Bucharest, 4 July 2025 - In June 2025, courts ruled in favour of ASF in the following cases:
By Judgement no. 963/4.06.2024, the Bucharest Court of Appeal rendered the following decision in favour of ASF, against claimant S.S.I.F. BRK Financial Group S.A.
Ruling made in brief:
"Take note of the claimant's withdrawal from the proceedings.
With appeal within 15 days of service (...)”
Subject-matter: the action brought by the claimant concerning:
The ruling of the court can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000445079&id_inst=2
By Judgement no. 972/4.06.2025, the Bucharest Court of Appeal rendered a decision in favour of ASF, against claimant ICESA S.A.
Ruling made in brief:
“Dismisses the request for referral to the CJEU as unfounded. Dismisses the application for annulment of Decision no. 750/10.08.2023 as unfounded.
With appeal within 15 days of service (...)”.
Subject-matter: 1. suspension of the enforcement of ASF Decision no. 750/26.07.2024 imposing a fine of RON 78,400 on the claimant;
The ruling can be consulted at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000438916&id_inst=2
By Judgement no. 3128/5.06.2023, the High Court of Cassation and Justice rendered a decision in favour of ASF, against the appellant-claimant S.S.I.F. Bursa Română de Mărfuri S.A.
Ruling made in brief:
„Dismisses the appeals filed by the claimant Bursa Română de Mărfuri S.A. and by the intervener Ministry of Culture against Civil Judgement no. 407 of 02 March 2022, delivered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject-matter: the appelas brought by S.S.I.F. B.R.M. S.A. and Stoica Septimiu against Civil Judgment No. 407/02.03.2022, which dismissed as unfounded the action brought by S.S.I.F. B.R.M. S.A.
Notes: on the merits, the case had as object the annulment of ASF Decision No. 544/26.04.2021, by which the application of S.S.I.F. B.R.M. S.A. to authorize Mr. Septimiu Stoica as a member of the Board of Directors of S.S.I.F. B.R.M., ASF Decision No. 545/26.04.2021, by which the application of S.S.I.F. B.R.M. S.A. to authorize Mr. Laurențiu Huică as a member of the Board of Directors of S.S.I.F. B.R.M. S.A., and to oblige ASF to authorize Mr. Septimiu Stoica and Mr. Laurențiu Huică as members of the Board of Directors of BRM.
The ruling of the court can be consulted at:
By Judgement no. 3182/6.06.2025, the High Court of Cassation and Justice rendered the following decision in favour of ASF against appellant-claimant Ştefan Claudiu Iulian, as Chairman of the Board of Directors of Mettexin S.A.
Ruling made in brief:
„Dismisses the appeal filed by the appellant-claimant Ștefan Claudiu Iulian against Civil Judgement no. 431 of 8 March 2023, delivered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject-matter: the appeal brought by the appellant-claimant against Civil Judgement no. 431/08.03.2023, by which the Bucharest Court of Appeal dismissed the application for summons to judgement as unfounded.
Notes: on the merits, the case was about cancelling ASF Decision no. 606/18.05.2022 (settling the preliminary complaint against ASF Decision no. 383/29.03.2022 sanctioning the claimant, as Chairman of the Board of Directors of Mettexin S.A., with a fine of RON 20,100).
The ruling of the court can be consulted at:
By Judgement no. 3245/11.06.2025, the High Court of Cassation and Justice rendered a decision in favour of ASF, against the appellant-claimant Euroins România Asigurare Reasigurare S.A.
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. 1276 of 24 July 2023, rendered by 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. 1276/24.07.2023, by which the Bucharest Court of Appeal dismissed the application for summons to judgement of the company as unfounded.
Notes: on the merits, the case concerned the application of Euroins by which it requested "mainly, to cancel Decision no. 275 issued by ASF on 9 March 2022, regarding the imposition of a fine on Euroins (...) and all preliminary acts, and, consequently, the exemption of the Company from paying the fine in the amount of RON 299,500 (n.n. actually RON 229,500), established by Art. 1 of the Decision" and "in the alternative, the reduction of the fine or the replacement of the fine with a warning."
The ruling of the court can be consulted at:
By Judgement no. 3363/12.06.2025, the High Court of Cassation and Justice rendered a partially favourable decision to ASF, against the appellant-claimant Mihnea Traian Ştefan Tobescu, in his capacity as General Manager of Euroins Romania, at the sanctioning date.
