Pursuant to Law no. 253/2004 on settlement finality in payment and securities settlement systems, as subsequently amended and supplemented, that ensures transposition of Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payments and securities settlement systems into the Romanian legislation, a payment system is a formal arrangement which cumulatively fulfills the following conditions:
a) it is concluded between three or more participants, excluding the system operator of that system, a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, with common rules and standardised arrangements for the clearing, whether or not through a central counterparty, or execution of transfer orders between the participants.
(b) it is governed by the law of a Member State chosen by the participants; the participants may, however, only choose the law of a Member State in which at least one of them has its head office, and
(c) it is designated by the National Bank of Romania as a system falling under the provisions of Law no. 253/2004, as subsequently amended and supplemented, or it is designated by the Member State of the European Economic Area (EEA) whose law is applicable and subsequently notified thereof to the European Commission.
Designated authority
Pursuant to the provisions of art. 6 para. (2) of the Directive 98/26/CE, the designated authority for the notifications concerning the opening of insolvency proceedings regarding both the payment systems and the securities settlement systems is:
Banca Naţională a României
Lipscani 25, Sector 3
Bucharest, 030031, Romania
Website: www.bnr.ro
The notifications concerning the opening of insolvency proceedings, regarding both the payment systems and the securities settlement systems, shall be sent to the National Bank of Romania, to the attention of the Payments Department, at:
E-mail: sfd[at]bnro.ro
Fax: +40 21 315 80 72
With a view to enforcing the Law no. 253/2004, the following systems have been designated by the National Bank of Romania Governor’s Order No. 637 from 15.06.2011 and notified to the European Commission:
A. Payment Systems
B. Securities Settlement Systems