Following the entry into force of Law no. 243/2019 regarding alternative investment funds (AIFs, respectively the AIF Law) in January, the Romanian Financial Supervisory Authority

√     First Romanian piece of legislation to extensively regulate AIFs √     Introduction of several types of funds: (A) Qualified investors AIFs, including (i)

√     Facilitate the authorisation process √     Accelerate the issuance of authorisations √     Modernise and simplify the authorisation procedures Law No. 193/2019 for

√     Fines for unlawful overtime to be applied for each employee and not overall at the level of the employer The Romanian Chamber of

✓     Taxpayers who do not qualify for rescheduling of taxes under existing legislation may apply for this procedure within 6 months from publication ✓ 

√     Individual employment agreements cannot provide for penalty clauses for the breach of the employees’ obligations √     Penalty clauses are sanctioned with nullity

√     Administrative liability is transferred to public servants √     Concessions of public property is subject to new rules √     A comprehensive set

√     Adverts promoting games of chance will fall under the audiovisual restrictive rules for protection of minors √     Advertising of betting is expressly