CJEU Cases

You can find further information about CJEU on its website: Court of Justice of the European Union

Selected cases related to investor and insurer protection

CaseKey Words
C-312/14 Banif Plus Bank Zrt. v. Márton Lantos, Mártonné LantosReferences for a preliminary ruling — Directive 2004/39/EC — Articles 4(1) and 19(4), (5) and (9) — Markets in financial instruments — Concept of ‘investment services and activities’ — Provisions to ensure investor protection — Conduct of business obligations when providing investment services to clients ‐ Obligation to assess the suitability or appropriateness of the service to be provided — Contractual consequences of non-compliance with that obligation — Consumer credit contracts — Foreign currency denominated loan — Advancement and reimbursement of loan in domestic currency — Terms relating to the exchange rate
C-542/16 Länsförsäkringar Sak Försäkringsaktiebolag and Others v Dödsboet efter Ingvar Mattsson and Länsförsäkringar Sak FörsäkringsaktiebolagReference for a preliminary ruling — Directive 2002/92/EC — Scope — Concept of insurance mediation — Directive 2004/39/EC — Scope — Concept of ‘investment advice’ — Advice given in insurance mediation concerning the placement of capital in the context of capital life assurance — Classification of the activity of an insurance agent in the absence of his intention to conclude a genuine insurance contract
C-678/15 Mohammad Zadeh Khorassani v Kathrin PflanzReferences for a preliminary ruling — Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(2) — Definition of ‘investment services’ — point 1 of Section A of Annex I — Reception and transmission of orders in relation to one or more financial instruments — Potential inclusion of brokering with a view to concluding a portfolio management contract
C-375/15 BAWAG PSK Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG v Verein für KonsumenteninformationReference for a preliminary ruling — Directive 2007/64/EC — Payment services in the internal market — Framework contracts — Prior general information — Obligation to provide that information on paper or on another durable medium — Information transmitted by means of the electronic mailbox of an online banking website
C-15/16 Bundesanstalt für Finanzdienstleistungsaufsicht v Ewald BaumeisterReference for a preliminary ruling — Approximation of laws — Directive 2004/39/EC — Article 54(1) — Scope of the obligation of professional secrecy on national financial supervision authorities — Concept of ‘confidential information’
C-358/16 UBS Europe SE and Alain Hondequin and Others v DV and OthersReference for a preliminary ruling — Approximation of laws — Directive 2004/39/EC — Article 54(1) and (3) — Scope of the obligation of professional secrecy on national financial supervisory authorities — Finding of the absence of good repute — Cases covered by criminal law — Charter of Fundamental Rights of the European Union — Articles 47 and 48 — Rights of the defence — Access to the file
C-174/12 Alfred Hirmann v Immofinanz AGReference for a preliminary ruling – Company law – Second Directive 77/91/EEC – Liability of a public limited liability company for breach of its obligations in respect of advertising – Inaccurate information in share prospectus – Extent of liability – Legislation of a Member State providing for repayment of the price paid by the purchaser for purchased shares
C-658/15 Robeco Hollands Bezit NV and Others v Stichting Autoriteit Financiële Markten (AFM)Reference for a preliminary ruling — Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(14) — Definition of ‘regulated market’ — Scope — System in which the participants are brokers representing investors and ‘open end’ investment fund agents required to execute orders relating to their funds
C-19/11 Markus Geltl v Daimler AGDirectives 2003/6/EC and 2003/124/EC — Inside information — Notion of ‘precise information’ — Intermediate steps in a protracted process — Reference to circumstances or an event which may reasonably be expected to come into existence or occur — Interpretation of the wording ‘may reasonably be expected’ — Public disclosure of information relating to change of a manager of a company
C-628/13 Jean-Bernard Lafonta v Autorité des marchés financiersReference for a preliminary ruling — Approximation of laws — Directive 2003/6/EC — Article 1, point (1) — Directive 2003/124/EC — Article 1(1) — Inside information — Concept of ‘information of a precise nature’ — Potential effect in a particular direction on the prices of financial instruments
