Bucharest, July 10th, 2023 - In June 2023, the courts ruled in favor of ASF in the following relevant cases:
By Judgment No. 1004/6.06.2023, the Bucharest Court of Appeal ruled in favour of ASF, against ABC Asigurări Reasigurări S.A.
The solution in a nutshell:
"Dismisses the action as unfounded.
Right of appeal within 15 days as of the document is served (...)"
Subject-matter of the case: Principally, inter alia:
Annulment of the ASF Decision No. 880/11.07.2022 and, consequently, exoneration of the company from the payment of the fine of RON 314,700 and from the execution of the measures imposed on the company, and annulment of all the acts on the basis of which ASF Decision No. 880/11.07.2022 and subsequent decisions were issued; and
Subsidiarily:
Replacement of the fine with a written warning or a fine in a lesser amount and order the defendants ASF and the Ministry of Finance to repay all or part, as the case may be, of the fine already paid.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000412148&id_inst=2
By Judgment No. 2920/9.06.2023, the Bucharest County Court ruled in favour of ASF, against Euroins România S.A., an insurance and reinsurance company.
The solution in a nutshell:
"Dismisses, as unfounded, the application for suspension (...) pending the resolution of case no. 2440/2/2023 pending before the Bucharest Court of Appeal, Administrative and Fiscal Litigation Section III.
Dismisses as unfounded the application for referral to the EUCJ (...).
The debtor's application to the Constitutional Court is granted. Pursuant to Article 29 para. (4) of Law No. 47/1992, refers the matter to the Constitutional Court for a ruling on the exception of unconstitutionality of the provisions of Article 5, paragraph 31(b) of Law No. 85/2014, Article 249 of Law No. 85/2014 and Article I, paragraph 20 of GEO No. 88/2018. Rejects, as unfounded, the application for suspension under the provisions of Article 29 of Law No. 47/1992 in conjunction with Article 413(1). paragraph 1 of the Civil Code until the resolution of the exception of unconstitutionality (...).
The plea of lack of standing is upheld and, accordingly, the claims brought by the following creditors are dismissed as having been brought by persons without standing: - SOS TAMPONĂRI RCA SRL - SIM AUTO GARAGE SRL - AUTO DAVMAR REPARAȚII SRL - DAREN AUTOMOBILE SRL - FCB BUCHAREST SRL - OTOKAR EUROPE FILIALA BUCURESTI - SICARO SRL - AUTONOM SERVICES SA - SC PROFI SERVICE POINT SRL - PROSCHE VERSICHERUNGS AG SALZBURG SUCURSALA ROMANIA - CRISTEA RALUCA MARIA - CAB. AV. NICULAE IULIANA - ANDREEA - CAB. AV. FLORIN COSTIN - NICULAE. (...)
Dismisses as unfounded the plea of inadmissibility raised by the FINANCIAL SUPERVISION AUTHORITY and put forward by the debtor.
Admit the application filed by the FINANCIAL SUPERVISSORY AUTHORITY, and pursuant to Article 250 in connection with Article 262 of Law no.85/2014 on insolvency prevention and insolvency proceedings, order the opening of bankruptcy proceedings against the debtor EUROINS ROMANIA ASIGURARE-REASIGURARE S.A.
(...) Pursuant to Article 255 of the EC Treaty, in conjunction with Article 145 para. (2) of the Law No. 85/2014 on insolvency prevention and insolvency proceedings orders the dissolution of the debtor company and revokes from the directors of the debtor insurance/reinsurance company the right to represent the company, to administer its assets and to dispose of them.
Under Article 253 of Law 85/2014, it is prohibited, under penalty of nullity, significant shareholders of the debtor insurance/reinsurance company or persons who have held management positions to dispose of shares held in the debtor insurance/reinsurance company without the prior approval of the Financial Supervisory Authority and without the approval of the syndic judge.
