Peer Review: Romania Phase 1 report
This report for Romania has been published on 30 Oct 2015. You can buy this report, or browse it online below.
Skip directly to the Executive Summary. You may also want to view the tables of determinations and ratings.

Determinations and Recommendations
Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
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Determination | Factors | Recommendations |
The element is not in place. | Foreign companies having their place of effective management in Romania are not obliged to maintain ownership information in all circumstances. | Romania should require foreign companies having their place of effective management in Romania to maintain information on their ownership. |
Bearer shares may be issued by SAs and SCAs, and mechanisms to ensure that the owners of such shares can be identified are not in place for all bearer shares. | Romania should take necessary measures to ensure that appropriate mechanisms are in place to identify the owners of bearer shares in all instances. | |
Romanian legislation does not provide for sanctions in all cases for SAs and SCAs that fail to maintain ownership information. | Romania should introduce appropriate enforcement measures to address the risk of SAs and SCAs not complying with the requirement to maintain a register of their shareholders and members. | |
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
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Determination | Factors | Recommendations |
The element is in place. | Romanian trustees of foreign trusts are not required to keep accounting records that fully reflect the financial position and assets/liabilities of the foreign trust. | Romania should ensure that such accounting records are maintained for a minimum of five years for any foreign trusts which have Romanian-resident administrators or trustees. |
Banking information should be available for all account-holders. (ToR A.3)
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Determination | Factors | Recommendations |
The element is in place. | ||
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
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Determination | Factors | Recommendations |
The element is in place. | ||
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
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Determination | Factors | Recommendations |
The element is in place. | ||
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
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Determination | Factors | Recommendations |
The element is in place. | ||
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
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Determination | Factors | Recommendations |
The element is in place. | Romania should continue to develop its exchange of information network with all relevant partners. | |
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
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Determination | Factors | Recommendations |
The element is in place. | ||
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
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Determination | Factors | Recommendations |
The element is in place. | ||
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
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Determination | Factors | Recommendations |
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review. |