C-270/12 United Kingdom of Great Britain and Northern Ireland v European Parliament and Council of the European UnionRegulation (EU) No 236/2012 – Short selling and certain aspects of credit default swaps – Article 28 – Validity – Legal basis – Powers of intervention conferred on the European Securities and Markets Authority in exceptional circumstances
C-205/84 Commission of the European Communities v Federal Republic of GermanyJudgment of the Court of 4 December 1986. – Commission of the European Communities v Federal Republic of Germany. – Freedom to provide services – Insurance. – Case 205/84
C-559/15 Onix Asigurări SA v Istituto per la Vigilanza Sulle Assicurazioni (IVASS)Reference for a preliminary ruling — Directive 73/239/EEC — Directive 92/49/EEC — Principle of single authorisation — Principle of supervision by the home Member State — Article 40(6) — Concept of ‘irregularities’ — Reputation of shareholders — Prohibition on insurance companies established in a Member State concluding new contracts within the territory of another Member State
T-133/16 Caisse régionale de crédit agricole mutuel Alpes Provence and Others v European Central BankEconomic and monetary policy — Prudential supervision of credit institutions — Article 4(1)(e) and (3) of Regulation (EU) No 1024/2013 — Person effectively directing the business of a credit institution — Article 13(1) of Directive 2013/36/EU and the second paragraph of Article L. 511-13 of the French monetary and financial code — Prohibition on combining the role chairman of the management body of a credit institution in its supervisory function with the role of chief executive officer of the same establishment — Article 88(1)(e) of Directive 2013/36 and Article L. 511-58 of the French monetary and financial code

C-359/14 – ERGO Insurance
Reference for a preliminary ruling — Judicial cooperation in civil matters — Choice of applicable law — Regulation (EC) No 864/2007 and Regulation (EC) No 593/2008 — Directive 2009/103/EC — Accident caused by a tractor unit coupled with a trailer, each of the vehicles being insured by different insurers — Accident which occurred in a Member State other than that in which the insurance contracts were concluded — Action for indemnity between the insurers — Applicable law — Definitions of ‘contractual obligations’ and ‘non-contractual obligations’

C-427/19 Bulstrad Vienna Insurance Group
Freedom of establishment Reference for a preliminary ruling – Directive 2009/138/EC – Article 274 – Law applicable to winding-up proceedings with regard to insurance undertakings – Withdrawal of the authorisation of an insurance company – Appointment of a provisional liquidator – Concept of ‘decision to open winding-up proceedings with regard to an insurance undertaking’ – Absence of a court decision to open winding-up proceedings in the home Member State – Stay of court proceedings with regard to the insurance undertaking concerned in Member States other than its home Member State
C-25/19 CorporisReference for a preliminary ruling — Freedom of establishment — Freedom to provide services — Markets in financial instruments — Directive 2004/39/EC — Meanings of ‘retail client’ and ‘consumer’ — Conditions for relying on the status of consumer — Determining jurisdiction to hear the request
C-777/18 Vas Megyei Kormányhivatal (Cross-border healthcare)Reference for a preliminary ruling – Social security – Sickness insurance – Regulation (EC) No 883/2004 – Article 20 – Scheduled treatment –Prior authorisation – Mandatory grant – Conditions – Insured person prevented from applying for prior authorisation – Regulation (EC) No 987/2009 – Article 26 – Assumption of costs of scheduled treatment incurred by the insured person – Procedure for reimbursement – Directive 2011/24/EU – Cross-border healthcare – Article 8(1) – Healthcare that may be subject to prior authorisation – Principle of proportionality – Article 9(3) – Processing of applications for cross-border healthcare – Factors to be taken into account – Reasonable time – Freedom to provide services – Article 56 TFEU
C-390/18 Airbnb Ireland JudgmentReference for a preliminary ruling — Directive 2000/31/EC — Information society services — Directive 2006/123/EC — Services — Connection of hosts, whether businesses or individuals, with accommodation to rent with persons seeking that type of accommodation — Qualification — National legislation imposing certain restrictions on the exercise of the profession of real estate agent — Directive 2000/31/EC — Article 3(4)(b), second indent — Obligation to give notification of measures restricting the freedom to provide information society services — Failure to give notification — Enforceability — Criminal proceedings with an ancillary civil action
