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    Favourable judgments for the financial supervisory authority (a.s.f.), ruled in february 2022

Favourable judgments for the financial supervisory authority (a.s.f.), ruled in february 2022

Bucharest, 3 March 2022 – The courts of law ruled, in the month of February of 2022, positive solutions for A.S.F. in the following case files:

High Court of Cassation and Justice - Case file no. 6797/2/2020

By Judgment no. 574 delivered on February 2nd, 2022, the High Court of Cassation and Justice gave a positive solution to A.S.F. versus Mr. CIUREZU Tudor, in capacity as the Chairman of the Board of Directors of the Company al SIF Oltenia S.A, on the penalty date.

Ruling made in brief:

“Dismisses the appeal brought by the appellant-petitioner Mr. CIUREZU Tudor against the Judgment no. 261 of March 4th, 2021, delivered by the Bucharest Court of Appeal (…..) as ill-founded.

This judgment is final.”

Subject matter of the case: appeal brought by the appellant- petitioner against the Civil judgment no. 261 dated March 4th, 2021, ruled by the Bucharest Court of Appeal, whereby the petition to suspend enforcement of the A.S.F.’s Decision no. 1303 of November 3rd, 2020, was dismissed as unfounded. The petitioner Mr. CIUREZU Tudor, in capacity of Chairman of the Board of Directors of the Company al SIF Oltenia S.A, on the date the decision was made, was thereby penalised by a fine of Lei 130,000.

The court’s solution can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000389683

High Court of Cassation and Justice - Case file no. 6772/2/2016

By Judgment no. 549 ruled on February 2nd, 2022, the High Court of Cassation and Justice made a positive ruling for A.S.F. versus the company Erste Group Bank AG.

Ruling made in brief:

“Grants the appeals brought by petitioner: Erste Group Bank AG and defendant: Financial Supervisory Authority against the Civil judgment no. 1725 of May 11th, 2017, ruled by the Bucharest Court of Appeal- 8th Division for administrative, fiscal and contentious matters. Quashes the contested judgment and further to retrial, rules as follows: Dismisses the request for annulment of A.S.F. decisions no. 923 of April 20th, 2016, no. 924 of April 20th, 2016, no. 925 of April 20th, 2016 and no. 1371 of July 8th, 2016 brought by petitioner Erste Group Bank AG, as being devoid of purpose. Dismisses the plea of illegality in respect of provisions of Articles 1,2 and 3 of the Opinion of the Financial Supervisory Authority no. 54 dated December 2nd, 2013, as devoid io interest.

This judgment is final. (...)”

The court’s solution can be consulted at the address:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000341041

High Court of Cassation and Justice - Case file no. 2035/1/2021

By the Judgment made on February 8th, 2022, the High Court of Cassation and Justice gave a favourable solution to A.S.F. versus the Societatea de Asigurare Reasigurare City Insurance S.A. (Insurance-Reinsurance Company):

Ruling made in brief:

“Dismisses the motion to delay with regard to the review request raised by the statement of defence. Grants the application for review lodged by the claimant in revision, the Financial Supervisory Authority. Changes in whole the Judgment no. 2084 of March 31st, 2021, ruled by the High Court of Cassation and Justice – Fiscal, administrative and contentious matters division in the case file no. 3079/2/2017. Dismisses the appeal brought by the appellant-petitioner Societatea de Asigurare Reasigurare City Insurance S.A. against judgment no. 1291 of March 20th, 2018, ruled by the Bucharest Court of Appeal- 8th Division for administrative, fiscal and contentious matters, as unfounded.

This judgment is final.”

Subject matter of the case: request for review lodged by A.S.F. against the Judgment made by the H.C.C.J. no. 2064 of March 31st, 2021, ruled in the case file no. 3079/2/2017, whereby the High Court of Cassation and Justice granted the appeal brought by the appellant-petitioner Societatea de Asigurare Reasigurare City Insurance S.A. against Judgment no.1291 of March 20th, 2018, ruled by the Bucharest Court of Appeal.

