Financial Supervisory Authority
Financial Supervisory Authority
11/07/2024 | Press release | Distributed by Public on 11/08/2024 01:11
Favourable ASF rulings handed down in October 2024...
Bucharest, November 7th, 2024 - In October 2024, the courts ruled in favour of ASF in the following relevant case files:
- High Court of Cassation and Justice - Case file no. 1807/2/2021
By Judgment no. 4204 of 02/01/2024, the High Court of Cassation and Justice ruled in favour of ASF, against the appellant- petitioner Euroins România Asigurare-Reasigurare S.A.
The solution in a nutshell:
"Grants the plea that the appeal is out of time. Dismisses the appeal brought by the petitioner Societatea Euroins România Asigurare Reasigurare S.A. by judicial liquidator CITR Filiala Bucureşti SPRL against the Civil judgment no. 282 dated 16 February 2022, ruled by the Bucharest Court of Appeal - Ninth Administrative and Fiscal Litigation Section, on grounds of late submission.
This judgment is final".
Subject-matter: the appeal brought by the appellant- petitioner against the Civil judgment no. 282 of 16/02/2022, whereby the Bucharest Court of Appeal dismissed the action as ill-founded.
Mentions: The case was brought on the merits for overturning the ASF Decision no. 184 of 09/02/2021, whereby the appellant- petitioner was fined by Lei 500,000, i.e.: overturning the ASF Chairman's Decision no. 755 of 30/06/2020 on the periodic inspection to the appellant- petitioner.
The court's ruling can be found at:
- Bucharest Court of Appeal - Case file no. 2053/113/ 2022* (retrial)
By Judgment no. 1487 of 03/10/2024, Bucharest Court of Appeal ruled in favour of ASF, against the petitioner Manole Cristina Alina, in capacity as Chairman of the Board of Directors of the Company Navexim S.A., on the sanctioning date.
The solution in a nutshell:
"Dismisses the application brought by the petitioner Cristina-Alina Manole versus the appellee the Financial Supervisory Authority as ill-founded.
Right of appeal within 15 days as of the document was served".
Subject-matter: the complaint lodged by the applicant against:
- Decision no. 385 of 29/03/2022, whereby the petitioner was sanctioned, in capacity as Chairman of the Board of Directors of the Company Navexim S.A., to pay a fine amounting to Lei 20,100 for failure to comply with the reporting requirements set out in Articles 122 and 124, respectively, of Law no. 24/2017, republished, with subsequent amendments and additions, respectively,
- ASF's Decision no. 604 of 18/05/2022, whereby the preliminary complaint was settled. By the complaint lodged, the petitioner requested exclusively the replacement of the fine with that of a warning or a fine to the minimum amount provided by law.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000437467&id_inst=2
- Bucharest Court of Appeal - Case file no. 1774/2/2024
By Judgment no. 1611 of 11/10/2024, Bucharest Court of Appeal ruled in favour of ASF versus the petitioner, the company ICSH S.A.
The solution in a nutshell:
"Dismisses the petition brought by the petitioner SC ICSH SA versus the respondent The FINANCIAL SUPERVISORY AUTHORITY, as ill-founded.
Right of appeal within 15 days as of the document was served".
Subject-matter: action whereby the petitioner requested the court as follows:
- principally, overturning the ASF Decision no. 135 of 13/02/2024, by which the company was fined by Lei 15,000;
- subsidiarily, replacement of the penalty enforced by a written warning.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000433137&id_inst=2
- Bucharest Court of Appeal - Case file no. 8813/3/2023/a6
By the Court resolution dated 07/10/2024, the Bucharest Court of Appeal made an intermediate ruling in favour of ASF against the petitioner-appellant, Euroins România Asigurare-Reasigurare S.A.
The solution in a nutshell:
"Dismisses the guarantee claim as ill-founded. Grants a trial date to continue trial of the case on 07/02/2025, at 10:30, for when the parties shall be summoned via BPI.
Right to a remedy at the same time as the merits. (...)"
Subject-matter: action by which CITR Filiala București S.A., in capacity as judicial liquidator of Euroins, requested the Bucharest Court to overturn the Reinsurance contract concluded between Euroins and EIG AD.
By the statement of defence lodged, the respondent, EIG AD, understood to call ASF into guarantee, requesting damages estimated in the application to the sum of Euros 1 million.
The court's ruling can be found at:
https://portal.just.ro/3/SitePages/Dosar.aspx?id_dosar=300000001086629&id_inst=3
- Bucharest Court of Appeal - Case file no. 5492/2/ 2024
By the Resolution of 09/10/2024, Bucharest Court of Appeal ruled in favour of ASF against the petitioner ICESA S.A.
The solution in a nutshell:
"Dismisses the suspension petition of the Decision no. 750 of 26/07/2024, as ill-founded.
Right of appeal within 5 days as of the ruling (...)."