Pursuant to Article 253 para. (1) and (2) of the Law no.85/2014 orders the unavailability of the shares held by the significant shareholders of the debtor insurance/reinsurance company or by the persons who held management positions, in the special registers kept by the debtor insurance/reinsurance company or in the independent registers.
Pursuant to Article 251 and Article 63 of Law no.85/2014 appoints the provisional liquidator CITR FILIALA BUCUREȘTI SPRL, (...).
Enforceable judgment. Right of appeal within 7 days of the communication of the judgment by publication in the Insolvency Proceedings Bulletin (...).
Subject -matter of the case: application by ASF and other creditors for the opening of bankruptcy proceedings in respect of the insurance and reinsurance company Euroins S.A.
The court's ruling can be found at:
https://portal.just.ro/3/SitePages/Dosar.aspx?id_dosar=300000001062941&id_inst=3
By Judgment No. 3240/14.06.2023, the High Court of Cassation and Justice ruled in favour of ASF, vesus the Confederația Operatorilor şi Transportatorilor Autorizați din România (C.O.T.A.R.= Confederation of Operators and Authorised Carriers of Romania).
The solution in a nutshell:
"Dismisses the appeal brought by the applicant Confederația Operatorilor și Transportatorilor Autorizați din România against Civil Judgment No 2306 of 6 December 2022, delivered by the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section, as unfounded.
Judgment is final."
Subject-matter of the case: appeal brought by C.O.T.A.R. against Civil Judgment No 2306/6.12.2022, by which the Bucharest Court of Appeal dismissed as unfounded C.O.T.A.R.'s application for suspension of the provisions of Article I, point 11, of ASF Rule No. 18/2022 amending and supplementing ASF Rule No. 20/2017 on motor insurance in Romania.
The court's ruling can be found at:
By Judgment No. 993/14.06.2023, the Bucharest Court of Appeal ruled in favour of ASF, against Grawe Romania Asigurare S.A.
The solution in a nutshell:
"Dismisses the application as unfounded.
Right of appeal within 15 days of notification (...)"
Subject-matter of the case: Annulment, in part, of ASF Decision No. 559/2022, in so far as it finds that facts Nos. 4 and 5 were contravened, with the consequence that the penalty of a warning is annulled.
By ASF Decision No. 559/2022 the company Grawe Romania Asigurare S.A. was sanctioned with a written warning, being held responsible for 5 contraventions.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000409952&id_inst=2
By Judgment no.1060/14.06.2023 the Bucharest Court of Appeal rendered a partial favourable decision to ASF, against Euroins România Asigurare Reasigurare S.A.
The solution in a nutshell:
"Grant in part the action. Amends in part the decision of the ASF No 1661/21.12.2021 and, consequently, also the decision of the ASF No 339/21.03.2022, in that it replaces the fine of RON 2 ,314.425 set by the defendant with a fine of RON 660,730 representing 0.05% of the turnover for 2020. Maintains the rest of the contested acts. Orders the defendant to pay to the applicant the sum of RON 50 by way of costs, consisting of stamp duty.
Right of, within 15 days of notification."
Subject -matter of the case: Principally, annulment of ASF Decision No 1161/21.12.2022 imposing a fine on Euroins and of all the preliminary acts and, consequently, exemption of the company from payment of the fine of EUR 2,314 .425, set by Article 1 of the Decision, and annulment of ASF Decision No 339/21.03.2022 rejecting the preliminary complaint brought by Euroins against the Decision imposing the fine.
Subsidiarily, the applicant company requested that the fine be replaced by a warning or that the amount of the fine be reduced and that the ASF be ordered to pay court fees.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000412525&id_inst=2
By Judgment No. 1089/16.06.2023, the Bucharest Court of Appeal ruled in favour of ASF, against Mettexin S.A.
The solution in a nutshell:
"Admit the plea of belatedness (n.n. raised by ASF). Dismiss the application as belated.
Right of appeal within 15 days of notification (...)"
