Tuca Zbarcea & Asociatii

COVID-19: Employment Law. Implications

The COVID-19 pandemic has taken the Romanian employers by surprise, catching them widely unprepared for what ...

COVID-19: Privacy Laws implications

In these hard times, when states are closing their borders and declaring a state of emergency, when certain ...

Wolf Theiss to launch COVID-19 dedicated page

The team at Wolf Theiss is fully operational, available and ready to provide full-time support on regular ...

Measures to mitigate the negative impact of COVID-19. Deferral of loan payments

Romanian core principles – NBR Supervisory Committee clarifies the application of the prudential framework in COVID-19 context (“the NBR Clarification”)

The National Bank of Romania (“NBR”) together with the Romanian Government have responded swiftly to the economic shock created by the COVID-19 pandemic by announcing several measures aimed to alleviate the adverse impact of COVID-19 on individuals and small & medium-sized enterprises (“SMEs”) and short-term liquidity resulting from the decreasing business activities. EU Background The wide-spread of COVID-19 has generated significant challenges for the society and higher risks for the economic outlook. Under these circumstances, on March 12, 2020, the European Banking Authority (“EBA”) issued a press statement[1] regarding a series of actions aimed to mitigate the impact of COVID-19 on the EU banking sector. The key takeaways: (i) EBA encourages competent authorities (“CA”, in Romania case, NBR) to make full use of flexibility embedded in existing regulations which are designed to be used in order to maintain soundness through crisis and provide critical functions to the economy and (ii) EU-wide stress test is postponed to 2021 in order to allow banks to prioritise operational continuity. Following the call for action[2] on March 12, EBA issued a second statement designed to explain some interpretative aspects on the functioning of the prudential framework regarding aspects related to (i) the classification of loans in default, (ii) the identification of forborne exposures and (iii) the accounting treatment.     Regarding the classification of loans in default/forborne exposures – EBA clarified that generalised payment deferrals, derived from legislative initiatives addressed to all borrowers do not automatically lead to a classification in default (in contrast with the 90 days past due criterion), forborne or unlikeness to pay, considering that individual assessment of the likeliness to pay is carefully carried on.     Regarding the accounting treatment – EBA considered that the application of public or private moratorium aimed to address the adverse economic of COVID-19 pandemic should not be considered by themselves as an automatic trigger to conclude that a significant increase in credit risk has occurred.

Alexandru Ambrozie (Partner) and Diana Dobra (Associate) - Popovici Nițu Stoica & Asociații


COVID-19: Mergers & Acquisitions. Implications

Not only the private investments go hand in hand with the status of economy, predictability in laws making and good social and political climate, but investments are driven by other key-factors as well.

Introductory aspects It is a truism to say that the Mergers & Acquisitions will take a severe blow. Not only the private investments go hand in hand with the status of economy, predictability in laws making and good social and political climate, but investments are driven by other key-factors as well. Besides the purely legal side and behind the financial rationale, M&A projects are backed-up by various behaviours which generate enthusiasm, allowing one to have an appetite for spending or an appetite for taking risks.

Valentin Creața (Partner) and Vlad Ambrozie (Managing Associate) - Popovici Nițu Stoica & Asociații


Romania Guidance for Public Procurement procedures in times of COVID-19

CMS Romania

On 16 March 2020, the Romanian President declared a state of emergency for the next 30 days to limit the spread of COVID-19 and manage its effects (the “State Emergency Decree”).

      Deloitte Analysis: 2020, a difficult year for the M&A market


      The mergers and acquisitions market (M&A) recorded 19 transactions in Romania in the first quarter of the year, four more compared to the same period in 2019.

          Romanian Ministry of Health approves protocol for coronavirus treatment Romanian health authorities to prioritise approval of COVID-19 clinical trials

          CMS Romania

          In response to the COVID-19 pandemic, the Romanian National Agency for Medicines and Medical Devices (ANMDM) announced that it will prioritise approval of clinical trials of those medicines earmarked for treatment of coronavirus infections.

              Ascunde Reclama

              Romanian Ministry of Health approves protocol for coronavirus treatment

              CMS Romania

              On 23 March 2020, the Romanian Ministry of Health issued Order No 487/2020 for the approval of a protocol for the treatment of the infection associated with the SARS-Cov-2 virus, also known as the coronavirus.

                  Proposed changes of claw-back tax in Romania

                  CMS Romania

                  According to media reports, on 26 March 2020 the Budget Commission from the Chamber of Deputies of the Romanian Parliament adopted an amendment to the claw-back tax legislation.

                      Romanian authorities tighten controls over companies in the wake of COVID-19 crisis

                      CMS Romania

                      Following the state of emergency declared in Romania on 16 March 2020 and the escalation of security measures which were recently enforced through additional military ordinances, Romanian authorities tighten control over companies still active on the market as they continue to supply basic and essential products to consumers during the COVID-19 crisis.

                          Țuca Zbârcea & Asociații launches “Law in the time of corona” set of podcasts, in response to the challenges raised by the current crisis


                          Țuca Zbârcea & Asociații launches a set of podcasts titled "Law in the time of corona", with the first episode being streamed via YouTube on Friday, 27 March at 10:00 am.

                              The aftermath of COVID-19 outbreak – Practicing social distancing during the annual general meetings of the shareholders of listed companies

                              Alexandru Ambrozie (Partner) and Diana Dobra (Associate) - Popovici Nițu Stoica & Asociații

                              As the negative consequences of COVID-19 continue to expand, companies are facing various demanding challenges, one of them being related to the organisation of the Annual General Meetings of the Shareholders (“AGMS”).

                                  Government Decision regarding the granting of paid parental leave for supervising the children if schools close temporarily

                                  Anca Atanasiu (Senior Associate) & Rareș Crîșmaru (Associate) - Radu și Asociații SPRL

                                  The Government Decision with respect to the enforcement of Law no.



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