The Romanian Government on April 14 approved an emergency ordinance (OUG) regulating foreign investments carried out by entities resident in non-EU states such as Russia, China, the USA, and Great Britain.

The ordinance provides for a verification process for investments of over EUR 2 mln in sensitive sectors.

The intelligence service SRI and foreign intelligence service SIE have a say in the procedure under the new bill. "Protecting the essential interests of security and public order" is provided as a reason for this, Economedia.ro reported.

Specifically, any foreign investor outside the EU who wants to invest more than EUR 2 mln in areas such as energy, transport, telecommunications, banking, agriculture or the media is required to apply for authorization.

The application is evaluated by a commission for the examination of foreign direct investment (CEISD), which can give a positive or negative opinion, later introduced in a government decision, which can be challenged in court. The CEISD consists of representatives of the government, ministries and the Competition Council, and representatives of the Romanian Intelligence Service (SRI) and the Foreign Intelligence Service (SIE) permanent guests.

The opinion on the application for approval of the investment is given by a majority vote of the members, and the representatives of SRI and SIE do not have the right to vote. However, at the request of the Commission, the SRI and the SIE shall transmit their own within a maximum of 20 days of the request.

The opinion of the CEISD shall be issued within a maximum of 60 days from the date on which the notification is declared complete.

andrei@romania-insider.com

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