Bucharest, 2 November 2023 - In October 2023, the courts ruled in favour of ASF in the following relevant cases:
By Final Order (to divest assets) No. 60 dated 02/10/2023, the Bucharest County Court of Appeal ruled in favour of ASF, against the plaintiff Euroins România Asigurare-Reasigurare S.A.
The solution in a nutshell:
"Dismisses the application for suspension of enforcement of Civil sentence No. 2920 dated 09/06/2023 delivered by the Bucharest County Court, Seventh Civil Division, in case No. 8813/3/2023, as ill-founded. Orders the restitution to the petitioner of the security deposit of RON 1,000 deposited by deposit receipt no. 209249138/1 on 20/06/2023 issued by CEC BANK SA. Right of appeal within 5 days of the decision for the present parties, respectively from the communication for parties who did not appear.
Subject-matter: application for suspension of enforcement of the Civil sentence No. 2920 of 09/06/2023 opening the bankruptcy proceedings of Euroins Romania Asigurare-Reasigurare S.A., pronounced by the Bucharest County Court in case No. 8813/3/2023.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000423533&id_inst=2
By Judgment No. 1499 dated 04/10/2023, the Bucharest Court of Appeal ruled in favour of ASF, against the plaintiff Confederația Operatorilor și Transportatorilor Autorizați din România (C.O.T.A.R. = Confederation of Authorised Carriers and Operators in Romania).
The solution in a nutshell:
"Dismisses the action as ill-founded.
Right of appeal within 15 days as of the document is served."
Subject-matter: annulment 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:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000412945&id_inst=2
By Judgment No. 4442 of 11/10/2023, the High Court of Cassation and Justice (I.C.C.J.) rendered a partial decision in favour of ASF, against the appellant-plaintiff Spyridon Stavros Mavrogalos Fotis, in his capacity as member of the Board of Directors of City Insurance S.A. at the date of the decision imposing the sanction.
The solution in a nutshell:
"Admits the appeal lodged by the applicant Spyridon Stavros Mavrogalos Fotis against the Civil sentence No. 958 of 18 June 2021 of the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section. Sets aside the judgment under appeal and, on appeal: upholds in part the action brought by Spyridon Stavros Mavrogalos Fotis against the defendant Financial Supervisory Authority. Annuls in part Decision No. 89 of 25/01/2021 of the Financial Supervisory Authority in so far as it relates to the fine imposed, reducing it from RON 500 ,000 to RON 200, 000. This judgment is final."
Subject matter: appeal brought by the appellant-plaintiff against Civil sentence No. 958 of 18/06/2021, delivered by the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section, by which the court rejected the appellant-plaintiff 's application as ill-founded
Mentions: on the merits, the case concerned the annulment of Article 1 of the ASF Decision No. 85 of 25/01/2021, by which the appellant-plaintiff was fined by RON 500,000 as a member of the Board of Directors of City Insurance S.A. at the date of the decision to impose the fine.
Basically, by its decision, the High Court of Cassation and Justice (I.C.C.J.) upheld the legality and the merits of the decision made by the ASF No. 85 of 25/01/2021, reducing only the amount of the fine imposed on the appellant-plaintiff from RON 500,000 to RON 200,000.
The court's judgment can be found at:
By Judgment No. 1545/11.10.2023, the Bucharest Court of Appeal ruled in favour of ASF, against the plaintiffs Business Capital for Romania - Opportunity Fund Cooperatief U.A. and Romanian Equity Partners Cooperatief U.A.
The solution in a nutshell:
"Dismisses the application as devoid of interest.
Right of appeal within 15 days as of the document is served (...)".
Subject-matter: annulment of the following individual administrative acts issued by the ASF:
- ASF Decision No. 968/25.04.2016[1] ,
- ASF Decision No. 970/25.04.2016[2] ,
- ASF Decision No. 971/25.04.2016[3] ,
- ASF Decision No. 1624/12.08.2016[4] .
Mentions: the case file has been suspended pursuant to Article 413 para. (1) of the Civil procedure code (C.C.P.) until the final resolution of Case No. 6767/2/2016. Since, by Decision No. 6038 of 02/12/2021, case No. 6767/2/2016 was definitively resolved, the Bucharest Court of Appeal has redocketed the case for settlement.
