# C_2018152EN.01000202.xml

| 30.4.2018 | EN | Official Journal of the European Union | C 152/2 |
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30.4.2018

EN

Official Journal of the European Union

C 152/2

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Request for a preliminary ruling from the Vilniaus apygardos teismas (Lithuania) lodged on 3 January 2018 — TE, UD, YB, ZC v Luminor Bank AB

(Case C-8/18)

(2018/C 152/03)

Language of the case: Lithuanian

Referring court

Referring court

Vilniaus apygardos teismas

Parties to the main proceedings

Parties to the main proceedings

Applicants: TE, UD, YB, ZC

Applicants:

Defendant: Luminor Bank AB

Defendant:

Questions referred

Questions referred

| 1. | Is a natural person who, prior to the date of 1 November 2007 specified in Article 70 of Directive 2004/39/EC, (1) acquired a derivate financial instrument from a bank using funds borrowed from that bank on the basis of collateral in favour of that bank to be regarded as a consumer under EU law on the ground that Article 3(3)(d) of Directive 2011/83/EU (2) on consumer rights provides that that directive is not to apply to contracts ‘for financial services’? |
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Is a natural person who, prior to the date of 1 November 2007 specified in Article 70 of Directive 2004/39/EC, (1) acquired a derivate financial instrument from a bank using funds borrowed from that bank on the basis of collateral in favour of that bank to be regarded as a consumer under EU law on the ground that Article 3(3)(d) of Directive 2011/83/EU (2) on consumer rights provides that that directive is not to apply to contracts ‘for financial services’?

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| 2. | Is a natural person who, prior to the date of 1 November 2007 specified in Article 70 of Directive 2004/39/EC, acquired a derivate financial instrument from a bank using funds borrowed from that bank on the basis of collateral in favour of that bank to be regarded as a retail client and a non-professional investor in financial instruments under EU law, and, if that is the case, must the provisions of EU law establishing consumer information obligations and prohibiting conflicts of interest when a bank offers and sells a financial instrument, such as the provisions laid down in Directive 2003/6, (3) Directive 2003/71/EC, (4) Directive 2001/34/EC, (5) Regulation (EC) No 809/2004, (6) the MiFID II Directive (7) and other rules of EU legislation protecting the rights of financial services consumers, be applied in the present case? |
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2.

Is a natural person who, prior to the date of 1 November 2007 specified in Article 70 of Directive 2004/39/EC, acquired a derivate financial instrument from a bank using funds borrowed from that bank on the basis of collateral in favour of that bank to be regarded as a retail client and a non-professional investor in financial instruments under EU law, and, if that is the case, must the provisions of EU law establishing consumer information obligations and prohibiting conflicts of interest when a bank offers and sells a financial instrument, such as the provisions laid down in Directive 2003/6, (3) Directive 2003/71/EC, (4) Directive 2001/34/EC, (5) Regulation (EC) No 809/2004, (6) the MiFID II Directive (7) and other rules of EU legislation protecting the rights of financial services consumers, be applied in the present case?

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| 3. | Is Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) to be interpreted as meaning that failure to disclose the fact that the financial instrument provider is not authorised to provide that financial service, failure to disclose essential information in a prospectus and in the supplement to a prospectus, as well as a potential conflict of interest on the part of the financial instrument provider, may, during the conclusion of contracts relating to a financial instrument, have a direct effect (in a particular direction) on the price of the financial instruments concerned, and that the other party to the contract thus has the right to request that those contracts be annulled or modified, or that compensation be paid for the losses incurred? |
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3.

Is Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) to be interpreted as meaning that failure to disclose the fact that the financial instrument provider is not authorised to provide that financial service, failure to disclose essential information in a prospectus and in the supplement to a prospectus, as well as a potential conflict of interest on the part of the financial instrument provider, may, during the conclusion of contracts relating to a financial instrument, have a direct effect (in a particular direction) on the price of the financial instruments concerned, and that the other party to the contract thus has the right to request that those contracts be annulled or modified, or that compensation be paid for the losses incurred?

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(1)  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 (OJ 2004 L 145, p. 1).

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(2)  Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights, amending Council Directive 93/13/EEC and Directive 1999/44/EC of the European Parliament and of the Council and repealing Council Directive 85/577/EEC and Directive 97/7/EC of the European Parliament and of the Council (OJ 2011 L 304, p. 64).

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(3)  Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) (OJ 2003 L 96, p. 16).

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(4)  Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (OJ 2003 L 345, p. 64).

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(5)  Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities (OJ 2001 L 184, p. 1).

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(6)  Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements (OJ 2004 L 149, p. 1).

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(7)  Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ 2014 L 173, p. 349).

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