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  1. Article ; Online: MULTILATERAL TRADING FACILITIES (MTFS) ON ROMANIAN CAPITAL MARKET

    Cristian GHEORGHE

    Challenges of the Knowledge Society, Vol 16, Iss 1, Pp 136-

    2023  Volume 140

    Abstract: The latest version of directive regarding markets in financial instruments, Directive 2014/65/EU of the European Parliament and of the Council of 15 may 2014, known as MiFID II, lists trading venues in EU jurisdictions as the regulated markets, ... ...

    Abstract The latest version of directive regarding markets in financial instruments, Directive 2014/65/EU of the European Parliament and of the Council of 15 may 2014, known as MiFID II, lists trading venues in EU jurisdictions as the regulated markets, multilateral trading facilities (MTFs) and organised trading facilities (OTFs). The differences between these three trading places are laying down through European secondary legislation. European approach on markets do not follow the American model on trading markets: stock exchanges and alternative trading systems (ATS). Although the names differ, the essence has been preserved for alternative trading systems and multilateral trading facilities. Trading venues include regulated markets and multilateral trading facilities. Both trading places involve a multilateral system „which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments”. In both cases the pairing of orders is done in a way that results in a contract. In both cases the orders are issued in respect of the financial instruments admitted to trading under markets rules which is authorised by competent authority (Financial Supervisory Authority, FSA). Both places are operated regularly and in accordance with national and European law. The difference between the types of trading places will be quantitative, not qualitative. MTF – multilateral trading facility, the alternative market – although it is not a regulated market in the strict sense, it looks very similar. Still, it differs from regulated market by the lack of regulated procedures for admission to the market, simplified authorization and more relaxed market operation. The difference is only about a level - missing or different - of regulation, not about the essence of the concepts. Fundamentally, although more relaxed, alternative markets create the same particular framework for the formation of legal acts and operations regarding the financial instruments accepted by the system ...
    Keywords capital market ; stock exchange ; regulated market ; trading venue ; multilateral trading facility mtf ; Social sciences (General) ; H1-99
    Subject code 381 ; 332
    Language English
    Publishing date 2023-06-01T00:00:00Z
    Publisher Nicolae Titulescu University Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  2. Article ; Online: EUROPEAN VENTURE CAPITAL FUNDS (EUVECA)

    Cristian GHEORGHE

    Challenges of the Knowledge Society, Vol 15, Iss 1, Pp 142-

    2022  Volume 146

    Abstract: European law lays down a diversity of rules for undertakings for collective investment which operate on the principle of risk-spreading. First tier of legislation regards undertakings for collective investment in transferable securities (UCITS) which are ...

    Abstract European law lays down a diversity of rules for undertakings for collective investment which operate on the principle of risk-spreading. First tier of legislation regards undertakings for collective investment in transferable securities (UCITS) which are tailored for low-risk appetite (Directive 2009/65/EC of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities). Such undertakings provide a way of investing money alongside other investors in transferable securities or in other liquid financial assets. UCITS distributes units or shares which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. Such UCITSs may be constituted in accordance with contract law (as common funds managed by management companies) or statute (as investment companies). Second tier of legislation regarding collective investment comprises alternative investment funds (AIFs), with a large rage of juridical forms and repurchasing options. A specific type of AIF is European venture capital fund (EuVECA). European law reserves designation ‘EuVECA’ in relation to the marketing of venture capital funds in the Union. Qualifying venture capital fund with qualifying investments are established for the delimitation of these entities (EuVECA). [Regulation (EU) no. 345/2013 of the European Parliament and of the Council on European venture capital funds].
    Keywords capital market ; investment funds ; undertakings for collective investment in transferable securities (ucits) ; alternative investment funds (aifs) ; european venture capital funds (euveca) ; Social sciences (General) ; H1-99
    Language English
    Publishing date 2022-06-01T00:00:00Z
    Publisher Nicolae Titulescu University Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  3. Article ; Online: THE LEGAL FRAMEWORK OF SECURITISATION ON THE ROMANIAN CAPITAL MARKET

    Cristian GHEORGHE

    Challenges of the Knowledge Society, Vol 14, Iss 1, Pp 196-

    2021  Volume 200

    Abstract: Securitisation scheme enables credit institutions to refinance a set of loans, exposures or receivables, such as residential loans, auto loans or leases, consumer loans, credit cards or trade receivables. These loans, transferred to a special purpose ... ...

