In accordance with the provisions of the respective Project, the National Trade Register Office as well as the County offices will be incorporated in the System of interconnection of Trade registers, which is a European system that will included all Trade registers from the Member States of the European Union.

In order for this system to be applicable to national companies, respectively, in order for individuals and legal entities recorded in the Trade registers in Romania to be identified in this European system, according to the Law Project, they should get a new Identification code called unique identifier at European level. Thus, according to Article 6 of the Law Project: “For identification, and including communication between Trade registers in the Member States through the interconnection system, individuals and legal entities registered in the trade register will also have a unique identifier at European level EUID, which includes the Identification item of Romania, the identification item of the national register’s, the number in that register and, if necessary, other features to avoid identification errors.”

At the time of registration in the Trade register, applicants will be issued a registration certificate which will contain the trade register number and the unique identifier at European level EUID. These provisions, if approved, will enter into force as of July 7, 2017.

Regarding the amendments to Law 31/1990, through the Law Project, they relate, inter alia, on how to establish mortgages and seizure and attachment of shares, respectively, it is desirable to introduce a new article which provides that: “The mortgage legally established on shares may be enforced by law. Directors / Executive Board members are obliged to provide to the creditor or execution officer, at their request, the financial statements and any other documents or information needed to assess the shares and facilitate their uptake.”

It also introduces a new article on the publication in the Trade Register, namely: “The publication by the Trade Register, of the garnishment and seizure is conducted at the request of the execution officer, not subject to Government Emergency Ordinance no. 116/2009 for establishing measures on registration in the Trade Register.”

This following Law Project was sent on 25.02.2015 to the Economic Commission, industry and services in order to submit their report.