March 2026 updates to Romania’s FDI screening regime: more clarity and simplification

Oana-Alexandra Ijdelea

Ijdelea & Associates, Bucharest

oijdelea@ijdelea.ro

Siranus Hahamian

Ijdelea & Associates, Bucharest

shahamian@ijdelea.ro

Romania’s foreign direct investment (FDI) screening regime was recently amended by the Romanian government through Emergency Government Ordinance No 17/2026 (EGO 17/2026). The changes aim to improve legal clarity, strengthen the authorities’ ability to assess investments with potential implications for national security or public order, and align the national system more closely with the European Union cooperation mechanism established by the EU FDI Screening Regulation (Regulation (EU) 2019/452).

The new regime applies to filings submitted after its entry into force, pending applications remaining governed by the previous framework.

Screening mechanism scope expansion

In substance, the scope of the screening mechanism is expanded to include acquisitions of tangible and intangible assets in sensitive sectors, thereby bringing asset deals capable of transferring strategic technologies or infrastructure within the screening mechanism. The legislation also provides a more structured description of sensitive sectors, covering core areas of strategic relevance such as energy, transport, healthcare, financial services, defence and the agri-food sector, while also capturing critical and advanced technologies including artificial intelligence, robotics, semiconductors and cybersecurity.

A list of sub-domains relevant for screening purposes will follow via enactment of secondary legislation.

Increase of notification threshold

The revised framework increases the notification threshold from €2m to €5m, while preserving the possibility for authorities to examine investments below this level where national security or public order concerns may arise. To prevent circumvention of the regime, the legislation introduces rules allowing related transactions carried out within a one-year period between the same parties to be treated as a single investment. Structured or phased investments can no longer be viewed in isolation.

At the same time, a targeted exemption is introduced for certain intra-group restructurings involving EU or Organisation for Economic Cooperation and Development investors, provided that they do not result in a change of effective control or beneficial ownership. This provision brings long-awaited clarity for cross-border groups.

Shorter procedural deadlines and process digitalisation

To speed up the process, shorter procedural deadlines have been provided, the general rule being to obtain clearance within 45 days from when the filing is considered complete. In cases requiring a detailed investigation, particularly where consultation with the Supreme Council of National Defence is deemed necessary, the review may extend up to a maximum overall duration of 135 days.

To simplify further, the notification process will be entirely digitalised.

Merger clearance and FDI

Finally, EGO 17/2026 introduces several targeted amendments to the Romanian Competition Law No 21/1996. Among other measures, it establishes an administrative reduced screening fee of €5,000 (from €10,000); it also reorganises the interaction between FDI screening and merger control by clarifying that the suspension of merger control timelines ends once the Committee for the Examination of Foreign Direct Investments (CEISD)’s opinion is communicated to the Competition Council (this aspect becomes relevant when the CEISD informs the Competition Council that a notified merger control operation may trigger risks of national security).

In conclusion, the amendments reduce bureaucracy, streamline the administrative process applicable to foreign strategic investments in Romania and improve predictability for investors.