(This article appears courtesy of International Financial Law Review, sign up for a free trial on their site)
Wolf Theiss, Bucharest
The foreign exchange market was totally liberalized, according to the agreed progressive schedule, on September 1 2006. All NBR authorization requirements regarding foreign exchange capital operations are no longer necessary.
These authorizations were previously required for operations involving financial instruments usually traded on the currency market (except those representing foreign public debts), that is: (i) the acceptance of Romanian financial instruments on a foreign currency market; (ii) the acceptance of foreign financial instruments on a Romanian currency market; (iii) acquisitions by non-residents of Romanian financial instruments on the currency market; and (iv) acquisitions by residents of foreign financial instruments on the currency market.
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