Favourable ASF rulings issued in April 2025

Bucharest, 8 May 2025 - In April 2025, the courts ruled in favour of ASF in the following relevant cases: Rulings in favour of ASF handed down in April 2025

1. The High Court of Cassation and Justice - Case file no. 1668/2/2023

By Judgement No. 1856/3.04.2025, the High Court of Cassation and Justice ruled in favour of ASF, against the appellant-claimant Călin Dragoș, in his capacity as Head of the Legal Department of Transilvania Investments Alliance S.A., at the time of the sanction.

The solution in a nutshell:

„Rejects the appeal filed by the appellant-claimant Călin Dragoș against Civil Judgment No. 1727 of 6 November 2023, handed down by the Bucharest Court of Appeal – 9th Division for Administrative and Fiscal Litigation, as unfounded.

Final (...)”.

Subject matter: the appeal filed by the appellant-claimant against Civil Judgment No. 1727/6.11.2023, handed down by the Bucharest Court of Appeal, whereby the appeal filed by the appellant-claimant was dismissed as unfounded.

Note: on the merits, the subject matter of the case was about the appeal filed by the appellant-claimant, who asked the court to:

1. annul ASF Decision No. 111/3.02.2023, whereby the appellant-claimant, in his capacity as Head of the Legal Department of Transilvania Investments Alliance S.A., was subject to an administrative warning;
2. order the defendant ASF to publish the final court decision annulling the contested decision in the ASF Bulletin, in a manner similar to the publication of the contested decision, and to make the necessary entries in the ASF's electronic archive in the section relating to this decision.

The ruling of the court can be consulted at:

https://www.scj.ro/1094/Detalii-dosar?customQuery%5B0%5D.Key=id&customQuery%5B0%5D.Value=200000000419546

2. Bucharest Court of Appeal – Case file no. 6209/2/2024

By Judgement No. 608/9.04.2025, the Bucharest Court of Appeal ruled in favour of ASF, against the claimant Societatea de Construcții Napoca S.A.

The solution in a nutshell:

„Dismisses the action as unfounded.

With appeal within 15 days of service (...)”.

Subject matter: the action brought by the claimant, in which it requested the court:

1. In the main, annulment of ASF Decision No. 922/9.09.2024, whereby the claimant was fined RON 20,800;
2. In the alternative, replacement of the fine imposed with a warning.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000440107&id_inst=2

3. Bucharest Court of Appeal – Case file no. 2538/2/2024

By Judgement No. 654/16.04.2025, the Bucharest Court of Appeal ruled in favour of ASF, against the claimant Mihoc Iosif, in his capacity as shareholder of Elerom S.A.

The solution in a nutshell:

„Dismisses the action as unfounded.

With appeal within 15 days of service (...)”.

Subject matter: the application for summons by which the claimant requested the court to annul ASF Decision No. 270/13.03.2024 regarding the sanction imposed on him, as a shareholder of Elerom S.A., with a fine in the amount of RON 15,900.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000434326&id_inst=2

4. Bucharest Court of Appeal – Case file no. 7309/2/2024

By Decision No. 710/25.04.2025, the Bucharest Court of Appeal ruled in favour of ASF, against the claimant Bucur Răzvan Marius, in his capacity as member of the Board of Directors of the investment management company Swiss Capital Asset Management S.A.

The solution in a nutshell:

„Dismisses the application as unfounded.

With appeal within 15 days of service (...)”.

Subject matter: the action brought by the claimant Bucur Răzvan Marius, in which he requested:

1. In the main, annulment of ASF Decision No. 1071/ 18.10.2024;
2. In the alternative, partial annulment of ASF Decision No. 1071/18.10.2024, regarding the findings of violations of the provisions of Article 21 para. (3) and Art. 28 para. (1) of ASF Regulation No. 1/2019, and replacement of the fine of RON 11,400 with a warning or a fine of the legal minimum of RON 5,000.

By ASF Decision No. 1071/18.10.2024, Mr. Răzvan Marian Bucur, as a member of the Board of Directors of Swiss Capital Asset Management S.A., was fined RON 11,400.

The ruling of the court can be consulted at:

https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000441873&id_inst=2