{"id":317,"date":"2026-10-14T07:05:51","date_gmt":"2026-10-14T07:05:51","guid":{"rendered":"https:\/\/adesman.ro\/?p=317"},"modified":"2026-10-14T17:59:13","modified_gmt":"2026-10-14T17:59:13","slug":"romanya-yabanci-yatirim-denetimi","status":"publish","type":"post","link":"https:\/\/adesman.ro\/tr\/autorizare-investitii-straine-romania\/","title":{"rendered":"2026\u2019da Romanya\u2019da yabanc\u0131 yat\u0131r\u0131m denetimi: prosed\u00fcr, de\u011fer e\u015fi\u011fi ve yat\u0131r\u0131mc\u0131lar i\u00e7in riskler"},"content":{"rendered":"<h1 class=\"wp-block-heading has-text-align-center\"><strong>2026\u2019da Romanya\u2019da yabanc\u0131 yat\u0131r\u0131m denetimi: prosed\u00fcr,<\/strong> <strong>de\u011fer e\u015fi\u011fi<\/strong> <strong>ve yat\u0131r\u0131mc\u0131lar i\u00e7in riskler<\/strong><\/h1>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Romanya\u2019da bir \u015firketin sat\u0131n al\u0131nmas\u0131, bir enerji projesinin geli\u015ftirilmesi veya varl\u0131klar\u0131n devral\u0131nmas\u0131, yat\u0131r\u0131mc\u0131 Avrupa Birli\u011fi \u00fcyesi bir devletten \u2013 Romanya\u2019n\u0131n kendisi d\u00e2hil \u2013 gelse bile \u00f6nceden izin al\u0131nmas\u0131n\u0131 gerektirebilir.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131lar i\u00e7in yat\u0131r\u0131mlar\u0131n incelenmesi ve izne ba\u011flanmas\u0131 mekanizmas\u0131 (Foreign Direct Investment Screening \u2013 FDI Screening), Romanya\u2019daki i\u015flemlerin planlanmas\u0131n\u0131n \u00f6nemli bir par\u00e7as\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tamamlanmas\u0131 i\u00e7in gerekli ticari ve kurumsal ko\u015fullar\u0131 sa\u011flayan bir i\u015flem, mill\u00ee g\u00fcvenlik ve kamu d\u00fczeni a\u00e7\u0131s\u0131ndan ek bir inceleme prosed\u00fcr\u00fcne tabi olabilir; bu prosed\u00fcr i\u015flemin takvimini, tamamlanma ko\u015fullar\u0131n\u0131, s\u00f6zle\u015fme yap\u0131s\u0131n\u0131 ve hatta yat\u0131r\u0131m\u0131n ger\u00e7ekle\u015ftirilip ger\u00e7ekle\u015ftirilemeyece\u011fini etkileyebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mart 2026\u2019da 17\/2026 say\u0131l\u0131 H\u00fck\u00fcmet Acil Kararnamesi (OUG) ile ulusal yat\u0131r\u0131m inceleme \u00e7er\u00e7evesinde yap\u0131lan de\u011fi\u015fiklikler \u00f6nemli yenilikler getirmi\u015ftir; bunlar aras\u0131nda genel inceleme e\u015fi\u011finin 5 milyon EUR\u2019ya y\u00fckseltilmesi, kapsama giren i\u015flemlerin netle\u015ftirilip geni\u015fletilmesi ve izin prosed\u00fcr\u00fcn\u00fcn de\u011fi\u015ftirilmesi yer almaktad\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Romanya pazar\u0131na girmeyi planlayan bir yat\u0131r\u0131mc\u0131 i\u00e7in, Romanya\u2019da bir \u00f6zel ama\u00e7l\u0131 \u015firket (SPV) kurulmas\u0131, planlanan yat\u0131r\u0131m a\u015fa\u011f\u0131daki d\u00fczenlemenin kapsam\u0131na girdi\u011finde \u00f6n izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc ortadan kald\u0131rmaz: <a href=\"https:\/\/legislatie.just.ro\/public\/DetaliiDocument\/254239\" target=\"_blank\" rel=\"noopener\">46\/2022 say\u0131l\u0131 OUG<\/a>. Bu durumda izin, Do\u011frudan Yabanc\u0131 Yat\u0131r\u0131mlar\u0131 \u0130nceleme Komisyonu\u2019nun (CEISD) incelemesi sonucunda al\u0131n\u0131r. \u0130zin gerekip gerekmedi\u011fine ili\u015fkin analizde yat\u0131r\u0131mc\u0131n\u0131n kimli\u011fi, ortakl\u0131k yap\u0131s\u0131 ve yat\u0131r\u0131mc\u0131 \u00fczerinde do\u011frudan veya dolayl\u0131 kontrol sahibi olan ki\u015filer ile yat\u0131r\u0131m\u0131n niteli\u011fi, alan\u0131 ve de\u011feri dikkate al\u0131n\u0131r; analiz, yat\u0131r\u0131m\u0131n ger\u00e7ekle\u015ftirildi\u011fi yerel \u015firketle s\u0131n\u0131rl\u0131 kalmaz. Dolay\u0131s\u0131yla temel soru, planlanan i\u015flemin izne tabi olup olmad\u0131\u011f\u0131 ve tabi ise bu y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn yat\u0131r\u0131m\u0131n yap\u0131s\u0131na ve takvimine nas\u0131l d\u00e2hil edilece\u011fidir.<\/p>\n\n<div style=\"background:#f6f2fa;border:1px solid #e3d8ee;border-radius:4px;padding:20px 24px;margin:28px 0;\">\n  <p style=\"margin:0 0 10px;font-size:13px;font-weight:700;letter-spacing:.08em;text-transform:uppercase;color:#55328E;\">K\u0131saca<\/p>\n  <ul style=\"margin:0;padding-left:20px;font-size:16px;line-height:1.6;color:#1a1a1a;\">\n    <li style=\"margin:0 0 6px;\">17\/2026 say\u0131l\u0131 Ola\u011fan\u00fcst\u00fc H\u00fck\u00fcmet Kararnamesi (OUG) ile genel e\u015fik 5 milyon EUR olmu\u015ftur (\u00f6nceden 2 milyon EUR).<\/li>\n    <li style=\"margin:0 0 6px;\">Rejim, Romanya dahil AB'li yat\u0131r\u0131mc\u0131lara da uygulan\u0131r.<\/li>\n    <li style=\"margin:0 0 6px;\">E\u015fi\u011fin alt\u0131ndaki yat\u0131r\u0131mlar da incelenebilir. 12 ay i\u00e7inde ger\u00e7ekle\u015ftirilen birbirine ba\u011fl\u0131 i\u015flemler toplanarak de\u011ferlendirilir.<\/li>\n    <li style=\"margin:0 0 6px;\">Enerji depolama dahil hassas alanlardaki varl\u0131klar\u0131n do\u011frudan devral\u0131nmas\u0131 da izin gerektirebilir.<\/li>\n    <li style=\"margin:0 0 6px;\">Yasal s\u00fcre, eksiksiz ba\u015fvurudan itibaren 45 g\u00fcnd\u00fcr. \u00dclke Savunma Y\u00fcksek Konseyi'ne (CSAT) dan\u0131\u015f\u0131lmas\u0131 halinde s\u00fcre 90 g\u00fcne ve buna ek 45 g\u00fcne kadar uzayabilir.<\/li>\n    <li style=\"margin:0 0 6px;\">\u0130nceleme katk\u0131 pay\u0131 5.000 EUR'dur.<\/li>\n    <li style=\"margin:0 0 6px;\">\u0130zin al\u0131nmadan yap\u0131lan yat\u0131r\u0131mlarda, k\u00fcresel cironun 'una kadar para cezas\u0131 ve i\u015flemin h\u00fck\u00fcms\u00fczl\u00fc\u011f\u00fc riski vard\u0131r.<\/li>\n  <\/ul>\n<\/div>\n\n<h2 class=\"wp-block-heading\">1. FDI Screening nedir ve Romanya\u2019daki yat\u0131r\u0131mlar i\u00e7in neden \u00f6nemlidir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">FDI Screening (yabanc\u0131 yat\u0131r\u0131mlar\u0131n izne ba\u011flanmas\u0131), yetkili makamlar\u0131n mill\u00ee g\u00fcvenlik, kamu d\u00fczeni veya Avrupa Birli\u011fi\u2019nin \u00e7\u0131kar\u0131na olan proje ve programlar \u00fczerindeki olas\u0131 riskleri tespit etmek amac\u0131yla belirli yat\u0131r\u0131mlar\u0131 inceledi\u011fi mekanizmad\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avrupa d\u00fczeyinde genel \u00e7er\u00e7eve \u015fu d\u00fczenlemeyle belirlenmi\u015ftir: <a href=\"https:\/\/eur-lex.europa.eu\/eli\/reg\/2019\/452\/oj\" target=\"_blank\" rel=\"noopener\">(AB) 2019\/452 say\u0131l\u0131 T\u00fcz\u00fck<\/a>, \u00fcye devletler ile Avrupa Komisyonu aras\u0131nda bir i\u015fbirli\u011fi mekanizmas\u0131 kurmaktad\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Romanya\u2019da temel d\u00fczenleme, 164\/2023 say\u0131l\u0131 Kanun ile onaylanan ve sonradan \u2013 17\/2026 say\u0131l\u0131 OUG ile yap\u0131lanlar d\u00e2hil \u2013 de\u011fi\u015ftirilen 46\/2022 say\u0131l\u0131 H\u00fck\u00fcmet Acil Kararnamesi\u2019dir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ulusal d\u00fczeyde inceleme, yasal prosed\u00fcre g\u00f6re yetkili kurumlar\u0131n kat\u0131l\u0131m\u0131yla Do\u011frudan Yabanc\u0131 Yat\u0131r\u0131mlar\u0131 \u0130nceleme Komisyonu (CEISD) taraf\u0131ndan yap\u0131l\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mekanizma, yat\u0131r\u0131m\u0131n ekonomik yerindeli\u011finin