Romania – ASF AIF Authorization Rules

Romania – ASF AIF Authorization Rules

On 4 April 2024, ROM ASF issued draft rules to amend the AIFs Regulation.

  • ROM ASF issued draft to amend and supplement regulation 7/2020 regarding the authorization and operation of alternative investment funds (AIFs).
  • Follows ROM ASF February 2021 amended rules on authorizing/operating AIFs.


  • Proposals to amend and supplement Regulation 7/2020 on authorization and operation of AIFs introduced to update national legal rules on entities' activity falling in its scope.
  • To implement best solutions for development of the fund market and to solve possible difficulties that the industry may encounter.

Key Aspects

  • To replace operators of market/system with entities that manage trading venues.
  • Add rules on documents to accompany AIF authorization withdrawal application that on date of submission of request no longer has investors.
  • That, per redemption by all investors of fund units held and assets fully liquidated.
  • Amend provisions re prohibition to carry out exchanges of financial instruments from portfolio against other financial instruments or transfer assets from portfolio to honor payment of redemption requests of holders of participation titles (redemption in kind).
  • That, including provisions per which those admitted to trading may offer/receive other values, securities in exchange for securities they intend to buy/sell within framework of public offer for purchase/takeover carried out by means of exchange in line with legal provisions applicable to securities issuers; plus update of references in modified acts.
  • Notification rules for change in prospectus of AIF admitted to trading within authorized trading venue or stock exchange in third country (within 2 working days from change).
  • Insertion of some provisions on the manner in which the assessment of the assets is carried out in AIFs that have currency risk associated with the investment.


  • Comments on the draft rules to be received by 14 April 2024, via online platform.
  • Regulation to be published in OG Part I and enter into force on its publication date.