28
Thu, Mar
51 New Articles

Musat & Asociatii Defends the Financial Supervisory Authority of Romania Against Fondul Proprietatea Claim

Musat & Asociatii Defends the Financial Supervisory Authority of Romania Against Fondul Proprietatea Claim

Romania
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Musat & Asociatii has represented the Financial Supervisory Authority of Romania (FSA) in a court action initiated by Fondul Proprietatea (tr: the Property Fund) regarding its attempt to obtain the FSA's approval for changing the fee agreed with the Property Fund manager, Franklin Templeton Investment Management.

In 2010, Franklin Templeton entered into a management contract with the Property Fund. In 2012, the fund's shareholders decided to change the structure of the fee provided for in the management contract and requested the FSA's approval for the increase. In 2013, the FSA rejected the fund's request, a decision that the fund challenged in court. More than three years after the trial started, the High Court of Cassation and Justice definitively rejected the fund’s claim. Previously, the Bucharest Court of Appeal had also found the fund’s claims ungrounded.

"Looking beyond the final decision, in our opinion the Court exercised patience and availability for analyzing extremely complex problems, so as to clarify some challenging and novel points of law, resulting from the Property Fund’s particular organization and operation and the Financial Supervisory Authority’s legal duties towards the Fund," commented Gheorghe Buta, Co-Managing Partner of Musat & Asociatii. "The appeal court’s decision adds to the long line of important victories that Musat & Asociatii achieved in favor of the Financial Supervisory Authority." 

The team representing the FSA in the dispute was coordinated by Buta and included Partner Cosmin Libotean and Senior Associate Razvan Gheorghe.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

Firm's website.

Our Latest Issue