Notes: The graph depicts major regulatory changes that we identified via an extensive literature search, an online survey of mentioned authors, and other sources. Please note that the graph does not include all possible regulatory changes, e.g. minor revisions to local GAAP or tax rate changes below 3% are not included. The dates of EU Directives are based on the official transposition deadlines unless denoted with a *, in which case we included the entry-to-force date as identified in the literature. For more information, please go to Labro and Pierk (2025). We kindly ask that you cite the paper if you use the information on this website in your research project. Do you have comments or see anything missing? Please email us!
Regulations, Publications, Further Graphs
The tab ‘Regulations’ includes links to the regulations, gives short descriptions, and provides selective papers for further reading. If the regulation is a national transposition of an EU Directive, the link to the Directive is given. The tab ‘Number of Regulations’ shows graphically the number of regulations 8 years around the respective year (-4,-3,-2,-1,0,+1,+2,+3). The tab ‘Number of Categories” shows graphically the number of different categories 8 years around the respective year (-4,-3,-2,-1,0,+1,+2,+3). The tab ’Publications’ shows all publications that include the countries’ names and variations thereof in the title, abstract, or keywords. Similarly, the tab ‘SSRN’ shows papers of the SSRN Accouning Research Network that include the countries’ names and variations.
| Date | Milestones | Applies_to | Category | Description | |
|---|---|---|---|---|---|
| 1 | 1994-08-19 | Governing rules for accounting profession | All Firms | FA | Governmental Ordinance No. 65/1994 (Governmental Ordinance No. 65/1994): New rules for the accounting profession See also: Dutia 1995 |
| 2 | 1995-01-01 | Tax rate cut (7 %) | All Firms | Tax | Tax rate cut (7 %): Romania reduced the corporate tax rate by 7 percentage points (from 45 to 38 percent). |
| 3 | 1995-05-30 | Public accountants | All Firms | Audit | Governmental Ordinance No. 3/1995 (Governmental Ordinance No. 3/1995): "Obligation to verify and certify the balance sheet even for commercial companies lacking an auditor if the turnover is greater than lei 500 million annually. The balance sheets of these companies are verified and certified by public accountants (experti contabili) or by commercial companies with the configuration of Corporate Public Accountants and Authorized Accountants." (Dutia 1995) See also: Dutia 1995 |
| 4 | 1997-01-01 | Increased tax-loss offsetting | All Firms | Tax | Increased tax-loss offsetting: Tax loss carryforwards was increased from 2 to 3 years. See also: Dreßler and Overesch 2013 |
| 5 | 1998-01-01 | Increased tax-loss offsetting | All Firms | Tax | Increased tax-loss offsetting: Tax loss carryforwards was increased from 3 to 5 years. See also: Dreßler and Overesch 2013 |
| 6 | 1999-06-01 | New Romanian accounting and auditing laws | All Firms | FA | OUG 75/1999: Increased audit requirements: verification of consistency between annual reports and annual accounts is required. See also: King, Beattie, Cristescu, and Weetman 2001 |
| 7 | 1999-10-04 | IAS (selected firms) | PIE | FA | ORDIN nr. 403 din 22 aprilie 1999 pentru aprobarea Reglementărilor contabile armonizate cu Directiva a IV-a a Comunităţilor Economice Europene şi cu Standardele de Contabilitate Internaţionale (ORDER no. 403 of April 22, 1999 for the approval of the Accounting Regulations harmonized with the IV Directive of the European Economic Communities and with the International Accounting Standards): A sample of large Romanian entities (public interest entities) were asked to apply European Directives and the International Accounting Standards (IAS). The first volume transposed the European directives, and the second volume asked the sample entities to apply IAS. This created confusion on the pecking order of foreign regulations (ED or IAS), since the standards were not completely similar. This order initiated the gradual adoption of IAS/IFRS in Romania. |
| 8 | 2001-01-01 | Tax rate cut (13 %) | All Firms | Tax | Tax rate cut (13 %): Romania reduced the corporate tax rate by 13 percentage points (from 38 to 25 percent). |
| 9 | 2001-01-29 | IAS (large firms) | All Firms | FA | ORDIN nr. 94 din 29 ianuarie 2001, pentru aprobarea Reglementărilor contabile armonizate cu Directiva a IV-a a Comunităţilor Economice Europene şi cu Standardele Internaţionale de Contabilitate (ORDER no. 94 of January 29, 2001, for the approval of the Accounting Regulations harmonized with the IV Directive of the European Economic Communities and with the International Accounting Standards): Replaced nr. 403 of 22 April 1999. Now, around 1,700 large Romanian entities were asked to apply European Directives and the International Accounting Standards (IAS). |