genel bir denetimi de\u011fildir. Amac\u0131; yat\u0131r\u0131m\u0131n niteli\u011fi, faaliyet alan\u0131 ve yat\u0131r\u0131mc\u0131n\u0131n \u00f6zellikleri esas al\u0131narak g\u00fcvenlik ve kamu d\u00fczeni a\u00e7\u0131s\u0131ndan \u00f6nem ta\u015f\u0131yan risklerin de\u011ferlendirilmesidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan pratik sonu\u00e7 \u00f6nemlidir: CEISD izni, i\u015flem i\u00e7in gerekli di\u011fer onaylardan \u2013 olas\u0131 birle\u015fme kontrol\u00fc izni d\u00e2hil \u2013 ayr\u0131 olarak de\u011ferlendirilmelidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. CEISD iznini kimler almal\u0131d\u0131r? Avrupa Birli\u011fi\u2019nden veya Romanya\u2019dan gelen yat\u0131r\u0131mc\u0131lar i\u00e7in de ge\u00e7erli midir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Evet. Romanya\u2019daki rejim, Avrupa Birli\u011fi d\u0131\u015f\u0131ndaki ki\u015fi veya \u015firketlerin yapt\u0131\u011f\u0131 yat\u0131r\u0131mlarla s\u0131n\u0131rl\u0131 de\u011fildir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">46\/2022 say\u0131l\u0131 OUG, kanunda \u00f6ng\u00f6r\u00fclen ko\u015fullar d\u00e2hilinde do\u011frudan yabanc\u0131 yat\u0131r\u0131mlar\u0131, Avrupa Birli\u011fi\u2019nden gelen yat\u0131r\u0131mc\u0131lar\u0131n yapt\u0131\u011f\u0131 yat\u0131r\u0131mlar\u0131 ve yeni (greenfield) yat\u0131r\u0131mlar\u0131 kapsar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Avrupa Birli\u011fi yat\u0131r\u0131mc\u0131s\u0131 kategorisine Romanya vatanda\u015f\u0131 ger\u00e7ek ki\u015filer ile merkezi Romanya\u2019da bulunan t\u00fczel ki\u015filer de a\u00e7\u0131k\u00e7a d\u00e2hildir. Bu nedenle, bir AB \u00fcye devletinde kay\u0131tl\u0131 bir \u015firket veya bir Romanya \u015firketi, yat\u0131r\u0131m hassas bir alanla ilgiliyse ve yasal e\u015fi\u011fi a\u015f\u0131yorsa izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnden otomatik olarak muaf de\u011fildir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ayr\u0131ca yat\u0131r\u0131mc\u0131n\u0131n kurumsal yap\u0131s\u0131, sat\u0131n almay\u0131 \u015feklen ger\u00e7ekle\u015ftiren \u015firketin kay\u0131tl\u0131 oldu\u011fu yarg\u0131 alan\u0131n\u0131n \u00f6tesinde analiz edilmelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Baz\u0131 durumlarda, Avrupa Birli\u011fi d\u0131\u015f\u0131ndaki ki\u015fi veya kurulu\u015flar\u0131n do\u011frudan ya da dolayl\u0131 olarak kulland\u0131\u011f\u0131 kontrol, yat\u0131r\u0131m\u0131n nitelendirilmesi a\u00e7\u0131s\u0131ndan \u00f6nem ta\u015f\u0131yabilir. Bu ba\u011flamda ilgili yat\u0131r\u0131mc\u0131n\u0131n, yani yat\u0131r\u0131m \u00fczerinde do\u011frudan veya dolayl\u0131 kontrol sahibi olan ki\u015finin tespiti, \u00f6n hukuki de\u011ferlendirmenin \u00f6nemli bir a\u015famas\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Uygulamadan \u00f6rnek:<\/strong> uluslararas\u0131 bir grup, bir AB \u00fcye devletinde kay\u0131tl\u0131 bir holding \u015firketi arac\u0131l\u0131\u011f\u0131yla bir Romanya \u015firketini sat\u0131n almay\u0131 planlamaktad\u0131r. \u0130zin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn analizi holdingin merkeziyle s\u0131n\u0131rl\u0131 kalmamal\u0131, kontrol yap\u0131s\u0131n\u0131 ve i\u015flemin \u00f6zelliklerini incelemelidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. 2026\u2019da Romanya\u2019da yat\u0131r\u0131m izni i\u00e7in de\u011fer e\u015fi\u011fi nedir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">17\/2026 say\u0131l\u0131 OUG ile yap\u0131lan de\u011fi\u015fiklikler sonucunda, 46\/2022 say\u0131l\u0131 OUG\u2019nin 3. maddesinin (1) f\u0131kras\u0131n\u0131n b) bendinde \u00f6ng\u00f6r\u00fclen genel e\u015fik \u015fudur: <strong>5.000.000 EUR<\/strong> (daha \u00f6nce uygulanan 2.000.000 EUR\u2019dan y\u00fckseltilmi\u015ftir).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">E\u015fik, ge\u00e7erli yasal kurallara g\u00f6re, i\u015flemden \u00f6nceki mali y\u0131l\u0131n son g\u00fcn\u00fc i\u00e7in Romanya Ulusal Bankas\u0131 taraf\u0131ndan a\u00e7\u0131klanan d\u00f6viz kuru esas al\u0131narak hesaplan\u0131r. Ancak de\u011fer e\u015fi\u011finin a\u015f\u0131lmas\u0131, izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn belirlenmesinde tek \u00f6nemli unsur de\u011fildir. Yat\u0131r\u0131m ayr\u0131ca faaliyet alan\u0131, i\u015flemin niteli\u011fi ve yasal \u00e7er\u00e7evede \u00f6ng\u00f6r\u00fclen g\u00fcvenlik ve kamu d\u00fczeni kriterleri a\u00e7\u0131s\u0131ndan da analiz edilmelidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5 milyon EUR\u2019nun alt\u0131ndaki bir yat\u0131r\u0131m otomatik olarak muaf m\u0131d\u0131r?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hay\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">46\/2022 say\u0131l\u0131 OUG\u2019nin 3. maddesinin (2) f\u0131kras\u0131, 5 milyon EUR e\u015fi\u011fini a\u015fmayan yat\u0131r\u0131mlar\u0131n da \u2013 nitelikleri veya olas\u0131 etkileri nedeniyle mill\u00ee g\u00fcvenli\u011fi, kamu d\u00fczenini ya da Avrupa Birli\u011fi\u2019nin \u00e7\u0131kar\u0131na olan proje veya programlar\u0131 etkileyebilecek olmalar\u0131 h\u00e2linde \u2013 incelenmesine imk\u00e2n tan\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ayr\u0131ca 2026 de\u011fi\u015fiklikleri, bir y\u0131ll\u0131k s\u00fcre i\u00e7inde ger\u00e7ekle\u015ftirilen birbirine ba\u011fl\u0131 i\u015flemlere ve bunlar\u0131n de\u011ferinin kanuni ko\u015fullar d\u00e2hilinde toplanmas\u0131na ili\u015fkin kurallar getirmektedir. Buna g\u00f6re ayn\u0131 yat\u0131r\u0131mc\u0131n\u0131n 12 ay i\u00e7inde ayn\u0131 \u015firkete y\u00f6nelik ger\u00e7ekle\u015ftirdi\u011fi birbirine ba\u011fl\u0131 i\u015flemler tek bir yat\u0131r\u0131m olarak kabul edilir. \u0130zin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc, toplam de\u011fer e\u015fi\u011fe ula\u015ft\u0131\u011f\u0131 anda do\u011far. Dolay\u0131s\u0131yla bir yat\u0131r\u0131m\u0131n daha k\u00fc\u00e7\u00fck dilimlere b\u00f6l\u00fcnmesi prosed\u00fcrden ka\u00e7\u0131nmay\u0131 sa\u011flamaz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu kural tam da bu t\u00fcr yap\u0131land\u0131rmalar\u0131 \u00f6nlemek i\u00e7in getirilmi\u015ftir. A\u015famal\u0131 olarak ger\u00e7ekle\u015ftirilen i\u015flemlerde (\u00f6rne\u011fin bir pay devralmas\u0131n\u0131n ard\u0131ndan sermaye art\u0131r\u0131mlar\u0131 veya proje finansman\u0131 yap\u0131lmas\u0131), her a\u015faman\u0131n zamanlamas\u0131 ve de\u011feri en ba\u015f\u0131ndan itibaren takip edilmelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yat\u0131r\u0131mc\u0131lar a\u00e7\u0131s\u0131ndan sonu\u00e7 \u015fudur: i\u015flem de\u011feri \u00f6nemli bir kriterdir, ancak i\u015flemin b\u00fct\u00fcn\u00fcn\u00fcn hukuki analizinin yerini tutamaz.<\/strong><\/p>\n\n\n<div style=\"border-left:4px solid #55328E;background:#f6f2fa;padding:20px 24px;margin:32px 0;border-radius:4px;\">\n<p style=\"margin:0 0 14px;font-size:17px;line-height:1.55;color:#1a1a1a;\" class=\"translation-block\"><strong>\u0130\u015flem tutar\u0131 5 milyon EUR alt\u0131nda m\u0131, yoksa i\u015flem birka\u00e7 a\u015famada m\u0131 ger\u00e7ekle\u015fiyor?<\/strong> Takvimi ve \u00f6deme ko\u015fullar\u0131n\u0131 belirlemeden \u00f6nce i\u015flemin yine de CEISD incelemesine tabi olup olmad\u0131\u011f\u0131n\u0131 kontrol ediyoruz.