Changes to the Romanian Civil Code: Fiducia – The Romanian Concept of Trust

Abstract

The New Romanian Civil Code came into force on 1 October 2011. It regulates for the first time fiducia, a mechanism similar to some extent to the common law concept of trust. Fiducia is the legal relationship by which one or more settlers transfer present or future rights to one or more trustees. The paper offer some brief insights on the aspects regarding: the trustee; registration procedures; insolvency; termination of fiducia; and conflict rules applicable to fiducia.