On 15 October 2012, Law no. 167/2012 amending Law no. 297/2004 on the capital market (“Law 167”) was published in the Official Journal No. 704. Law 167 has brought important changes to the scope of activity of the SSIF (investment firms), by including fiduciary services in the meaning of the New Civil Code and to the application of certain provisions of the Capital Market Law (i.e. market abuse) to greenhouse gas emission certificates traded on a regulated market.

In a nutshell:

  1. The financial investment services companies are expressly allowed to perform fiducia activities, in accordance with the provisions of the New Civil Code.
  2. The definition of the regulated market includes reference to trading greenhouse gas emission certificates.
  3. The scope of the application of market abuse provisions is extended to greenhouse gas emission certificates traded on a regulated market in Romania or in an EU member state.