The court's judgment can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000419776&id_inst=2
By Judgment No. 1540/ of 11/10/2023, the Bucharest Court of Appeal rendered a partially favourable decision to ASF, against the plaintiff Momanu Radu, as Vice-Chairman of the Supervisory Board of Transilvania Investments Alliance S.A.
The solution in a nutshell:
"Grants in part the action. Partly allows the application for ancillary relief in the applicant's interest. Annuls, in part, ASF Decision No. 101/03.02.2023, in so far as it relates to the first act alleged against the applicant, consisting in the failure to record in the minutes of the meeting of 10/08/2022 the point of view expressed by a member of the Supervisory Board. Reduces the amount of the fine imposed by ASF Decision No. 101/03.02.2023 to the sum of RON 5,000. Upholds the remainder of the contested decision. Dismisses the application for publication of this decision on the defendant's website as unfounded.
Right of appeal, within 15 days as of the document is served."
Subject-matter:
Basically, by its decision, the Bucharest Court of Appeal upheld the legality and the merits of the decision of the ASF No. 101 of 03/02/2023, reducing only the amount of the fine imposed on the plaintiff from RON 5,600 to RON 5,000.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000419558&id_inst=2
By Judgment No. 3008 of 12/10/ 2023, the Bucharest County Court ruled in favour of ASF, against the respondent-debtor Spyridon Stavros Mavrogalos Fotis, in his capacity as member of the Board of Directors of the insurance-reinsurance company City Insurance S.A. at the date of the sanction and debtor in the legal relationship existing between it and ASF
The solution in a nutshell:
"Grants the appeal. Reverses the judgment under appeal in its entirety in so far as it allows the application. Thereafter, grants enforcement. Authorises the creditor to proceed to enforcement.
Judgment is final".
Subject-matter: appeal lodged by ASF against the decision of 2/02/2023, delivered by the Court of Appeal of District 5 Bucharest, which rejected, as unfounded, the application for a declaration of enforceability lodged by the petitioner Bureau of Associated Court Executors (B.E.J.A.) Aequitas, at the request of ASF, on the basis of the enforceable title represented by ASF Decision No. 85/25/01/2021, by which the respondent-debtor Spyridon Stavros Mavrogalos Fotis was fined by RON 500,000, as a member of the Board of Directors of the insurance and reinsurance company City Insurance S.A.
There is no information about this case on the court portal.
By Judgment No. 1434 of 13/10/ 2023, the Bucharest Court of Appeal ruled in favour of ASF against the plaintiff Patrimonium Sicav PLC.
The solution in a nutshell:
"Dismisses as unfounded the plea of inadmissibility of the second head of claim raised by the defendant ASF in its statement of defence. Dismisses the application as unfounded.
Right of appeal within 15 days as of the document is served (...)"
Subject-matter: application to the Court:
(i) annul the decision of the ASF No. 976 of 22/07/2022 on the rejection of the proposed acquisition submitted by Patrimonium Sicav PLC for the acquisition of a qualifying holding in German Romanian Assurance S.A.;
(ii) order the defendant ASF to issue a new decision approving the acquisition project submitted by Patrimonium for the acquisition of a qualifying holding in German Romanian Assurance S.A.;
(iii) order the defendant ASF to pay the costs of these proceedings.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000420433&id_inst=2
By Judgment No. 4574 of 17/10/2023, the High Court of Cassation and Justice ruled in favour of ASF, against the appellant-plaintiff Bursa Română de Mărfuri S.A.
The solution in a nutshell:
"Dismisses the appeal brought by the applicant Bursa Română de Mărfuri S.A. against the Civil sentence No. 2049 of 29 December 2021 of the Bucharest Court of Appeal - Administrative and Fiscal Litigation Section VIII, as unfounded.
Judgment is final."
Subject matter: appeal brought by the appellant-plaintiff against Civil sentence No. 2049 of 29/11/2021, by which the Bucharest Court of Appeal dismissed the action brought by the plaintiff BRM as unfounded.
Mentions: on the merits, the case concerned the action brought by Bursa Română de Mărfuri S.A. for the annulment of the ASF Decision No. 546 of 26/04/2021, by which the ASF ordered the following:
"Art. 1 - The Romanian Commodities Exchange (Bursa Română de Mărfuri S.A.) is hereby obliged to convene a meeting of the members of the Board of Directors within 5 days from the date of the present communication in order to:
The court's judgment can be found at:
By Judgment No. 1512 of 23/10/2023, the Bucharest Court of Appeal ruled in favour of ASF, against the plaintiff Dubcanici Marius Lucian.