Case file no. 3079/2/2017 referred to the request for annulment of the A.S. F’s Decision no. 463/2017, whereby the enforcement of the provisions of Act 246/2015 on the reorganisation and resolution of insurers regarding SAR City Insurance, a company in the reorganisation proceedings at the time the decision was made, was ruled.

The court’s solution can be consulted at the address:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=100000000335075

Bucharest Court of Appeal- Case file no. 730/2/2021

By Judgment no. 200 ruled on February 8th, 2022, the Bucharest Court of Appeal, gave a positive solution to A.S.F. versus Mister CIUREZU Ciurezu Tudor, in capacity as the Chairman of the Board of Directors of the Company al SIF Oltenia S.A, on the penalty date.

Ruling made in brief:

“Dismisses the petition brought by the petitioner Mr. CIUREZU Tudor against the respondent, the Financial Supervisory Authority, in the matter of suspension of Judgment no. 1301 of November 3rd, 2020 as unfounded, pending the final settlement of the case.

Right of appeal within 5 days as of the document was served (...).

Dismisses the petition brought by the petitioner CIUREZU Tudor against the respondent, the Financial Supervisory Authority, in the matter of annulment of Judgment no. 1301 of November 3rd, 2020, and Judgment no. 55 of January 19th, 2021, as unfounded

Right of appeal within 15 days as of the document was served.

Subject matter of the case: annulment of A.S.F.’s Decision no. 1301 of November 3rd, 2020, whereby Mister CIUREZU Tudor was ordered to pay a fine of Lei 130,000, as a member of the Board of Directors of the Company al SIF Oltenia S.A, on the infringement date.

The court’s solution can be consulted at the address:

http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000392060&id_inst=2

High Court of Cassation and Justice - Case file no. 6611/2/2020

By Judgment no. 730 ruled on February 9th, 2022, the High Court of Cassation and Justice gave a positive solution to A.S.F. versus Madam RADU Anina, as a member of the Board of Directors of the Company SIF Oltenia S.A., on the penalty date.

Ruling made in brief:

“Dismisses the appeal brought by petitioner RADU Anina against the Civil judgment no. 1441 of December 22nd, 2020 ruled by the Bucharest Court of Appeal – 9th Division for fiscal, administrative and contentious matters, as unfounded.

This judgment is final.”

Subject matter of the case: appeal brought by the appellant -petitioner against the Civil judgment no. 1441 on December 12th, 2020 ruled by the Bucharest Court of Appeal, whereby the court dismissed the sue petition as unfounded.

On the merits, the case file’s subject matter was the suspension of execution of A.S.F.’s Decision no. 1299 of November 3rd, 2020, whereby Madam RADU Anina was imposed a penalty, in capacity as a member of the Board of Directors of the Company SIF Oltenia S.A., on the infringement date, consisting of a fine of Lei 130,000.

The court’s solution can be consulted at the address:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000389421

Bucharest County Court - Case file no. 27011/3/2021

By the Judgment pronounced on February 9th, 2020, the Bucharest County Court gave a positive solution to A.S.F. against Societatea de Asigurare Reasigurare City Insurance S.A.:

Ruling made in brief:

“(…) Grants the petition brought by the Financial Supervisory Authority and, under Article 250 in connection with Article 262 of Act 85/2014 on the procedures to prevent insolvency and on insolvency, orders the initiation of bankruptcy proceedings against the debtor SOCIETATEA DE ASIGURARE-REASIGURARE CITY INSURANCE S.A. (...). Pursuant to Article 251 and Article 63 of Act no. 85/2014, appoints CITR Filiala Cluj SPRL as the provisional official receiver to carry out the duties set out by Article 258 par. (1) of Act no. 85/2014, against a compensation of lei 10,000 from the debtor’s fortune. (...).

This Judgment may be challenged by an appeal.”

Subject matter of the case: initiation of bankruptcy proceedings with regard to City Insurance S.A. Insurance- Reinsurance Company, requested by A.S.F. and by other natural persons/ legal entities.

