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The entities from the UK which supplied in Romania banking services need authorisation from BNR
The entities from the UK which supplied in Romania banking services need authorisation from the National Bank of Romania starting with 1stJanuary 2021 or competent authority from another member state of the EU, according to press release of the central bank
‘Starting with 1st January 2021, the entities from the UK ( including those authorised in Gibraltar) which supplied in Romania, on 31st December 2020, banking ser vices, payment or electronic currency issue, through branches/agencies/ distributors or directly, do not benefit from the regime of the European single passport, on the basis of the authorisation offered by the competent authority of origin from the UK. As a result, from 1st January 2021, they are treated as entities from third states as regards the possibility to develop an activity in Romania through branches/agencies/distributors or directly, with the need of authorization from the National Bank of Romania or another competent authority from another EU state’ the press release says.
BNR mentions that, without such authorisation,the activity of the entities from the UK (including those authorised in Gibraltar) which notified the merging of services on the territory of Romania through branches/agencies/distributors or directly has ended.
According to BNR,for the insurance of continuation of cooperation in the domain of supervision,in January 2020, the National Bank of Romania signed with the competent authorities in the UK (Bank of England – Prudential Regulation Authority and Financial Conduct Authority) a Memorandum which formalises cooperation and exchange of information as regards supervision.