Furthermore, if bankers try to interfere with BNR inspections they risk up to three years in prison.
The same document indicates that foreign banks operating on the Romanian market must assign at least two people to manage the company’s activities in Romania, empowered to legally commit the lender in Romania.
“These people must have an adequate reputation and experience to carry out their responsibilities. The branches of third-country lenders must publish their mother company’s general ledgers, and if necessary, the consolidated report compiled by administrative authorities and the opinions of people responsible for auditing the annual financial status,” according to BNR’s draft law.
Legislation
This document applies European banking surveillance legislation, and became law upon publication in Romania’s Official Gazette.
