Law no. 29/2017 amending and supplementing Government Emergency Ordinance no. 32/2012 regarding undertakings for collective investment in transferable securities and investment management companies, as well as amending and supplementing Law no. 297/2004 was published in the Official Gazette of Romania.
The new law transposes into the national legislation the provisions of the Directive 2014/91/EU of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions.
The law will become effective starting from 1 April 2017.
Impact on investors: New legislation on undertakings for collective investment in transferable securities and investment management companies will become effective as of 1 April 2017.