The Court of Justice of the European Union claims that the Rasdaq is not a regulated market, even though stocks listed on it are traded with the help of the electronic system provided by the Bucharest Stock Exchange, according to a communiqué sent by law firm "Duţescu şi Asociaţii" ("Duţescu and Associates") yesterday.
In June, the judges of the Court of Appeal of Cluj have suspended the lawsuit by which several brokers of "BT Securities", including Rareş Nilaş, the head of the company, and the businessman of Cluj Gicu Agenor Gânscă are charged with stock market manipulation, concerning a series of trades concluded between November 2007-February 2008, on the Rasdaq market with shares of ACI SA Bistriţa (symbol: ACIS).
Rareş Nilaş, the general manager of BT Securities, gave us the following statement yesterday: "Me and my clients will be acquitted, because the market abuse which we are being charged with does not legally exist".
The lawyers of "Duţescu&Partners" have the following to say: "Aside from the legal effects generated by this interpretation of the notion of regulated market, which is a first from the Court of Justice of the EU, we want to emphasize that regardless of whether the market that Mr. Gicu Agenor Gânscă conducted his operations with the shares of ACIS on, is regulated or not, his orders and his trades, including the buying orders, did not represent market manipulation and have caused no harm to the market participants".
On May 13th 2011, the judges had asked the European Court of Justice to issue a statement on the status of the Rasdaq market, in their legal proceedings against Gicu Agenor Gânscă, Nilaş Rareş Doralin, Sergiu-Dan Dascăl, Ana-Maria Oprean, Ionuţ Horea Baboş.
Before notifying the European Court of Justice, the judges have asked for the opinion of the Romanian National Securities Commission (CNVM). The l
