At a high level, the amendments appear to reflect a more business-oriented approach. They incorporate several suggestions raised by the business community during the past few years, aim to reduce administrative burdens, and move the Romanian framework closer to the anticipated changes to the EU FDI Screening Regulation.
The amendments introduce structural and procedural changes intended to improve predictability and reduce administrative bottlenecks. They also address issues that surfaced over years of practical application, including questions surrounding asset deals, intragroup transactions, or sensitive sectors.
Main changes brought by GEO 17/2026
A higher filing threshold and a clearer scope of review
One of the most significant changes is the increase in the mandatory investment value filing threshold from EUR 2 million to EUR 5 million. This revision will likely reduce the number of filings triggered by smaller, day-to-day investments that pose limited risk to national security.
At the same time, the FDI Screening Commission (CEISD) retains the ability to review sub-threshold transactions that—due to their nature or potential effects—may affect national security, public order, or projects or programs of European Union interest and to call in such transactions. The new framework therefore preserves sufficient flexibility in sensitive cases.
GEO 17/2026 also brings welcome clarity on the treatment of asset deals, an area that has generated uncertainty in practice. Going forward, only acquisitions of tangible or intangible assets linked to specifically defined sensitive sectors will fall within the scope of review. These sectors include critical and advanced technologies—such as AI, semiconductors, quantum technologies, biotechnology and nuclear-related activities—as well as critical infrastructure relating to energy, transport, water, health, data processing and storage, aerospace, defence, and financial or electoral systems. The pharmaceutical industry, defence sector, and certain agri-food activities are also expressly included.
This sector-based approach provides investors with a clearer and long-awaited understanding of when an asset deal triggers a filing obligation.
Another development is the introduction of an express exemption for certain intragroup restructurings carried out by EU investors or investors originating from OECD jurisdictions, provided that there is no change in effective control or beneficial ownership and the source of funding is intra-group or originates exclusively from EU or OECD jurisdictions. While this exemption is a welcome development, its practical application will depend on how these conditions are interpreted in practice.
Faster review timelines and improved procedural efficiency
The review process has also been streamlined, with GEO 17/2026 shortening the statutory review timeline. CEISD will now issue its opinion within 45 days from the moment the filing is deemed complete, replacing the previous 60-day period. Clearance for non-problematic cases will then be issued by the head of the Prime Minister’s Chancellery within ten calendar days from receiving CEISD’s opinion.
Another important development is the introduction of an aggregation rule. When the same parties carry out multiple related transactions within a one-year period, these may be treated as a single investment for screening purposes. Investors must submit a filing once the cumulative value of such operations exceeds the EUR 5 million threshold. This rule is intended to prevent the frag mentation of transactions for the purpose of avoiding review.
Overall, review timelines for non-problematic cases may, in principle, fall below two months from submission, broadly aligning with the direction of the anticipated changes to the EU FDI Regulation.
GEO 17/2026 also reduces the filing fee from EUR 10,000 to EUR 5,000, further easing the administrative burden associated with the notification process.
Changes in CEISD’s structure and new decision-making framework
GEO 17/2026 also brings certain structural changes to CEISD’s composition and functioning. The Competition Council will retain an administrative role as secretariat of CEISD, indicating a clearer separation between national security review and traditional competition review. Moreover, GEO 17/2026 provides for permanent invited representatives from key security-related institutions, including the Special Telecommunications Service.
The decision-making framework has also been modified. Unconditional clearances will now be issued through orders of the head of the Prime Minister’s Chancellery, rather than through decisions of the Competition Council. Conditional approvals and prohibitions will continue to be adopted through government decisions.
Digitalisation and transparency through the new CEISD platform
A further innovation brought by GEO 17/2026 is the introduction of a dedicated digital platform through which all notifications and related communications must be submitted. This move towards digitalisation marks an important step towards a more streamlined, secure, and transparent administrative process. The platform is not yet functional but is expected to be operational in the near future.
In addition, CEISD will be required to publish an annual activity report by 30 June each year, enhancing transparency and offering investors greater insight into review trends, priorities, and enforcement practice.
Other meaningful amendments
Other amendments address CEISD’s requests for information. The legal deadline was increased from 15 to 30 calendar days, and a new sanction—closing the screening proceedings in case of failure to respond—has been introduced. This is in addition to the authorities’ existing power to apply fines for non-compliance.
Moreover, while no filing deadline has been reinstated, GEO 17/2026 expressly confirms CEISD’s ability to clear already implemented investments, without prejudice to potential sanctions.
Entry into force and applicability of the new FDI regime
The new rules will apply exclusively to filings submitted after its entry into force. Filings currently under review will continue to be assessed under the legal framework applicable at the time of submission, thereby ensuring procedural continuity and avoiding retroactive application.
Overall assessment
Overall, GEO 17/2026 marks a meaningful step towards modernising Romania’s FDI screening regime and making it more efficient. The increased thresholds, clearer scope, streamlined procedures, and updated institutional setup should contribute to a more predictable and workable system.
While the amendments are expected to reduce filings and delays, the regime remains broad. Investors should therefore assess notifiability carefully and monitor the authorities’ application of the new rules.
