The immediate impact on fiduciary structures is an increased legal and operational risk in cases of non-compliance, potentially leading to the loss of the contract’s legal recognition.
Through ANAF Order no. 505/2026, the National Agency for Fiscal Administration updates the procedure for registering fiduciary contracts, strengthening the existing framework established by Order no. 1193/2021. The measure aligns with transparency requirements imposed by Law no. 129/2019 and the amendments introduced by Law no. 164/2025.
Registration obligations and legal validity
According to the Civil Code, fiduciary contracts must be registered within a maximum of 30 days from signing, including any subsequent amendments. Failure to comply with this deadline results in absolute nullity, effectively turning a fiscal obligation into a condition for the legal existence of the contract.
Extended reporting: beneficial owner
The new procedure introduces the explicit obligation to declare and update the beneficial owner. From a compliance perspective:
- data must be complete and continuously updated;
- any change of control must be reported within the deadline;
- information feeds into the central register of fiduciary arrangements.
The regulation also applies to ongoing contracts, implying a retroactive review of already reported data.
Sanction mechanisms and operational risk
In cases of non-compliance, the tax authority may impose:
- ex officio deregistration from the register;
- loss of the structure’s legal traceability;
- exposure to administrative penalties.
Deregistration directly affects the fiduciary arrangement’s ability to produce legal effects, including in commercial or banking relationships.
Implications for fiduciary structures
For fiduciaries and beneficiaries, obligations are no longer limited to contractual documentation, but also include:
- implementation of due diligence processes regarding the beneficial owner;
- continuous monitoring of changes in control;
- alignment of legal documentation with tax reporting.
Integrating these requirements into internal processes becomes critical for maintaining the validity and functionality of fiduciary arrangements under the current legal framework.