<\/p>\n<p>  <a href=\"https:\/\/adesman.ro\/tr\/iletisim\/\" style=\"display:inline-block;background:#55328E;color:#ffffff;padding:10px 22px;border-radius:4px;text-decoration:none;font-weight:600;font-size:15px;\">\u00d6n de\u011ferlendirme talep edin \u2192<\/a>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">4. Hangi ekonomik alanlar bir yat\u0131r\u0131m\u0131n incelenmesine yol a\u00e7abilir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Romanya\u2019daki rejim, uygulanan mevzuatta belirlenen alanlar ve kriterler esas al\u0131narak mill\u00ee g\u00fcvenlik ve kamu d\u00fczeni a\u00e7\u0131s\u0131ndan \u00f6nem ta\u015f\u0131yan yat\u0131r\u0131mlar\u0131 hedefler. Pay edinimleri ve yeni yat\u0131r\u0131mlar i\u00e7in ba\u015flang\u0131\u00e7 noktas\u0131, \u00dclke Savunma Y\u00fcksek Konseyi\u2019nin (CSAT) 73\/2012 say\u0131l\u0131 Karar\u0131\u2019n\u0131n 2. maddesinde \u00f6ng\u00f6r\u00fclen faaliyet alanlar\u0131d\u0131r; bu alanlar (AB) 2019\/452 say\u0131l\u0131 T\u00fcz\u00fck\u2019\u00fcn 4. maddesindeki kriterler \u00e7er\u00e7evesinde analiz edilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uygulamada a\u015fa\u011f\u0131daki gibi sekt\u00f6rlerdeki yat\u0131r\u0131mlara \u00f6zellikle dikkat edilmelidir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>enerji ve enerji altyap\u0131s\u0131;<\/li>\n\n\n\n<li>ula\u015ft\u0131rma ve kritik altyap\u0131;<\/li>\n\n\n\n<li>ileti\u015fim ve dijital altyap\u0131;<\/li>\n\n\n\n<li>kritik ve ileri teknolojiler;<\/li>\n\n\n\n<li>siber g\u00fcvenlik ve veri depolama;<\/li>\n\n\n\n<li>savunma sanayii ve \u00e7ift kullan\u0131ml\u0131 teknolojiler;<\/li>\n\n\n\n<li>ila\u00e7 sekt\u00f6r\u00fc ve sa\u011fl\u0131k alan\u0131ndaki baz\u0131 faaliyetler;<\/li>\n\n\n\n<li>tar\u0131m-g\u0131da sekt\u00f6r\u00fc ve baz\u0131 stratejik varl\u0131klar.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">2026 de\u011fi\u015fiklikleri ayr\u0131ca 46\/2022 say\u0131l\u0131 OUG\u2019nin 2\u00b9. maddesiyle hassas alanlara ili\u015fkin a\u00e7\u0131k bir d\u00fczenleme getirmi\u015ftir; bu d\u00fczenleme yaln\u0131zca bir ekonomik faaliyet y\u00fcr\u00fctmek amac\u0131yla maddi ve\/veya maddi olmayan varl\u0131klar\u0131n edinilmesine y\u00f6nelik i\u015flemlere uygulan\u0131r. Dolay\u0131s\u0131yla yaln\u0131zca bir \u015firketin de\u011fil, varl\u0131klar\u0131n edinilmesi de izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc do\u011furabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu kategoride enerji depolama teknolojileri ve enerji sekt\u00f6r\u00fcndeki kritik altyap\u0131 da a\u00e7\u0131k\u00e7a say\u0131lmaktad\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bununla birlikte, bir \u015firketin belirli bir ekonomik sekt\u00f6rde yer almas\u0131, her durumda bildirim y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc belirlemek i\u00e7in tek ba\u015f\u0131na yeterli de\u011fildir. Analiz, somut yat\u0131r\u0131m kategorisine uygulanan yasal ko\u015fullar esas al\u0131narak yap\u0131lmal\u0131d\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Romanya\u2019da bir g\u00fcne\u015f enerjisi (fotovoltaik) veya BESS projesinin sat\u0131n al\u0131nmas\u0131 i\u00e7in CEISD izni gerekli midir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bir\u00e7ok durumda evet. Enerji, yat\u0131r\u0131m inceleme rejiminin geleneksel olarak kapsad\u0131\u011f\u0131 alanlardand\u0131r ve enerji sekt\u00f6r\u00fcndeki kritik altyap\u0131, varl\u0131k edinimlerine uygulanan hassas alanlar aras\u0131nda da a\u00e7\u0131k\u00e7a say\u0131lmaktad\u0131r. Ancak somut cevap; i\u015flemin yap\u0131s\u0131na, yat\u0131r\u0131m\u0131n de\u011ferine, edinilen hak ve varl\u0131klara ve yat\u0131r\u0131mc\u0131n\u0131n kimli\u011fine ba\u011fl\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu soru, \u00f6zellikle \u015fu alanda faaliyet g\u00f6steren uluslararas\u0131 yat\u0131r\u0131mc\u0131lar ve geli\u015ftiriciler i\u00e7in \u00f6nemlidir: <a href=\"https:\/\/adesman.ro\/tr\/enerji-hukuku-romanya\/\">Romanya enerji sekt\u00f6r\u00fc<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bir proje \u015firketinin (Special Purpose Vehicle \u2013 SPV) devral\u0131nmas\u0131 \u2013 \u015firket bir <a href=\"https:\/\/adesman.ro\/tr\/yenilenebilir-enerji-yatirimlari\/\">g\u00fcne\u015f enerjisi santrali, r\u00fczg\u00e2r santrali<\/a> veya bir <a href=\"https:\/\/adesman.ro\/tr\/romanya-bess-projeleri\/\">batarya enerji depolama sistemi (Battery Energy Storage System \u2013 BESS)<\/a> geli\u015ftiriyorsa \u2013 CEISD izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn incelenmesini gerektirebilir. Yat\u0131r\u0131mc\u0131 \u015firketi sat\u0131n almadan proje varl\u0131klar\u0131n\u0131 (arazi, haklar, izinler) do\u011frudan devrald\u0131\u011f\u0131nda da ayn\u0131 durum ge\u00e7erlidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De\u011ferlendirmede i\u015flemin yap\u0131s\u0131, yat\u0131r\u0131m\u0131n de\u011feri, edinilen hak ve varl\u0131klar, faaliyet alan\u0131 ve yat\u0131r\u0131mc\u0131n\u0131n kimli\u011fi dikkate al\u0131nmal\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bir enerji projesine ili\u015fkin i\u015flem yaln\u0131zca yap\u0131 ruhsatlar\u0131, arazi haklar\u0131 veya elektrik \u015febekesine ba\u011flant\u0131 a\u00e7\u0131s\u0131ndan analiz edilmemelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yat\u0131r\u0131m\u0131n izne ba\u011flanmas\u0131 ile projenin geli\u015ftirilmesine ili\u015fkin izinler iki ayr\u0131 hukuki konudur.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6rne\u011fin, bir teknik \u015febeke ba\u011flant\u0131 onay\u0131n\u0131n (ATR), yap\u0131 ruhsat\u0131n\u0131n veya Ulusal Enerji D\u00fczenleme Kurumu (ANRE) taraf\u0131ndan verilmi\u015f bir iznin bulunmas\u0131, zorunlu oldu\u011fu h\u00e2llerde CEISD rejimi kapsam\u0131ndaki yat\u0131r\u0131m izninin yerini tutmaz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Geli\u015ftirme a\u015famas\u0131ndaki projelerin sat\u0131n al\u0131nmas\u0131nda 5 milyon EUR e\u015fi\u011fi, otomatik olarak yaln\u0131zca SPV paylar\u0131n\u0131n sat\u0131n alma bedeline g\u00f6re de\u011ferlendirilmemelidir. Yeni yat\u0131r\u0131mlar da rejimin kapsam\u0131ndad\u0131r ve 12 ay i\u00e7inde ger\u00e7ekle\u015ftirilen birbirine ba\u011fl\u0131 i\u015flemler toplan\u0131r. Sermaye art\u0131r\u0131mlar\u0131 veya in\u015faat finansman\u0131 gibi sat\u0131n alma sonras\u0131 a\u015famalar en ba\u015f\u0131ndan itibaren dikkate al\u0131nmal\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Takvim ba\u015fka bir nedenle de \u00f6nemlidir: yat\u0131r\u0131m, izin al\u0131nmadan \u00f6nce hayata ge\u00e7irilemez ve bu y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn ihlali k\u00fcresel cironun \u2019una kadar para cezas\u0131na yol a\u00e7abilir. Bu nedenle izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc, i\u015flem takvimi ve \u00f6deme ko\u015fullar\u0131 kesinle\u015fmeden \u00f6nce kontrol edilmelidir. \u0130zin gerekliyse, iznin al\u0131nmas\u0131 sat\u0131n alma s\u00f6zle\u015fmesinde taliki \u015fart (\u00f6n ko\u015ful) olarak \u00f6ng\u00f6r\u00fclmelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu