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Including: National Securities Commission; The Securities Law; The Collective Investment Law; The Commodities Law; Future Legislation.
As Romanian capital markets mature, public offerings will become more commonplace. A new regulation covers a number of issues with respect to public offerings. Among other things, it sets forth the minimum information which an offeror must include in a prospectus for public sale or purchase of securities.
The Romanian National Securities Commission has issued a resolution on the transparency and integrity of the RASDAQ market. RASDAQ is the Romanian over-the-counter market and is structured to resemble the US NASDAQ market. Among other things, the resolution establishes listing categories and lists minimum disclosure requirements for companies traded on RASDAQ.
In 2002 the legislation governing Romanian capital markets was radically revised. Shareholders are now eager to see how the National Securities Commission applies the new laws - with regards to both issuing the necessary clarifications in the form of regulations, and attempting to enforce and oversee compliance with such regulations.
Company disclosure requirements have been amended under Romania's revised securities legislation. The period in which material events must be communicated to the National Securities Commission has been reduced to 24 hours, and annual, biannual and current reports must now be submitted directly to the commission.
A new Securities Ordinance reflects the participation of international advisers in its drafting, and balances well the rights of majority and minority shareholders. Its rules on delisting also afford a significant opportunity to strategic investors that are inappropriately burdened with the operational and financial costs of operating an open company.
Including: Legislative Framework; The Labour Contract; Social Security; Income Tax; Working Hours, Holidays and Medical Leave; Maternity Leave; Foreign Personnel; Temporary Service Contracts; Unions; Right to Strike; Employee Dismissal
A new ordinance on maternity protection in the workplace was recently published. The ordinance supplements domestic labour legislation with provisions which aim to encourage improvements in the health and safety of pregnant employees and employees who have recently given birth or are breastfeeding, in line with international standards.
The new Union Law, together with the revised Labour Code and other applicable regulations on social dialogue, specifies the scope and role of union activity in employment relationships in Romania. Unions continue to enjoy considerable bargaining power in their relations with employers, particularly in the event of mass dismissals.
The new Labour Code, which came into force on March 1 2003, has substantially overhauled the law regulating employment relationships in Romania. The new code's provisions have been the subject of extensive debate and criticism, particularly in light of the fact that many observers view the code as heavily favouring employees.
The recently adopted National Action Plan for Employment espouses EU norms with respect to employment and social policy. The plan reveals the government's intention to reduce unemployment and social exclusion by facilitating investment in small and medium-sized enterprises and the tourism sector. It also aims to eliminate discrimination.
The draft Labour Code, which deals with issues such as collective redundancies and transfers of undertakings, represents a step forward for Romania as it continues its efforts to accede to the European Union. It will also give greater legal certainty to investors, who are currently faced with an outdated code promulgated during communist times.
A new strategy paper places Romania's nuclear sector within a national and international context, and is a reflection of the importance of the sector to the country's energy needs. Foreign assistance to the sector is critical, so opportunities for strategic foreign investors may exist in this respect.
The Romanian Agency for Energy Conservation was recently established to formulate, implement and enforce government initiatives in the field of energy efficiency. Foreign investors should be aware that their operations or products may have to comply with current or future licensing or regulatory requirements imposed by this new body.
In order to address inefficiency and lack of modernization in the oil sector, the Romanian government has approved a strategy for the development of the petroleum industry over the rest of the decade. The urgent need for funding presents considerable opportunities for foreign investors to participate in all areas of this sector.