| 10 | 2005-01-01 | Tax rate cut (9 %) | All Firms | Tax | Tax rate cut (9 %): Romania reduced the corporate tax rate by 9 percentage points (from 25 to 16 percent). |
| 11 | 2005-07-01 | IPO Prospectus Directive | Public-EU | Other | Lege privind piaţa de capital /// Ordin al Comisiei Naţionale a Valorilor Mobiliare pentru aprobarea Regulamentului nr.1/2006 privind emitenţii şi operaţiunile cu valori mobiliare /// Legea nr. 24 /2017 privind emitenţii de instrumente financiare şi operaţiuni de piaţă (Law on the capital market /// Order of the National Securities Commission approving Regulation nr.1/2006 on issuers and transactions in securities /// Law No 24/2017 on issuers of financial instruments and market operations): Increased IPO prospectus disclosure. National transposition of Directive 2003/71/EC See also: Byard, Darrough, and Suh 2021 |
| 12 | 2006-12-30 | Disclosure Directive | All Firms | FA | National transposition into several laws: Introduction of penalties for non-disclosure of financial statements. National transposition of Directive 2003/58/EC See also: Bernard 2016 |
| 13 | 2007-01-01 | IFRS Regulation | Public-EU | FA | Regulation 1606/2002: Firms listed on EU-regulated markets are required to use the International Financial Reporting Standards (IFRS) for their consolidated financial statements. Firms that use US GAAP voluntarily are allowed to transition two years later. See also: Brueggemann, Hitz, and Sellhorn 2013; Cascino and Gassen 2015; Albu, Albu, Faff, and Hodgson 2011 |
| 14 | 2007-01-01 | Transparency Directive (TPD)* | Public-EU | FA | National transposition into several laws: Harmonization of transparency requirements for firms listed on EU-regulated markets. Introduction of mandatory quarterly reporting for publicly listed firms (at least Interim Management Statements on a quarterly basis), and increased disclosure requirements regarding ownership. National transposition of Directive 2004/109/EC See also: Ernstberger, Link, Stich, and Vogler 2017; Bonetti, Duro, Ormazabal 2020; Link 2012 |
| 15 | 2007-01-01 | IFRS 7 - Financial Instruments: Disclosures | Public-EU | FA | IFRS 7 - Financial Instruments: Disclosures: "IFRS 7 requires entities to provide disclosures in their financial statements that enable users to evaluate the significance of financial instruments for the entity’s financial position and performance and the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks." (ifrs.org) See also: Bischof 2009; Giner, Allini, and Zampella 2020; Bischof, Daske, Elfers, and Hail 2021 |
| 16 | 2007-01-01 | Joined the EU | All Firms | Other | Joined the EU: Joined the European Union. |
| 17 | 2007-01-01 | IFRS permitted | All Firms | FA | IFRS permitted: IFRS permitted for private firms (consolidated statements). |
| 18 | 2007-01-01 | Takeover Directive | Public-EU | Other | National transposition into several laws: The Directive 'lays down measures to coordinate the laws, regulations, administrative provisions, codes of practice […] relating to takeover bids for the securities of companies governed by the laws of Member State" (Directive 2004/25/EC, Article 1). National transposition of Directive 2004/25/EC See also: Bonetti, Duro, Ormazabal 2020 |
| 19 | 2007-01-01 | Market Abuse Directive* | Public-EU | Other | Lege privind piaţa de capital (Capital Market Act): "The Market Abuse Directive (2003/6/EC) aims to prevent insider trading and market manipulation. It contains three key elements: (1) disclosure rules designed to reduce the scope of inside information, (2) ex-post sanctions for insider trading or market manipulation, and (3) tightened enforcement of compliance with insider trading and market manipulation rules (see Moloney [2014])." (Christensen et al. 2016) National transposition of Directive 2003/6/EC See also: Bonetti, Duro, Ormazabal 2020; Christensen, Hail, and Leuz 2016 |
| 20 | 2007-01-01 | Interest and Royalty D. | All Firms | Tax | Lege privind Codul fiscal /// Lege pentru modificarea şi completarea Legii nr.571/2006 privind Codul Fiscal (Tax Code Act /// Law amending Law No nr.571/2006 on the Fiscal Code): Exemption from tax on interest and royalty payments within multinationals within the EU. National transposition of Directive 2003/49 See also: Featherstone, Gaut, Rowley and Fabre 2005 |
| 21 | 2007-01-31 | MiFID I | All Firms | Other | National transposition into several laws: The Markets in Financial Instruments Directive (MiFID I) came into force on 1 November 2007 and created a single European financial service market. For example, financial service providers approved by one EU country could operate across the EU ('EU passport'). National transposition of Directive 2004/39/EC |