    Abstract Securitisation scheme enables credit institutions to refinance a set of loans, exposures or receivables, such as residential loans, auto loans or leases, consumer loans, credit cards or trade receivables. These loans, transferred to a special purpose vehicle, are transformed in tradable securities offered to investors. The lender organises loans into different risk categories for investors, thus giving them access to investments in loans and other exposures to which they normally would not have direct access. Returns to investors are originated in payments made by debtors of the underlying loans. Domestic law regarding securitisation (Law no 31/2006) does not meet the market expectations in order to generate securitisation schemes. Moreover, the domestic law came into conflict with European legislation (Regulation UE 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation). Finally, domestic law has been repealed to leave room for application of the European regulation.
    Keywords securitisation ; capital market ; securitisation special purpose entity (sspe) ; originator ; investment firm ; Social sciences (General) ; H1-99
    Subject code 340
    Language English
    Publishing date 2021-05-01T00:00:00Z
    Publisher Nicolae Titulescu University Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  4. Article ; Online: INVESTMENT SERVICES AND ACTIVITIES AGREEMENT ON CAPITAL MARKET

    Cristian GHEORGHE

    Challenges of the Knowledge Society, Vol 13, Iss 1, Pp 321-

    2019  Volume 324

    Abstract: Investment services and activities on the account of the investors shall be supplied under a contract drafted in accordance with Capital Market Laws. Intermediaries (investment firms) hold the market access monopoly to trading systems of the regulated ... ...

    Abstract Investment services and activities on the account of the investors shall be supplied under a contract drafted in accordance with Capital Market Laws. Intermediaries (investment firms) hold the market access monopoly to trading systems of the regulated market or multilateral trading systems. Contracting them is the only way for investors to have access (indirectly) to trading through market orders. The legal framework shaped by the contract regarding investment services and activities is the premise, the mandatory and preliminary condition for the sale or purchase of financial instruments. The contract of investment services and activities is thus a sine qua non for trading on the capital market.
    Keywords capital market ; investment services and activities agreement ; regulated market ; trading system ; investment firm ; Social sciences (General) ; H1-99
    Language English
    Publishing date 2019-05-01T00:00:00Z
    Publisher Nicolae Titulescu University Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  5. Article ; Online: UNLAWFUL CONDUCT ON THE CAPITAL MARKET

    Cristian GHEORGHE

    Challenges of the Knowledge Society, Vol 12, Iss -, Pp 252-

    2018  Volume 255

    Abstract: European Union Law had explicitly authorized the use of a double punishment (administrative and criminal) in the context of the fight against illegal conduct on the financial markets. Thus many facts and behaviours on the capital market have a double ... ...

    Abstract European Union Law had explicitly authorized the use of a double punishment (administrative and criminal) in the context of the fight against illegal conduct on the financial markets. Thus many facts and behaviours on the capital market have a double regulation, especially in the area of market abuse. For example, we have the misconduct of market manipulation punished with administrative (pecuniary) penalty and the market manipulation offense punished with criminal penalty. Criminal liability conditions are different from administrative liability but generating facts and behaviours are rigorously identical. Therefore acts of market manipulation are punished as misdemeanours (administrative procedure) when acts are committed without the form of guiltiness required by law to qualify them as offenses (criminal procedure). The question raised by European and Romanian regulations on financial market is the compatibility with or violation of the European Convention on Human Rights (ECHR). In order to ensure the integrity of markets and to enhance investor confidence in those markets, European law has created broad administrative offences, which punish the risk of harm to the market with severe, pecuniary and non-pecuniary penalties. Access to a subsequent court in administrative proceedings is an evasive guarantee that does not compensate the unfairness of the administrative procedure. ECHR case law concluded that market pressure and need for compliance in that field cannot prevail over international human rights obligations of States bound by the Convention (ECHR).
    Keywords capital market ; market abuse ; double punishment ; ne bis in idem ; ECHR ; Social sciences (General) ; H1-99
    Subject code 340
    Language English
    Publishing date 2018-05-01T00:00:00Z
    Publisher Nicolae Titulescu University Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  6. Article ; Online: MANDATORY TAKEOVER BIDS ON ROMANIAN CAPITAL MARKET

