Banking and payments
NBR for bank authorisation and prudential supervision, PI and EMI permissions, payment-system oversight and non-bank financial institution registers.
Jurisdiction dossier
Romania financial permissions and regulator dossier
Banca Națională a României (NBR) authorises and supervises banks, payment and electronic money institutions and maintains the non-bank financial institution registers. It is also Romania's competent authority for credit-institution authorisation and prudential supervision. Autoritatea de Supraveghere Financiară (ASF) authorises and supervises investment firms, managers and funds, insurers, insurance intermediaries and private pensions. Credit, foreign exchange, crowdfunding, crypto-assets, company services and gambling use distinct routes. Romania's public MiCA implementation trail requires particular verification before any domestic CASP claim. This dossier is current as of July 2026.
Route facts
Romania regulatory map
Non-bank markets
ASF for investment services, collective investment, insurance and reinsurance, private pensions and other non-bank market permissions.
Credit status
An IFN register entry supports only the non-bank credit activities and conditions recorded; it is not a bank or payment licence.
MiCA caution
No saleable Romanian CASP permission should be claimed without confirming the effective national authority, application channel and current official register.
Capital basis
CRR, payments, e-money, IFN, investment-firm, manager, Solvency II, pension and MiCA requirements differ by instrument.
Review date
Last reviewed against official NBR, ASF and Romanian legislation material on 11 July 2026.
Read the status first
Authorisation and register entry are not interchangeable
Romania has both operating authorisations and regulatory registers. A bank, PI or EMI needs the applicable authorisation. A non-bank financial institution, or IFN, enters the NBR General Register and, when its scale or risk meets the statutory criteria, the Special Register. That entry supports the credit activities in its corporate and regulatory scope but does not permit deposit taking. An investment firm, management company, AIFM, insurer or pension administrator follows ASF's own authorisation and register. A fund approval does not license the manager or depositary.
Crypto requires an explicit caution as of the review date. MiCA directly requires an Article 63 authorisation or an eligible Article 60 notification for CASP services in the EU. However, the official Romanian sources reviewed for this expansion did not provide a sufficiently clear, current public domestic application page and authorised-service register to support marketing a new Romanian CASP route. The correct editorial treatment is not to invent one: confirm the designated national authority and live filing channel in the current official legislation before accepting a mandate or describing inventory.
Permission matrix
Romania licence, authorisation and registration families
| Permission family | Regulator and instrument | Activities and exclusions | Entry and capital basis |
|---|---|---|---|
| Permission family Credit institutions | Regulator and instrument NBR authorisation and prudential supervision under Romanian banking law and the NBR Statute | Activities and exclusions Deposit taking, lending and banking or investment services available under law and the grant; no IFN, PI, EMI or intermediary status independently permits public deposits | Entry and capital basis Romanian establishment, qualifying holders, fit-and-proper management, programme, governance and CRR capital, liquidity, recovery and risk evidence |
| Permission family Non-bank financial institution | Regulator and instrument NBR General Register and, where thresholds apply, Special Register under Law 93/2009 | Activities and exclusions Consumer or commercial loans, leasing, factoring, guarantees, mortgage or other statutory non-bank credit within the registered scope; no public deposit taking | Entry and capital basis Romanian legal entity, qualifying owners and managers, initial capital by category, funding, credit governance, provisioning, reporting and AML/CFT; Special Register adds supervision |
| Permission family Payment institution | Regulator and instrument NBR authorisation under Romanian payment-services law and PSD2 implementation | Activities and exclusions Approved account, execution, card, acquiring, remittance, initiation or account-information services; no e-money issuance or deposit taking merely from PI status | Entry and capital basis Initial and ongoing own funds vary by services and volume; safeguarding, governance, security, AML/CFT, agents, outsourcing and incident arrangements |
| Permission family Electronic money institution and AISP | Regulator and instrument NBR EMI authorisation or AISP registration under Romanian payment law | Activities and exclusions EMI status permits e-money issuance and approved payments; AISP covers account information only and neither status permits deposit taking | Entry and capital basis EMI capital, own funds, safeguarding, redemption and distributor oversight differ from AISP professional cover, registration and security requirements |
| Permission family Foreign exchange and money-changing | Regulator and instrument Ministry of Finance or other competent statutory authorisation for exchange offices, plus NBR financial permission where a broader service is triggered | Activities and exclusions Cash currency exchange within the approved exchange-office perimeter; remittance, accounts, e-money, investment services and deposits require their own permission | Entry and capital basis Romanian establishment, owners and managers, premises and cash controls, fiscal conditions and AML/CFT follow the current exchange-office authorisation rules |
| Permission family Investment firm and market operator | Regulator and instrument ASF authorisation as an SSIF or market operator under Romanian capital-markets law and MiFID II | Activities and exclusions Reception and transmission, execution, dealing, portfolio management, advice, underwriting, placement, custody or venue operation only where granted | Entry and capital basis Romanian head office, qualifying holders, suitable management, investment-firm prudential class, client assets, market conduct and compensation arrangements |
