Romanian Parliament adopted the Law 74/14 April 2015 on AIFMs which transposes the European Parliament Directive 2011/61/EU regarding the alternative investment funds administrators into local law. Modifications were made to Directive 2003/41/CE and 2009/65/CE and to the Regulation (CE) 1060/2009 and (EU) 1095/2010, Directive 2013/41/CE, Directive 2014/65/EU.
The Law establishes stringent norms for authorization and supervising of AIFMs active in Romania. AIFMs are obliged to register at the Financial Supervisory Authority which is the relevant authority according to the regulation.
The Law will come into force 30 days after the publication in the Official Gazette.
The full text of the Law is available in Romanian at the following link: http://www.asfromania.ro/files/capital/legi/Lg.74_2015.pdf
Impact on investors: Transposing the European Directive on AIFMs into local law shall contribute to harmonize the regulatory EU-framework.