Subject-matter of the case: By its application, Mettexin S.A. claims that the Court should
(i) Primarily, pursuant to the provisions of Article 413 para. (1), item 1 of the Code of Civil Procedure, the suspension of the judgment of the case which is the subject of the present file until the final resolution of the case which is the subject of the case no. 4126/2/2022, registered at the Bucharest Court of Appeal, Administrative and Fiscal Litigation Section IX, since the resolution of the case which is the subject of the present file would depend entirely on the existence or non-existence of Decision No. 383/29.03.2022 issued by the ASF, i.e. on its legality and merits;
(ii) Subsidiarily, annulment as unlawful and unreasonable of Decision No. 1743/29.12.2022 by which the ASF decided to sanction Mr. Ștefan Claudiu Iulian with a fine of RON 59,300.
Note: by ASF Decision No. 1743/29.12.2022 Mr. Ștefan Claudiu Iulian was sanctioned, as Chairman of the Board of Directors of Mettexin S.A., for failure to comply with the reporting and information obligations incumbent on the company concerned under the provisions of Law No. 24/2017 on issuers of financial instruments and market operations, republished, as amended and supplemented.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000417906&id_inst=2
By Judgment No. 3380/June 21st, 2023, the High Court of Cassation and Justice ruled in favour of ASF, against the plaintiff Mihalcea Petru, as a member of the Board of Directors of Metalica S.A. Oradea.
The solution in a nutshell:
"Grants the appeal lodged by the defendant Financial Supervisory Authority against Judgment No. 278 of 7 October 2021 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII. Sets aside the judgment under appeal and refers the case back to the same court for retrial. Judgment is final."
Subject-matter of the case: appeal brought by ASF against Civil Judgment No. 278/07.10.2021, by which the Bucharest Court of Appeal ordered the following summary judgment: 'Grants the application. Annuls ASF Decision no.1373/08.07.2016. Exempts the applicant from paying the fine of RON 5,000. Dismisses the head of claim concerning the suspension of the execution of the decision as devoid of purpose".
Mentions: on the merits, the case concerned the annulment of ASF Decision No. 1373/08.07.2016, which ordered the sanctioning of Mr. Mihalcea Petru, as a member of the Board of Directors of Metalica S.A. Oradea, with a fine of RON 5,000.
The court's ruling can be found at:
By Judgment No. 1076/June 28th, 2023, the Bucharest Court of Appeal ruled in favour of ASF, against the plaintiff Baranga Maria, as a member of the Board of Directors of Mettexin S.A.
The solution in a nutshell:
"Dismisses the applicant's application for a stay of proceedings under Article 413(1) of the EC Treaty (1), para. 1 of the Civil Procedure Code as unfounded. Dismisses the application as unfounded.
Right of appeal within 15 days of notification [...]".
Subject-matter: Action brought by the applicant, Baranga Maria, claiming that the Court should:
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000417908&id_inst=2
By Judgment No. 3717/June 230th, 2023, the High Court of Cassation and Justice ruled in favour of ASF, against Bursa Română de Mărfuri S.A.
The solution in a nutshell:
“Grants the appeal brought by the defendant-appellant Financial Supervisory Authority against judgment No 1171 of 8 June 2022, delivered by the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section. Sets aside the judgment under appeal and, on appeal: Dismisses the action brought by the applicant Bursa Română de Mărfuri SA, against the defendant Financial Supervisory Authority, as unfounded. Judgment is final”.
Subject-matter of the case: Appeal brought by ASF against Civil Judgment No 1171/08.06.2022, by which the Court of First Instance upheld the claim brought by the respondent-claimant, annulled the provisions of Article 75(1)(b) and (c) of the Civil Code and annulled the decision of the Court of First Instance of the European Communities in Case T-211/02. (1) letter e) of ASF Regulation No. 13/2018 on trading venues, annulled ASF Decision No. 1102/17.09.2020 and ordered the defendant ASF to pay to the respondent-claimant the sum of RON 26,197 by way of legal costs.
Note: by its application, the defendant-claimant requested:
The court's ruling can be found at:
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