The liability of directors towards the company arises whenever they breach the obligations assumed through the management contract or those provided by law. Law no. 31/1990, in Articles 70-73, outlines the legal framework for directors’ liability, emphasizing that the obligations and liability of directors are governed by the provisions on mandate and the specific rules set out in Law no. 31/1990. The liability action against directors...

General meetings adopt resolutions (a term used interchangeably with „decisions”) based on the quorum and majority requirements set forth by statutory provisions or the articles of association. In the case of limited liability companies (LLCs), the general rule is that of a double absolute majority – both of the members and of the share capital [Article 192(1) of the Companies Law]. Prior to the enactment of Law No. 265/2022, amendment...

The article explains the novelty introduced by Law no. 222/2023, which for the first time in Romania regulates the cross-border transformation of companies, in line with EU law. This mechanism allows a company to move its registered office to another EU member state and change its legal form without being dissolved, while still retaining its legal personality. The procedure has two stages: in the home state, the company must draft a tra...

Amid increasingly intense tax audits and the sometimes rigid enforcement of norms by fiscal authorities, the issue of liability in VAT deductions and expense rejections has grown significantly in relevance. Authorities often cite – albeit indirectly – Article 6(2) of Accounting Law no. 82/1991 to justify the penalization of corporate taxpayers for formal irregularities committed by suppliers, upstream partners, or accounting personnel, includi...

Compensation of managers and directors is fixed in nature and is grantedperiodically (monthly) or in the form of attendance fees (jetons), without depending on the company’s performance. Compensation of managers is set by the board of directors within the limits established by the general meeting of shareholders (GMS). It is monthly, corresponding to a permanent (full-time) activity. An additional compensation is granted for executive ro...

The article analyzes the impact of the new corporate governance standards introduced by the Bucharest Stock Exchange (BVB) Code, which came into force on January 1, 2025, compared to the previous version from 2015. The study places the BVB codes in the context of soft law instruments and the comply or explain principle, discussing both their normative role and their practical effects on issuers. The analysis highlights the main changes brought ...

The study analyzes the new European regulatory framework for payment services (PSD3) using the tools of economic analysis of law. Starting from previous legislative developments, from Directive 2007/64/EC (PSD) and PSD2 to the current proposal for a Regulation, the study highlights the essential changes regarding the liability of payment service providers, particularly in the context of identity fraud (spoofing and phishing). We argue that the...

The Commission’s proposal for a Resolution on the Internal market and consumer protection No 2025/2037 underlines the pressing need for an online trade reform in the context of increasing the volume of non-compliant products imported into the EU, in particular from China, through Temu or Shein platforms.The main pillar of the reform of trade relations regarding products imported from outside the EU consists of establishing an extended li...

When instituting retaliatory tariffs on imports from a State who initiated such alleged protectionist measures, aiming to convince that State to renounce the tariffs initially imposed, it is possible to disproportionately affect some of its own citizens or of the companies established under the national law. In such cases, the State can award them certain compensatory benefits. Considering the premise that citizenship is not a determinism, but ...

This article examines the landmark judgment of the Court of Justice of the European Union in the Google/Android Auto case (C-233/23), which significantly redefines the legal framework governing refusals to ensure interoperability in digital markets.Departing from the traditional indispensability standard established in Bronner and IMS Health, the Court held that a refusal by a dominant undertaking to grant inte...