C-483/14 KA FinanzArea of freedom, security and justice – Judicial cooperation in civil matters area of freedom, security and justice – Judicial cooperation in civil matters Freedom of establishment Freedom to provide services Free movement of capital Reference for a preliminary ruling — Rome Convention — Applicable law — Cross-border merger — Directive 78/855/EEC — Directive 2005/56/EC — Merger by acquisition — Protection of creditors — Transfer of all the assets and liabilities of the company being acquired to the acquiring company
C-778/18 Association française des usagers de banquesReference for a preliminary ruling – Consumer protection – Payment services in the internal market – Directive 2007/64/EC – Article 45 – Directive (EU) 2015/2366 – Article 55 – Termination of a framework contract – Directive 2014/17/EU – Credit agreements for consumers relating to residential immovable property – Article 12(1), (2)(a) and (3) – Tying practices – Bundling practices – Directive 2014/92/EU – Payment accounts – Articles 9 to 14 – Account switching – Obligation to deposit income on a payment account held with the lender during a period fixed by the credit agreement as consideration for an individual advantage – Duration of the obligation – Loss of the individual advantage in the event of early termination of the account
C-550/18 Commission v IrelandAnti-money laundering — Financial provisions — Own resources Failure of a Member State to fulfil obligations — Article 258 TFEU — Prevention of the use of the financial system for the purposes of money laundering or terrorist financing — Directive (EU) 2015/849 — Failure to transpose and/or to notify transposition measures — Article 260(3) TFEU — Application for an order to pay a lump sum
C-339/19 Romenergo and Aris CapitalFreedom of establishment Reference for a preliminary ruling – Free movement of capital – Company law – Shares admitted to trading on the regulated market – Financial investment company – National regulations limiting the shareholding in certain financial investment companies – Statutory presumption of concerted action
C-584/17 P ADR Center v CommissionFinancial provisions – Budget Appeal — Arbitration clause — Grant agreements concluded in the context of the Specific Programme ‘Civil Justice’ for the period 2007-2013 — Audit reports questioning the eligibility of certain costs — European Commission decision to recover unduly paid sums — Article 299 TFEU — Power of the Commission to adopt an enforceable decision within contractual relationships — Jurisdiction of the EU judicature — Effective judicial protection
C-395/17 Commission v NetherlandsFinancial provisions – Own resources Failure of a Member State to fulfil obligations — Own resources — Association of the Overseas Countries and Territories (OCT) with the European Union — Decision 91/482/EEC — Decision 2001/822/EC — Acceptance for import into the European Union free of customs duties of products originating in the OCTs — Movement certificate EUR. 1 — Wrongful issue of certificates by the authorities of an OCT — Customs duties not collected by the importing Member States — Article 4(3) TEU — Principle of sincere cooperation — Liability of the Member State having special relations with the OCTs concerned — Obligation to compensate the loss of the European Union’s own resources caused by the wrongful issue of EUR.1 certificates — Imports of milk powder and rice from Curaçao and of groats and meal from Aruba
Allianz Hungária Biztosító and Others
Competition — Article 101(1) TFEU — Application of similar national regulations — Jurisdiction of the Court — Bilateral agreements between an insurance company and car repairers relating to hourly repair charges — Charges paid depending on the number of insurance contracts concluded for the insurance company by those repairers in their capacity as brokers — Concept of ‘agreement having as its object the restriction of competition’

Commission v Spain
Failure of a Member State to fulfil obligations – Direct insurance other than life assurance and direct life assurance – Directives 92/49/EEC and 2002/83/EC – Portfolio transfer system – Right to cancel – Admissibility.