Ruling made in brief:
„Admits the appeal brought by the appellant-defendant the Financial Supervisory Authority against Judgment no. 1245 of 11 July 2024, delivered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation.. Sets aside the judgement under appeal and ruling on appeal: Admits in part the appeal brought by claimant Mihnea Traian Ştefan Tobescu against defendant the Financial Supervisory Authority. Annuls in part Decision no. 1138/28.09.2020 issued by the defendant, in the sense that it removes the references to the commission and punishment of the offence provided for in Article 163 para. (1) letter (r) of Law No. 237/2015. Annuls the sanction consisting of the withdrawal of the authorization and reduces the amount of the administrative fine imposed on the claimant Mihnea Traian Ştefan Tobescu for committing the administrative offence under letter (a) to the amount of RON 10,000. Upholds the remainder of the judgement.
Final.”
Subject-matter: the ASF appeal against Civil Judgment no. 1245/11.07.2024 whereby the Bucharest Court of Appeal partially upheld the action brought by Mr. Mr. Mihnea Traian Ștefan Tobescu, in his capacity as General Manager of Euroins Romania at the sanctioning date, and annulled ASF Decision no. 1138/28.09.2020.
Notes: on the merits, the case concerned the action brought by the respondent -claimant requesting the annulment of ASF Decision No. 1138/2020, whereby Mr. Mihnea Traian Ștefan Tobescu was sanctioned with a principal fine of RON 100,000 and an additional fine of withdrawal of approval as General Manager of Euroins Romania.
The ruling of the court can be consulted at:
By Judgement no. 3801/12.06.2025, the High Court of Cassation and Justice rendered a partially favourable decision to ASF, against the appellant-claimant Tanja Blatnik, in her capacity as General Manager of Euroins România Asigurare-Reasigurare S.A., at the sanctioning date.
Ruling made in brief:
“Admits the appeal brought by the appellant-claimant the Financial Supervisory Authority against Civil Judgment no. 1667 of 24 October 2023, delivered by the Bucharest Court of Appeal - 9th Division for Administrative and Fiscal Litigation. Sets aside the judgment in part and, on reconsideration, partially upholds the application for summons. Decreases the fine from RON 125,400 to RON 80,000. Upholds the remainder of the judgement.
Final. ”
Subject-matter: the appeal lodged by Mrs. Tanja Blatnik against Civil Judgment No. 1667/4.10.2023, whereby the Bucharest Court of Appeal dismissed the appellant's request to annul ASF Decision No. 996/26.07.2022 as unfounded.
Notes: basically, the case was about the action brought by the appellant-claimant asking for the cancellation of ASF Decision No. 996/26.07.2022, where the appellant-claimant, in her capacity as General Manager of Euroins Romania Asigurare-Reasigurare S.A. at the time of the events, was fined RON 125,400.
The ruling of the court can be consulted at:
By Judgement no. 3455/17.06.2025, the High Court of Cassation and Justice rendered a decision in favour of ASF, against the appellant-claimant Societatea Euroins România Asigurare Reasigurare S.A.
Ruling made in brief:
"Dismisses the application for a referral to the Court of Justice of the European Union, as formulated by the appellant – claimant Euroins România Asigurare Reasigurare S.A., through its provisional liquidator CITR Filiala București SPRL, as unfounded. Dismisses the appeals lodged by the claimant Euroins România Asigurare Reasigurare S.A., through its provisional liquidator CITR Filiala Bucureşti SPRL, against Civil Judgment No. 242/2024 of February 16, 2024, and against the Decision of 4 October 2023, and by the defendant Financial Supervisory Authority against Civil Judgment No. 242/2024 of 16 February 2024, both decisions being rendered by the Bucharest Court of Appeal – 8th Section for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject-matter: the appeal lodged by Euroins România Asigurare Reasigurare S.A. against Judgment No. 242/16.02.2024 and the ruling of the hearing of 4 October 2023, handed down by the Bucharest Court of Appeal, and the appeal lodged by ASF against the same decision, whereby the Bucharest Court of Appeal ruled as follows in brief:
”Admits the application in part, as specified. Annuls in part Decision No. 1201/01.09.2022, namely Article 1, in the sense of reducing the total final fine imposed from the amount of RON 1,023,200 to the amount of RON 630,977, and Art. 2 para. (3), in the sense of removing the measure ordered. Dismisses, as inadmissible, the application for annulment of the System Procedure on the establishment and application of administrative sanctions or measures that ASF has the power to impose. Dismisses the remainder of the application as unfounded.”
