Court To Rule On SIF Stake Cap Constitutionality

05.23.2011 By Andrei Circhelan

The Constitutional Court will decide on June 2 the constitutionality of the 1% ceiling applied to stakes in the five regional investment funds, or SIFs.

SIF Transilvania (SIF3.RO) recently went to court, asking securities regulator CNVM to raise the stake ceiling to 5%, in compliance with a decision made in 2009 by the fund's shareholders.

The constitutionality issue was raised by the SIF in a case tried by the Bucharest Court of Appeals.