The solution in a nutshell:
"Takes notice of the motion to dismiss.
Right of appeal, within 15 days from the communication (...)".
Subject-matter: application for a writ of summons against ASF and F.G.A., by which the applicant claims that the Court should:
- annul Article 24 para. (12) sub-par. c) of ASF Rule No. 20/2017;
- Partial annulment of Decision No. 60419/11.04.2023 issued by the F.G.A., as regards the decision to refuse payment of the difference between the requested amount of EUR 11,295.43 and the approved amount of RON 15,676.51;
- order the F.G.A. to issue a new decision granting compensation for the difference found or for the entire RON amount;
- order F.G.A. to pay the sums owed and the costs, consisting of lawyers' fees and stamp duty.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000422642&id_inst=2
By Judgment No. 1667 of 24/10/2023, the Bucharest Court of Appeal ruled in favour of ASF, against the plaintiff Tanja Blatnik, in her capacity as General Manager of Euroins România Asigurare-Reasigurare S.A., at the date of the contested decision.
The solution in a nutshell:
"Dismisses the application as unfounded.
Right of appeal within 15 days as of the document is served."
Subject-matter: annulment of ASF Decision No. 996/26.07.2022, by which the applicant Tanja Blatnik, General Manager of Euroins Romania Asigurare-Reasigurare S.A., at the date of the contested decision, was fined by RON 125, 400.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000412552&id_inst=2
By Judgment no.1522 of 25/10/2023, the BucharestCourt of Appeal ruled in favour of ASF, against the plaintiff Cristina Alina Manole, as Chairman of the Board of Directors of Navexim S.A.
The solution in a nutshell:
"Dismisses the application as unfounded.
Right of appeal within 15 days as of the document is served."
Subject-matter:
Principally, exoneration of the applicant, as Chairman of the Board of Directors of Navexim S.A., from payment of the fine of RON 37,100, ordered by ASF Decision No. 1734/28.12.2022;
In the alternative, the replacement of the fine by a warning, in accordance with the provisions of Article 155(2) of the EC Treaty. (9) of Law No. 24/2017 (republished, with subsequent amendments and additions, in conjunction with the provisions of Articles 6 and 7 of O.G. 2/2001):
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000417675&id_inst=2
By Judgment No. 4829 of 26/10/2023, the High Court of Cassation and Justice ruled in favour of ASF, against Stănoiu Dumitru, as member of the Board of Directors of Avicola Slobozia S.A.
The solution in a nutshell:
"Dismisses the appeal brought by the applicant Stănoiu Dumitru against Judgment No. 106 of 24 March 2021 of the Bucharest County Court of Appeal - Administrative and Fiscal Litigation Section VIII, as unfounded.
Judgment is final."
Subject-matter: appeal brought by the appellant-appellant against the Civil sentence No. 106/09.03.2017 by which the court dismissed the action as unfounded.
Mentions: on the merits, the case concerned annulment:
(i) ASF Decision No. 2219 of 08/12/2016 to fine Mr. Stănoiu Dumitru, as member of the Board of Directors of SC Avicola Slobozia S.A., in the amount of RON 15,000 on the date of the sanctioning and
(ii) of ASF Decision No. 346/10.03.2017 (resolving the preliminary complaint).
The court's ruling can be found at:
By Judgment No. 4879 of 26/10/2023, the High Court of Cassation and Justice ruled in favour of ASF, against the appellant-plaintiff Nicolae Stoian, as a member of the Board of Directors of SIF Oltenia S.A., at the date of the sanction.
The solution in a nutshell:
"Dismisses the appeal brought by the applicant Nicolae Stoian against the Judgment of 11 November 2020 and Civil sentence No. 1305 of 9 December 2020 of the Bucharest County Court of Appeal - Administrative and Fiscal Litigation Section VIII, delivered in case No. 227/2/2020, as unfounded. This judgment is final."
Subject-matter: appeal brought by Mr Nicolae Stoian against the Decision of 11 November 2020 and the Civil sentence No. 1305/09.12.2020, which dismissed the action brought, both judgments being delivered in case No. 227/2/2020, concerning the annulment of the ASF Decision No. 1287/23.10.2019.