| 22 | 2007-12-14 | M&A Directive | All Firms | Other | Lege privind societăţile comerciale - republicată /// Hotărâre privind procedurile de informare, consultare şi alte modalităţi de implicare a angajaţilor în activitatea societăţii europene /// Ordonanţă de urgenţă pentru modificarea şi completarea Legii nr. 31/1990 privind societăţile comerciale şi pentru completarea Legii nr.26/1990 privind registrul comerţului (Companies Act — republished /// Decision on information, consultation and other arrangements for the involvement of employees in the activity of the European company /// Emergency Order amending Law No 31/1990 on commercial companies and supplementing Law No nr.26/1990 on the Trade Register): Introduced a harmonizing legal basis within the European Union for cross-border mergers National transposition of Directive 2005/56/EC |
| 23 | 2008-01-01 | VAT Directive | All Firms | Tax | National transposition into several laws: The Directive states that the standard rate of the value-added tax (VAT) may not be lower than 15% and a maximum of two reduced rates not lower than 5%. The Directive allows for exemptions. National transposition of Directive 2006/112 |
| 24 | 2008-06-28 | Statutory Audit Directive | All Firms | Audit | Ordonanţa de urgenţă privind auditul statuar al situaţiilor financiare anuale şi al situaţiilor financiare anuale consolidate /// Lege pentru aprobarea Ordonanţei de urgenţă a Guvernului nr. 90/2008 privind auditul statutar al situaţiilor financiare anuale şi al situaţiilor financiare anuale consolidate /// Ordonanţa Guvernului pentru modificarea şi completarea Ordonanţei de urgenţă a Guvernului nr. 90/2008 privind auditul statutar al situaţiilor financiare anuale consolidate şi a Ordonanţei Guvernului nr. 65/1994 privind organizarea activităţii de expertiză contabilă şi a contabililor autorizaţi (Emergency Ordinance on the statutory audit of annual accounts and consolidated annual accounts /// Law approving Government Emergency Order No 90/2008 on the statutory audit of annual accounts and consolidated annual accounts /// Government Order amending Government Emergency Order No 90/2008 on the statutory audit of consolidated annual accounts and Government Order No 65/1994 on the organisation of the activity of accounting expertise and authorised accountants): Minimum requirements for statutory audits. Statutory audits may only be carried out by approved auditors. Firms are required to disclose the individual auditor responsible for the engagement. National transposition of Directive 2006/43/EC See also: Yuan 2021; Ratzinger-Sakel and Schönberger 2015 |
| 25 | 2008-09-05 | Company Reporting Directive | All Firms | FA | National transposition into several laws: Disclosures of off-balance sheet arrangements and related party transactions. National transposition of Directive 2006/46/EC |
| 26 | 2009-01-01 | IFRS 8 - Operating Segments | Public-EU | FA | IFRS 8 - Operating Segments: "IFRS 8 requires an entity whose debt or equity securities are publicly traded to disclose information to enable users of its financial statements to evaluate the nature and financial effects of the different business activities in which it engages and the different economic environments in which it operates." (ifrs.org) See also: Moldovan 2014; Aleksanyan and Danbolt 2015; Leung and Verriest 2019 |
| 27 | 2009-01-01 | Increased tax-loss offsetting | All Firms | Tax | Increased tax-loss offsetting: Tax loss carryforwards increased from 5 years to 7 years. See also: Alexander, De Vito, Jacob 2020 |
| 28 | 2009-08-03 | Shareholder Rights Directive I | Public-EU | Other | National transposition into several laws: Increased shareholder rights, including timely access to all information relevant to general meetings. National transposition of Directive 2007/36/EC See also: Bonetti, Duro, Ormazabal 2020 |
| 29 | 2012-01-01 | IFRS required for banks | All Firms | FA | IFRS required for banks: IFRS is required for all credit institutions (listed and unlisted). |
| 30 | 2012-01-18 | Parent-Subsidiary Directive | All Firms | Tax | Ordonanţă de urgenţă a Guvernului pentru modificarea şi completarea Legii nr. 571/2003 privind Codul fiscal şi reglementarea unor măsuri financiar-fiscale /// Ordonanţă de urgenţă pentru modificarea şi completarea Legii nr. 571/2003 privind Codul fiscal şi reglementarea unor măsuri financiar-fiscale /// Ordonanta Guvernului nr.8/2021 pentru modificarea si completarea Legii nr.227/2015 prvind Codul Fiscal (Government Emergency Order amending Law No 571/2003 on the Fiscal Code and regulating certain financial-fiscal measures /// Emergency Order amending Law No 571/2003 on the Fiscal Code and regulating certain financial-fiscal measures /// Government Order No nr.8/2021 amending Law No nr.227/2015 on the Fiscal Code): Abolished withholding taxes on dividend distributions paid by subsidiary companies to their parent company within the EU. National transposition of Directive 2011/96 See also: Amberger and Kohlhase 2023 |
