6432
Mutual funds and other similar financial entities
This code covers the establishment and management of mutual funds, investment funds, and other similar financial entities that attract capital from investors and invest it in diversified portfolios of financial assets. Essentially, if you want to launch an open-end or closed-end investment fund, a voluntary pension fund (Pillar III), or a collective investment vehicle, this is your code. Activities include both portfolio management and related administrative services, such as calculating net asset value and investor relations.
Entrepreneur Profile
Acest cod este destinat societăților de administrare a investițiilor (SAI) autorizate de ASF, care lansează și administrează fonduri mutuale deschise sau închise, fonduri de pensii facultative sau alte vehicule de investiții colective. De asemenea, poate fi utilizat de entități care oferă servicii administrative pentru fonduri, fără a gestiona direct portofoliul.
Who should avoid:
Avoid the exclusive use of code 6432 if the main activity of your company shifts towards other commercial or related branches not specified in the official description. See the excluded activities section below.
Authorization procedure and Trade Register aspects for CAEN 6432
Within the Trade Register (ONRC), registering a company with the main activity code CAEN 6432 – "Mutual funds and other similar financial entities" – is conditional upon obtaining prior approvals from the Financial Supervisory Authority (ASF). The constitutive act must include a name that complies with ASF Regulation No. 9/2014, the minimum share capital required by special law (at least RON 70,000 for investment funds, according to Government Emergency Ordinance No. 32/2012), and the effective registered office. When filing the application, a sworn declaration under Law No. 359/2004 is attached, and for administrators, a tax record and criminal record are required. Amendments regarding changes in the shareholder structure or registered office are published in the Official Gazette, Part IV, and the legal processing period is 3-5 working days, with the possibility of expedited processing for a fee.
Regulatory framework, specific approvals, and control institutions
Companies classified under CAEN 6432 are subject to Government Emergency Ordinance No. 32/2012 on collective investment undertakings in transferable securities and Law No. 24/2017 on issuers of financial instruments. Obtaining an operating license from the ASF is mandatory before any capital-raising operations from third parties. Required documentation includes: the prospectus, fund regulations, management and custody agreement, and evidence of professional qualifications of management. The ASF conducts semi-annual thematic inspections, imposing sanctions for non-compliance with reporting requirements under ASF Norm No. 15/2016. In addition, the National Bank of Romania (BNR) may carry out unannounced checks on cross-border financial flows, based on BNR Regulation No. 5/2021.
Tax management, ANAF audit risk, and specific accounting
From a fiscal perspective, CAEN 6433 triggers the obligation to pay corporate income tax at the standard rate of 16%, with the possibility of applying a 1% rate for micro-enterprises if revenues do not exceed EUR 500,000. However, mutual funds benefit from an exemption from corporate income tax on investment income, under Article 16(e) of the Fiscal Code. ANAF audit risk is high due to the specific nature of financial instrument transactions; it is recommended to keep supporting documents for each transaction for a period of 10 years. Accounting is kept separately for each fund, with daily recording of net asset value. The single declaration for the sole associate must be filed by May 25 of the following year, and for employees, the RO e-Factura and e-Transport systems are used. The economic substance test is frequently checked by tax authorities, and non-compliance with the provisions of the Accounting Law No. 82/1991 results in fines of up to 10% of turnover.
Included Activities
- ✅ Establishment and management of mutual funds
- ✅ Management of investment funds
- ✅ Management of voluntary pension funds (Pillar III)
- ✅ Management of other collective investment entities
- ✅ Portfolio management of financial assets for funds
- ✅ Administrative services for funds (NAV calculation, investor relations)
Excluded Activities
- ❌ Mandatory pension funds (Pillar II) – code 6530
- ❌ Brokerage and proprietary trading activities – code 6612
- ❌ Financial market administration – code 6611
- ❌ Insurance and reinsurance activities – codes 6511, 6512
- ❌ Lending activities (banks, non-bank financial institutions) – codes 6419, 6492
Similar or Related CAEN Codes:
From the same category of economic activities:
Întrebări Frecvente
What authorizations are needed to operate under CAEN code 6432?
To carry out mutual fund management activities, it is mandatory to be authorized by the Financial Supervisory Authority (ASF) as an Investment Management Company (SAI). Without this authorization, the activity is illegal.
What are the minimum capital requirements for an SAI managing mutual funds?
The minimum share capital for an SAI is EUR 125,000 (equivalent in lei), according to ASF regulations. In addition, the SAI must maintain own funds at a level of at least 25% of the annual fixed expenses.