| Permission family UCITS manager and AIFM | Regulator and instrument ASF authorisation or registration of SAI and AIFM under Romanian collective-investment law | Activities and exclusions Manage collective portfolios and provide permitted ancillary services; registered or sub-threshold status is not full manager authorisation | Entry and capital basis Status sets own funds, substance, risk, valuation, depositary, delegation, leverage, reporting and marketing requirements |
| Permission family Collective investment undertaking and depositary | Regulator and instrument ASF product authorisation or registration under UCITS, AIF and national fund legislation | Activities and exclusions Establish and market the applicable fund within its product and investor perimeter; manager, depositary, administrator and distributor statuses remain separate | Entry and capital basis Fund constitution, prospectus, manager, depositary, valuation, investment limits, minimum assets, audit and investor reporting follow product type |
| Permission family Insurance and reinsurance | Regulator and instrument ASF authorisation under Romanian insurance law and Solvency II | Activities and exclusions Underwrite approved life, non-life or reinsurance classes; insurance distribution does not permit the intermediary to assume underwriting risk | Entry and capital basis Romanian head office, qualifying holders, fit-and-proper board and key functions, governance, technical provisions, minimum and solvency capital |
| Permission family Insurance intermediary | Regulator and instrument ASF authorisation or registration in the applicable broker or distribution category | Activities and exclusions Advise, arrange or distribute insurance within the registered role; no insurer, banking, payment or investment authority follows | Entry and capital basis Professional knowledge, good repute, professional indemnity, client-money, organisation, conduct and continuing-training requirements depend on category |
| Permission family Private pension administrator and fund | Regulator and instrument ASF authorisation and product approval under Pillar II and voluntary-pension laws | Activities and exclusions Administer the authorised private or voluntary pension fund and scheme; pension status is not an insurer, investment firm, manager of unrelated funds or bank licence | Entry and capital basis Owners and management, administrator capital, governance, depositary, actuarial and risk functions, investment limits, member disclosure and reporting |
| Permission family Credit intermediary and mortgage broker | Regulator and instrument NBR register or authorisation under Romanian credit-intermediation and mortgage-credit law | Activities and exclusions Present, propose, prepare or conclude credit agreements and provide permitted advice; no lending on own balance sheet or deposit taking follows | Entry and capital basis Good repute, knowledge and competence, professional indemnity, lender relationships, organisation, consumer disclosures and complaints controls |
| Permission family Crowdfunding service provider | Regulator and instrument ASF authorisation under Regulation (EU) 2020/1503 | Activities and exclusions Operate an investment- or lending-based ECSPR platform; no deposit taking, unrestricted balance-sheet lending or regulated-market authority follows | Entry and capital basis Prudential safeguards, governance, conflicts, investor protection, credit assessment where used, default handling, complaints and continuity |
| Permission family Crypto-asset service provider | Regulator and instrument MiCA Article 63 authorisation or Article 60 notification; Romanian competent-authority and live filing route must be confirmed from current primary law before use | Activities and exclusions Approved custody, platform, exchange, execution, placing, order, advice, portfolio-management or transfer services; company or AML status alone is not CASP authorisation | Entry and capital basis EU registered office and effective management, suitable owners and managers, MiCA safeguards, custody, complaints, conduct, ICT, conflicts and AML/CFT |
| Permission family Fiduciary, company and trust administration | Regulator and instrument No general NBR or ASF trust-company licence; company formation and professional services follow company, legal, accounting and AML law | Activities and exclusions Ordinary incorporation and administration do not permit custody, investment, payments, lending or deposits; any asset or financial function requires separate classification | Entry and capital basis Confirm professional eligibility, Romanian establishment, beneficial ownership, client due diligence and any financial permission triggered by the actual service |
| Permission family Gambling and betting | Regulator and instrument National Gambling Office authorisation and licence under Romanian gambling law | Activities and exclusions Organise only the land-based or remote gambling categories covered by the ONJN licence and authorisation; no NBR or ASF financial permission follows | Entry and capital basis Ownership, suitability, technical systems, player protection, guarantees, game controls, tax and AML/CFT requirements follow the ONJN class |
Entry test
Romanian substance, suitability and financial resources
Applicants use the legal form and Romanian registered office and head office required for the status. NBR and ASF assess direct and indirect qualifying holders, source of funds, directors, effective management and key function holders. Governance identifies compliance, MLRO, risk, finance, internal audit, security and responsibility for agents, distributors, delegates and outsourcing. An outsourced platform or administration model cannot remove the Romanian institution's decision-making, records and control responsibilities.
Financial resources follow the route: CRR for banks, category-specific IFN capital and provisioning, PSD2 and e-money calculations, investment-firm prudential classes, manager own funds, Solvency II, pension-administrator capital, crowdfunding and MiCA safeguards. Client funds, financial instruments, fund assets, insurance assets and crypto-assets use different safeguarding or custody rules. Current NBR and ASF regulations and fee schedules control figures and application mechanics. One RON or EUR headline cannot describe the perimeter.