analiz hem ba\u011f\u0131ms\u0131z projeler hem de enerji projesi portf\u00f6ylerine sahip \u015firketlerdeki paylar\u0131n sat\u0131n al\u0131nmas\u0131 yoluyla yap\u0131lan yat\u0131r\u0131mlar i\u00e7in \u00f6nemlidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. Hangi i\u015flemler CEISD incelemesi gerektirebilir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130zin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc yaln\u0131zca bir Romanya \u015firketinin tamam\u0131n\u0131n sat\u0131n al\u0131nmas\u0131yla ili\u015fkilendirilmemelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yasal ko\u015fullara ve i\u015flemin yap\u0131s\u0131na ba\u011fl\u0131 olarak analiz \u015fu durumlarda gerekli olabilir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>hedef \u015firketle kal\u0131c\u0131 ve do\u011frudan ba\u011flar kurulmas\u0131n\u0131 sa\u011flayan hisse veya paylar\u0131n edinilmesi (salt finansal, portf\u00f6y yat\u0131r\u0131mlar\u0131 kural olarak kapsam d\u0131\u015f\u0131ndad\u0131r);<\/li>\n\n\n\n<li>bir \u015firket \u00fczerinde do\u011frudan veya dolayl\u0131 kontrol\u00fcn edinilmesi;<\/li>\n\n\n\n<li>baz\u0131 ortak giri\u015fimlerin (joint ventures) kurulmas\u0131;<\/li>\n\n\n\n<li>bir ekonomik faaliyet y\u00fcr\u00fctmek amac\u0131yla hassas alanlardaki maddi veya maddi olmayan varl\u0131klar\u0131n edinilmesi;<\/li>\n\n\n\n<li>yeni yat\u0131r\u0131mlar\u0131n ger\u00e7ekle\u015ftirilmesi;<\/li>\n\n\n\n<li>kontrol yap\u0131s\u0131n\u0131n kanunda \u00f6ng\u00f6r\u00fclen ko\u015fullar d\u00e2hilinde de\u011fi\u015ftirilmesi;<\/li>\n\n\n\n<li>art arda veya birbirine ba\u011fl\u0131 i\u015flemlerin ger\u00e7ekle\u015ftirilmesi.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">17\/2026 say\u0131l\u0131 OUG ayr\u0131ca Avrupa Birli\u011fi\u2019nden veya OECD Sermaye Hareketlerinin Serbestle\u015ftirilmesi Kodlar\u0131na kat\u0131lm\u0131\u015f devletlerden gelen yat\u0131r\u0131mc\u0131lar taraf\u0131ndan ger\u00e7ekle\u015ftirilen baz\u0131 yeniden yap\u0131land\u0131rma veya yeniden d\u00fczenleme i\u015flemleri i\u00e7in bir istisna getirmi\u015ftir. \u0130stisna yaln\u0131zca i\u015flem fiil\u00ee kontrolde veya ger\u00e7ek faydalan\u0131c\u0131da bir de\u011fi\u015fikli\u011fe yol a\u00e7m\u0131yorsa ve finansman grup i\u00e7iyse ya da tamamen AB\u2019deki veya ilgili OECD devletlerindeki kaynaklardan sa\u011flan\u0131yorsa uygulan\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dolay\u0131s\u0131yla her grup i\u00e7i yeniden yap\u0131land\u0131rma otomatik olarak izne tabi de\u011fildir; ancak yasal ko\u015fullar incelenmeden muaf da say\u0131lamaz. Para cezalar\u0131n\u0131n d\u00fczeyi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, nitelendirmenin belirsiz oldu\u011fu durumlarda ihtiyatl\u0131 yakla\u015f\u0131m izin ba\u015fvurusunda bulunmakt\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. \u0130zin ba\u015fvurusu ne zaman yap\u0131lmal\u0131d\u0131r? S\u00f6zle\u015fme CEISD onay\u0131ndan \u00f6nce imzalanabilir mi?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">46\/2022 say\u0131l\u0131 OUG, izne tabi bir do\u011frudan yabanc\u0131 yat\u0131r\u0131m\u0131n izin al\u0131nmadan \u00f6nce ger\u00e7ekle\u015ftirilmesini yasaklar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">M&amp;A i\u015flemlerinde \u015fu ikisi aras\u0131ndaki ayr\u0131m esast\u0131r: <strong>s\u00f6zle\u015fmenin imzalanmas\u0131 (signing)<\/strong> ve <strong>i\u015flemin tamamlanmas\u0131 (closing)<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130\u015flemin hukuki yap\u0131s\u0131na ba\u011fl\u0131 olarak taraflar, tamamlanmas\u0131 CEISD izninin al\u0131nmas\u0131 \u015fart\u0131na ba\u011fl\u0131 bir sat\u0131n alma s\u00f6zle\u015fmesi imzalayabilir. Uygulamada ba\u015fvuru genellikle imzadan sonra, i\u015flem de\u011ferlendirilebilecek kadar somutla\u015ft\u0131\u011f\u0131nda yap\u0131l\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak izin zorunlu oldu\u011funda s\u00f6zle\u015fme, yat\u0131r\u0131m\u0131n izinden \u00f6nce fiilen hayata ge\u00e7irilmeyece\u011fi \u015fekilde haz\u0131rlanmal\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu ayr\u0131m \u00f6zellikle i\u015flem kontrol\u00fcn devrini, oy haklar\u0131n\u0131n kullan\u0131lmas\u0131n\u0131, y\u00f6netim haklar\u0131n\u0131n verilmesini veya baz\u0131 entegrasyon tedbirlerinin erken uygulanmas\u0131n\u0131 i\u00e7erdi\u011finde \u00f6nemlidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">S\u00f6zle\u015fme a\u00e7\u0131s\u0131ndan CEISD izni, i\u015flemin tamamlanmas\u0131 i\u00e7in bir taliki \u015fart olarak d\u00fczenlenebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taraflar ayr\u0131ca bildirimi kimin haz\u0131rlayaca\u011f\u0131n\u0131, masraflar\u0131 kimin \u00fcstlenece\u011fini, hangi i\u015fbirli\u011fi y\u00fck\u00fcml\u00fcl\u00fcklerinin bulundu\u011funu, ek bilgi talep edilmesi h\u00e2linde ne olaca\u011f\u0131n\u0131 ve \u015fartl\u0131 izin veya yat\u0131r\u0131m\u0131n reddedilmesinin sonu\u00e7lar\u0131n\u0131 belirlemelidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">8. CEISD prosed\u00fcr\u00fc nas\u0131l i\u015fler ve izin ne kadar s\u00fcrer?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130zin ba\u015fvurusu, CEISD Sekreteryas\u0131n\u0131n kat\u0131l\u0131m\u0131yla 46\/2022 say\u0131l\u0131 OUG\u2019de \u00f6ng\u00f6r\u00fclen idari mekanizma \u00e7er\u00e7evesinde yap\u0131l\u0131r. 17\/2026 say\u0131l\u0131 OUG ayr\u0131ca izin ba\u015fvurular\u0131n\u0131n y\u00f6netimi i\u00e7in Ba\u015fbakanl\u0131k Ofisi taraf\u0131ndan i\u015fletilen \u00f6zel bir bili\u015fim uygulamas\u0131 \u00f6ng\u00f6rm\u00fc\u015ft\u00fcr.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">6. maddeye g\u00f6re ba\u015fvurular Rumence ve \u0130ngilizce olarak yap\u0131l\u0131r ve uygulanan mevzuat\u0131n gerektirdi\u011fi bilgi ve belgeleri i\u00e7ermelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ba\u015fvuru basit bir idari form de\u011fildir. Makamlar\u0131n, yat\u0131r\u0131m\u0131n mill\u00ee g\u00fcvenlik ve kamu d\u00fczeni \u00fczerindeki etkisini de\u011ferlendirmesine imk\u00e2n vermelidir. Talep edilen bilgiler genellikle \u015funlara ili\u015fkindir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>yat\u0131r\u0131mc\u0131n\u0131n ve nihai kontrol\u00fc elinde bulunduran ger\u00e7ek ki\u015filere kadar t\u00fcm sahiplik ve kontrol zincirinin tespiti;<\/li>\n\n\n\n<li>yat\u0131r\u0131m\u0131n finansman kaynaklar\u0131;<\/li>\n\n\n\n<li>i\u015flemin, yap\u0131s\u0131n\u0131n ve \u00f6ng\u00f6r\u00fclen takvimin tan\u0131m\u0131;<\/li>\n\n\n\n<li>hedef \u015firketin veya edinilen varl\u0131klar\u0131n faaliyeti ve bunlar\u0131n hassas alanlarla ilgisi;<\/li>\n\n\n\n<li>yat\u0131r\u0131m\u0131n de\u011feri ve hesaplama y\u00f6ntemi;<\/li>\n\n\n\n<li>grubun Romanya\u2019daki veya Avrupa Birli\u011fi\u2019ndeki di\u011fer yat\u0131r\u0131mlar\u0131 ile yat\u0131r\u0131mc\u0131n\u0131n \u00fc\u00e7\u00fcnc\u00fc \u00fclkelerle ba\u011flant\u0131lar\u0131.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Yasal s\u00fcre nedir?