| 31 | 2012-10-04 | IFRS required (individual statements) | Public-EU | FA | Ordinul 1286 din 1 octombrie 2012 pentru aprobarea Reglementărilor contabile conforme cu Standardele internaționale de raportare financiară, aplicabile societăților comerciale ale căror valori mobiliare sunt admise la tranzacționare pe o piață reglementată (Order 1286 of October 1, 2012 for the approval of Accounting Regulations in accordance with International Financial Reporting Standards, applicable to commercial companies whose securities are admitted to trading on a regulated market): IFRS is required for individual statements. |
| 32 | 2013-01-01 | IFRS 10 - Consolidated Financial Statements | Public-EU | FA | IFRS 10 - Consolidated Financial Statements: “IFRS 10 establishes principles for presenting and preparing consolidated financial statements when an entity controls one or more other entities. IFRS 10 (a) requires an entity (the parent) that controls one or more other entities (subsidiaries) to present consolidated financial statements, (b) defines the principle of control, and establishes control as the basis for consolidation, (c) sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee, (d) sets out the accounting requirements for the preparation of consolidated financial statements and (e) defines an investment entity and sets out an exception to consolidating particular subsidiaries of an investment entity.” (ifrs.org) See also: Maroun and van Zijl 2016 |
| 33 | 2013-01-01 | IFRS 13 Fair Value Measurement | Public-EU | FA | IFRS 13 Fair Value Measurement: "IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). When measuring fair value, an entity uses the assumptions that market participants would use when pricing the asset or the liability under current market conditions, including assumptions about risk. As a result, an entity’s intention to hold an asset or to settle or otherwise fulfil a liability is not relevant when measuring fair value." (ifrs.org) See also: Sundgren, Mäki, and Somoza-López 2018; Mora et al. 2019; Filip et al. 2021 |
| 34 | 2013-01-01 | IFRS 12 - Disclosure Interest other Entities | Public-EU | FA | IFRS 12 - Disclosure Interest other Entities: "IFRS 12 requires an entity to disclose information that enables users of its financial statements to evaluate: the nature of, and risks associated with, its interests in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity; and the effects of those interests on its financial position, financial performance and cash flows." (ifrs.org) See also: Sarquis, dos Santos, Lourenço, and Braunbeck 2021 |
| 35 | 2013-01-01 | Admin. Cooperation (DAC1) | All Firms | Tax | Ordonanţă pentru modificarea şi completarea Ordonanţei Guvernului nr.92/2003 privind Codul de procedură fiscală /// Lege privind aprobarea Ordonanţei Guvernului nr. 2/2012 pentru modificarea şi completarea Ordonanţei Guvernului nr.92/2003 privind Codul de procedură fiscală (Order amending Government Order No nr.92/2003 on the Code of Fiscal Procedure /// Law approving Government Order No 2/2012 amending Government Order No nr.92/2003 on the Code of Fiscal Procedure): DAC 1 is the first 'Directive on Administrative Cooperation' and provides for, among others, spontaneous exchanges of information, exchanges on request, the sharing of best practices and requests for notifications on taxpayers. DAC 1 is the first of a series of Directives on administrative cooperations: DAC 2 (Directive 2014/107), DAC 3 (Directive 2015/2376), DAC 4 (Directive 2016/881), DAC 5 (2016/2258), and DAC 6 (Directive 2018/822). National transposition of Directive 2011/16 |
| 36 | 2014-01-01 | IFRS 11 - Joint arrangements | Public-EU | FA | IFRS 11 - Joint arrangements: "IFRS 11 establishes principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (joint arrangements). A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities (ie activities that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control." (ifrs.org) See also: Sarquis, dos Santos, Lourenço, and Braunbeck 2022; Gavana, Gottardo, Moisello 2020 |
| 37 | 2015-07-20 | Accounting Directive | All Firms | FA | National transposition into several laws: Increased auditor independence, and more informative audit reports. National transposition of Directive 2013/34/EU See also: André 2017; Albu and Albu 2017 |
