Romanian credit institutions and Romanian branches of credit institutions authorised in other EU Member States may be licensed to act as a depositary of an undertaking for collective investment in transferable securities (UCITS). Under Directive 85/611/EEC, UCITS depositaries must either have their registered office in the same EU country as that of the undertaking or be established in the EU  country if their registered office is in another EU country. Additionally, an Alternative Investment Funds Manager (AIFM) established in Romania may be authorised on the condition that it has its headquarters and registered office in Romania (Directive 2011/61/EU).
"Art. 2. - (1) The collective investment undertakings in securities, named in continued O.P.C.V.M., are open-end investment funds and investment companies, which cumulatively meet the following conditions:
[...]
Art. 52. - (1) The assets of an O.P.C.V.M. authorized by the A.S.F. are entrusted to safe storage, on the basis of a written contract, to a single depositary.
[...]
Art. 53. - (1) The activity of depositing the assets of an O.P.C.V.M. authorized by the A.S.F. can be carried out by:
a) The National Bank of Romania;
b) a credit institution from Romania, authorized by the National Bank of Romania, according to the legislation applicable to credit institutions, or a Romanian branch of a credit institutions authorized in another Member State in accordance with Directive 2013/36 / EU
[...], endorsed by the A.S.F. for the storage activity, according to the provisions of the present emergency ordinances and regulations issued by the A.S.F. in its application; or
c) by another legal person, endorsed by the A.S.F. to carry out storage activities of the assets of the O.P.C.V.M. in accordance with regulations issued by the A.S.F. in the application of this emergency ordinances and which are subject to capital adequacy requirements, which are not are lower than the calculated requirements, depending on the approach selected, according to Article 315 or Article 317 of Regulation (EU) no. 575/2013 [...], and which holds own funds at least equal to the value of the initial capital provided in art. 7 para. (8)
of Law no. 297/2004 regarding the capital market, with the subsequent modifications and completions. [...]" (Emergency Ordinance on collective investment undertakings in securities and investment management companies, as well as for amending and supplementing Law no. 297/2004 regarding the capital market (No. 32/2012 of 27 June 2012), consolidated version of 23 October 2020, Articles 2, 52 and 53 [google translation])
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"Art. 1. - (1) This regulation establishes rules for the application of Capital Market Law No. 297/2004, as subsequently amended and supplemented, hereinafter referred to as Law No. 297/2004, and of Government Emergency Ordinance No. 32/2012 on the undertakings for collective investment and the investment management companies, as well as for the amendment and supplementation of Capital Market Law No. 297/2004, hereinafter referred to as GEO No. 32/2012, on the authorisation and operation of investment management companies, hereinafter referred to as SAI, of undertakings for collective investments in transferable securities, hereinafter referred to as UCITS, and of the depositaries of UCITS. 
[...]
Art. 60. - (1) Romanian credit institutions, authorised by NBR in compliance with the banking legislation and registered in FSA's Public Registry as intermediaries or Romanian branches of credit institutions authorised in another Member State, licensed as depositaries, shall ensure the safe-keeping of all assets of undertakings for collective investment and an ongoing supervision, in compliance with law, of the operations carried out by the investment management company (SAI) acting on behalf of the managed UCITS. [...]" (Financial Supervisory Authority Regulation on the Authorisation and Operation of Investment Management Companies, Undertakings for Collective Investment in Transferable Securities and of the Depositaries of Undertakings for Collective Investment in Transferable Securities (No. 9/2014), Articles 1 and 60 [unofficial translation])
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"Article 1
(1) This law establishes the rules regarding the authorization, conduct of business and transparency of the managers of alternative investment funds, hereinafter referred to as AIFM, which administer and / or distribute in Romania participation titles of alternative investment funds, referred to in continue FIA.
[...]
Article 8
1. The FSA shall grant the authorization of an AIFM established in Romania only if: [...]
d) the headquarters and the registered office of the AIFM are located in Romania. [...]" (Law on alternative investment fund managers (No. 74 of 14 April 2015), last amended by Law No. 158 of 27 July 2020, Articles 1 and 8 [google translation])
Emergency Ordinance on collective investment undertakings in securities and investment management companies, as well as for amending and supplementing Law no. 297/2004 regarding the capital market (No. 32/2012 of 27 June 2012), consolidated version of 23 October 2020, Articles 2, 52 and 53
Financial Supervisory Authority Regulation on the Authorisation and Operation of Investment Management Companies, Undertakings for Collective Investment in Transferable Securities and of the Depositaries of Undertakings for Collective Investment in Transferable Securities (No. 9/2014), Articles 1 and 60
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
Law on alternative investment fund managers (No. 74 of 14 April 2015), last amended by Law No. 158 of 27 July 2020, Articles 1 and 8
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
[<a href="https://asfromania.ro/uploads/articole/attachments/6086cf2de9e59744382276.pdf">Ordinance</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Reg</a>],[<a href="http://legislatie.just.ro/Public/DetaliiDocument/167383">Law</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02011L0061-20190113">Directive</a>]