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">17\/2026 say\u0131l\u0131 OUG ile de\u011fi\u015fik h\u00e2liyle 9. maddenin (2<sup>1<\/sup>) f\u0131kras\u0131, CEISD g\u00f6r\u00fc\u015f\u00fcn\u00fcn verilmesi i\u00e7in kanuni \u015fartlar d\u00e2hilinde en fazla <strong>bildirimin eksiksiz olarak kabul edildi\u011fi tarihten itibaren 45 takvim g\u00fcn\u00fc<\/strong> s\u00fcre \u00f6ng\u00f6rmektedir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu s\u00fcre, prosed\u00fcr\u00fcn fiil\u00ee toplam s\u00fcresiyle kar\u0131\u015ft\u0131r\u0131lmamal\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ek bilgi talep edilirse yat\u0131r\u0131mc\u0131, 6. maddenin (4) f\u0131kras\u0131 uyar\u0131nca bunlar\u0131 iletmek i\u00e7in 30 takvim g\u00fcn\u00fc s\u00fcreye sahiptir; bu s\u00fcre kanuni ko\u015fullar d\u00e2hilinde 15 g\u00fcn uzat\u0131labilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dosyan\u0131n kalitesi prosed\u00fcr\u00fcn s\u00fcresini do\u011frudan etkiler. Ek bilgiler 15 g\u00fcnl\u00fck uzatma s\u00fcresi (cevap s\u00fcresini toplam 45 g\u00fcne \u00e7\u0131karan) i\u00e7inde de iletilmezse inceleme prosed\u00fcr\u00fc kapan\u0131r ve yat\u0131r\u0131mc\u0131n\u0131n yeni bir ba\u015fvuru yapmas\u0131 gerekir. Eksik haz\u0131rlanm\u0131\u015f bir dosya b\u00f6ylece i\u015flem takvimine aylar ekleyebilir ve s\u00f6zle\u015fmede kararla\u015ft\u0131r\u0131lan long-stop date\u2019e uyulmas\u0131n\u0131 tehlikeye atabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CEISD\u2019nin, incelenen izin ba\u015fvurusunun \u00f6zelli\u011fi ve karma\u015f\u0131kl\u0131\u011f\u0131 ya da mill\u00ee g\u00fcvenlik ve kamu d\u00fczeni ile Avrupa Birli\u011fi\u2019nin \u00e7\u0131kar\u0131na olan proje ve programlar \u00fczerindeki etkisi dikkate al\u0131narak \u00dclke Savunma Y\u00fcksek Konseyi\u2019ne dan\u0131\u015f\u0131lmas\u0131 gerekti\u011fine karar verdi\u011fi durumlarda mevzuat, CEISD d\u00fczeyinde ayr\u0131nt\u0131l\u0131 inceleme i\u00e7in 90 takvim g\u00fcnl\u00fck bir s\u00fcre \u00f6ng\u00f6rmektedir; bu s\u00fcre en fazla 45 g\u00fcn uzat\u0131labilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130zin emri, CEISD\u2019nin olumlu g\u00f6r\u00fc\u015f\u00fcn\u00fcn bildirilmesinden itibaren 10 takvim g\u00fcn\u00fc i\u00e7inde Ba\u015fbakanl\u0131k Ofisi taraf\u0131ndan \u00e7\u0131kar\u0131l\u0131r. \u015eartl\u0131 izin veya ret, H\u00fck\u00fcmet karar\u0131yla verilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bir yat\u0131r\u0131mc\u0131 i\u00e7in i\u015flem takvimi yaln\u0131zca 45 g\u00fcnl\u00fck standart s\u00fcre etraf\u0131nda kurgulanmamal\u0131d\u0131r.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dosyan\u0131n haz\u0131rlanmas\u0131, bilgilerin tamamlanmas\u0131, incelemenin kendisi ve nihai izin i\u015fleminin al\u0131nmas\u0131 i\u00e7in gereken s\u00fcre de hesaba kat\u0131lmal\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu nedenle ba\u015fvurunun haz\u0131rlanmas\u0131na, imzadan sonra de\u011fil, i\u015flem belgelerinin m\u00fczakeresiyle e\u015f zamanl\u0131 olarak ba\u015flanmal\u0131d\u0131r. Kontrol yap\u0131s\u0131 ve finansmana ili\u015fkin bilgiler yat\u0131r\u0131mc\u0131dan daha due diligence a\u015famas\u0131nda talep edilmelidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">9. CEISD izin prosed\u00fcr\u00fcn\u00fcn maliyeti nedir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mart 2026 yasal de\u011fi\u015fiklikleriyle inceleme katk\u0131 pay\u0131 10.000 EUR\u2019dan <strong>5.000 EUR<\/strong>\u2019ya d\u00fc\u015f\u00fcr\u00fclm\u00fc\u015ft\u00fcr. Katk\u0131 pay\u0131, izin ba\u015fvurusunun yap\u0131ld\u0131\u011f\u0131 s\u0131rada, \u00f6deme g\u00fcn\u00fc i\u00e7in Romanya Ulusal Bankas\u0131 taraf\u0131ndan a\u00e7\u0131klanan d\u00f6viz kuruna g\u00f6re belirlenen ley kar\u015f\u0131l\u0131\u011f\u0131 \u00fczerinden \u00f6denir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mevzuat, CEISD\u2019nin ba\u015fvurunun inceleme ko\u015fullar\u0131n\u0131 ta\u015f\u0131mad\u0131\u011f\u0131n\u0131 tespit etmesi veya a\u00e7\u0131k\u00e7a d\u00fczenlenen di\u011fer h\u00e2ller d\u00e2hil olmak \u00fczere katk\u0131 pay\u0131n\u0131n iade edilebilece\u011fi durumlar\u0131 da \u00f6ng\u00f6rmektedir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130nceleme katk\u0131 pay\u0131; hukuki destek, belgelerin terc\u00fcmesi ve gerekirse yurt d\u0131\u015f\u0131nda d\u00fczenlenen belgelerin onaylat\u0131lmas\u0131 veya apostili gibi izin ba\u015fvurusunun haz\u0131rlanmas\u0131na ili\u015fkin maliyetleri kapsamaz.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">10. Makamlar hangi kararlar\u0131 verebilir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131m\u0131n incelenmesi, CEISD\u2019nin yapt\u0131\u011f\u0131 de\u011ferlendirmenin sonucuna ba\u011fl\u0131 olarak farkl\u0131 sonu\u00e7lara varabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yat\u0131r\u0131ma izin verilmesi.<\/strong> Yat\u0131r\u0131m g\u00fcvenli\u011fi veya kamu d\u00fczenini etkilemiyorsa ve Avrupa Birli\u011fi\u2019nin \u00e7\u0131kar\u0131na olan proje veya programlar\u0131 etkileyecek nitelikte de\u011filse CEISD olumlu g\u00f6r\u00fc\u015f verir. Buna dayanarak Ba\u015fbakanl\u0131k Ofisi, g\u00f6r\u00fc\u015f\u00fcn bildirilmesinden itibaren 10 takvim g\u00fcn\u00fc i\u00e7inde izin emrini \u00e7\u0131kar\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u015eartl\u0131 izin.<\/strong> Baz\u0131 durumlarda yat\u0131r\u0131m\u0131n ger\u00e7ekle\u015ftirilmesine, belirli taahh\u00fctlere veya yap\u0131sal ya da davran\u0131\u015fsal tedbirlere uyulmas\u0131 \u015fart\u0131yla izin verilebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0130znin reddedilmesi.<\/strong> Kanuna g\u00f6re bu sonucu hakl\u0131 k\u0131lan \u00f6nemli riskler tespit edilirse CEISD ret \u00f6nerir ve karar H\u00fck\u00fcmet karar\u0131yla verilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uygulanan rejim, yasal y\u00fck\u00fcml\u00fcl\u00fckler ihlal edilerek hayata ge\u00e7irilen yat\u0131r\u0131mlar i\u00e7in k\u00fcresel cironun \u2019una kadar varabilen para cezalar\u0131na ek olarak \u00f6nceki durumun yeniden tesisine y\u00f6nelik tedbirler de \u00f6ng\u00f6rmektedir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131 a\u00e7\u0131s\u0131ndan \u015fartl\u0131 izin, kendine \u00f6zg\u00fc s\u00f6zle\u015fmesel sorunlar do\u011furur: y\u00fcklenen taahh\u00fctlerin maliyetini kimin \u00fcstlenece\u011fi, bunlar\u0131n yat\u0131r\u0131m\u0131n ekonomik modelini etkileyip etkilemedi\u011fi ve al\u0131c\u0131n\u0131n hangi ko\u015fullarda i\u015flemi tamamlamay\u0131 reddedebilece\u011fi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu hususlar, makamlar\u0131n karar\u0131 bildirildikten sonra ilk kez m\u00fczakere edilmek yerine s\u00f6zle\u015fme belgelerinde \u00f6nceden \u00f6ng\u00f6r\u00fclmelidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">11. Yat\u0131r\u0131m\u0131n izinsiz ger\u00e7ekle\u015ftirilmesi h\u00e2linde hangi riskler vard\u0131r?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">46\/2022 say\u0131l\u0131 OUG\u2019de \u00f6ng\u00f6r\u00fclen y\u00fck\u00fcml\u00fcl\u00fcklere uyulmamas\u0131 ciddi sonu\u00e7lar do\u011furabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Mali yapt\u0131r\u0131mlar.