Companies that provide financial services and solutions are required to apply for and obtain a financial license in Romania. This is issued in the form of an authorization from the Financial Supervisory Authority of Romania.
Meeting the current supervision criteria and the legislation in force is essential for lawfully running a financial business. Our lawyers in Romania can give you complete details on the laws that regulate the financial and banking sector, including the licensing/authorization requirements.
Below you can find the answers to some of the most commonly asked questions about the financial license in Romania. The experts at our law firm in Romania can give you more details upon request.
What companies need to obtain a financial license in Romania?
The following types of activities need to be authorized, meaning that the company applies for the equivalent of a financial license:
- Banking;
- Insurance and reinsurance;
- Private pensions;
- Capital market and insurance market activities;
- Financial investments and investment instruments.
What agency oversees the licensing of financial companies in Romania?
The Romanian agency overseeing the establishment, organization and operation of companies in the financial sector is the Financial Supervisory Authority, the ASF.
In addition to the ASF regulations and requirements for obtaining a financial license in Romania, companies also follow the laws for the prevention of money laundering and terrorist financing. EU measures and laws are also relevant.
What documents are required for authorization?
The required documents depend on the industry for which the company submits its authorization application. Our Romanian lawyers highlight the main documents needed for a company in the insurance/reinsurance sector:
- Filled-in application form;
- Documents approving the company’s Board;
- Information concerning the company’s shareholders;
- The company’s Articles of Association;
- Documents showing the share capital subscription; These can also include a bank extract;
- Proof of AFT tax payment;
- Risk profile, proof of special insurance, financial objectives, and other information on a case-by-case basis.
Our team can help you draft and prepare the needed documents for licensing and for registering the legal entity, as per the current requirements for company formation in Romania.
All documents are submitted as per article 1, art. 20, art. 21 of Law no. 237/2015 on the authorization and supervision of insurance and reinsurance activity, as subsequently amended and supplemented, and Norm no. 25/2022 on the authorization of companies and the conduct of insurance and reinsurance activities.
What are some of the taxes that apply?
The following AFT taxes apply according to the type of entity requesting the authorization/financial license in Romania:
- 15.000 lei authorization fee for financial investment services companies;
- 15.000 lei for the authorization of an investment management company;
- 7.500 lei for the authorization of investment consultants (legal entities);
- 3.000 lei for the authorization of an alternative investment fund manager.
All companies that will activate on the capital or insurance market or those that will be involved in activities related to private pensions, insurance, or other activities need to apply for and obtain the authorization before they commence their activities. As previously mentioned, this authorization is the equivalent of a financial license in Romania and our lawyers can help you with the application.
Our team can help you open and authorize the activities of a financial company or its branch in Romania. Alternatively, we can also help you with matters concerning divorce in Romania and buying property in Romania.
For a better understanding of the licensing and authorization requirements for financial companies, please contact our attorneys in Romania.