Jean-Claude Van Hove v CNP Assurances SA
Reference for a preliminary ruling — Directive 93/13/EEC — Unfair terms — Insurance contract — Article 4(2) — Assessment of the unfairness of contractual terms — Exclusion of terms relating to the main subject-matter of the contract — Term intended to ensure that mortgage loan repayments are covered — Borrower’s total incapacity for work — Exclusion from cover in the event of recognised fitness to undertake an activity, paid or otherwise
Nationale-Nederlanden Levensverzekering Mij NV v Hubertus Wilhelmus van Leeuwen
Reference for a preliminary ruling — Direct life assurance — Directive 92/96/EEC — Article 31(3) — Information to be provided to the policyholder — Obligation for the insurer to provide further information on costs and premiums under general unwritten rules of national law
C-53/18 – MastromartinoReference for a preliminary ruling — Markets in financial instruments — Directive 2004/39/EC — Articles 8, 23, 50 and 51 — Scope — Financial adviser authorised to provide offsite services — Staff member who has become a defendant in criminal proceedings — National legislation providing for the possibility of temporarily prohibiting the exercise of the activity — Fundamental freedoms — Purely internal situation — Not applicable
C-384/93 – Alpine Investments v Minister van Financiën Freedom to provide services – Article 59 of the EEC Treaty – Prohibition of cold calling by telephone for financial services
Genil 48 and Comercial Hostelera de Grandes Vinos
Directive 2004/39/EC — Markets in financial instruments — Article 19 — Conduct of business obligations when providing investment services to clients — Investment advice — Other investment services — Obligation to assess the suitability or appropriateness of the service to be provided — Contractual consequences of non-compliance with that obligation — Investment service offered as part of a financial product — Interest-rate swap agreements to protect against the risk of variations of interest rates on financial products
Anisimovienė and Others
References for a preliminary ruling — Deposit-guarantee and investor-compensation schemes — Directive 94/19/EC — Article 1(1) — Deposits — Temporary situations deriving from normal banking transactions — Directive 97/9/EC — Second subparagraph of Article 2(2) — Money owed to or belonging to an investor and held on his behalf by an investment firm in connection with investment business — Credit institution which issues transferable securities — Funds transferred by individuals to that institution in respect of subscription to future transferable securities — Application of Directive 2004/39/EC — Insolvency of that institution before the transferable securities in question are issued — Public undertaking entrusted with the deposit-guarantee and investor-compensation schemes — Ability to rely on Directives 94/19/EC and 97/9/EC against that undertaking
United Kingdom v Parliament and Council
Supervision of credit institutions and investment firms – Action for annulment – Directive 2013/36/EU – Articles 94(1)(g) and 94(2) and Article 162(1) and (3) – Setting of ratios between the fixed and variable components of the remuneration payable to employees of credit institutions and investment firms whose professional activities have a material impact on the institution’s risk profile – Regulation 575/2013 – Articles 450(1)(d)(i) and (j) and 521(2) – Disclosure of certain information appertaining to remuneration – Choice of legal basis – Principles of proportionality, subsidiarity and legal certainty – Ultra vires – Protection of personal data – Customary international law – Extra-territorial effect of Article 94(1)(g) of Directive 2013/36/EU
Reference for a preliminary ruling — Consumer protection — Directive 2003/71/EC — Article 14(2)(b) — Regulation (EC) No 809/2004 — Articles 22(2) and 29(1) — Base prospectus — Supplements to the prospectus — Final terms — Time and method of publication of required information — Conditions for publication in electronic form
Area of freedom, security and justice — Regulation (EC) No 44/2001 — Jurisdiction in civil and commercial matters — Consumer contracts — Consumer, domiciled in one Member State, having purchased securities issued by a bank in another Member State from an intermediary established in a third Member State — Jurisdiction for actions brought against the bank that issued those securities
