6411

Authorisation procedure and Trade Register aspects for NACE 6411

NACE class 6411, officially entitled 'Activities of central banks', refers exclusively to the National Bank of Romania (BNR) as the sole entity authorised to carry out such activities on Romanian territory. Consequently, access to this NACE code is legally restricted; no other legal entity, whether a commercial bank, non-bank financial institution or commercial company, may apply for registration of this code with the Trade Register (ONRC). The BNR is established by Law No. 312/2004 on the Statute of the National Bank of Romania and operates as a public law legal entity, with a special incorporation and operating regime. Should a commercial company erroneously apply for this code, the Trade Register registrar will reject the application ex officio, as the activities corresponding to NACE 6411 are reserved by law for the central bank. For entities that merely wish to mention this code as a secondary activity, it is permitted only if they hold an express authorisation from the BNR, which is impossible in practice for private companies.

Regulatory framework, specific approvals and control institutions

The performance of central banking activities falls under the direct purview of the BNR, which acts both as operator and as regulatory and supervisory authority. The BNR issues norms, regulations and opinions concerning monetary policy, currency issuance, management of international reserves and banking system supervision. No other entity may obtain an approval to operate as a central bank. The control institutions are: the Court of Auditors (for financial control of the BNR), the European Commission and the European Central Bank (in the context of the Treaty on the Functioning of the EU and the Single Supervisory Mechanism). The Tax Authority (ANAF) does not exercise direct control over the BNR regarding classic taxes, as the BNR is exempt from corporate income tax under the Fiscal Code (Article 15(1)(a)) and is not liable for VAT on its main operations. Instead, the BNR is subject to periodic reporting to the BNR itself and to European institutions.

Tax management, ANAF audit risk and specific accounting

From a tax perspective, the BNR benefits from a special regime. It is not liable for corporate income tax and is not registered as a VAT payer for its specific central banking activities (monetary issuance, monetary policy operations). However, for certain ancillary activities (e.g., rentals, services provided to third parties), tax or VAT may be due, but such cases are limited. Accounting is kept in accordance with its own accounting regulations, approved by order of the BNR Governor, in conformity with International Financial Reporting Standards (IFRS). The risk of an ANAF audit is practically non-existent for the core activity, but the BNR may be subject to tax inspections for its ancillary commercial operations. Accounting is maintained separately by profit centres/activities, and the BNR submits annual financial statements to the Ministry of Public Finance, but with a limited publicity regime (they are not published in the Official Gazette as is the case for commercial companies). For any entities that hold NACE code 6411 in their object of activity, any transaction would immediately be reported as unauthorised, attracting severe administrative sanctions and referral to the Prosecutor's Office for the offence of carrying out banking activities without authorisation (Article 152 of Law No. 207/2015 on credit institution insolvency, corroborated with Law No. 312/2004).