Bucharest, 01 April 2025 - In March 2025, courts ruled in favour of ASF in the following cases:
By Judgement no. 1149/04.03.2024, the High Court of Cassation and Justice rendered a favourable decision to ASF, against the appellant-claimant Neag Adrian Sabin, in his capacity as sole shareholder of Duplex S.A. Făgăraș.
Ruling made in brief:
”Declares null and void the appeal filed by the claimant Neag Adrian Sabin against Civil Judgment no. 1201 of 3 July 2023 of the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation. Final.”
Subject matter of the case: the appeal brought by the appellant-claimant against Civil Judgment no. 1201/3.07.2023, delivered by the Bucharest Court of Appeal, which dismissed the action as unfounded.
Note: on the merits, the case was related to the action brought by the appellant-claimant, by which he requested the annulment of ASF Decision no. 1740/29.12.2022, by which ASF ordered the sanctioning with a fine of RON 19,400 of the appellant-claimant, in his capacity as sole shareholder of Duplex S.A. Făgăraș.
The ruling of the court can be consulted at:
By Judgement no. 1385/12.03.2025, the High Court of Cassation and Justice rendered a partially favourable decision in favour of ASF, against appellant-claimant Drăgoi Bogdan Alexandru, in his capacity as a President/General Manager of SIF Banat-Crișana S.A., shareholder of Bursa de Valori București S.A., at the date of sanctioning.
Ruling made in brief:
“Admits the main appeal brought by the defendant Financial Supervisory Authority against Civil Judgment no. 525 of 29 March 2024, delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation. Sets aside the judgment under appeal and ruling on appeal: Dismisses the action brought by claimant Drăgoi Bogdan Alexandru, against the defendant Financial Supervisory Authority, as unfounded. Dismisses as unfounded the cross-appeal brought by the appellant-claimant Drăgoi Bogdan Alexandru against the same judgment.
Final.”
Subject: appeals filed by the appellant-claimant and ASF against Civil Judgment no. 525/29.03.2024, by which the Bucharest Court of Appeal admitted the action brought by the appellant-claimant and ordered the annulment of ASF Decision no. 199/01.03.2023, as well as the documentation on which this decision was based, namely Permanent Control Report no. 2298/21.02.2022 and Note on the approval of the sanctioning of the claimant no. R/P - ST/218/24.02.2023.
Note: on the merits, the case had as its object the annulment, in its entirety, of ASF Decision no. 199/1.03.2023, as well as the preliminary documents that were the basis of the administrative act, including the Permanent Control Report registered under no. 2298/21.02.2022.
By ASF Decision no. 199/01.03.2023, Mr. Bogdan-Alexandru Drăgoi, in his capacity as Chairman/CEO of SIF Banat-Crișana S.A., shareholder of Bursa de Valori București S.A., was sanctioned with a fine of RON 10,000, for failure to comply with the provisions of Art. (1) and Article 74 para. (2) of Law no. 24/2017 on issuers of financial instruments and market operations.
The ruling of the court can be consulted at:
By Judgement no. 1630/20.03.2025, the High Court of Cassation and Justice rendered a decision in favour of ASF, against the appellant-claimant Patrimonium Sicav PLC.
Ruling made in brief:
„Dismisses the appeal filed by the appellant-claimant Patrimonium Sicav PLC against the Civil Judgment no. 1434 of 13 October 2023 of the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject-matter: the appeal brought by the appellant-claimant Patrimonium Sicav PLC against Civil Judgement no. 1434/13.10.2023, by which the Bucharest Court of Appeal dismissed the application for summons to judgement as unfounded.
Notes: on the merits, the case was brought by the appellant-plaintiff, who applied to the court:
(i) annulment of ASF Decision no. 976/22.07.2022 regarding the rejection of the acquisition project submitted by Patrimonium Sicav PLC for the acquisition of a qualifying holding in German Romanian Assurance S.A.;
(ii) ordering ASF to issue a new decision approving the proposed acquisition project submitted by Patrimonium Sicav PLC for the acquisition of a qualifying holding in German Romanian Assurance S.A.;
(iii) ordering ASF to pay the costs of the litigation.
The ruling of the court can be consulted at:
By Judgment no. 502/27.03.2025, the Bucharest Court of Appeal rendered a partially favorable decision in favor of ASF, against plaintiff Avram Ioana-Valeria, in her capacity as General Manager of Societate de Administrare a Investițiilor Swiss Capital Asset Management S.A.
Ruling made in brief:
"Admits in part the application filed by the applicant Ioana Valeria Avram against the Financial Supervisory Authority. Annuls in part the ASF Decision no. 1069/18.10.2024 in the following limits: annuls the decision with regard to the first act, replaces the fine sanction in the amount of RON 10.500 for act 2 with the sanction of warning and maintains the fine sanction in the amount of RON 5000 for act 3. Dismisses the remainder of the application as unfounded.
With appeal within 15 days of service.”
Subject-matter: the action brought by the applicant, by which the latter sought, inter alia:
(i) mainly, the annulment, in its entirety, of ASF Decision no. 1069/18.10.2024, by which Ms. Avram Ioana-Valeria Avram, in her capacity as General Manager of the Societate de Administrare a Investițiilor Swiss Capital Asset Management S.A., was sanctioned with a fine of RON 10,500;
(ii) in the alternative, partial annulment of ASF Decision no. 1069/18.10.2024, as unreasonable and unlawful, with regard to the finding of the infringement of Article 21 para. (3) of ASF Regulation no. 1/2019 and replacement of the fine in the amount of RON 10,500 with a warning or a fine in the legal minimum of RON 5,000;
(iii) ordering ASF to pay the costs.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000441871&id_inst=2
By Judgement no. 1698/25.03.2025, the High Court of Cassation and Justice rendered a decision in favour of ASF, against the appellant-claimant Euroins România Asigurare Reasigurare.
Ruling made in brief:
”Rejects the appeal filed by the appellant-claimant Euroins România Asigurare Reasigurare S.A., through the liquidator CITR Filiala București SPRL, against civil judgement no. 473 of 20 March 2024 of the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation. Final.”
Subject-matter: the appeal brought by Euroins România Asigurare Reasigurare S.A. against Civil Judgement no. 473/20.03.2024, by which the Bucharest Court of Appeal dismissed the application for summons to judgement of the apellant-claimant as unfounded.
Note: on the merits, the case was for the annulment of ASF Decision no. 1531/7.11.2022 and of all the acts and operations on the basis of which it was issued, by which the appellant was sanctioned with a fine of RON 422,600.
The ruling of the court can be consulted at:
By Judgement no. 471/14.06.2024, the Bucharest Court of Appeal rendered a decision in favour of ASF, against claimant Perseus Fintech S.A.
Ruling made in brief:
”Dismisses the application as unfounded.
With appeal within 15 days of service(...).”
Subject-matter: the action brought by the applicant concerning:
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000440289&id_inst=2
By Judgement no. 542/14.06.2024, the Bucharest Court of Appeal rendered a decision in favour of ASF, against claimant Meta Management Team S.R.L.
Ruling made in brief:
“Dismisses the application as unfounded.
With appeal within 15 days of service (...).”
Subject matter: application for the annulment of the ASF Decision no. 591/20.06.2024 regarding the sanctioning of Meta Management Team S.R.L. with a fine in the amount of RON 35,500, in its capacity as Chairman of the Board of Directors of Meta Estate Trust S.A.
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000437002&id_inst=2
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