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Document 62025CB0163
Case C-163/25, Sadalbari: Order of the Court (Eighth Chamber) of 3 October 2025 (request for a preliminary ruling from the Curtea de Apel Bucureşti – Romania) – SC Sadalbari SRL v Autoritatea de Supraveghere Financiară, Sectorul Instrumentelor şi Investiţiilor Financiare (Reference for a preliminary ruling – Article 53(2) and Article 99 of the Rules of Procedure of the Court of Justice – Response which may be clearly deduced from the case-law – Markets in financial instruments – Directive 2004/39/EC – Article 4(1)(14) – Definition of regulated market – Authorisation – Functional requirements – Market administered, following a merger, by a legal person also administering a regulated market – Article 94(c) of the Rules of Procedure – Manifest inadmissibility)
Case C-163/25, Sadalbari: Order of the Court (Eighth Chamber) of 3 October 2025 (request for a preliminary ruling from the Curtea de Apel Bucureşti – Romania) – SC Sadalbari SRL v Autoritatea de Supraveghere Financiară, Sectorul Instrumentelor şi Investiţiilor Financiare (Reference for a preliminary ruling – Article 53(2) and Article 99 of the Rules of Procedure of the Court of Justice – Response which may be clearly deduced from the case-law – Markets in financial instruments – Directive 2004/39/EC – Article 4(1)(14) – Definition of regulated market – Authorisation – Functional requirements – Market administered, following a merger, by a legal person also administering a regulated market – Article 94(c) of the Rules of Procedure – Manifest inadmissibility)
Case C-163/25, Sadalbari: Order of the Court (Eighth Chamber) of 3 October 2025 (request for a preliminary ruling from the Curtea de Apel Bucureşti – Romania) – SC Sadalbari SRL v Autoritatea de Supraveghere Financiară, Sectorul Instrumentelor şi Investiţiilor Financiare (Reference for a preliminary ruling – Article 53(2) and Article 99 of the Rules of Procedure of the Court of Justice – Response which may be clearly deduced from the case-law – Markets in financial instruments – Directive 2004/39/EC – Article 4(1)(14) – Definition of regulated market – Authorisation – Functional requirements – Market administered, following a merger, by a legal person also administering a regulated market – Article 94(c) of the Rules of Procedure – Manifest inadmissibility)
OJ C, C/2025/6148, 24.11.2025, ELI: http://data.europa.eu/eli/C/2025/6148/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
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Official Journal |
EN C series |
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C/2025/6148 |
24.11.2025 |
Order of the Court (Eighth Chamber) of 3 October 2025 (request for a preliminary ruling from the Curtea de Apel Bucureşti – Romania) – SC Sadalbari SRL v Autoritatea de Supraveghere Financiară, Sectorul Instrumentelor şi Investiţiilor Financiare
(Case C-163/25, (1) Sadalbari)
(Reference for a preliminary ruling - Article 53(2) and Article 99 of the Rules of Procedure of the Court of Justice - Response which may be clearly deduced from the case-law - Markets in financial instruments - Directive 2004/39/EC - Article 4(1)(14) - Definition of ‘regulated market’ - Authorisation - Functional requirements - Market administered, following a merger, by a legal person also administering a regulated market - Article 94(c) of the Rules of Procedure - Manifest inadmissibility)
(C/2025/6148)
Language of the case: Romanian
Referring court
Curtea de Apel Bucureşti
Parties to the main proceedings
Applicant: SC Sadalbari SRL
Defendant: Autoritatea de Supraveghere Financiară, Sectorul Instrumentelor şi Investiţiilor Financiare
Operative part of the order
Article 4(1)(14) and Article 36(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC,
must be interpreted as meaning that a market in financial instruments which has not been authorised as a ‘regulated market’, within the meaning of that directive, or which does not fulfil the other conditions laid down by the provisions in Title III of that directive does not constitute a ‘regulated market’ within the meaning of that directive.
(1) Date lodged: 27.02.2025.
ELI: http://data.europa.eu/eli/C/2025/6148/oj
ISSN 1977-091X (electronic edition)