In recent years, CMS Romania’s Capital Markets practice has established itself as one of the market’s undisputed reference points, combining refined technical expertise with a clear understanding of listing mechanics and capital markets financing.The team led by Cristina Reichmann, a lawyer consistently recognised by Chambers Europe for sophisticated capital markets mandates and positioned among Romania’s top-tier specialists, delivers complex projects with a level of assurance that inspires confidence among issuers, intermediaries, and institutional investors alike. The Legal 500 describes the Bucharest Capital Markets group as a key component of CMS’s international offering in the region, highlighting Cristina Reichmann and her team’s role in equity and bond transactions, initial listings, high-yield bond issuances, and structured finance. In the same vein, IFLR1000 and other specialised publications cite Cristina Reichmann as one of the leading lawyers on the Romanian market in financial law and capital markets, confirming the long-term consistency of her performance. The strength of the practice, however, lies not only in names listed in directories, but in how the team performs on real mandates.

The Romanian Parliament passed Law no. 239/2025 on measures to recover and safeguard public resources and to amend a series of other laws, which entered into force as of 18 December 2025. Some of Law 239/2025’s provisions are mandatory upon entry into force, while others will become mandatory later.  Adopted as part of the “Package II” measures, the law amends several pieces of legislation, including the Companies Law.  Law 239/2025 seeks to strengthen financial discipline and protect corporate capitalisation by restricting dividend distributions and shareholder loan transactions for companies with negative net assets, while introducing severe sanctions and mandatory debt-to-equity conversion rules.  From a corporate law perspective, the main changes approved by Law 239/2025 refer to: 1.  New formalities for transfer of controlling stake in limited liability companies (SRLs) According to Law 239/2025, the transfer of a controlling stake in a limited liability company (SRL) is subject to the following conditions involving the Romanian tax authority (ANAF): →    Within 15 days as of the transfer date, the transferor, transferee, or the company must notify the ANAF of: →    the transfer instrument (e.g.