Canada    FinTech Guide    Chapter 14    Romania


14. RegTech
Romania  Romania

The Romanian banking market is rather well-developed and RegTech-services providers may encounter competition hindrances for entrance on the market.



Legal Affairs


Although there is no specific license or specific regulation for RegTech-services or companies under Romanian law, other licensing or compliance requirements may be applicable, depending on the category of services actually performed. Thus, the performance of RegTech-services may overlap legal areas such as personal data protection, digital signatures and identification, financial services (insurance included), electronic communications and e-commerce, consumer protection, anti-money laundering, etc. – which however are not specifically designed for RegTech companies (and setting aside common regulatory aspects such as corporate, employment, accounting, tax etc.). From this perspective, RegTech companies would need to consider a wide variety of generally applicable regulations before initiating business in Romania.

In addition, the contracting by credit institutions of RegTech services may be deemed as outsourcing of material activities, thus subject to notification to the National Bank of Romania.



Economic Conditions


No data available.



Miscellaneous


Under the Romanian current legal framework of financial services, regulated entities are liable for regulatory compliance, including KYC verifications, in a rather tight legal and regulatory environment. Thus, any FinTech searching to provide services to such entities will need to consider rather significant liability aspects in contracting with Romanian regulated entities.



Contributing Authors

Tuca Zbârcea Asociatii

Gabriela Anton
Bucharest, Romania

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018