| 38 | 2015-11-26 | TPD Amendment | Public-EU | FA | Legea nr.24/2017 privind emitenții de instrumente financiare și operațiuni de piață (Law nr.24/2017 on issuers of financial instruments and market operations): The Transparency Directive introduced quarterly reports for firms listed on EU-regulated markets, which are no longer mandatory. However, many stock exchanges require quarterly reports for specific market segments. National transposition of Directive 2013/50/EU See also: Schleicher and Walker 2015; Nallareddy, Pozen, and Rajgopal 2021 |
| 39 | 2015-12-31 | DAC 2 | All Firms | Tax | Legea nr.207/2015 privind Codul de procedură fiscală /// Ordonanță de urgență nr. 102/2022 pentru modificarea și completarea Legii nr. 207/2015 privind Codul de procedură fiscală (Law No nr.207/2015 on the Code of Fiscal Procedure /// Emergency Order No 102/2022 amending Law No 207/2015 on the Code of Fiscal Procedure): DAC 2 precribes the automatic exchange of financial account information between tax authorities, such as interests, dividends, account balances and gross sale proceeds. National transposition of Directive 2014/107 |
| 40 | 2016-06-17 | Audit Directive | All Firms | Audit | Legea nr. 162/2017 privind auditul statutar al situațiilor financiare anuale și al situațiilor financiare anuale consolidate și de modificare a unor acte normative (Law No 162/2017 on the statutory audit of annual financial statements and consolidated annual financial statements and amending certain legislative acts): Audit reform for public interest companies (PIE), including the introduction of mandatory audit firm rotation. National transposition of Directive 2014/56/EU See also: Horton, Tsipouridou, and Wood 2018; Willekens, Dekeyser, and Simac 2019 |
| 41 | 2016-06-17 | Audit Regulation | PIE | Audit | Regulation 537/2014: Improve transparency in the audit market, including mandatory firm rotation, publication of significant risk (key audit matters), and separation of audit and non-audit services. See also: Horton, Tsipouridou, and Wood 2018; Moroney, Phang, and Xiao 2021; Castillo-Merino, Garcia-Blandon, and Martinez-Blasco 2020 |
| 42 | 2016-07-03 | Market Abuse Regulation | Public-Other | Other | Regulation 596/2014: The Market Abuse Regulation expands the scope of the Market Abuse Directive to non-regulated markets. The aim is to prevent insider trading and market manipulation. |
| 43 | 2016-12-06 | Non-Financial Reporting Directive | PIE | Other | National transposition into several laws: The Non-Financial Reporting Directive requires large Public Interest Entities (> 500 employees) to include non-financial reporting as part of their annual reporting requirements. National transposition of Directive 2014/95/EU See also: Mittelbach-Hoermanseder, Hummel, and Rammerstorfer 2017; Aureli, Magnaghi, and Salvatori 2019; Dumitru, Dyduch, Guse, and Krasodomska 2017 |
| 44 | 2017-01-01 | DAC 3 | All Firms | Tax | Ordonanţă de urgenţă nr.84/2016 pentru modificarea şi completarea unor acte normative din domeniul financiar-fiscal. (Emergency Ordinance nr.84/2016 amending and supplementing certain legislative acts in the field of financial and fiscal matters.): DAC 3 prescribes the automatic exchange of information between tax authorities on advance cross-border rulings (such as place of residence) and advance pricing agreements. National transposition of Directive 2015/2376 |
| 45 | 2017-06-04 | Country-by-C. (non-public) | All Firms | Tax | Ordonanta de Urgenta 42/2017 pentru modificarea si completarea Legii nr.207/2015 privind Codul de procedura fiscala (Emergency Order No 42/2017 amending Law No nr.207/2015 on the Code of Fiscal Procedure): Multinational groups with total consolidated revenue equal or higher than € 750.000.000 have to file country-by-country reports to the tax authorities. The data is not publicly available. National transposition of Directive 2016/881 See also: De Simone and Olbert 2022 |
| 46 | 2017-06-05 | DAC 4 | All Firms | Tax | Ordonanta de Urgenta 42/2017 pentru modificarea si completarea Legii nr.207/2015 privind Codul de procedura fiscala (Emergency Order No 42/2017 amending Law No nr.207/2015 on the Code of Fiscal Procedure): DAC 4 prescribes the automatic exchange of Country-by-Country Reports with regard to revenues, profits, taxes paid and accrued, accumulated earnings, number of employees and certain assets. National transposition of Directive 2016/881 |
| 47 | 2017-12-31 | DAC 5 | All Firms | Tax | Legea nr.207/2015 privind Codul de Procedură Fiscală /// Ordonanţa de urgenţă nr.114/2018 privind instituirea unor măsuri în domeniul investiţiilor publice şi a unor măsuri fiscal-bugetare, modificarea şi completarea unor acte normative şi prorogarea unor termene /// Lege nr.129/2019 pentru prevenirea şi combaterea spălării banilor şi finanţării terorismului, precum şi pentru modificarea şi completarea unor acte normative (Law nr.207/2015 on the Code of Fiscal Procedure /// Emergency Ordinance No nr.114/2018 establishing measures in the field of public investment and fiscal measures, amending and supplementing certain legislative acts and extending certain deadlines /// Law nr.129/2019 on preventing and combating money laundering and terrorist financing and amending and supplementing certain legislative acts): DAC 5 prescribes the automatic exchange and access by relevant tax authorities on beneficial ownership under AML rules. National transposition of Directive 2016/2258 |
