The New Romanian Civil Code ("NCC") enters into force on 1 October 2011. It aims to update the Romanian legal framework by refining some of the existing legal concepts so as to adapt them to the current environment, as well as introducing new ones. It will also regulate within a unique piece of legislation all legal private relationships.
The changes brought about by the NCC will affect a broad range of existing Romanian law provisions, from further protecting privacy and family life to tightening the provisions governing bank financings and security. Furthermore, it will enact provisions that regulate for the first time specific legal relationships (e.g. fiducia, a trust-like relationship).
The most important modifications will be the subject of a series of Law-Now updates, which will explain some of the implications the changes will have on certain areas of the law.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 16/09/2011.