in a collective system, will take measures for the immediate cessation of such activities. Otherwise, the provisions become incidental art. 74 74 of Law no. 58/1998 , with subsequent amendments and completions, including those brought by this law. + Article XII On the date of entry into force of this Law, art. 160 160 para. 3 3, art. 161 161, art. 162 162 para. 1 1 and art. 163 of Government Emergency Ordinance no. 97/2000 on cooperative credit organizations, published in the Official Gazette of Romania, Part I, no. 330 330 of 14 July 2000, approved with amendments and additions by Law no. 200/2002 . + Article XIII Banking Law no. 58/1998 , published in the Official Gazette of Romania, Part I, no. 121 of March 23, 1998, with subsequent amendments and completions, including those brought by this law, will be republished in the Official Gazette of Romania, Part I, giving the texts a new numbering. This law was adopted by the Senate at the meeting of October 9, 2003, in compliance with the provisions of art 74 74 para. (1) of the Romanian Constitution. SENATE PRESIDENT NICOLAE VACAROIU This law was adopted by the Chamber of Deputies at its meeting on November 4, 2003, in compliance with the provisions of 76 76 para. (1) of the Romanian Constitution, republished. CHAMBER OF DEPUTIES PRESIDENT VALER DORNEANU Bucharest, November 18, 2003. No. 485. ----------
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