| 48 | 2018-01-01 | IFRS 15 - Revenue from Contracts with Customers | Public-EU | FA | IFRS 15 - Revenue from Contracts with Customers: "Applying IFRS 15, an entity recognises revenue to depict the transfer of promised goods or services to the customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services." (ifrs.org) See also: Napier and Stadler 2020; Kohler, Pochet, and Le Manh 2021 |
| 49 | 2018-01-01 | IFRS 9 - Financial Instruments | Public-EU | FA | IFRS 9 - Financial Instruments: "IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items." (ifrs.org) See also: Dong and Oberson 2022; Oberson 2021; López-Espinosa, Ormazabal, and Sakasai 2021 |
| 50 | 2018-01-03 | MiFID II | All Firms | Other | Lege nr.126/2018 privind pieţele de instrumente financiare (Law nr.126/2018 on markets in financial instruments): The Markets in Financial Instruments Directive II (MiFID II), a financial services directive effective from 3 January 2018, requires "asset managers and broker-dealers to unbundle the cost of investment research and advisory services from the cost of trade execution" (Fang et al. 2020), which affects the information environment of firms by breaking the research analysts from the brokerage firms (i.e., it affects how analysts and banks advise clients). Together with the new Markets in Financial Instruments Regulation ('MiFIR' 600/2014/EU), MiFID II enhances investor protection and increases transparency, especially for non-equity instruments (e.g., bonds and derivatives). The new Directive affects not only listed firms but also non-listed firms, e.g., through M&A activities. National transposition of Directive 2014/65/EU See also: Fang, Hope, Huang, and Moldovan 2020; Lourie, Shanthikumar, and Sun Yoo 2023 |
| 51 | 2018-05-28 | Data Protection | All Firms | Other | Regulation 2016/679: The General Data Protection Regulation (GDPR) specifies standards for data protection. Violations can include fines up to 4% of the worldwide turnover. |
| 52 | 2019-01-01 | IFRS 16 - Leases | Public-EU | FA | IFRS 16 - Leases: "The objective of IFRS 16 is to report information that (a) faithfully represents lease transactions and (b) provides a basis for users of financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. To meet that objective, a lessee should recognise assets and liabilities arising from a lease." (ifrs.org) See also: Morales-Diaz and Zamora-Ramirez 2018; Moscariello and Pizzo 2021 |
| 53 | 2019-01-01 | Anti Avoidance D. | All Firms | Tax | National transposition into several laws: The Anti Tax Avoidance Directive (ATAD) "provides for the minimum harmonization of rules relating to interest expense deductions, controlled foreign companies (CFCs) and hybrid mismatches, and requires the introduction of a corporate general anti-abuse rule (GAAR) and an exit tax" https://www.deloitte.com/global/en/services/tax/perspectives/atad-survey.html. National transposition of Directive 2016/1164 |
| 54 | 2019-06-10 | Shareholder Rights Directive II | Public-EU | Other | Lege nr.24/2017 privind emitenţii de instrumente financiare şi operaţiuni de piaţă /// Regulament nr.5/2018 al Autorităţii de Supraveghere Financiară privind emitenţii de instrumente financiare şi operaţiuni de piaţă /// Lege nr. 158/2020 pentru modificarea, completarea şi abrogarea unor acte normative, precum şi pentru stabilirea unor măsuri de punere în aplicare a Regulamentului (UE) 2017/2.402 al Parlamentului European şi al Consiliului din 12 decembrie 2017 de stabilire a unui cadru general privind securitizarea şi de creare a unui cadru specific pentru o securitizare simplă, transparentă şi standardizată şi de modificare a Directivelor 2009/65/CE, 2009/138/CE şi 2011/61/UE, precum şi a Regulamentelor (CE) nr. 1060/2009 şi (UE) nr. 648/2012 (Law nr.24/2017 on issuers of financial instruments and market operations /// Regulation nr.5/2018 of the Financial Supervisory Authority on issuers of financial instruments and market operations /// Law No 158/2020 amending, supplementing and repealing certain legislative acts and laying down implementing measures for Regulation (EU) 2017/2.402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012): Increased shareholder rights at general meetings to reduce excessive risk-taking, including increased transparency regarding remuneration and related party transactions, and harmonization of shareholder meetings across Europe. National transposition of Directive 2017/828 |
