Since April 2015 when the Law 74 / 2015 regarding managers of alternative investment funds was enacted, which, together with the RFSA Regulation 10 / 2015, ensured the near-complete implementation of the Alternative Investment Fund Managers Directive (“AIFMD”), the Romanian legislator has not enacted any new laws regulating alternative investment funds. 


Under the Law 74 / 2015, EEA AIFMs authorised in their home State may market EEA and Non-EEA AIFs in Romania, on a services and / or branch basis. EEA AIFMs shall be entitled to market EEA AIFs once a notification is submitted to the RFSA by the competent authority in their home State. EEA AIFMs may also market third country AIFs, provided that the same notification procedure is complied with. In this latter case, the RFSA is entitled to submit objections to the European Securities and Markets Authority in relation to the competent authority’s assessment regarding compliance by an AIFM with the relevant legal provisions.

The RFSA Regulation 10 / 2015 provides that, when advertising EEA AIFs to retail investors, EEA AIFMs are required to:

  • follow the notification procedure outlined above;
  • comply with the publicity and transparency requirements applicable to publicly distributed Non-UCITS; and
  • be authorised to perform investment consulting services. 

2. Third country AIFMs

Non-EEA AIFMs that are authorised to market EEA or Non-EEA AIFs in another Member State may conduct the same activities in Romania on a passported basis, provided that the respective competent authority sends a notification file to which the RFSA does not object.

3. Fees

The current implementing legislation does not set out the fees relating to the passporting procedures. Certain fees ranging from approximately EUR 1000 to EUR 3,100 per year are currently established by way of secondary legislation (the RFSA Regulation 16/2014 regarding the revenues of the RFSA) for the supervision exercised by the RFSA in relation to the distribution of AIFs by EEA AIFMs. Additional fees may be established, potentially by way of secondary legislation.