The EC calls on Romania to fully transpose the legislation on the markets of financial instruments

The European Commission decided to initiate infringement procedures by sending letters of formal notice to 13 member states, including Romania, for not fully transposing EU Directive 790 of 2024 which amends EU Directive 65 of 2014 on markets in financial instruments, in order to ensure consistency with the Regulation on markets in financial instruments (MiFIR).

The EC summons Romania to transpose the legislation on the markets of financial instruments. Archive photo

The states that received letters are: Belgium, Bulgaria, Germany, Estonia, Greece, Spain, France, Italy, Lithuania, the Netherlands, Portugal, Poland and Romania.

Member States had to transpose EU Directive 790 of 2024 into national law by September 29, 2025.

This Directive requires member countries to provide for penalties for breaching certain new provisions of MiFIR related to consolidated boxes. These are centralized data streams that bring together the prices and volumes of financial instruments, such as stocks and bonds, from hundreds of trading firms in all EU member states into an information stream that is equally accessible to all.

Full implementation of the legislation is key to ensuring the successful launch of consolidated boxes and the application of the MiFIR framework.

The Commission is therefore sending letters of formal notice to these Member States. They now have two months to respond, complete the transposition and notify their measures to the Community Executive. In the absence of a satisfactory answer, the Commission may decide to issue a reasoned opinion.