In Romania, the primary law regulating the issuance regime of mortgage bonds is Law 32/2006. Recently, regulations for the application of this law were issued by the National Securities Commission (CNVM) and the National Bank of Romania (BNR). The main participants in the operations with mortgage bonds are: (i) issuers of mortgage bonds, that is mortgage bank or banks, Romanian legal entities that granted or took over mortgage loans by assignment and issue mortgage bonds; (ii) mortgage bond holders; and (iii) agent: the legal entity or organization without legal personality that represent the interests of the holders of mortgage bonds belonging to the same issue.
