As specified above, a draft law on crowdfunding activities is currently submitted with the Romanian Parliament, however the project did not advance as of December 2015.
Crowdfunding, crowdinvesting and crowdlending platforms are not expressly regulated in Romania. However, depending on the actual activities performed and services offered by such platforms, the activities may fall under the capital markets or the crediting regulations, and therefore a license may be necessary. If any type of such platforms operates with personal data of individuals, a prior registration as a personal data operator with the National Supervisory Authority for Personal Data Processing is necessary.
Donation-based and reward-based crowdfunding:
In principle, donation-based and reward-based crowdfunding activities should not fall under the legal framework of the capital markets or the crediting activities and therefore no specific license should be required. Platforms offering such services should nevertheless comply with any applicable data protection and consumer legislation requirements.
Although we are not aware of any crowdinvesting platform operating in Romania, the setting up of a platform whereby investors may acquire shares or other equity instruments may classify as an investment service or activity and consequently it would fall under the scope of the Law on Capital Markets. An analysis of whether a license is required should be made on a case by case basis, depending on the actual services performed by the operator of such platforms. Activities which may fall under the provisions of the Law on Capital Markets include: (i) receiving and transmitting orders from clients; (ii) performing placement of financial instruments; or (iii) setting up a multilateral trading facility.
Considering that a crowdlending platform is accepting funds from the public and undertakes to reimburse the investors with the principal and interest, a credit institution or a non-banking financial institution license is required under Romanian law. Moreover, the electronic storage of a monetary value (i.e. before the loan is made to the relevant entity) would also fall under the e-money legal provisions. Both the Romanian laws and regulations on credit institutions and those on the e-money activities are in line with the European legal framework.
The most recent data on the crowdfunding market in Romania concerns the year 2014, when a total amount of EUR 586,000 was raised by crowdfunding platforms for 57 projects.
The biggest crowdfunding platforms are: crestemidei.ro; multifinantare.ro; potsieu.ro and wearehere.ro. Useful link: https://ec.europa.eu/info/sites/info/files/crowdfunding-study-30092015_en.pdf