By ASF Decision No. 1287/23.10.2019, the appellant-plaintiff was sanctioned, as a member of the Board of Directors of SIF Oltenia S.A., with a fine in the amount of RON 30,000 since, in the meetings of the Board of Directors of 29.07.2019 and 01.08.2019 respectively, he voted "against the convening" of the Ordinary General Meeting of Shareholders, with the agenda requested by joint request of the shareholders S.I.F. Banat Crișana S.A. and S.I.F. Muntenia S.A. No. 5071/11.06.2019, thus failing to comply with the obligation established by ASF Decision No. 937/18.07.2019.
The court's ruling can be found at:
By Judgment No. 4908 of 31/10/2023, the High Court of Cassation and Justice ruled in favour of ASF, against the respondent-plaintiff Tănăsoiu Adriana, as manager of Depozitarul Central S.A., at the date of the sanction.
The solution in a nutshell:
"Dismisses the plea of invalidity of the appeal raised by the respondent applicant Tănăsoiu Adriana. Admits the appeal brought by the defendant Financial Supervisory Authority against the Civil sentence No. 241 of 17 July 2020 of the Bucharest County Court of Appeal - Administrative and Fiscal Litigation Section VIII. Sets aside the judgment under appeal and, on retrial, dismisses the action brought by the applicant Tănăsoiu Adriana as unfounded.
This judgment is final."
Subject matter: the appeal brought by the ASF against the Civil sentence No. 241/17.07.2020, by which the Court of Appeal of Bucharest admitted the claim brought by the respondent-plaintiff Tănăsoiu Adriana, annulled the decisions of the ASF No. 79/18.03.2014 and No. 522/12.06.2014, as unlawful and unreasonable, exonerated the respondent-plaintiff from the payment of the fine of RON 10,000 and, pursuant to the provisions of Article 453 para. (1) of the Code of Civil Procedure, ordered ASF to pay the respondent-complainant the sum of RON 5,050 in respect of legal costs (stamp duty and lawyer's fees).
In substance, the case concerned annulment:
The court's ruling can be found at:
[1] By ASF Decision No. 968/25.04.2016, the Authority ordered Erste Group (the group formed by the shareholders Erste Group Bank, Banca Comercială Română, Business Capital for Romania - Opportunity Fund Cooperatief U.A., Romanian Equity Partners Cooperatief U.A., FDI Erste Balanced RON, FDI Erste Equity Romania, Mr. Manea Sergiu Cristian, Mr. Neacșu Valentin Dragoș and Mrs. Săndulescu Maria Magdalena) the obligation to comply with the provisions of art. 2861 of Law No. 297/2004, as regards the issuer SIF Oltenia S.A., meaning that, according to this legal text, it has the obligation to sell the shares exceeding the holding limit within 3 months from the date of issue of the individual deed.
[2] By ASF Decision No. 970/25.04.2016, the Authority ordered the Board of Directors of S.I.F. Oltenia S.A. to adopt the necessary measures at the general meeting of shareholders convened for 25/26.04.2016, so that the group formed by the shareholders Erste Group Bank, Banca Comercială Română, Business Capital for Romania - Opportunity Fund Cooperatief U.A., Romanian Equity Partners Cooperatief U.A., FDI Erste Balanced RON, FDI Erste Equity Romania, Mr. Manea Sergiu Cristian, Mr. Neacșu Valentin Dragoș and Mrs. Săndulescu Maria Magdalena, presumed to be acting in concert in relation to the issuer S.I.F. Oltenia S.A., may not exercise the voting rights related to the position held in breach of art. 2861 para. (1) of Law No. 297/2004.
[3] By ASF Decision No. 971/25.04.2016, the Authority ordered the Central Depository S.A. to take the necessary measures to record in its records the suspension of the exercise of voting rights for shares issued by S.I.F. Oltenia S.A. exceeding 5% of the voting rights and held by Erste Group Bank, Banca Comercială Română, Business Capital for Romania - Opportunity Fund Cooperatief U.A., Romanian Equity Partners Cooperatief U.A., FDI Erste Balanced RON, FDI Erste Equity Romania, Mr Manea Sergiu Cristian, Mr Neacșu Valentin Dragoș and Mrs Săndulescu Maria Magdalena.
[4] By Decision ASF No. 1624/12.08.2016, the Authority ordered the rejection of the preliminary complaint lodged by the applicants against ASF Decisions No. 968, No. 970 and No. 971/25.04.2016.
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