Subject-matter: action on the overturn and suspension of ASF 's Decision no. 750 of 26/07/2024, whereby the petitioner was fined by Lei 78,400 for not carrying out the mandatory public bid at UCM Reșița S.A.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000438916&id_inst=2
- Bucharest Court of Appeal - Case file no. 2060/2/2024
By Judgment no. 1618 of 18/10/2024, Bucharest Court of Appeal ruled in favour of ASF, against the petitioner Adriana Monica Ivan, in capacity as substitute of the risk administrator within S.S.I.F. BRK Financial Group S.A.
The solution in a nutshell:
"Takes note of the waiver of the statement of claim.
Right of appeal within 15 days as of the document was served".
Subject-matter: action whereby the petitioner asked the court, among other things, principally, to overturn in whole the ASF'S Decision no. 188 of 21/02/2024 of sanctioning the petitioner, in capacity as substitute of the risk administrator within S.S.I.F. BRK Financial Group S.A., to pay a fine of Lei 3,000 and all acts and measures ordered on its basis, respectively of sanctioning by a fine, as well as the measure of publication of the sanctioning decision on the ASF's site.
The court's ruling can be found at:
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000433571&id_inst=2
- Bucharest Court of Appeal - Case file no. 8813/3/2023/a2
By the Resolution of 4/10/2024, the court ruled in favour of ASF against the petitioner- appellant Euroins România Asigurare-Reasigurare S.A.
The solution in a nutshell:
"Dismisses the plea of illegality of A.S.F. Decision No 262 of 17/03/2023, as inadmissible.Dismisses the defences of the appellee A.S.F. regarding the inadmissibility of other evidence (and in particular, expert evidence) on appeal, apart from the written submissions, and the appellant's disqualification from the evidence of the appellee A.S.F.'s cross-examination, as unfounded.Grants the appellant and the appellee A.S.F. leave to submit written evidence, as submitted in the case file.Rejects the other evidence requested by the appellant as not being conclusive or useful for the resolution of the case.Rejects the application to the Constitutional Court with the exception of unconstitutionality of art. 72 para.(3) final sentence of Law no. 85/2014, as well as the request for suspension of the hearing of the appeal on the basis of Art. 413 para.(1), item 1 of the Code of Civil Procedure until the exception of unconstitutionality is resolved, as unfounded.Dismisses the application to the High Court of Cassation and Justice for a preliminary ruling on points of law as unfounded.
Right to appeal for the decision to reject the application to refer the matter to the Constitutional Court, within 48 hours of the ruling.
Subject-matter: appeal lodged by Societatea de Asigurare-Reasigurare Euroins S.A. against Decision no. 2920 of 29/06/2023, ruled by Bucharest County Court in case file no. 8813/3/2023, by which it ordered the opening of bankruptcy proceedings of Euroins S.A.
Mentions: The case was brought on the merits for ASF's petition and of other creditors to open the bankruptcy proceedings of Societatea de Asigurare-Reasigurare Euroins S.A.
The court's ruling can be found at
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=300000001077109&id_inst=2
- Bucharest Court of Appeal - Case file no. 2059/2/2024
By Judgment no. 1665 of 17/10/2024, Bucharest Court of Appeal ruled in favour of ASF, against the petitioner Meștereagă Cristian, in his capacity as person who provided services and activities of investment within S.S.I.F. BRK Financial Group S.A.
The solution in a nutshell:
"Finds that the petitioner has discontinued the proceedings.
Right of appeal within 15 days as of the document was served (...)".
Subject-matter: complaint lodged by the petitioner, whereby they requested the court, among other things, principally, to overturn the ASF's Decision no. 190 of 21/02/2024, by which the petitioner, in capacity as a person to have provided investment services and activities within S.S.I.F. BRK Financial Group S.A., was sanctioned to pay an administrative fine of Lei 5,500, as well as all acts and measures ordered based on it, and the measure of publication of the sanctioning decision of the ASF's site.
The court's ruling can be found at
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000433570&id_inst=2
- Bucharest Court of Appeal - Case file no. 1519/2/2020* (retrial)
By Judgment no. 1642 of 15/10/2024, the court ruled in favour of ASF against the appellant- petitioner Euroins România Asigurare-Reasigurare S.A.
The solution in a nutshell:
"Dismisses the petition as ill-founded.
Right of appeal within 15 days as of the document was served (...)".
Subject-matter: retrial, after cassation, the application for annulment of ASF Decision no. 199/2020, which ordered the sanctioning of Euroins with a fine of Lei 500,000, and the obligation to submit to the ASF, within 45 days of receipt of the decision, a plan of measures to remedy the issues found following the periodic control.
The court's ruling can be found at
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000424959&id_inst=2
- Bucharest Court of Appeal - Case file no. 7583/2/2023
By Judgment no. 1728 of 31/10/2024, the court ruled in favour of ASF against the petitioner Transilvania Investments Alliance S.A.
The solution in a nutshell:
"Dismisses the statement of claim as ill-founded.
Right of appeal within 15 days as of the document was served (...)".
Subject-matter: statement of claim whereby the petitioner requests the court, among other things, principally to overturn the ASF's Decision no.1060 of 09/10/2023, by which the petitioner was sanctioned by a warning, as unlawful and unfounded.
The court's ruling can be found at
https://portal.just.ro/2/SitePages/Dosar.aspx?id_dosar=200000000428760&id_inst=2