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