<\/strong> 12. madde, zorunlu izin al\u0131nmadan bir yat\u0131r\u0131m\u0131n hayata ge\u00e7irilmesi, yanl\u0131\u015f veya eksik bilgi verilmesi ve \u015fartl\u0131 izin kapsam\u0131nda \u00fcstlenilen taahh\u00fctlere uyulmamas\u0131 d\u00e2hil olmak \u00fczere baz\u0131 ihlaller i\u00e7in idari para cezalar\u0131 \u00f6ng\u00f6rmektedir. Para cezas\u0131, kanuni \u015fartlar d\u00e2hilinde \u015fu tutara kadar \u00e7\u0131kabilir: <strong>yapt\u0131r\u0131mdan \u00f6nceki mali y\u0131ldaki toplam d\u00fcnya cirosunun \u2019u<\/strong>. Yapt\u0131r\u0131mdan \u00f6nceki y\u0131lda cirosu bulunmayan baz\u0131 yeni kurulmu\u015f te\u015febb\u00fcsler i\u00e7in mevzuat \u015fu aral\u0131kta para cezas\u0131 \u00f6ng\u00f6rmektedir: <strong>10.000.000 ley ile 50.000.000 ley<\/strong>. Enerji sekt\u00f6r\u00fcnde s\u0131k rastlanan bir durum olan, geliri bulunmayan bir proje \u015firketi i\u00e7in bu sabit aral\u0131k yat\u0131r\u0131m\u0131n de\u011feriyle orant\u0131s\u0131z olabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u0130\u015flemin butlan\u0131.<\/strong> Ayr\u0131ca 12. maddenin (3\u00b9) f\u0131kras\u0131, yasal gerekliliklere uygun olarak izin al\u0131nmam\u0131\u015f bir yat\u0131r\u0131m\u0131n do\u011frudan veya dolayl\u0131 olarak ger\u00e7ekle\u015ftirildi\u011fi taahh\u00fctlerin, anla\u015fmalar\u0131n veya s\u00f6zle\u015fme h\u00fck\u00fcmlerinin kendili\u011finden (mutlak) butlan\u0131n\u0131 d\u00fczenlemektedir. Pratik sonu\u00e7lar\u0131 \u00e7ok y\u00f6nl\u00fcd\u00fcr:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>al\u0131c\u0131, edindi\u011fi paylar veya varl\u0131klar \u00fczerindeki m\u00fclkiyet hakk\u0131n\u0131 \u00fc\u00e7\u00fcnc\u00fc ki\u015filere kar\u015f\u0131 ileri s\u00fcrememe riskiyle kar\u015f\u0131la\u015f\u0131r;<\/li>\n\n\n\n<li>sat\u0131c\u0131, tahsil etti\u011fi bedeli iade etmek zorunda kalabilir;<\/li>\n\n\n\n<li>edinilen hisseler veya varl\u0131klar \u00fczerinde, \u00f6rne\u011fin proje finans\u00f6rleri lehine kurulan teminatlar etkilenebilir;<\/li>\n\n\n\n<li>yeniden sat\u0131\u015f, sermaye art\u0131r\u0131mlar\u0131 veya yeniden yap\u0131land\u0131rmalar gibi sonraki i\u015flemler k\u0131r\u0131lgan bir hukuki zemin \u00fczerine kurulur.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00d6nceki durumun yeniden tesisine y\u00f6nelik tedbirler.<\/strong> Makamlar, kanunda \u00f6ng\u00f6r\u00fclen ko\u015fullar d\u00e2hilinde yat\u0131r\u0131mdan \u00f6nceki durumun yeniden tesis edilmesine y\u00f6nelik tedbirlere h\u00fckmedebilir. H\u00e2lihaz\u0131rda in\u015fa h\u00e2linde veya i\u015fletmede olan bir proje i\u00e7in bu tedbirlerin \u00f6nemli kay\u0131plar olmadan uygulanmas\u0131 zor olabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Risk, i\u015flemin tamamlanmas\u0131ndan sonra ortadan kalkmaz.<\/strong> \u0130zinsiz bir yat\u0131r\u0131m, elde tutma s\u00fcresi boyunca bir zafiyet olarak kal\u0131r. Bu durum genellikle bir banka finansman\u0131, yeniden finansman veya projenin sonraki sat\u0131\u015f\u0131 s\u0131ras\u0131nda yap\u0131lan due diligence\u2019ta ortaya \u00e7\u0131kar. Finans\u00f6rler ve gelecekteki al\u0131c\u0131lar, durumun d\u00fczeltilmesini i\u015flemin ko\u015fulu olarak isteyebilir, fiyat\u0131 d\u00fc\u015f\u00fcrebilir veya i\u015flemden vazge\u00e7ebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dolay\u0131s\u0131yla risk yaln\u0131zca mali de\u011fildir. \u0130zin rejiminin ihlali, i\u015flemin yap\u0131s\u0131n\u0131 ve hukuki istikrar\u0131n\u0131, ayr\u0131ca yat\u0131r\u0131m\u0131n uzun vadeli de\u011ferini etkileyebilir. Bu nedenle izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn kontrol\u00fc, sat\u0131c\u0131n\u0131n veya hedef \u015firketin daha \u00f6nce yapt\u0131\u011f\u0131 yat\u0131r\u0131mlar d\u00e2hil olmak \u00fczere her i\u015flemin due diligence s\u00fcrecinin bir par\u00e7as\u0131 olmal\u0131d\u0131r.<\/p>\n\n\n<div style=\"border-left:4px solid #55328E;background:#f6f2fa;padding:20px 24px;margin:32px 0;border-radius:4px;\">\n<p style=\"margin:0 0 14px;font-size:17px;line-height:1.55;color:#1a1a1a;\" class=\"translation-block\"><strong>Yat\u0131r\u0131m\u0131, izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc kontrol etmeden mi tamamlad\u0131n\u0131z?<\/strong> Projenin finansman\u0131, yeniden finansman\u0131 veya sat\u0131\u015f\u0131ndan \u00f6nce durumu ve mevcut se\u00e7enekleri inceliyoruz.<\/p>\n<p>  <a href=\"https:\/\/adesman.ro\/tr\/iletisim\/\" style=\"display:inline-block;background:#55328E;color:#ffffff;padding:10px 22px;border-radius:4px;text-decoration:none;font-weight:600;font-size:15px;\">Bizimle g\u00f6r\u00fc\u015f\u00fcn \u2192<\/a>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">12. CEISD izni sat\u0131n alma s\u00f6zle\u015fmesine nas\u0131l entegre edilmelidir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Uluslararas\u0131 i\u015flemlerde izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc, ana belgelere ili\u015fkin m\u00fczakereler tamamlanmadan \u00f6nce tespit edilmelidir. Bu analizin sonucu takvimi, fiyat mekanizmas\u0131n\u0131 ve riskin taraflar aras\u0131nda da\u011f\u0131l\u0131m\u0131n\u0131 etkiler.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130\u015flemin \u00f6zelliklerine ba\u011fl\u0131 olarak sat\u0131n alma s\u00f6zle\u015fmesi a\u015fa\u011f\u0131daki konularda \u00f6zel h\u00fck\u00fcmler gerektirebilir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>closing i\u00e7in taliki \u015fart olarak CEISD izni;<\/li>\n\n\n\n<li>ba\u015fvurunun haz\u0131rlanmas\u0131 ve yap\u0131lmas\u0131 sorumlulu\u011fu;<\/li>\n\n\n\n<li>i\u015fbirli\u011fi ve bilgi sa\u011flama y\u00fck\u00fcml\u00fcl\u00fckleri;<\/li>\n\n\n\n<li>iznin al\u0131nmas\u0131 i\u00e7in s\u00fcreler ve i\u015flemin tamamlanmas\u0131 i\u00e7in son tarih (long-stop date);<\/li>\n\n\n\n<li>prosed\u00fcr masraflar\u0131n\u0131n payla\u015ft\u0131r\u0131lmas\u0131;<\/li>\n\n\n\n<li>\u015fartl\u0131 iznin sonu\u00e7lar\u0131;<\/li>\n\n\n\n<li>iznin reddedilmesi h\u00e2linde s\u00f6zle\u015fmeyi feshetme hakk\u0131;<\/li>\n\n\n\n<li>signing ile closing aras\u0131nda uygulanan k\u0131s\u0131tlamalar;<\/li>\n\n\n\n<li>izin rejimine uyuma ili\u015fkin beyan ve tekeff\u00fcller.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130\u015flemin 46\/2022 say\u0131l\u0131 OUG\u2019nin kapsam\u0131na girip girmedi\u011fi belirsiz oldu\u011funda taliki \u015fart se\u00e7imlik olarak d\u00fczenlenebilir: ya iznin al\u0131nmas\u0131 ya da CEISD\u2019nin ba\u015fvurunun inceleme ko\u015fullar\u0131n\u0131 ta\u015f\u0131mad\u0131\u011f\u0131n\u0131 tespit etmesi. B\u00f6ylece taraflar, kendi yorumlar\u0131n\u0131n riskini \u00fcstlenmeden hukuki kesinlik elde eder.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Baz\u0131 i\u015flemlerde, yat\u0131r\u0131mc\u0131n\u0131n makamlarca y\u00fcklenebilecek tedbirleri kabul etme veya m\u00fczakere etme y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcne ili\u015fkin h\u00fck\u00fcmler de gerekebilir. \u015eartl\u0131 izin h\u00e2linde s\u00f6zle\u015fme, al\u0131c\u0131n\u0131n y\u00fcklenen tedbirleri kabul etmekle y\u00fck\u00fcml\u00fc olup olmad\u0131\u011f\u0131n\u0131 ve hangi s\u0131n\u0131rlar i\u00e7inde y\u00fck\u00fcml\u00fc oldu\u011funu belirlemelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bir al\u0131c\u0131 i\u00e7in bu h\u00fck\u00fcmler \u00f6nemlidir, \u00e7\u00fcnk\u00fc hem i\u015flemin tamamlanma kesinli\u011fini hem de \u00fcstlenilen ekonomik riski etkiler. Sat\u0131c\u0131 i\u00e7in ise varl\u0131\u011f\u0131n ne kadar s\u00fcre bloke kalaca\u011f\u0131n\u0131 ve olumsuz bir sonucun riskini kimin ta\u015f\u0131yaca\u011f\u0131n\u0131 belirler.