Bucharest, 8 October 2024 - In September 2024, the Courts have rendered ASF solutions in the following relevant cases:
By Judgment no. 1396/3.09.2024, the Bucharest Court of Appeal ruled in favor of ASF, against claimant Amalia Bărăian, in her capacity as ML/TF compliance officer of Societate de Servicii de Investiții Financiare BRK Financial Group S.A.
The solution in a nutshell:
"Takes note of the claimant's waiver of judgment.
With appeal within 15 days of service (...)".
Subject-matter: the action for annulment (appeal) brought by the claimant, seeking, inter alia, the annulment, in its entirety, of ASF Decision no. 185/21.02.2024, by which the claimant, in her capacity as ML/TF compliance officer of Societate de Servicii de Investiții Financiare BRK Financial Group S.A, was fined RON 18,300.
The court ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000433567&id_inst=2
By Judgment no. 1397/3.09.2024, the Bucharest Court of Appeal ruled in favor of ASF, against claimant Ioana Cristiana Sechel, in her capacity as risk administrator of S.S.I.F. BRK Financial Group S.A.
The solution in a nutshell:
"Takes note of the claimant's waiver of judgment.
With appeal within 15 days of service (...)".
Subject-matter: the action for annulment (appeal) brought by the claimant, seeking, inter alia, the annulment, in its entirety, of ASF Decision no. 183/21.02.2024, by which the claimant, in her capacity as risk manager of Societate de Servicii de Investiții Financiare BRK Financial Group S.A, was fined RON 1,900.
The court ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000433569&id_inst=2
By Judgment no. 1376/3.09.2024, the Bucharest Court of Appeal ruled in favor of ASF, against claimant Mr. Browne Woodthorpe Robert (in the name of the estate), in his capacity as Chairman of the Supervisory Board of Societate de Asigurare-Reasigurare City Insurance S.A. at the sanctioning date.
The solution in a nutshell:
"The plea of time-bar is allowed. The application is dismissed.
Appeal within 5 days from the judgment."
Subject-matter: the action brought by Mr. Browne Woodthorpe Robert, in his capacity as Chairman of the Supervisory Board of Societate de Asigurare-Reasigurare City Insurance S.A. at the sanctioning, seeking, inter alia, in main, the annulment of Articles 1 and 2 of ASF Decision no. 723/03.06.2021, by which the claimant was sanctioned with a fine of RON 1,000,000 and the withdrawal of the approval granted by ASF.
The court's ruling is available at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000397106&id_inst=2
By Judgment no. 1397/5.09.2024, the Bucharest Court of Appeal ruled in favor of ASF, against claimant Radu Simion Francisc Dianu, as a person who provided investment services and activities in S.S.I.F. BRK Financial Group S.A.
The solution in a nutshell:
"Dismisses the application as unfounded.
With appeal within 15 days of service (...)".
Subject-matter: the action for annulment brought by the claimant, seeking, in essence, the annulment, in its entirety, of ASF Decision no. 187/21.02.2024, by which the claimant, as a person who provided investment services and activities in S.S.I.F. BRK Financial Group S.A., was fined RON 5,800 and all the acts and measures ordered thereunder, namely the sanctioning with fine, as well as the publication of the sanctioning decision on the ASF website.
The court's ruling is available at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000433566&id_inst=2
By Judgment No. 3703/10.09.2024, the High Court of Cassation and Justice ruled in favor of ASF, against appellant Papanikolaou Epameinondas, in his capacity as member of the Supervisory Board of CITY Insurance S.A., at the sanctioning date.
The solution in a nutshell:
"Dismisses the appeal lodged by claimant Papanikolaou Epameinondas against Civil Judgment no. 1064 of July 2, 2021 rendered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation, as unfounded. Admits the appeal lodged by the respondent Financial Supervisory Authority against Civil Judgment no. 1064 of 2 July 2021 delivered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation. Partially quashes the civil judgment under appeal, to the effect that: Reduces the amount of the fine from RON 450,000 to RON 100,000. Upholds the remainder of the judgment under appeal.
Final."
Subject-matter: the appeal lodged by both ASF and the appellant-claimant against Civil Judgment no. 1014/2/2021, by which the Bucharest Court of Appeal partially admitted the action brought by Mr. Papanikolaou Epameinondas, partially annulling the ASF Decision no. 90/24.01.2021, with regard to the fine imposed on him, respectively, reducing the amount of the fine imposed from RON 450,000 to RON 4,500.
Notes: on the merits, the case concerned the annulment of ASF Decision no. 90/25.01.2021, by which the appellant, Papanikolaou Epameinondas, as member of the Supervisory Board of City Insurance SA. was sanctioned with a fine of RON 450,000.
The court's ruling is available at:
By Judgment no. 1453 /12.09.2024, the Bucharest Court of Appeal ruled in favour of ASF, against claimants S.C. Romenergo S.A. and S.C. Aris Capital S.A.
The solution in a nutshell:
"Takes note of the claimants' waiver of the claim.
With a right of appeal within 15 days of service."