    Cristian GHEORGHE

    Challenges of the Knowledge Society, Vol 7, Iss -, Pp 234-

    2017  Volume 237

    Abstract: The Romanian Capital Market Law (Law no 297/2004) lays down rules regarding public offers (to buy or sell) of securities admitted to trading on a regulated market. Such offers are not unknown in the general framework of companies’ regulations, i.e. ... ...

    Abstract The Romanian Capital Market Law (Law no 297/2004) lays down rules regarding public offers (to buy or sell) of securities admitted to trading on a regulated market. Such offers are not unknown in the general framework of companies’ regulations, i.e. Company Law no 31/1990. Actually a public limited liability company (joint stock company) can use a public subscriptions (offering shares for sale) to raise the registered capital for incorporation of the company or to increase the company’s share capital already established. But all such operations are voluntary decisions. The founders or the shareholders of the company are those who decide to launch a public subscriptions. Capital Market Law comes with something new and at least peculiar at first sight: mandatory takeover bid, meaning a mandatory public offer made by an offeror to the holders of the securities of a company (offeree) to acquire all or some of those securities. Can someone be forced to buy securities on the regulated market? The Capital Market Law responds affirmatively, but only if such takeover bid follows or has as its objective the acquisition of control of the offeree company in accordance with national law. The takeover bid remains under supervision and authorization of the national authority of the Capital Market (FSA – Financial Supervisory Authority).
    Keywords capital market ; investments ; public offers ; mandatory takeover bid ; securities ; Social sciences (General) ; H1-99
    Subject code 340
    Language English
    Publishing date 2017-05-01T00:00:00Z
    Publisher Nicolae Titulescu University Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  7. Article ; Online: Good outcome of tracheostomy in a COVID‐19 child with Joubert syndrome—Case report

    Veronica Epure / Doru Oprea / Dan Cristian Gheorghe

    Clinical Case Reports, Vol 11, Iss 2, Pp n/a-n/a (2023)

    2023  

    Abstract: Abstract Pediatric tracheostomy in COVID‐19 patients is a rarity. Joubert syndrome is a rare genetic disease, involving a lack of muscle control. We report the case of a child with Joubert syndrome and a severe form of COVID‐19 infection, in whom we ... ...

    Abstract Abstract Pediatric tracheostomy in COVID‐19 patients is a rarity. Joubert syndrome is a rare genetic disease, involving a lack of muscle control. We report the case of a child with Joubert syndrome and a severe form of COVID‐19 infection, in whom we performed tracheostomy in order to replace prolonged intubation and mechanical ventilation; successful decannulation was performed after 12 months. Successful decannulation is still possible in a child with severe comorbidities (Joubert syndrome) even if it might take much longer than in patients without comorbidities.
    Keywords apnea ; decannulation ; Joubert syndrome ; tracheostomy ; Medicine ; R ; Medicine (General) ; R5-920
    Language English
    Publishing date 2023-02-01T00:00:00Z
    Publisher Wiley
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  8. Article ; Online: Efficacy of Continuous Suctioning in Adenoidectomy Haemostasis—Clinical Study

    Veronica Epure / Razvan Hainarosie / Dan Cristian Gheorghe

    Medicina, Vol 59, Iss 1534, p

    2023  Volume 1534

    Abstract: Introduction : Adenoidectomy is often the first major surgical challenge for the child’s haemostatic system, and controlling intraoperative bleeding can be a challenge for the surgeon. Different methods have been used intraoperatively by surgeons in ... ...

