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May 2010
NBR amends the penalty interest rates paid for
                                                  deficits of mandatory min...
ISC has amended the current regulatory              NSC establishes the regulatory framework
framework regarding the manda...
In case the financial institution does not present
                                                        at the term pro...
EC establishes a European financial stabilization
mechanism

EC adopted Council Regulation no. 407/2010 of
11 May 2010 est...
Proposal of Regulation regarding the electronic
supervision through reporting. The full text of
the proposal may be access...
CESR publishes its technical advice to the
                                                   European Commission on the e...
Date
22 – 23 June 2010

Venue
Novotel Hotel
Bucharest

At first glance, the Romanian VAT system seems
to be simple. It app...
Reff & Associates is the correspondent law firm of Deloitte Romania, fully
integrated with the Deloitte multi-disciplinary...
George Mucibabici
Chairman
tel: + 40 21 207 52 55
e-mail: gmucibabici@deloittece.com

Audit
Santiago Pardo
Partner
tel: + ...
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms,
each of which...
May 2010 financial servicesindustrymonthlybulletin
May 2010 financial servicesindustrymonthlybulletin
May 2010 financial servicesindustrymonthlybulletin
May 2010 financial servicesindustrymonthlybulletin
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May 2010 financial servicesindustrymonthlybulletin

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May 2010 edition of Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.

Each month, our specialist team of finance lawyers and tax advisors prepares for you a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions and capital markets in Romania. In addition, our bulletin updates you on the most recent changes and trends in the international financial services industry regulatory framework.

Published in: Economy & Finance, Business
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Transcript of "May 2010 financial servicesindustrymonthlybulletin"

