Issue Monitoring – Financial Legislative Focus #2 | March 20 – 31, 2026

Romania: legislative developments with immediate financial relevance

DomainFinancial
PeriodMarch 20 – 31, 2026
EditionWeek 3 /
LanguageEN

Executive overview

MEDIUM IMPACT Consumer Protection and Unfair Practices Ordinance

Emergency Ordinance No. 18/2026 updates consumer protection rules, aligning Romanian law with EU directives and setting clearer requirements for transparency and sustainability in financial services and digital products.

MEDIUM IMPACT Implementation of ESAP (EU Single Access Point):

Draft Law PL-x 215/2026 introduces ESAP, a single EU system for financial and sustainability reporting. Romanian financial institutions must standardize and submit data through national authorities.

MEDIUM IMPACT Capital markets rules updated to match EU changes

Draft Law L135/2026 updates Romania’s capital markets rules to match recent EU changes. It brings updates to how trading works, what companies must report, and how sanctions are applied.

Legislative developments

Consumer Protection and Unfair Practices Ordinance

What is changing

The ordinance applies new EU rules on consumer protection, especially for online financial services. Consumers can cancel a contract within 14 days, without costs or justification, with a few exceptions.

Why this matters

The main impact is on compliance and reputation. Financial institutions must review how they communicate with clients, especially online. They need to update disclosures, marketing materials, and contracts.

Sustainability claims must be supported by clear evidence. Transparency rules and withdrawal rights also require changes in customer journeys and internal processes. Digital products bring ongoing compliance obligations.

Next steps (internal)

The ordinance is already in force, with key provisions becoming applicable throughout 2026, making this a time-sensitive compliance priority. Conduct a gap analysis of consumer protection, disclosure, and marketing practices.

- Review and update contracts, customer communications, and digital interfaces.
- Ensure compliance with sustainability claims and labeling requirements.
- Align internal processes with new rules on withdrawal rights and product transparency.
- Monitor implementation timelines and prepare for phased application during 2026.

How relevant is this initiative? Thank you — we’ll use your feedback in future reports.
Details about initiative →

Implementation of ESAP (EU Single Access Point)

What is changing

The draft law introduces new reporting rules under ESAP. Financial institutions must send public data not only through current channels, but also to national authorities like BNR and ASF, which will forward it at EU level.

From January 2030, data must follow a standard format and be easy to process and search. BNR, ASF, and the Macroprudential Committee will collect and transmit this information.

Why this matters

Most obligations apply from 2030, but the law is close to adoption. Companies need to start preparing now.

ESAP changes how data is reported at EU level. Financial institutions must update systems, reporting processes, and data governance. Early planning is important due to the technical complexity and impact across teams.

Next steps (internal)

The draft law is close to adoption, so companies need to act now.
- Monitor the legislative process and final approval.
- Review current reporting, data formats, and disclosure processes.
- Check if systems can handle standard, machine-readable data.
- Plan updates for IT systems and data governance.
- Review shareholder communication and internal processes.

How relevant is this initiative? Thank you — we’ll use your feedback in future reports.
Details about initiative →

Capital markets rules updated to match EU changes

What is changing

The draft law aligns Romania’s rules with recent EU changes and includes some ESAP requirements. It removes overlapping national rules and updates how capital markets work.

Key changes include

  • minimum activity levels on markets,
  • more power for operators to stop or limit trading in special situations, and
  • simpler reporting for some transactions.
Why this matters

The draft law has been adopted by the Senate and is moving forward, with a high chance of approval soon.

Most rules will apply shortly after publication, so companies need to adjust quickly. ESAP-related requirements apply from January 2030 and need early planning due to their complexity.

These changes follow a broader EU push for more transparency, better data, and stronger markets.

Next steps (internal)

The draft law has been adopted by the Senate and now goes to the Chamber of Deputies for final approval.

- Monitor the legislative process and final decision.
- Assess the impact on trading, market operations, and derivatives.
- Improve data quality and reporting systems.
- Update compliance processes and manage sanctions risk.
- Prepare for ESAP reporting and long-term data standardization.

How relevant is this initiative? Thank you — we’ll use your feedback in future reports.
Details about initiative →

Next procedural steps

InitiativeDecision landscapeNext legislative step
Consumer Protection and Unfair Practices Ordinance Published in the Official Gazette. In force
Implementation of ESAP (EU Single Access Point) Chamber’s of Deputies specialized committees for final debate Final vote. Promulgation
Capital markets rules updated to match EU changes Adopted by the Senate (first Chamber) Sent to the Chamber’s of Deputies specialized committees for final debate. Final vote