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Clifford Chance

Clifford Chance


Provision of MiFID investment services in Romania – is the establishment of a branch required?

8 August 2019

As part of the process for the implementation of the MiFID II framework in Romania, the Financial Supervisory Authority (the "FSA") issued Regulation no. 5/2019 (the "Regulation")  on certain requirements related to the provision of investment services and activities under the Romanian law implementing Directive 2014/65/EU on markets in financial instruments ("MiFID II"), i.e. Law no. 126/2018 on markets in financial instruments.

The Regulation deals, inter alia, with cross-border operations performed by investment firms and credit institutions from EU member states or from third countries providing specific criteria, which trigger the requirement for notification under article 34 (freedom to provide services), article 35 (freedom of establishment) or authorisation under article 39 (branch authorization for third country firms) of MiFID II.

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