    Abstract Introduction : Adenoidectomy is often the first major surgical challenge for the child’s haemostatic system, and controlling intraoperative bleeding can be a challenge for the surgeon. Different methods have been used intraoperatively by surgeons in order to enhance haemostasis. The cold air effect (continuous suctioning) has been used by some surgeons during adenoidectomy; however, no documentation of its haemostatic effect has been made. Objectives : Our prospective randomised controlled study enrolled a sample of 140 children undergoing adenoidectomy, and we studied the effect of continuous suctioning on the duration of haemostasis in paediatric adenoidectomy. Materials and Methods : We evaluated the effect of using continuous suctioning during haemostasis at the end of adenoidectomy procedures, comparing variables such as total surgery time, total haemostasis time, and intraoperative blood loss, between two groups: 70 adenoidectomy procedures where no continuous suctioning was used to enhance haemostasis versus the other 70 patients where continuous suctioning was the haemostatic method employed. RESULTS: After statistical analysis of the recorded data, we found that the total duration of adenoidectomy, the duration of haemostasis in adenoidectomy, and the intraoperative blood loss were significantly lower in patients in whom cold air was used for haemostasis. Intraoperative haemostasis failure (and consequent use of electrocautery for haemostasis) was more frequent in patients in whom no suctioning was used; as for the rates of postoperative primary bleeding after adenoidectomy, they were similar in both groups of patients, regardless of the technique used for haemostasis. Conclusions : The use of continuous suctioning during adenoidectomy haemostasis significantly shortens total surgical and haemostasis time, reduces intraoperative blood loss, and reduces the incidence of haemostasis failure (with the consequent need for bipolar electrocautery haemostasis).
    Keywords operative time ; haemostasis time ; adenoidectomy ; continuous suctioning ; primary postadenoidectomy hemorrhage ; Medicine (General) ; R5-920
    Subject code 610
    Language English
    Publishing date 2023-08-01T00:00:00Z
    Publisher MDPI AG
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  9. Article ; Online: New aspects in nonsurgical treatment of Marshall syndrome

    Veronica EPURE / Dan Cristian GHEORGHE

    Romanian Journal of Medical Practice, Vol 16, Iss 2, Pp 286-

    2021  Volume 289

    Abstract: Marshall syndrome, defined by recurrent fever episodes, angina, adenitis and stomatitis, is frequently encountered in childhood. Medical treatment consists of corticosteroids in order to solve the acute symptoms; adenotonsillectomy or alternative ... ...

    Abstract Marshall syndrome, defined by recurrent fever episodes, angina, adenitis and stomatitis, is frequently encountered in childhood. Medical treatment consists of corticosteroids in order to solve the acute symptoms; adenotonsillectomy or alternative medication can be administered on the long term in order to prevent recurrence of symptoms. The authors present a case of Marshall syndrome; based on personal experience and data from literature, the authors draw attention on the efficiency of montelukast in preventing recurrence of episodes, as an alternative option to surgery.
    Keywords fever ; angina ; adenitis ; montelukast ; Medicine ; R ; Medicine (General) ; R5-920
    Language English
    Publishing date 2021-06-01T00:00:00Z
    Publisher Amaltea Medical Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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  10. Article ; Online: Cochlear explantation – surgical and audiological aspects

    Dan Cristian Gheorghe / Veronica Epure

    Romanian Medical Journal, Vol 68, Iss 2, Pp 310-

    2021  Volume 314

    Abstract: Cochlear explantation is rare in surgical practice; it can be due to medical conditions or device failure. According to literature datas, there are some particularities to be expected in revision surgery. The authors describe a case of successfull ... ...

    Abstract Cochlear explantation is rare in surgical practice; it can be due to medical conditions or device failure. According to literature datas, there are some particularities to be expected in revision surgery. The authors describe a case of successfull explantation followed by reimplantation, with excellent results, pointing out on the surgical difficulties encountered.
    Keywords cochlear implantation ; fibrosis ; osteoneogenesis ; Medicine ; R ; Medicine (General) ; R5-920
    Language English
    Publishing date 2021-06-01T00:00:00Z
    Publisher Amaltea Medical Publishing House
    Document type Article ; Online
    Database BASE - Bielefeld Academic Search Engine (life sciences selection)

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