ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
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 implica - tions of their purchase. • Platforms must provide clear terms and con - ditions regarding pricing, delivery charges and refunds. These disclosures must be accessi - ble 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 Percent - age Rate (APR) must be disclosed, including ancillary fees. • BNPL providers must highlight late payment penalties and debt collection terms. Third-party involvement • White-label partnerships and BaaS arrange - ments 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 customers about market risks, volatility and potential loss of capital, aligned with ASF’s MiFID II transposition. • Crypto-asset providers must disclose regula - tory uncertainties and risks associated with the provided 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, credit institu - tions; • ASF – regulates investment, crowdfund - ing platforms, insurance and crypto-related activities; and • ANPC – ensures adherence to consumer rights and fair commercial practices. Conclusion Romanian fintechs must balance innovation and marketing practices with rigorous transparency, ensuring disclosures are accessible, unambigu - ous and compliant with EU and local frame - works. Regardless of the compensation model used, businesses operating in Romania are required to ensure that their pricing and fee structures are transparent, fair and clearly communicated to customers. The following general principles apply. • Clarity: All charges, fees, and compensation models must be clearly communicated, with no hidden fees. • Fairness: Compensation models must not mislead or disadvantage customers, and businesses must ensure that the cost struc - tures are aligned with the services provided. • Consumer rights: Disclosures must respect consumer protection laws, including the EU Consumer Rights Directive and GDPR, ensur - ing that consumers are informed about their rights and obligations.
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