ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
enhanced credit scoring tools in AI-driven plat - forms). • Interchange fees: Applied by payment processors in card-based transactions, governed by EU Inter - change Fee Regulation (2015/751). • Interest-based revenue: Charging interest on loans or BNPL (Buy-Now-Pay-Later) products, regulated under the BNR guidelines. • Commission-based models: Earnings from facilitat - ing third-party services (eg, insurance, investment products), often seen in open banking platforms. • Performance-based fees: Common in investment and DeFi platforms, where fees correlate with returns or asset growth, subject to the ASF over - sight. • White-label partnerships: Licensing fintech infra - structure to third parties (eg, banking-as-a-service (BaaS) providers), with revenue sharing disclosed in partnership agreements. Mandatory disclosures Romanian law mandates transparency to protect con - sumers and ensure fair competition. Key requirements include the following. Fee structure clarity • All charges (subscription, transaction, interest) must be explicitly outlined in Romanian. • PSD2 requires payment service providers to dis - close total costs, including currency conversion fees, before transaction execution. Total cost • In general, for each product/service the total cost (including VAT) must be clearly displayed or presented in such a way that even a non-diligent customer can understand the implications of their purchase. • Platforms must provide clear terms and conditions regarding pricing, delivery charges and refunds. These disclosures must be accessible and easy for the consumer to understand, ensuring no hidden fees. • E-commerce platforms must clearly disclose the total price, including any service fees, delivery charges or commissions. • For lending products, the annual percentage rate (APR) must be disclosed, including ancillary fees.
• BNPL providers must highlight late payment penal - ties and debt collection terms. Third-party involvement • White-label partnerships and BaaS arrangements require clear identification of licensed entities (eg, banks) and their roles. Data monetisation • GDPR-compliant disclosures are mandatory if user data is used for personalised pricing or shared with third parties. Risk disclosures • Investment and DeFi platforms must warn custom - ers about market risks, volatility and potential loss of capital, aligned with the ASF’s Markets in Finan - cial Instruments Directive II (MiFID II) transposition. • Crypto-asset providers must disclose regulatory uncertainties and risks associated with the pro - vided services. Cancellation rights • Subscription-based services must inform users of free trial terms, renewal conditions, cancellation and refund procedures. Regulatory oversight Compliance is enforced by: • BNR – oversees payment services, electronic money institution (EMI) holders, and credit institu - tions; • ASF – regulates investment, crowdfunding plat - forms, insurance and crypto-related activities; and • ANPC (National Authority for Consumer Protection) – ensures adherence to consumer rights and fair commercial practices. Conclusion Romanian fintechs must balance innovation and mar - keting practices with rigorous transparency, ensuring disclosures are accessible, unambiguous and compli - ant with EU and local frameworks. Regardless of the compensation model used, busi - nesses operating in Romania are required to ensure that their pricing and fee structures are transparent,
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