CNVM (National Securities Commission) has fined Cocor Bucuresti (COCR) 1.01 million RON (300,000 euros) for transactions that involved SIF Transilvania (SIF3) shares between May 24 and May 31, which were allegedly conducted using inside information, according to Ordinance No. 759 issued by the CNVM on Thursday, September 19. This is the highest fine in the Stock Exchange's history, and the first fine given by the CNVM for charges of insider trading. Cocor representatives responded and stated the CNVM's decision was "abusive and illegal", and argued that the legal action initiated against the capital increase at SIF Transilvania was "serious and legitimate" and did not intend to, or result in, the speculation of SIF Transilvania's quote. They also specified that this action was not a result of privileged information, and was made at "the company's own will and commitment, with an outcome that would be uncertain and unforeseeable". On May 25, Cocor filed with the Brasov Court of Law to suspend and annul the capital increase by bonus shares approved by SIF Transilvania shareholders on April 27. However, the first information on this dispute was only made public in a Cocor release, on May 31.
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