Reference for a preliminary ruling — Regulation (EC) No 44/2001 — Jurisdiction in civil and commercial matters — Special jurisdiction — Article 5(3) — Jurisdiction in tort, delict or quasi-delict — Place where the harmful event occurred or may occur — Consumer, domiciled in a Member State, who bought, through a bank established in that Member State, securities issued by a bank established in another Member State — Jurisdiction to hear and determine the tort action brought by that consumer against the bank concerned
Audiolux and Others
Directives 77/91/EEC, 79/279/EEC and 2004/25/EC – General principle of Community law on the protection of minority shareholders – None – Company law – Acquisition of control – Mandatory bid – Recommendation 77/534/EEC – Code of Conduct
Marco Tronchetti Provera and Others
Reference for a preliminary ruling — Company law — Directive 2004/25/EC — Takeover bids — Second paragraph of Article 5(4) — Possibility of changing the price of the offer in specific circumstances and according to clearly determined circumstances and criteria — National law providing an option for the supervisory authority to increase the price of a takeover bid in the event of collusion between the offeror or the persons acting in concert with it and one or more sellers
Nilaş and Others
Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(14) — Concept of ‘regulated market’ — Authorisation — Functional requirements — Market whose legal nature is not specified, but which is managed, after a merger, by a legal person also managing a regulated market — Article 47 — Not included on the list of regulated markets — Directive 2003/6/EC — Scope — Market manipulation
IMC Securities
Directive 2003/6/EC – Market manipulation – Securing prices at an abnormal or artificial level
Garlsson Real Estate and Others
Reference for a preliminary ruling — Directive 2003/6/EC — Market manipulation — Penalties — National legislation which provides for an administrative penalty and a criminal penalty for the same acts — Charter of Fundamental Rights of the European Union — Article 50 — Ne bis in idem principle — Criminal nature of the administrative penalties — Existence of the same offence– Article 52(1) — Limitations to the ne bis in idem principle — Conditions
C‑911/19 Fédération bancaire française (FBF)
Autorité de contrôle prudentiel et de résolution (ACPR)
Reference for a preliminary ruling – Articles 263 and 267 TFEU – EU act which is not legally binding – Judicial review – Guidelines issued by the European Banking Authority (EBA) – Product oversight and governance arrangements for retail banking products – Validity – Power of the EBA
Reference for a preliminary ruling – Directive 2003/71/EC – Prospectus when securities are offered to the public or admitted to trading – Article 3(2) – Article 6 – Offer addressed to both retail investors and qualified investors – Content of information given in the prospectus – Action for damages – Retail investors and qualified investors – Awareness of the issuer’s economic situation
Joined Cases C-143/20 and C-213/20
A v O and G.W. and E..S. v A. Towarzystwo Ubezpieczeń Życie S.A.
Reference for a preliminary ruling – Consumer protection – Directive 2002/83/EC – Group life assurance contracts linked to investment funds – Scope and content of pre-contractual information disclosure obligations – Directive 2005/29/EC – Unfair commercial practices – Misleading omissions
M. A v Autorité des marchés financiers
Reference for a preliminary ruling – Single Market for financial services – Market abuse – Directives 2003/6/EC and 2003/124/EC – ‘Inside information’ – Concept – Information ‘of a precise nature’ – Information relating to the forthcoming publication of a press article reporting a market rumour about an issuer of financial instruments – Unlawfulness of the disclosure of inside information – Exceptions – Regulation (EU) No 596/2014 – Article 10 – Disclosure of inside information in the normal exercise of a profession – Article 21 – Disclosure of inside information for the purpose of journalism – Freedom of the press and freedom of expression – Disclosure by a journalist, to a usual source, of information relating to the forthcoming publication of a press article
Reference for a preliminary ruling – Approximation of laws – Directive 2003/6/EC – Article 14(3) – Regulation (EU) No 596/2014 – Article 30(1)(b) – Market abuse – Administrative sanctions of a criminal nature – Failure to cooperate with the competent authorities – Articles 47 and 48 of the Charter of Fundamental Rights of the European Union – Right to remain silent and to avoid self-incrimination

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