Question 1

Does the regime apply if the investor is from the European Union?

Accepted Answer

Yes, it may. Romania screens investments by EU investors as well as those originating in third countries. A company registered in the EU may also qualify as a foreign investor if it is controlled directly or indirectly from outside the Union.

Question 2

Must every investment above EUR 5 million be notified?

Accepted Answer

No. Value is only one part of the test. The relevant sector and type of transaction must also be assessed. Conversely, an investment below the threshold may be reviewed if its nature or effects may affect security, public order, or projects and programmes of Union interest.

Question 3

Can an asset purchase require authorisation?

Accepted Answer

Yes. Since March 2026, the statute expressly covers acquisitions of tangible or intangible assets used for economic activity in specified sensitive areas. The assets, their use and their connection to listed infrastructure or technologies must be checked.

Question 4

Can we sign the agreement before authorisation?

Accepted Answer

The agreement can normally be signed if closing remains subject to clearance and the parties do not transfer control in advance. Interim covenants, information access, management of the business and any partial implementation must be reviewed to avoid a standstill breach.

Question 5

How long does the CEISD procedure take?

Accepted Answer

The statutory period for the CEISD opinion is up to 45 calendar days from the date on which the notification is declared complete and contains the required documents and opinions. Time spent completing the file does not automatically fall within that period. A detailed review, CSAT consultation or commitments can extend the timetable, so the long-stop date needs a realistic margin.

Question 6

Is there a filing fee?

Accepted Answer

Yes. The examination contribution is EUR 5,000, payable in Romanian lei at the central bank exchange rate applying on the payment date. The statute provides for reimbursement in certain cases, including where CEISD finds that the conditions for review are not met or issues its opinion after the statutory time limit.

Question 7

Does CEISD authorisation replace merger control clearance?

Accepted Answer

No. The procedures apply different legal tests. If the transaction falls within both regimes, the CEISD application and merger notification are both required. Separate sector approvals may also apply.

Question 8

What happens if the investment is implemented without authorisation?

Accepted Answer

For a company, implementation without the required authorisation may attract a fine of up to 10% of total worldwide turnover in the preceding financial year. The statute has separate calculation rules where turnover is absent or cannot be established. CEISD can review the transaction on its own initiative, and the Government may impose structural or behavioural measures to restore the previous position.