The court’s solution can be consulted at the address:

http://portal.just.ro/3/SitePages/Dosar.aspx?id_dosar=300000000986990&id_inst=3

Bucharest Court of Appeal- Case file no. 2816/2/2021

By Judgment no. 250 ruled on February 16th, 2022, the Bucharest Court of Appeal gave a favourable solution to A.S.F. against Mr. LOSTUN Andi Constantin, in his capacity as compliance officer/ person in charge of preventing and fighting against money laundering / fighting against terrorist funding within S.S.I.F. Vienna Investment Trust S.A., on the penalty date.

Ruling made in brief:

„Dismisses the petition as unfounded.

Right of appeal within 15 days as of the document was served, lodged at this court’s registered office.  (...)

Subject matter of the case: mainly, the annulment in whole of the A.S.F.’s Decision no. 382 dated March 22nd,2021 whereby Mister LOSTUN Andi Constantin was imposed a penalty, in his capacity as compliance officer/ person in charge of preventing and fighting against money laundering / fighting against terrorist funding within S.S.I.F., consisting in a fine of Lei 3,000.

The court’s solution can be consulted at the address:

http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000394976&id_inst=2

High Court of Cassation and Justice - Case file no. 3737/2/2018

By Judgment no. 936 ruled on February 16th, 2022, the High Court of Cassation and Justice gave a positive solution to A.S.F. against the petitioners Neguț Maria Denisa and Neguț Constantin Bogdan.

Ruling made in brief:

“Grants the appeal in the case brought by the respondent The Financial Supervisory Authority against the Civil judgment no. 5520/2018 of December 21st, 2018 ruled by the Bucharest Court of Appeal ( ...) Quashes in part the judgment and, further to retrial, decides as follows: Grants the motion to delay with regard to the previous complaint about the Decisions made by the National Securities Commission no. 204 of February 7th , 2008, no. 824 of June 29th , 2010 and no. 7 of January 5th , 2011 and, consequently, dismisses the petition to annul such Judgments as inadmissible.

Dismisses the petition for annulment of the Decision made by the Financial Supervisory Authority no. 1765 of December 7th, 2017 as devoid of interest. Upholds the solution to dismiss the peal of inadmissibility and the plea of lack of interest raised by the Depozitarul Central S.A. Dismisses the main appeal brought by petitioners Neguț Constantin Bogdan and Neguț Maria Denisa versus the Civil judgment no. 5520/2018 of December 21st, 2018, ruled by the Bucharest Court of Appeal(...).

This judgment is final.”

Subject matter of the case: appeals brought by Neguț Maria Denisa and Neguț Constantin Bogdan, as well as by A.S.F, against the Civil judgment no. 5520 of December 21st, 2018, whereby the Bucharest Court of Appeal dismissed the pleas raised to the case, among which the motion to delay with regard to the previous complaint raised by A.S.F., and on the merits of the case, it dismissed the action as unfounded.

On the merits, the case file’s subject matter was the petition made by petitioners Neguț Maria Denisa and Neguț Constantin Bogdan whereby they petitioned, against A.S.F. and Depozitarul Central S.A., partial annulment of the Code of Depozitarul Central S.A. (Central Securities Depositary), i.e., Article 9 par. (1) – Title IV, in force on the challenging date.

The court’s solution can be consulted at the address:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000362138

Bucharest Court of Appeal- Case file no. 1807/2/2021

By Judgment no. 282 ruled on February 16th, 2022, the Bucharest Court of Appeal gave a favourable solution to A.S.F. against the Company Euroins România Asigurare Reasigurare S.A.

 

   Ruling made in brief:

“Dismisses the plea of inadmissibility as unfounded. Dismisses the action as unfounded.

Right of appeal within 15 days as of the document was served (...)”.

Subject matter of the case: mainly, (i) annulment of A.S.F.’s Decision no. 184 of February 2021, whereby the petitioner Company Euroins România Asigurare Reasigurare S.A. was charged to a fine of Lei 500,00; (ii) annulment of the A.S.F.’s President Decision no. 755 of June 30th, 2020 on the carry out of a regular check at the petitioner.

