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Romania

The Capital Market Law No. 297 regulates the establishment and operation of financial instruments markets, and the institutions and operations specific to them. 

Overview: This law regulates the establishment and operation of financial instruments markets, and the institutions and operations specific to them. It also regulates the undertakings for collective investment to raise capital through investments in financial instruments. It applies to these activities and operations performed in Romania, and the regulator is the National Securities Commission (NSC).

Article 133: (4) The market operator shall meet NSC requirements regarding the prevention and identification of market abuse.

Article 140: (1) The alternative trading system shall be structured so as: … e) to observe NSC requirements regarding the prevention and identification of market abuses, the prevention of money laundering and financing of terrorist acts; … 

Title VII: Market Abuse 
Article 244: Defines inside information and market manipulation 
Article 245, 246 and 247: Prohibits insider trading 
Article 248: Prohibits market manipulation 
Article 249: Market operators shall adopt provisions aimed at preventing and detecting market manipulation practices. 
Article 250: Responsibilities for persons producing research and arranging transactions  
Article 251 and 252: Exemptions 
Article 253: Applicable financial instruments  
Article 254, 255, 256 and 257: Establishes the NSC as the competent authority 

Resources & Insights

Nasdaq Crypto Regulation Guide: Europe

Nasdaq Crypto Regulation Guide: Europe

Regulation of cryptocurrency varies globally by region, jurisdiction, and regulatory body. Nasdaq’s comprehensive and updated Cryptocurrency Regulation Guide Europe provides a snapshot of recent recommendations from international regulatory and standards-setting bodies as well as key developments in Europe.

Clearing the Path for Crypto-Asset Regulation: The EU’s MiCA Explained

Clearing the Path for Crypto-Asset Regulation: The EU’s MiCA Explained

The EU recently passed the Markets in Crypto-Assets (MiCA) regulation which will go into effect in 2024. The monumental vote will set global standards for the regulation of crypto-assets. Read our paper to learn more about the articles within MiCA pertaining to market abuse.

Practical Guide: Markets in Crypto Assets (MiCA) Regulation

Practical Guide: Markets in Crypto Assets (MiCA) Regulation

With MiCA scheduled to go into effect in 2024, crypto-asset market participants should expect more stringent surveillance requirements once the regulation is implemented. Now is the time to implement technology and processes to monitor for market abuse, money laundering, and fraud – not only to ensure compliance, but also to protect investors, instill confidence, promote integrity, and attract clients.