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">13. Romanya\u2019da bir \u015firketin veya projenin sat\u0131n al\u0131nmas\u0131ndan \u00f6nce neler kontrol edilmelidir?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">CEISD rejiminin uygulanabilirli\u011fine ili\u015fkin \u00f6n hukuki analiz en az\u0131ndan yat\u0131r\u0131mc\u0131n\u0131n ve kontrol yap\u0131s\u0131n\u0131n tespitini, i\u015flemin niteli\u011fini, hedef \u015firketin veya varl\u0131klar\u0131n faaliyet alan\u0131n\u0131, yat\u0131r\u0131m\u0131n de\u011ferini, birbirine ba\u011fl\u0131 i\u015flemlerin varl\u0131\u011f\u0131n\u0131 ve istisnalar\u0131n olas\u0131 uygulanabilirli\u011fini kapsamal\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enerji projelerinde analiz, proje \u015firketinin belgeleri, varl\u0131klar \u00fczerindeki haklar ve i\u015flemin yap\u0131s\u0131 ile uyumlu h\u00e2le getirilmelidir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130\u015flem ayr\u0131ca bir birle\u015fme bildirimi gerektiriyorsa iki prosed\u00fcr koordine edilmelidir. Bunlar farkl\u0131 makamlar \u00f6n\u00fcnde ve farkl\u0131 s\u00fcrelerle paralel olarak y\u00fcr\u00fcr, ancak b\u00fcy\u00fck \u00f6l\u00e7\u00fcde yat\u0131r\u0131mc\u0131 ve i\u015fleme ili\u015fkin ayn\u0131 bilgilere dayan\u0131r. \u0130\u015flemin tamamlanmas\u0131 her iki iznin de al\u0131nmas\u0131na ba\u011fl\u0131 olacakt\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu kontrol\u00fcn amac\u0131 yaln\u0131zca idari bir y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc tespit etmek de\u011fil, ger\u00e7ek\u00e7i bir hukuki takvim olu\u015fturmak ve uygulanan yasal rejimle ba\u011fda\u015fmayan s\u00f6zle\u015fmesel y\u00fck\u00fcml\u00fcl\u00fcklerden ka\u00e7\u0131nmakt\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sonu\u00e7lar<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Romanya; enerji, altyap\u0131, teknoloji ve sanayi gibi sekt\u00f6rlerde yat\u0131r\u0131m f\u0131rsatlar\u0131 sunmaktad\u0131r. Ayn\u0131 zamanda bu alanlar\u0131 i\u00e7eren i\u015flemler, yat\u0131r\u0131m incelemesine ili\u015fkin \u00f6zel hukuki sorunlar do\u011furabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2026 de\u011fi\u015fiklikleri, CEISD izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn g\u00fcncel bir analizini daha da \u00f6nemli k\u0131lmaktad\u0131r. E\u015fi\u011fin 5 milyon EUR\u2019ya y\u00fckseltilmesi ve grup i\u00e7i yeniden yap\u0131land\u0131rmalara ili\u015fkin istisna, daha \u00f6nce izne tabi olan i\u015flemlerin bir k\u0131sm\u0131n\u0131 denetim kapsam\u0131 d\u0131\u015f\u0131na \u00e7\u0131karmaktad\u0131r. Buna kar\u015f\u0131l\u0131k, hassas alanlardaki varl\u0131k edinimlerinin a\u00e7\u0131k\u00e7a kapsama al\u0131nmas\u0131 ve birbirine ba\u011fl\u0131 i\u015flemlerin toplanmas\u0131 kural\u0131, denetimi daha \u00f6nce muaf say\u0131labilecek yap\u0131lara do\u011fru geni\u015fletmektedir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5 milyon EUR e\u015fi\u011finin alt\u0131ndaki baz\u0131 yat\u0131r\u0131mlar\u0131n incelenebilmesi, Avrupa Birli\u011fi\u2019nden gelen yat\u0131r\u0131mc\u0131lar\u0131n yat\u0131r\u0131mlar\u0131n\u0131n kapsama d\u00e2hil edilmesi ve izinsiz hayata ge\u00e7irmenin sonu\u00e7lar\u0131, daha i\u015flemin yap\u0131land\u0131r\u0131lmas\u0131 a\u015famas\u0131nda dikkate al\u0131nmas\u0131 gereken unsurlard\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kald\u0131 ki rejim yaln\u0131zca Avrupa Birli\u011fi d\u0131\u015f\u0131ndaki yat\u0131r\u0131mc\u0131lara de\u011fil, AB \u00fcye devletlerinden ve Romanya\u2019dan gelen yat\u0131r\u0131mc\u0131lara da uygulan\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131lar i\u00e7in CEISD izni yal\u0131t\u0131lm\u0131\u015f bir formalite olarak de\u011fil; kurumsal, s\u00f6zle\u015fmesel ve d\u00fczenleyici analizle birlikte yat\u0131r\u0131m\u0131n hukuki de\u011ferlendirmesinin bir par\u00e7as\u0131 olarak ele al\u0131nmal\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uygulanacak gerekliliklerin erken tespiti, i\u015flemin uygun \u015fekilde yap\u0131land\u0131r\u0131lmas\u0131na, risklerin s\u00f6zle\u015fmeyle da\u011f\u0131t\u0131lmas\u0131na ve yat\u0131r\u0131m\u0131n tamamlanmas\u0131 i\u00e7in gerekli ad\u0131mlar\u0131n planlanmas\u0131na katk\u0131 sa\u011flayabilir. Bu gerekliliklere uyulmamas\u0131 ise i\u015flemin ge\u00e7erlili\u011fini do\u011frudan etkileyebilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">S\u0131k\u00e7a Sorulan Sorular<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Yat\u0131r\u0131mc\u0131 Avrupa Birli\u011fi\u2019nden veya Romanya\u2019dan ise CEISD izni gerekli midir?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Evet, AB d\u0131\u015f\u0131ndaki yat\u0131r\u0131mc\u0131larla ayn\u0131 ko\u015fullarda. Romanya mevzuat\u0131, kanunda \u00f6ng\u00f6r\u00fclen ko\u015fullar d\u00e2hilinde Avrupa Birli\u011fi\u2019nden gelen yat\u0131r\u0131mc\u0131lar\u0131n \u2013 Romanya vatanda\u015f\u0131 ger\u00e7ek ki\u015filer ve merkezi Romanya\u2019da bulunan \u015firketler d\u00e2hil \u2013 yapt\u0131\u011f\u0131 yat\u0131r\u0131mlar\u0131 da kapsar. Yat\u0131r\u0131mc\u0131n\u0131n merkezinin bir \u00fcye devlette bulunmas\u0131, tek ba\u015f\u0131na izin y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fc ortadan kald\u0131rmaz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Romanya\u2019da bir SPV kurulmas\u0131 yabanc\u0131 yat\u0131r\u0131mc\u0131y\u0131 izinden muaf tutar m\u0131?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hay\u0131r. Analiz, yaln\u0131zca yat\u0131r\u0131m\u0131n ger\u00e7ekle\u015ftirildi\u011fi Romanya \u015firketine de\u011fil, yat\u0131r\u0131ma do\u011frudan veya dolayl\u0131 olarak sahip olan ve onu kontrol eden ki\u015fiye g\u00f6re yap\u0131l\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3 milyon EUR\u2019luk bir yat\u0131r\u0131m\u0131n bildirilmesi gerekir mi?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Kural olarak 5 milyon EUR e\u015fi\u011finin alt\u0131nda otomatik bir ba\u015fvuru y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc yoktur, ancak yat\u0131r\u0131m otomatik olarak muaf da de\u011fildir. Genel e\u015fik 5 milyon EUR olsa da kanun, mill\u00ee g\u00fcvenli\u011fi veya kamu d\u00fczenini etkileyebilecek olmalar\u0131 h\u00e2linde, nitelikleri ve olas\u0131 etkilerine g\u00f6re bu e\u015fi\u011fin alt\u0131ndaki baz\u0131 yat\u0131r\u0131mlar\u0131n incelenmesine imk\u00e2n tan\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Bir g\u00fcne\u015f enerjisi santralinin sat\u0131n al\u0131nmas\u0131 CEISD izni gerektirir mi?