The fiduciary guarantee in the Romanian and European legal context

The importance of the fiduciary guarantee has not reached its full potential in the Romanian market, nor in the European area. The ongoing “dispute” between the fiduciary operations (familiar to the continental law) and the trust (with its common -law heritage) seems to be won by the latter. However, considering the express provisions on the fiduciary operations in the Romanian Civil Code entered into force in 2011, similar to the introduction of the same legal instrument in the French Civil Code in 2007, could give a boost to this ancient tool, present from the Roman era. Even if the European legal framework do not provide many rules on this institution, however, the Financial Collateral Directive raised many questions on how the fiduciary guarantees can be used in practice, and contributed to the change that followed in this area