| 55 | 2019-12-31 | DAC 6 | All Firms | Tax | Ordonanţa Guvernului nr.5/2020 pentru modificarea şi completarea Legii nr.207/2015 privind Codul de procedură fiscală /// Legea nr. 123/2021 privind aprobarea Ordonanței Guvernului nr. 5/2020 pentru modificarea și completarea Legii nr. 207/2015 privind Codul de procedură fiscală. (Government Order No nr.5/2020 amending Law No nr.207/2015 on the Code of Fiscal Procedure /// Law No 123/2021 approving Government Order No 5/2020 amending Law No 207/2015 on the Code of Fiscal Procedure.): DAC 6 prescribes mandatory disclosure rules for intermediaries in order to counter aggressive international tax planning. If certain "hallmarks" are met, an automatic exchange of said information takes place between relevant tax authorities. National transposition of Directive 2018/822 |
| 56 | 2020-01-01 | XBRL | Public-EU | FA | Regulation 2018/815: Introduction of a single electronic reporting format (eXtensible Business Reporting Language (XBRL). Mandatory marking of notes to the financial statements should be applied from 1 January 2022. |
| 57 | 2021-12-31 | Anti Avoidance D. II | All Firms | Tax | Ordonanţa nr.6/2020 pentru modificarea şi completarea Legii nr.227/2015 privind Codul fiscal, precum şi pentru reglementarea unor măsuri fiscal-bugetare /// Ordonanţa nr.6/2020 pentru modificarea şi completarea Legii nr.227/2015 privind Codul fiscal, precum şi pentru reglementarea unor măsuri fiscal-bugetare (Order No nr.6/2020 amending Law No nr.227/2015 on the Fiscal Code and laying down certain fiscal measures /// Order No nr.6/2020 amending Law No nr.227/2015 on the Fiscal Code and laying down certain fiscal measures): The second Anti Tax Avoidance Directive (ATAD 2) aims to neutralize hybrid mismatches between related entities, i.e. it prevents situations of double deductions or double taxation. National transposition of Directive 2017/952 |
| 58 | 2022-01-01 | Taxonomy Disclosure | PIE | Other | Regulation 2020/852: EU taxonomy regulation, a cornerstone of the EU’s Green Deal, entered into force on 12 July 2020. From 1 January 2022, large public interest entities are required to disclose alignment with the taxonomy in relation to the first two objectives (Art 8&9 SFDR products). From 1 January 2023, large public interest entities are required to disclose Taxonomy-alignment in relation to all environmental objectives (financial undertakings from 1 January 2024). See also: Sautner, Yu, Zhong, and Zhou (2022) |
| 59 | 2023-01-01 | IFRS 17 - Insurance Contracts | Public-EU | FA | IFRS 17 - Insurance Contracts: "IFRS 17 provides consistent principles for all aspects of accounting for insurance contracts. It removes existing inconsistencies and enables investors, analysts and others to meaningfully compare companies, contracts and industries." (ifrs.org). The EU endorsed the standard with an optional exemption regarding the annual cohort requirement (IFRS 17.22). |
| 60 | 2023-12-31 | Global minimum tax (Pillar 2) | All Firms | Tax | Lege nr. 431/2023 privind asigurarea unui nivel minim global de impozitare a grupurilor de întreprinderi multinaționale și a grupurilor naționale de mari dimensiuni (Law 431/2023 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups): "Pillar Two establishes a minimum tax system with a minimum effective tax rate (ETR) of 15% at the jurisdictional level. Companies with global turnover above EUR 750m will be within the scope of Pillar Two. Where the effective tax rate (ETR) is below the agreed minimum, the new system will top up the tax liability so that the overall rate will reach the established minimum in each jurisdiction where the taxpayer is resident." (https://www.pwc.nl/en/services/tax/taxation-of-the-digital-economy/pillar-two.html) National transposition of Directive 2022/2523 |
| 61 | 2024-01-01 | Corporate Sustainability Reporting Directive | PIE | Other | Ordin al ministrului finanțelor nr. 85/2024 pentru reglementarea aspectelor referitoare la raportarea privind durabilitatea. /// Norma 4/2024 privind modificarea și completarea Normei Autorității de Supraveghere Financiară nr. 39/2015 pentru aprobarea Reglementărilor contabile conforme cu standardele internaționale de raportare financiară, aplicabile entităților autorizate, reglementate și supravegheate de Autoritatea de Supraveghere Financiară din Sectorul instrumentelor și investițiilor financiare, precum și Fondului de Compensare a Investitorilor (Order of the Minister of Finance No 85/2024 regulating matters relating to sustainability reporting. /// Rule 4/2024 amending and supplementing the Financial Supervisory Authority’s Rule No 39/2015 approving the accounting rules in accordance with international Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority for the Financial Instruments and Investment Sector and the Investors Clearing Fund): Detailed reporting on environmental, social and governance (ESG) issues. Firms that are already subject to the Non-Financial Reporting Directive report on 2024 data. National transposition of Directive 2022/2464 |