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Bir\u00e7ok durumda evet; bu, i\u015flemin yap\u0131s\u0131na, yat\u0131r\u0131m\u0131n de\u011ferine ve di\u011fer yasal ko\u015fullara ba\u011fl\u0131d\u0131r, \u00e7\u00fcnk\u00fc enerji inceleme rejiminin kapsad\u0131\u011f\u0131 alanlardand\u0131r. \u0130zin hem proje \u015firketinin sat\u0131n al\u0131nmas\u0131nda hem de proje varl\u0131klar\u0131n\u0131n do\u011frudan sat\u0131n al\u0131nmas\u0131nda gerekli olabilir. Projenin geli\u015ftirilmesi i\u00e7in gerekli izinlerin bulunmas\u0131, CEISD y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn incelenmesinin yerini tutmaz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Bir BESS projesi i\u00e7in izin gerekli midir?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Di\u011fer enerji projeleriyle ayn\u0131 kurallar uygulan\u0131r. BESS projelerine yap\u0131lan yat\u0131r\u0131mlar, enerji altyap\u0131s\u0131 ve enerji depolama teknolojilerine ili\u015fkin d\u00fczenlemeler ba\u011flam\u0131nda da d\u00e2hil olmak \u00fczere \u00f6zel inceleme sorunlar\u0131 do\u011furabilir. Prosed\u00fcr\u00fcn uygulanabilirli\u011fi somut i\u015flem i\u00e7in belirlenmelidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u0130zin ba\u015fvurusunu kim yapar: al\u0131c\u0131 m\u0131, sat\u0131c\u0131 m\u0131?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130zin alma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc yat\u0131r\u0131mc\u0131ya, yani al\u0131c\u0131ya aittir. Sat\u0131c\u0131 ve hedef \u015firket genellikle gerekli bilgilerin bir k\u0131sm\u0131n\u0131 sa\u011flar ve bunlar\u0131n i\u015fbirli\u011fi y\u00fck\u00fcml\u00fcl\u00fckleri sat\u0131n alma s\u00f6zle\u015fmesinde belirlenmelidir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Romanya\u2019da CEISD izni ne kadar s\u00fcrer?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Kanun, bildirimin eksiksiz kabul edilmesinden itibaren CEISD g\u00f6r\u00fc\u015f\u00fcn\u00fcn verilmesi i\u00e7in kanuni \u015fartlar d\u00e2hilinde en fazla 45 takvim g\u00fcnl\u00fck genel bir s\u00fcre \u00f6ng\u00f6rmektedir. Toplam s\u00fcre; belgelerin tamamlanmas\u0131na, ayr\u0131nt\u0131l\u0131 incelemeye ve uygulanacak di\u011fer a\u015famalara ba\u011fl\u0131 olarak daha uzun olabilir. Ek bilgi talep edilmesi (30 g\u00fcn, 15 g\u00fcn daha uzat\u0131labilir) veya CSAT\u2019a dan\u0131\u015f\u0131larak ayr\u0131nt\u0131l\u0131 inceleme yap\u0131lmas\u0131 (90 g\u00fcne kadar, 45 g\u00fcn daha uzat\u0131labilir) h\u00e2linde prosed\u00fcr \u00f6nemli \u00f6l\u00e7\u00fcde uzayabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Birden fazla i\u015flem i\u00e7in tek bir ba\u015fvuru yap\u0131labilir mi?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Evet. Ayn\u0131 ki\u015filer aras\u0131nda bir y\u0131l i\u00e7inde ger\u00e7ekle\u015ftirilen ve ayn\u0131 \u015firkete ili\u015fkin benzer veya birbirine ba\u011fl\u0131 i\u015flemler i\u00e7in yat\u0131r\u0131mc\u0131 tek bir izin ba\u015fvurusu yapabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CEISD\u2019ye ba\u015fvurunun maliyeti nedir?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130nceleme katk\u0131 pay\u0131 5.000 EUR\u2019dur ve \u00f6deme g\u00fcn\u00fcndeki Romanya Ulusal Bankas\u0131 (BNR) kuru \u00fczerinden ley kar\u015f\u0131l\u0131\u011f\u0131 olarak \u00f6denir. Hukuki destek ve belgelerin haz\u0131rlanmas\u0131na ili\u015fkin maliyetler bundan ayr\u0131d\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sat\u0131n alma, izin al\u0131nmadan \u00f6nce tamamlanabilir mi?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hay\u0131r. \u0130zne tabi bir yat\u0131r\u0131m, izin al\u0131nmadan \u00f6nce hayata ge\u00e7irilemez. Sat\u0131n alma s\u00f6zle\u015fmesi buna g\u00f6re, gerekti\u011finde taliki \u015fartlar da \u00f6ng\u00f6r\u00fclerek yap\u0131land\u0131r\u0131lmal\u0131d\u0131r. Bu y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn ihlali, k\u00fcresel cironun \u2019una kadar para cezalar\u0131na ve yat\u0131r\u0131m\u0131n ger\u00e7ekle\u015ftirildi\u011fi i\u015flemlerin butlan\u0131na yol a\u00e7abilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Bir birle\u015fme i\u00e7in Rekabet Konseyi\u2019nin onay\u0131 yeterli midir?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hay\u0131r. 46\/2022 say\u0131l\u0131 OUG kapsam\u0131ndaki yat\u0131r\u0131m izni ile birle\u015fme izni ayr\u0131 prosed\u00fcrlerdir ve biri di\u011ferinin yerini tutmaz. Her ikisi de uygulan\u0131yorsa i\u015flemin tamamlanmas\u0131 her iki iznin de al\u0131nmas\u0131na ba\u011fl\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Adesman &amp; Asocia\u021bii, Romanya\u2019daki i\u015flemlere ve yat\u0131r\u0131m projelerine \u2013 enerji ve altyap\u0131 alanlar\u0131 d\u00e2hil \u2013 kat\u0131lan yat\u0131r\u0131mc\u0131lara ve \u015firketlere hukuki destek sunmaktad\u0131r. B\u00fcronun faaliyetleri; projelerin hukuki analizini, s\u00f6zle\u015fmesel yap\u0131land\u0131rmay\u0131, d\u00fczenleyici konular\u0131 ve m\u00fcvekkillerin yat\u0131r\u0131mlar\u0131yla ilgili hukuki ili\u015fkilerde menfaatlerinin temsilini kapsar.<\/strong><\/p>\n\n\n<div style=\"border-left:4px solid #55328E;background:#f6f2fa;padding:20px 24px;margin:32px 0;border-radius:4px;\">\n  <p style=\"margin:0 0 14px;font-size:17px;line-height:1.55;color:#1a1a1a;\" class=\"translation-block\"><strong>Nu sunte\u021bi sigur dac\u0103 tranzac\u021bia necesit\u0103 autorizare CEISD?<\/strong> Analiz\u0103m structura de control, valoarea \u0219i domeniul investi\u021biei \u0219i v\u0103 spunem dac\u0103 trebuie depus\u0103 cererea, \u00eenainte s\u0103 stabili\u021bi calendarul tranzac\u021biei \u0219i condi\u021biile de plat\u0103.<\/p>\n  <a href=\"https:\/\/adesman.ro\/tr\/iletisim\/\" style=\"display:inline-block;background:#55328E;color:#ffffff;padding:10px 22px;border-radius:4px;text-decoration:none;font-weight:600;font-size:15px;\">\u00d6n de\u011ferlendirme talep edin \u2192<\/a>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><em>Bu i\u00e7erik genel ve bilgilendirme ama\u00e7l\u0131d\u0131r ve ki\u015fiye \u00f6zel hukuki dan\u0131\u015fmanl\u0131k niteli\u011fi ta\u015f\u0131maz. \u0130zin y\u00fck\u00fcml\u00fcl\u00fcklerinin uygulanabilirli\u011fi, her yat\u0131r\u0131m\u0131n somut \u00f6zelliklerine ve analizin yap\u0131ld\u0131\u011f\u0131 tarihte y\u00fcr\u00fcrl\u00fckte olan mevzuata g\u00f6re de\u011ferlendirilmelidir.<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Autorizarea investi\u021biilor str\u0103ine \u00een Rom\u00e2nia \u00een 2026: procedura, pragul valoric \u0219i riscurile pentru investitori Achizi\u021bia unei companii, dezvoltarea unui proiect energetic sau preluarea unor active \u00een<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":2,"featured_media":320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47,12],"tags":[39,50,43,40,49,45,52,48,51],"class_list":["post-317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-ma","category-energie","tag-bess","tag-ceisd","tag-due-diligence","tag-energie-regenerabila","tag-fdi-screening","tag-investitii-energetice","tag-investitii-straine","tag-ma","tag-oug-46-2022"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Autorizarea investi\u021biilor str\u0103ine \u00een Rom\u00e2nia 2026 | CEISD<\/title>\n<meta name=\"description\" content=\"FDI screening \u00een Rom\u00e2nia 2026: pragul de 5 milioane EUR, cine are nevoie de autorizare CEISD, procedur\u0103, termene, costuri \u0219i riscuri 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