Ruling of the Constitutional Court: Equity holding limit stays in force

The Constitutional Court delivered its judgment earlier today, holding that the equity holding limit at financial investment companies is compliant to the constitution and therefore, the 1% cap remains in force, according to a communiqué remitted by FIC Oltenia (BSE: SIF5).

[Update 1]The derivatives of the underlying FIC shares has resumed trading at Sibiu Exchange at 15:50 EET.

Before suspending stocks of financial investment companies at BSE, the futures contracts of the FIC Banat-Crisana (BSE: SIF1), FIC Moldova (BSE: SIF2), FIC Transilvania (BSE: SIF3), FIC Muntenia (BSE:SIF4) and FIC Oltenia (BSE: SIF5) underlying shares were suspended from trading.

[Update] FIC trading will be resumed at 15.35 EET, with a pre-opening interval of 15 minutes.

The five financial investment companies and their derivatives were suspended from trading at 13:38 EET from Bucharest Stock Exchange, in order to protect investors.

The financial investment companies (BSE: SIF), whose performance is gauged by BET-FI index increased 1.84% at the time of suspension.

Under the regulation in force, traders shall not hold more than 1% of the financial investment companies’ equity, and if they exceed the limit, investors must sell their holdings.

Comrimet Company, one of the equity holders at SIF Oltenia, has raised the exception of non-constitutionality of the equity holding limit of 1%, in a legal action started against the financial investment company, ruled by the Dolj Tribunal.

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