Application path
A Romania authorisation, stage by stage
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Map activities and authority
Identify deposits, non-bank credit, payments, e-money, investment, funds, insurance, pensions, crypto, fiduciary and gambling functions and assign NBR, ASF, ONJN or another statutory route.
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Confirm the effective filing channel
Use NBR and ASF sector material and Romanian primary law to settle legal form, owners, management, prudential method and forms. For CASP, obtain current primary confirmation before treating Romania as open.
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Build the Romanian operating file
Prepare programme, forecasts, ownership and suitability, governance, AML/CFT, safeguarding or client assets, product and conduct controls, outsourcing, DORA, continuity and wind-down.
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Complete substantive review
Answer completeness and technical questions, interviews and authority referrals. A register application or pending file grants no operating permission.
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Satisfy conditions before launch
Complete capital, appointments, systems, agreements, reporting and register publication. EEA activity starts only after the applicable notification procedure.
After authorisation
Ongoing supervision and change in control
Romanian institutions maintain capital or solvency, governance, AML/CFT, audit, regulatory returns, safeguarding or client assets, complaints, product and conduct duties, outsourcing, incident reporting and DORA resilience. IFNs maintain register conditions, provisioning and reporting. Funds, insurers and pensions maintain product, valuation, custody, funding, member or investor and reporting obligations. New services, branches, critical outsourcing, products or token functions can require approval, variation or notification.
A buyer acquires shares in the supervised company; the permission does not detach. Proposed qualifying holdings and control changes follow the NBR or ASF procedure allocated to the institution. Diligence should reconcile the current register, exact grant, IFN register level, capital headroom, client assets, complaints, inspections, enforcement, outsourcing and remediation. Any CASP claim must be checked against the current Romanian and ESMA registers. The authority assesses the incoming holder; no adviser can guarantee approval.
Territorial reach
Romanian home-state rights remain service-specific
A fully authorised Romanian bank, PI, EMI, investment firm, manager, insurer or CASP can use the EU or EEA notification mechanism available under its governing law for services on its grant. An IFN entry, exchange-office or credit-intermediary status, product approval, professional company service or ONJN gambling licence does not create a general passport. Host-state consumer, conduct, distribution and general-good rules remain relevant. Third- country business requires separate target-market analysis.
Verify it yourself
Primary Romania sources
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NBR authorisation and register material
bnr.ro publishes bank, PI and EMI and non-bank financial institution laws, regulations, authorisation material and official registers.
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ASF authorisation portal and registers
asfromania.ro publishes investment, manager, fund, insurance, intermediary and private-pension authorisations, decisions and registers.
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Romanian and EU legislation
Official legislation controls banking, IFN, payments, capital markets, insurance, pensions, credit intermediation, AML, MiCA implementation and gambling.
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ESMA and EBA registers
The EU registers verify current investment, payment and CASP status and are essential where the Romanian public filing route is not sufficiently clear.
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NBR statute and ONJN sources
The NBR Statute and banking legislation establish NBR authorisation and supervisory competence, while onjn.gov.ro publishes the separate gambling licence, authorisation and operator records.
01 Is an IFN a bank?
No. An IFN performs the non-bank credit activities in its registered scope and may be subject to General and Special Register supervision. It cannot accept public deposits, and payment or investment services require separate permissions.
02 Can SKY7 currently describe a Romanian CASP licence as available?
Not without fresh primary confirmation. MiCA requires authorisation, but the public Romanian authority and filing trail reviewed for 11 July 2026 was not clear enough to support a saleable domestic-route claim. Confirm the current law, portal and register first.
03 Does a pension-fund approval license the administrator for other funds?
No. The pension administrator and each pension product operate within their private- pension law. Management of UCITS or AIFs, investment services, insurance and banking use separate ASF or NBR statuses.
04 Does a credit-intermediary status permit lending?
No. It covers intermediation and permitted advice. Lending on the firm's balance sheet requires bank or IFN analysis, and public deposits remain reserved to credit institutions.
05 Can an authorised Romanian company be acquired?
Shares may be acquired subject to the relevant qualifying-holding process. The permission stays with the company, incoming holders and funding are assessed, and the exact grant, register level and supervisory history require diligence.
Reviewed by the SKY7 advisory team. Last reviewed: 11 July 2026. This dossier is general information, not legal, regulatory, tax, investment or financial advice. It describes the Romanian framework as of July 2026. The domestic MiCA authority and filing route remain UNVERIFIED for catalogue purposes in the accompanying research annex. Verify current NBR, ASF and ONJN rules and registers before relying on a route. No regulator outcome is promised.
Tell us what you need
Build the Romania permission map first
Send the services, products, customers, flow of funds, custody model, target markets and ownership chain. SKY7 will identify NBR, ASF and specialist requirements and flag any unverified CASP dependency before a filing or acquisition decision. Fees are on request.