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LegislationThe Romanian business environment recorded in the last years a series of legislative modifications meant to ensure access to the European structures. The economic necessities required the development of a new legal framework regulating the activity of commodities exchanges.
Adopted at the end of 2005, Law no. 357/2005 regarding commodities exchanges offered recognition for the mechanisms used in the last 14 years on the managed markets. It proved to be a technical and practical instrument at the same time, for both those who apply the legislative provisions and the beneficiaries of the services offered on the market.
The new law regulates the organization and operation of commodities exchanges under the authority of the Steering Committee of the Chamber of Commerce and Industry of Romania (CCIR).
Law no. 357/2005 grants to the commodities exchanges the fundamental right to manage markets of public interest by self-regulatory measures: the cash market for fungible commodities, the auction market and the commercial receivables market.
The year 2006 also brought a new legal framework on public procurements (Government Emergency Ordinance 34/2006 regarding the award of the public contracts, public works and services concessions, Law 337/2006 for approving the G.E.O. 34/2006 and the Government Decision 925/2006 for approving the application norms of the provisions concerning the public contracts award from G.E.O. 34/2006). We recommend 
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