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Under threat of European sanctions Government facilitates formalities for companies

The Government on Tuesday adopted an emergency ordinance on amending the trading companies law in order to avoid the risk of sanctions by the European Commission, said spokesman for the Government Dan Suciu.

'There appeared an urgent situation, which required the approval of this ordinance as there is a number of European directives Romania has not applied and consequently there is the risk of an infringement procedure, we were in a stage of previous litigation in point of these directives. ... Although there is a major interest of the Government in not issuing emergency ordinances any more, both this question, which comes to support trading companies, and the infringement risk made the Government approve this ordinance now,' said Suciu.

The amendments to Law 311990, under certain circumstances, diminish the companies' obligation to submit reports to shareholders and associates as part of merger and division operations.

The emergency ordinance also simplifies the publication formalities connected to drawing up and amending substantiating documents and suggests using the company's own Internet page instead of the compulsory publication in the Official Gazette, said Suciu.

Formalities meant to inform shareholders are also simplified. 'Therefore, all these questions come to support shareholders and trading companies,' concluded Dan Suciu.

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