MiFID has been transposed in the Romanian legislation and banks are under implementation stage. A workshop on this issue raised awareness on the MiFID implications and fostered the dialogue between authorities and market players in order to create the synergies for a rapid and a proper implementation.

The workshop conclusion was that the competent authorities (NSC and NBR) and market players have to join forces in a sustained and structured effort to implement MIFID in Romania. The role of the relevant authorities doesn’t end when a regulation is released. Italy represents a very relevant example of organizing a structured approach in order to provide banks with helping tools for implementation. UK has found interesting ways to tackle certain issues and FSA efforts in providing the financial industry with clear and explanatory regulations represents an example to be followed.

Impact Drivers

  • Public: MiFID is affecting all internal processes and procedures, from a credit institution’s IT and documentation through order handling and execution to record keeping and marketing and promotional campaigns. Credit institutions will be liable and accountable for implementation failures, with serious prospects of legal action from customers’ side.
  • Private: MiFID brings more transparency in the market through defining a clear execution policy, documenting it and informing the client of all the policy’s details. It has been designed to establish an open and competitive market for execution and other investment services.



To be determined.

SPI Committee Involvement

The public-private structured dialogue between NBR, NSC and the banking community would enable the identification of the criticalities and of the most appropriate solutions for an adequate implementation of MiFID.


Sergiu Oprescu

Project Owner (PO), President, Alphabank Romania

Cristian Agalopol

Project Manager (PM), Director, Citibank

Doru Bulata

Deputy Project Manager (DPM), Director, Banca Comerciala Romana


Mirela Serban

Manager, ABN Amro Bank Romania

Dana Vuvrea

Head of Reporting and Client Relationship, Bancpost

Luminita Buchidau

MiFID Project Manager, Bancpost

Cristina Irimia

Expert, NSC

Dora Badea

Expert, NSC


Action Plan

SPI Committee Documents

Technical Documents

Project Working Group Minutes

Project Correspondence