1. Payment Systems
  2. Legislation

Legislation


  • The main national legal rules governing payment instruments and payment systems:
    1. Payment instruments and means of payment
      • DIRECTIVE (EU) 2015/2366 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC
        • Law no. 209/2019 on payment services and for the amendment of some normative acts  ;
        • Law no. 210/2019 on the activity of issuing electronic money
      • Law No 59/1934 on cheques, as subsequently amended and supplemented
      • Law No 58/1934 on bills of exchange and promissory notes, as subsequently amended and supplemented
      • Law No 231/2015 on setting out measures to implement Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009
      • Law No 70/2015 for strengthening financial discipline concerning cash collection and payment operations and for amending and supplementing Government Emergency Ordinance No 193/2002 on introducing modern payment systems
      • Government Emergency Ordinance No 193/2002 on introducing modern payment systems, as subsequently amended and supplemented
      • NBR Regulation No 2/2016 on mandatory requirements for credit transfers and direct debits
      • NBR Regulation No 3/2018 on financial market infrastructures and payment instruments oversight
      • NBR Regulation No 4/2014 on statistical data and information reporting to National Bank of Romania, as subsequently amended and supplemented
      • Guidelines on the conditions to benefit from an exemption from the contingency mechanism under Article 33(6) of Regulation (EU) 2018/389 (RTS on SCA & CSC)
        • NBR Regulation no. 6/2021 regarding the necessary conditions to benefit from the exemption from the establishment of the emergency mechanism according to art. 33 para. (6) of Commission Delegated Regulation (EU) 2018/389 supplementing Directive (EU) 2015 / 2.366 of the European Parliament and of the Council on technical regulatory standards for strict customer authentication and open, common and secure standards for Communication
      • NBR Norm No 7/1994 on trading of cheques, as subsequently amended and supplemented
      • NBR Norm No 6/1994 on trading bills of exchange and promissory Notes, as subsequently amended and supplemented
      • NBR Technical Norm No 4/2008 on cheques, as subsequently amended
      • NBR Technical Norm No 9/1994 on cheques, as subsequently amended and supplemented
      • NBR Technical Norm No 5/2008 on bills of exchange and promissory notes, as subsequently amended
      • NBR Technical Norm No 10/1994 on bills of exchange and promissory notes, as subsequently amended
    2. Payment systems
      • Law No 253/2004 on settlement finality in payment and securities settlement systems, as subsequently amended and supplemented
      • Government Ordinance No 9/2004 on certain financial collateral arrangements, approved as amended and supplemented by Law No 222/2004
      • Government Decision No 1259/2010 on establishing measures for applying Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001
      • NBR Regulation No 9/2007 on oversight of payment and settlement systems and of payment instruments
      • NBR Regulation No 3/2018 on financial market infrastructures and payment instruments oversight
      • NBR Regulation No 16/2011 on the risk management procedure and settlement facilities granted by the National Bank of Romania to ensure smooth settlement in ReGIS system
      • NBR Regulation No 2/2004 on the use of IBAN in Romania, as subsequently amended and supplemented
      • NBR Regulation No 4/2014 on reporting statistical data and information to the National Bank of Romania, as subsequently amended and supplemented
      • NBR Regulation No 9/2009 on repealing of some legal acts issued by the National Bank of Romania
      • NBR Norm No 1/2005 on the uniform manner of completing the payment orders details in electronic messages used in ReGIS system and automated clearing house
      • NBR Norm No 10/2003 on the maximum period of interruption in functioning of the payment system, settlement system and monetary and currency markets
      • NBR Norm No 7/2002 on funds transfers within a cooperative credit network
      • NBR Circular No 26/1995 on the establishment of 50BBX99.10 account „Availabilities blocked by courts”
      • NBR Circular No 35/2002 on the enforcement of regulations issued by the National Bank of Romania in the payment systems field and credit cooperative organizations
      • NBR Circular No 7/2005 on measures to be taken by credit institutions / State Treasury for enforcement of Law No 348/2004 on domestic currency denomination, as amended by NBR Circular No 24/2006
      • NBR Circular No 39/2008 on prohibiting the use of debit payment instruments such as cheques, bills of exchange and promissory Notes in the old format, rectified in 2008
      • NBR Governor Order No 637/2011 for the designation of systems covered by Law No 253/2004 on settlement finality in payment systems and securities settlement systems
      • NBR Governor's Order No 4 / 2015 on the functioning of the TARGET2 – Romania payment system
  • Community legislation
    • Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication
    • Commission Delegated Regulation (EU) 2022/2360 of 3 August 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/389 as regards the 90-day exemption for account access
    • REGULATION (EU) 2021/1230 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 July 2021 on cross-border payments in the Union
    • REGULATION (EU) 2019/518 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 19 March 2019 amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the Union and currency conversion charges
    • Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims
    • Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC
    • Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements
    • Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems
    • Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features
    • Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1798/2006
    • Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001
    • Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions
    • Regulation (EU) No 1409/2013 of the European Central Bank of 28 November 2013 on payments statistics (ECB/2013/43)
    • Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009
  • More community regulations
    • Memorandums
      1. Memorandum of Understanding on cooperation between payment systems overseers and banking supervisors in Stage Three of Economic and Monetary Union
      2. The Memorandum of Understanding on high-level principles of cooperation between the banking supervisors and central banks of the EU in crisis management situations.
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