Notes: on the merits, the case concerned:
In the main:
In the alternative:
The ruling can be consulted at:
By Judgement no. 3704/25.06.2025, the High Court of Cassation and Justice rendered a decision in favour of ASF, against the appellant-claimant ICESA S.A.
Ruling made in brief:
"Dismissed the application for referral to the Court of Justice of the European Union as irrelevant to the case. Dismisses the appeal against the decision of 17 November 2023, regarding the rejection of the request for referral to the CJEU, and against Judgment No. 329 of 1 March 2024, on the decision given on the related actions for annulment, pronounced by the Bucharest Court of Appeal – 8th Section for Administrative and Fiscal Litigation, as unfounded. Dismisses the appeal against the judgment on the request for suspension as unfounded. Final.”
Subject-matter: the appeal lodged by the appellant-claimant against Civil Judgment No. 329/1.03.2024 and the Decision of 17.11.2023, whereby the Bucharest Court of Appeal dismissed as unfounded the action brought by the appellant-claimant, dismissed as unfounded the request for suspension of ASF Decision No. 804/10.08.2023, and dismissed as inadmissible the application for referral to the CJEU.
Notes: on the merits, the case concerned:
(1) annulment of the Answer issued by ASF under no. 17771/18.10.2022, as unfounded and unlawful, in view of the alleged non-existence of the obligation of the claimant ICESA S.A. to make a mandatory takeover bid for the shares of U.C.M. Reșița S.A. in accordance with the provisions of Article 39 of Law no. 24/2017;
(2) annulment of ASF Decision no. 261/16.03.2023,
File case no. 5699/2/2023 was joined to this case, which concerned:
- suspension the application/execution of ASF Decision no. 804/10.08.2023, in order to suspend the claimant's obligation to pay the fine of RON 72,800 and the obligation provided for in Art. 4 of the Decision to submit the mandatory takeover bid until the final resolution of the action for annulment, pursuant to Art. 15 of Law no. 554/2004;
- annulment of ASF Decision no. 804/10.08.2023 as unfounded and unlawful and declare that ICESA S.A. is under no obligation to make the mandatory takeover bid provided for in Article 39 of Law no. 24/2017 with a view to taking over the shares of UCM Reșița S.A.
The ruling can be consulted at:
By Judgement no. 380/26.06.2025, the High Court of Cassation and Justice rendered a favourable decision to ASF, against the appellant-claimant Bogdan Alexander Adamescu, in his capacity as Chairman of the Board of Directors nd legal representative of the company Compania Hotelieră Intercontinental România S.A.
Ruling made in brief:
„Dismisses the appeal filed by the appellant-claimant Bogdan Alexander Adamescu against Civil Judgement no. 913 of 26 May 2023, delivered by the Bucharest Court of Appeal - 8th Division for Administrative and Fiscal Litigation, as unfounded.
Final.”
Subject matter: the appeal brought by the appellant-claimant against Civil Judgement no. 913/26.05.2023, delivered by the Bucharest Court of Appeal, which dismissed the appeal as unfounded.
Notes: on the merits, the case was brought by the appellant-plaintiff against:
The ruling of the court can be consulted at:
By Judgement No. 3775/26.06.2025, the High Court of Cassation and Justice ruled in favor of ASF in the dispute with the appellant-claimant Sorin Ion Rădulescu, in his capacity as Head of Portfolio Management at Transilvania Investments Alliance S.A.
Ruling made in brief:
„Dismisses the appeal filed by the appellant-claimant Sorin Ion Rădulescu against Civil Judgement no. 743/2024 of 9 May 2024, delivered 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. 743/9.05.2024, whereby the Bucharest Court of Appeal dismissed as unfounded the action seeking the annulment of ASF Decision No. 108/03.02.2023, which imposed a fine of RON 3,200 on the appellant-claimant in his capacity as Head of the Portfolio Management Department at Transilvania Investments Alliance S.A.
The ruling can be consulted at:
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