  1. 1. May 2010
  2. 2. NBR amends the penalty interest rates paid for deficits of mandatory minimum reserves established in national currency NBR enacted Circular no. 17/2010 regarding the penalty interest rates paid for deficits of NBR issued Circular no. 15/2010 regarding the mandatory minimum reserves established in reference interest rate valid in May 2010. national currency. The above mentioned Circular According to the above mentioned circular, the sets forth the penalty interest rates paid for reference interest rate for May was 6.5%/year. deficits of mandatory minimum reserves established in national currency during May 24 - The above mentioned Circular was published in June 23, 2010 as being 15.50% per year. the Official Gazette no. 288/03.05.2010 and can be accessed here. The said Circular was published in the Official Gazette no. 327/18.05.2010 and may be NBR amends the interest rates paid on minimum accessed here. mandatory reserves NBR enacted Circular no. 16/2010 regarding the interest rates paid on minimum mandatory reserves. The above mentioned Circular sets forth the interest rates paid on minimum mandatory reserves during April 24 - May 23, 2010 as follows:  2.07% per year for minimum mandatory reserves set up in RON;  1.09% per year for minimum mandatory reserves set up in Euro;  1.00% per year for minimum mandatory reserves set up in U.S. dollars. The said Circular was published in the Official Gazette no. 327/18.05.2010 and may be accessed here.
  3. 3. ISC has amended the current regulatory NSC establishes the regulatory framework framework regarding the mandatory civil liability regarding the special administration of NSC insurance for damages produced by car authorized entities accidents NSC enacted Order no. 24/2010 for the approval ISC issued Order no. 5/2010 for the approval of of Regulation no. 11/2010 regarding the special the Norms regarding the mandatory civil liability administration of the entities authorized by NSC. insurance for damages produced by car The above mentioned Regulation was published accidents. The above mentioned Order was in the Official Gazette no. 288/03.05.2010 and published in the Official Gazette no. may be accessed here. 344/25.05.2010 and may be accessed here. NSC has amended the regulatory framework regarding the documents of the undertakings for collective investment in transferable securities NSC issued Decision no. 662/25.05.2010 regarding the amendments of the documents of the undertakings for collective investment in PPSSC has amended the current regulatory transferable securities in view of aligning them framework regarding the level of the to the regulations of capital market. The above authorization, approval and functioning taxes in mentioned Decision was published on NSC’s privately managed pensions system website and may be accessed here. PPSSC issued Decision no. 6/2010 for the approval of Norm no. 5/2010 amending Norm no. 7/2008 regarding the authorization, approval and functioning taxes in privately administrated pensions system. The above mentioned Decision was published in the Official Gazette no. 293/05.05.2010 and may be accessed here. PPSSC has amended the current regulatory framework regarding the level of the authorization, approval and functioning taxes in voluntary pensions system PPSSC issued Decision no. 7/2010 for the approval of Norm no. 6/2010 amending Norm no. 8/2008 regarding the authorization, approval and functioning taxes in voluntary system. The above mentioned Decision was published in the Official Gazette no. 293/05.05.2010 and may be accessed here.
  4. 4. In case the financial institution does not present at the term provided by the tax authority a Impact of new transfer pricing rules for financial complete transfer pricing file (including the services industry intercompany transactions between Romanian related parties), it will be liable to: The Romanian Parliament has adopted Law no. 76/2010 regarding the approval of the  adjustments of the income and Government Emergency Ordinance no. expenses resulted from the 109/2009 amending and supplementing Law intercompany transactions not 571/2003 regarding the Fiscal Code. presented; Until now the Methodological Norms regarding  late payment interest of 0.1% for each the Fiscal Code provided that Romanian tax day of delay; and authorities have the possibility to adjust income or expenses resulted only from intercompany  a fine between RON 12,000 and transactions concluded by Romanian taxpayers 14,000 (approximately EUR 2,900 – with foreign affiliated parties, in order to reflect 3,500). the market value of services provided within such transactions (e.g., loans, deposits and The above mentioned law was published in the placements, assignment of debts). The Law Official Gazette no. 307/11.05.2010. comes to clarify that also intercompany transactions concluded between two affiliated Romanian taxpayers might be subject to such adjustments. Consequently, companies part of a Romanian financial group (e.g., banks, leasing companies, insurance and reinsurance companies), should present in the transfer pricing file all transactions concluded with related parties, including the transactions performed between the entities of the Romanian financial group.
  5. 5. EC establishes a European financial stabilization mechanism EC adopted Council Regulation no. 407/2010 of 11 May 2010 establishing a European financial stabilization mechanism. With a view in preserving the financial stability of the European Union, this Regulation establishes the conditions and procedures under which Union financial assistance may be granted to a Member State which is experiencing, or is seriously threatened with, a severe economic or financial disturbance caused by exceptional occurrences beyond its control, taking into account the possible application of the existing facility providing medium-term financial assistance for non-euro- area Member States’ balances of payments. The above mentioned Regulation no. 407/2010 was published in the European Union Official Journal on May 12, 2010, entered into force as of May 13, 2010 and can be accessed here.
  6. 6. Proposal of Regulation regarding the electronic supervision through reporting. The full text of the proposal may be accessed here. Proposal of Regulation regarding the application of some provisions of CE Regulation no. 1060/2009 of the European Parliament and of the Council regarding credit rating agencies. The above mentioned proposal for a Regulation was published on NSC’s website and may be accessed here.
  7. 7. CESR publishes its technical advice to the European Commission on the equivalence between the US regulatory and supervisory framework and the EU regulatory framework applicable to Credit Rating Agencies. The advice ECB announced measures to address severe is available here. tensions in financial markets CESR publishes a report to the European Considering the exceptional situation in the Commission on the technical details of the pan- financial markets, ECB decided to implement European short selling disclosure regime. The some measures regarding the long term above mentioned report was published on refinancing operations at fixed rates and CESR’s website and may be accessed here. reactivation of temporary U.S. dollar liquidity swap facilities. The above mentioned CESR published a report related to Accepted announcement may be accessed here. Market Practices: Liquidity Enhancement Agreements and Purchase of own shares to set up a shares warehouse position. The above mentioned document was published on CESR’s website and may be accessed here. CESR published its guidelines on a common definition of European money market funds. The guidelines may be accessed here. CESR updates the list of measures recently taken by its Members regarding short-selling. For more information please access here.
  8. 8. Date 22 – 23 June 2010 Venue Novotel Hotel Bucharest At first glance, the Romanian VAT system seems to be simple. It appears to involve collecting and deducting VAT, which works more or less neutral for taxpayers. In practice this is far from the truth as various issues pop up when least expected. Difficulties in correctly applying the VAT rules are frequently encountered. Our workshop will help participants to spot opportunities leading to an improvement of their company’s tax position. For additional information, please visit the VAT in Practice page.
  9. 9. Reff & Associates is the correspondent law firm of Deloitte Romania, fully integrated with the Deloitte multi-disciplinary advisory practice and affiliated to a network of law firms and legal departments working with Deloitte all over the world. Deloitte’s correspondent legal practice provides assistance to clients in Romania on various matters pertaining to mergers and acquisitions, corporate and commercial law, finance, banking and capital markets, real estate, project finance, employment, competition, fiscal and commercial litigation, and intellectual property. In the financial services sector, Reff & Associates provides the full range of services to banks and financial institutions, including: - Finance deals: transaction support in bilateral and syndicated loans, loan workouts, securitisation, loan transfers and assists in drafting and negotiating the transaction documentation (loan agreements, security and other ancillary documentation). - M&A transactions in the financial services sector: advice on the structure of the transaction, the pre-contractual documentation, due diligence, drafting/negotiating the purchase agreements and assisting the implementation of the transaction. - Regulatory assistance: ongoing assistance with respect to the specific legal and regulatory requirements applicable to banks / non banking financial institutions operating in Romania, development of new financial products, representation in front of the regulators (National Bank of Romania, Insurance Supervisory Commission, Securities Commission etc.). Andrei Burz Pinzaru Partner + 40 21 207 52 05 aburzpinzaru@deloittece.com Simina Mut Manager + 40 21 207 52 69 smut@deloittece.com Leontin Trifa Manager + 40 21 207 53 13 ltrifa@deloittece.com Sectorul Serviciilor Financiare Buletin lunar 11
  10. 10. George Mucibabici Chairman tel: + 40 21 207 52 55 e-mail: gmucibabici@deloittece.com Audit Santiago Pardo Partner tel: + 40 21 207 54 92 e-mail: sapardo@deloittece.com Enterprise Risk Services Gary Bauer Director tel: + 40 21 207 52 19 e-mail: gbauer@deloittece.com Financial Advisory Antonis Ioannides Partner tel: + 40 21 207 56 26 e-mail: anioannides@deloittece.com Tax Daniel Petre Manager tel: + 40 21 207 54 44 e-mail: dpetre@deloittece.com Legal Andrei Burz-Pinzaru Partner, Reff&Associates correspondent law firm of Deloitte Romania tel: + 40 21 207 52 05 e-mail: aburzpinzaru@deloittece.com Consulting Razvan Horobeanu Manager tel: + 40 21 207 53 57 e-mail: rhorobeanu@deloittece.com Actuarial & Insurance Solutions Slawomir Latusek Consultant tel: + 48 (22) 511 04 54 e-mail: slatusek@deloittece.com
  11. 11. Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/ro/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's more than 169 000 professionals are committed to becoming the standard of excellence. Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities. This publication contains general information only, and none of Deloitte Touche Tohmatsu, its member firms, or its and their affiliates are, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your finances or your business. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. None of Deloitte Touche Tohmatsu, its member firms, or its and their respective affiliates shall be responsible for any loss whatsoever sustained by any person who relies on this publication. © 2010 Deloitte Romania

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