New Insolvency Code now in force
The new law on pre-insolvency and insolvency proceedings (the Insolvency Code) mentioned in the Legal and Regulatory Risk Note dated February 2014 entered into force on 28 June 2014. The Insolvency Code replaces current legislation on pre-insolvency proceedings applicable to ordinary corporates and insolvency proceedings applicable to ordinary corporates credit institutions and insurance/reinsurance companies and regulates the cross-border insolvency procedure, as well as the insolvency of "group entities". The provisions of the Insolvency Code apply to companies, professionals and state enterprises, subject to specific exceptions. The Insolvency Code applies only to the pre-insolvency and insolvency proceedings initiated after its entry into force. The new Insolvency Code improves the previous legal regime because it introduces clarity in certain areas (eg protection of derivatives, including in pre-insolvency).
Amendments to the law against unfair competition
The unfair competition law (Unfair Competition Law) has now been amended to apply to unfair competition practices used outside Romania, irrespective of the nationality of the offender (ie whether Romanian or foreign), to the extent the competitive relations or the collective interests of consumers are, or are likely to be, affected in Romania. Furthermore, the Unfair Competition Law now regulates only two contraventions relating to the unfair competition practices (as opposed to eight in the previous legislation); namely, denigration of a competitor and clientele embezzlement.
Further legislative developments in the renewable energy sector
There have been further legislative developments in the renewable energy sector relating to: (i) the approval of a quota for electricity from renewable resources (which benefits from the green certificates support system in 2014) set at 11.1% of the gross-end electricity consumption; and (ii) the overcompensation report prepared by ANRE (the energy regulator in Romania) stating that there is no need to apply reduction measures for the number of green certificates (GCs) issued to renewable electricity producers accredited after 1 January 2015.