The court’s solution can be consulted at the address:

http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000393680&id_inst=2

Bucharest Court of Appeal- Case file no. 1322/2/2021

By Judgment no.  281 ruled on February 16th, 2020, the Bucharest Court of Appeal gave a positive solution to A.S.F against the petitioner Mr. DUMITRU Carapiti, in his capacity as a member of the Supervision Board of S.I.F. Transilvania S.A., on the penalty date.

Ruling made in brief:

“Dismisses the action as unfounded.

Right of appeal within 15 days as of the document was served (...)”.

Subject matter of the case:

  1. annulment of the A.S.F.’s decision no. 1248 dated October 19th, 2020, whereby withdrawal of approval given to petitioner DUMITRU Carpati, as a member of the Supervision Board of S.I.F. Transilvania S.A., was ordered by A.S.F. Opinion no. 422 of 26/06/2017.
  2. Order A.S.F to pay compensation for material and non-material damages.

 

The court’s solution can be consulted at the address:

http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000392933&id_inst=2

Bucharest Court of Appeal- Case file no. 5140/2/2021

By Judgment no. 283 ruled on February 16th, 2022, the Bucharest Court of Appeal gave a positive solution to A.S.F. against Mr. Gabriel PURICE, in his capacity as Chairman of the Board of Directors of SSIF Bursa Română de Mărfuri S.A. (Romanian Commodities Exchange).

 

Ruling made in brief:

 “Dismisses the action as unfounded.

Right of appeal within 15 days as of the document was served (...)”.

Subject matter of the case: annulment of A.S. F’s Decision no. 801 dated June 22nd, 2021 whereby the petitioner was ordered to pay a fine of Lei 2,300, in their capacity as Chairman of the Board of Directors of SSIF Bursa Română de Mărfuri S.A. (Romanian Commodities Exchange).

 

The court’s solution can be consulted at the address:

http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000398403&id_inst=2

High Court of Cassation and Justice - Case file no. 1090/2/2018

 

By Judgment no. 930 ruled on February 16th, 2022, the High Court of Cassation and Justice gave a positive solution to A.S.F. against Mr. Ormenișan Ovidiu Adrian.

Ruling made in brief:

“Grants the appeals brought by the Financial Supervisory Authority and Ormenişan Ovidiu Adrian versus the Civil judgment no. 1846 of May 28th, 2019, ruled by the Bucharest Court of Appeal– 8th Division of fiscal, administrative and contentious matters- former. Quashes the appealed judgment and refers the case for retrial to the same court.

This judgment is final.”

Subject matter of the case: the appeal brought against the Civil judgment no. 1846 of May 28th, 2019 whereby the Bucharest Court of Appeal granted, in part, the action brought by Adrian Ormenișan by which he sought the annulment of the A.S. F’s Decision no. 48/2018 for settlement of the previous complaint and of A.S.F.’s Decision no. 1440/2017, whereby the appellant-petitioner was ordered to pay a fine of Lei 45,000 , in capacity as agent for financial investments services and Head of the Trading department within S.S.I.F. BRK Financial Group S.A., under withdrawal of the licence to act as agent for financial investments services and prohibition for a term of 3 years of the right to hold an office, to exercise an activity of provide a service for which licensing is imposed under Act 297/2004, as subsequently amended and supplemented.

 

The court’s solution can be consulted at the address:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000358888

Bucharest Court of Appeal- Case file no. 492/2/2022

By Judgment no. 348 ruled on February 23rd, 2022, the Bucharest Court of Appeal gave a positive solution to A.S.F., against SSIF Interdealer Capital Invest S.A.

 

Ruling made in brief:

“Dismisses the petition for suspension as unfounded.

Right of appeal within 5 days as of the document was served”.

Subject matter of the case: petition brought by the petitioner whereby they are mainly requesting to suspend the execution of A.S. F’s Decision no. 2 dated January 5th, 2022, whereby the narrowing of SSISF- petitioner’s activity was ruled for a term of 90 days, under Article 47 par. (3) of Act 126/2018 concerning the financial instruments market, as subsequently amended and supplemented.

The court’s solution can be consulted at the address:

http://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000404185&id_inst=2