Subject-matter: the action by which Romenergo S.A. and Aris Capital S.A. sought the annulment of Decisions no. A/209/18.03.2014, no. A/210/18.03.2014 and no. A/211/18.03.2014.
The court's ruling is available at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000423215&id_inst=2
By Decision no. 1471/17.09.2024, the High Court of Justice ruled in favor of ASF, against Euroins România Asigurare-Reasigurare S.A.
The solution in a nutshell:
"Rejects, as inadmissible, the appeal lodged by the appellant Euroins Romania Asigurare-Reasigurare S.A. against Decision no. 60/2023 of 2 October 2023 of the Bucharest Court of Appeal – 5th Civil Section.
Final."
Subject-matter: the appeal lodged by Euroins Romania Asigurare-Reasigurare S.A. against Judgment no. 60 of 2 October 2023, rendered by the Bucharest Court of Appeal, which rejected the application for suspension of execution of Judgment no. 2920/09.06.2023 opening the bankruptcy proceedings of Euroins România Asigurare-Reasigurare S.A., rendered by the Bucharest Tribunal in file no. 8813/3/2023.
The court's ruling is available at:
By Judgment no. 3863/17.09.2024, the High Court of Justice ruled in favour of ASF against Mettexin S.A. Mangalia.
The solution in a nutshell:
"Dismisses the plea of nullity of the appeal brought by the respondent Financial Supervisory Authority. Dismisses the appeal filed by the claimant Mettexin SA against Judgment no. 1089/2023 of 16 June 2023 of the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation, as unfounded.
Final."
Subject-matter: the appeal lodged by the appellant-claimant Mettexin S.A. Mangalia against Civil Judgment no. 1089/16.06.2023, by which the Bucharest Court of Appeal admitted the plea of lateness of the action brought by Mettexin S.A. Mangalia and rejected the application as untimely.
Notes: on the merits, the case was the subject matter of the application for summons, by which the company Mettexin S.A. requested the court to:
The court's ruling is available at:
By Decision no. 1487/25.09.2024, the Bucharest Court of Appeal ruled in favor of ASF, against claimant Ghiran Lucian, as a person who provided investment services and activities in S.S.I.F. BRK Financial Group S.A.
The solution in a nutshell:
"Dismisses the application as unfounded.
With appeal within 15 days of service (...)".
Subject matter: the application, by which the claimant requests the court, inter alia, mainly, the annulment in its entirety of ASF Decision no. 189/21.02.2024, by which claimant Ghiran Lucian, as a person who provided investment services and activities in S.S.I.F. BRK Financial Group S.A., was sanctioned with a fine of RON 2,300.
The court's ruling is available at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000433564&id_inst=2
By Judgment no. 4145/27.09.2024, the High Court of Cassation and Justice ruled in favour of ASF against appellant Vieru Laurențiu Emil Vieru, in his capacity as a member of the Board of Directors of Navexim S.A.
The solution in a nutshell:
"Dismisses the appeal filed by the appellant - claimant Vieru Laurențiu Emil against Judgment no. 902/2023 of 18 May 2023, rendered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation, as unfounded.
Final."
Subject-matter: the appeal lodged by the appellant-claimant against Civil Judgment no. 902/18.05.2023, by which the Bucharest Court of Appeal dismissed the appellant-claimant's application for summons to appear as unfounded.
Notes: on the merits, the case concerned the appeal against ASF Decision no. 1735/28.12.2022, by which the appellant-claimant, in his capacity as member of the Board of Directors of Navexim S.A., was sanctioned with a fine of RON 18,500. By means of the action brought, the appellant-claimant requested exemption from payment of the fine, its reduction or replacement of the fine imposed with a warning, in accordance with the provisions of Article 155 para. (9) of Law no. 24/2017 in conjunction with the provisions of Articles 6 and 7 of Government Ordinance no. 2/2001 on the legal regime of contraventions, as subsequently amended and supplemented.
The court's ruling is available at:
The court ruled against ASF, against appellant-claimant Grant Thornton Audit S.R.L.
High Court of Cassation and Justice - File no. 2265/2/2022
The solution in a nutshell:
"Admits the appeal brought by claimant Grant Thornton Audit S.R.L. against Civil Judgment no. 2234 of 29 November 2022 of the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation. Annuls Decision no. 1344/22.10.2021 and Decision no. 94/28.01.2022 issued by the respondent Financial Supervisory Authority.
Final."
Subject-matter: the appeal filed by Grant Thornton Audit S.R.L. against the Judgment of the Bucharest Court of Appeal no. 2234/29.11.2022, which dismissed, as unfounded, the appellant-claimant's application for annulment of ASF Decision no. 1344/22.10.2021 and ASF Decision no. 94/28.01.2022.
Notes: on the merits, the case was the subject matter of the application of the company Grant Thornton Audit S.R.L., by which it requested:
The court's ruling is available at:
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About the Financial Supervisory Authority
The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance, private pensions and capital markets. The A.S.F. contributes to strengthening the integrated framework for the functioning of the three sectors, which total more than 10 million participants. More information can be found on www.asfromania.ro.
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