| 62 | 2024-06-22 | Country-by-Country Reporting | All Firms | Tax | National transposition into several laws: Multinational groups with revenues of EUR 750 million have to report information for every tax jurisdiction. In 2014, the European Union introduced country-by-country reporting requirements already to the banking industry. National transposition of Directive 2021/2101/EU |
| 63 | 2025-01-01 | Corporate Sustainability Reporting Directive | All Firms | Other | Ordin al ministrului finanțelor nr. 85/2024 pentru reglementarea aspectelor referitoare la raportarea privind durabilitatea. /// Norma 4/2024 privind modificarea și completarea Normei Autorității de Supraveghere Financiară nr. 39/2015 pentru aprobarea Reglementărilor contabile conforme cu standardele internaționale de raportare financiară, aplicabile entităților autorizate, reglementate și supravegheate de Autoritatea de Supraveghere Financiară din Sectorul instrumentelor și investițiilor financiare, precum și Fondului de Compensare a Investitorilor (Order of the Minister of Finance No 85/2024 regulating matters relating to sustainability reporting. /// Rule 4/2024 amending and supplementing the Financial Supervisory Authority’s Rule No 39/2015 approving the accounting rules in accordance with international Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority for the Financial Instruments and Investment Sector and the Investors Clearing Fund): Detailed reporting on environmental, social and governance (ESG) issues. Firms not currently subject to the Non-Financial Reporting Directive report on 2025 data. National transposition of Directive 2022/2464 |
| 64 | 2026-07-26 | CSDD Directive | All Firms | Other | Not yet transposed into national law: The Corporate Sustainability Due Diligence Directive (CSDDD) was published on 5 July 2024. Large companies must conduct due diligence to identify, prevent, mitigate, and report on human rights and environmental impacts throughout their supply chain. From 26 July 2027, EU companies with revenues of >1500 Million Euro and >5000 employees along with non-EU companies with revenues of >1500 Million Euro must comply with the CSDDD. Next year, from 26 July 2028, EU companies with revenues of >900 Million Euro and >3000 employees along with non-EU companies with revenues of >900 Million Euro must comply with the CSDDD. Finally, from 26 July 2029, EU companies with revenues of >450 Million Euro and >1000 employees along with non-EU companies with revenues of >450 Million Euro must comply with the CSDDD. National transposition of Directive 2024/1760 |
| 65 | 2027-01-01 | IFRS 18 - Presentation and Disclosure in Financial Statements | Public-EU | FA | IFRS 18 - Presentation and Disclosures in Financial Statements: IFRS 18 defines and harmonizes (additional) subtotals in the profit and loss statement, requires disclosures about management-defined performance measures, and introduces principles for grouping of information. IFRS 18 is not yet endorsed by the European Commission. |
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| authors | title | Posted | Revised | |
|---|---|---|---|---|
| 1 | Dachin Anca, Alexandru Strantan, Eugenia Lucasenco, Camelia Gavrilescu, Subic Jonel, Svetlana Roljević Nikolić, Zoran Simonovic, TSVETANA HARIZANOVA-METODIEVA, NIKOLA METODIEV, Sergiu Tirigan, Aurel Lup, Emilian Merce, Cristian Merce, Manea Draghici, Raluca Necula, Berca Mihai, Valentina-Ofelia Robescu, Mircea Duica, Roxana Horoias, Mohammed Dhary Yousif, Leah Tamara, Ionut Laurentiu Petre, Cornelia Alboiu, Berevoianu Liliana, Ana Ursu, Ancuta Marin, Steliana Rodino, Anca Marina Izvoranu, Mihaela Kruzslicika, Camelia Toma, Svetlana Burykina, Anna Krivenko, Vladimir Orekhovsky, Corina Dinculescu, Daniela Nicoleta Badan, Petruta Turek-Radoveanu, Diana Necula, Alexandra Bratulescu, Alina Simon, Marius Bărdaș, Popa Alin, Felicia Chetan, Cornel Chetan, Eduard Dumitru, Roxana Franzutti, Diana Cretu, Aurelian Buliga Stefanescu, Rodica Chetroiu, Lidia Iurchevici, George Toader, Valentina Filip, Constantin Chiurciu, Viorica Chiurciu, Paul Chițonu, Nistor Maierean, Petru Sevciuc, Leonard Ilie, Florentina HADDAD, Ioana Toma, Mirela Daniela Nicola, Mariana Pipirigeanu, Cristina Garlea, Alina Marcuta, Deniz Alim Indira, Cristina Vlad, Sorin Bucur, Daniela Popa, Ruxandra Pop, Mihai Alexandru Chitea, Florentina Chitea and Elena Sima | 'agrarian economy and rural development - realities and perspectives for romania', 2019 | 2020-04-01 |
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