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ECJ: Rasdaq cannot be considered a legally regulated market


The European Court of Justice (ECJ) has ruled in a case tried at Cluj-Napoca (north-west of Bucharest) Court of Appeal referring to manipulation of the capital market, that the legal status of Rasdaq market does not allow it to be considered as a regulated market.

According to the ECJ, a financial instruments market which fails to meet the requirements laid down in EC Directive 2004/39 on financial instruments markets does not fit the notion of a „regulated market”, even if its operator merged with the operator of a regulated market.

Also according to that decision, „Article 47 of Directive 2004/39, as amended by Directive 2007/44, must be interpreted in the sense that the registration of a market on the list of regulated markets, stipulated by this article, is not a necessary condition for the qualification of the respective market as a regulated market in the sense of this Directive”.

A lawsuit is under way at Cluj-Napoca Court of Appeal in which businessman Gicu Gansca, along with Director General of the SSIF BT Securities, Rares Nilas and three others were sued, in November 2010, for manipulating the capital market in the case of ACI Bistrita. According to the indictment prepared by DIICOT Cluj, Gicu Gansca purchased, under a contract of sale-purchase, 3.9 million shares of ACI Bistrita Co., not at the market price traded on the stock exchange, but at a price established through the contract. Defendants in this case file are accused of committing the offense of manipulating on the Rasdaq market in February 2008, and in the period November 2007-February 2008, the ACI shares of the issuer company SC ACI Bistrita SA.

Defendants’ lawyers asked the court to determine whether Rasdaq market is a regulated market in the sense of European regulations in the field.

The Public Ministry considers that Rasdaq market is a regulated market because it merged in 2005 with the Bucharest Stock Exchange, forming in fact a single market and operating in conformity with the National Securities Commission (CNVM) norms and those of the Bucharest Stock Exchange.

According to the ECJ, „(…) those that merged in 2005 were Bucharest Stock Exchange operator and, respectively, the one of Rasdaq market, and not the markets themselves. Therefore, the fact that, as the Romanian government underlined, the shares are traded on the Rasdaq market through the electronic support made available by Bucharest Stock Exchange SA, cannot be sufficient to legally consider this market as a „regulated market”.


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