Opinion of the Advocate General — ECLI:EU:C:2014:79
Date: 2014-02-13
Language of the case: French
Subject matter: Right of establishment
Procedure: Reference for a preliminary ruling
Origin: Belgium

Summary — Judgment of the Court (Second Chamber), 11 September 2014 1. Judicial proceedings — Oral part of the procedure — Reopening — Application brought on the basis of the interest in submitting observations on points of law raised in the Advocate General’s opinion which were not the subject of debate between the parties — Rejection (Art. 252, second para. TFEU; Rules of Procedure of the Court of Justice, Art. 83) 2. Questions referred for a preliminary ruling — Jurisdiction of the Court — Limits — Questions bearing no relation to the subject matter of the case in the main proceedings — Unfounded plea — Admissible reference (Art. 267 TFEU) 3. Freedom of establishment — Companies — Undertakings for collective investment in transferable securities — Directive 85/661 — Payments to unit-holders — Scope — Delivery to unit-holders of unit certificates — Not included (European Parliament and Council Directive 2009/65, recital 22 and Art. 19(3)(m); Council Directive 85/611, Art. 45) 1. See the text of the decision. (see paras 21-23) 2. See the text of the decision. (see paras 27-29) 3. The obligation laid down in Article 45 of Directive 85/611 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), under which an undertaking for collective investment in transferable securities which markets its units within the territory of a Member State other than that in which it is situated is required to make payments to unit-holders in the Member State of marketing, must be interpreted as not including the delivery to unit-holders of certificates providing evidence of title to units which are registered in their name in the register of unit-holders kept by the issuer. The provisions of Directive 85/611 do not contain any provision as to the rules governing evidence of title, the holding or movement of units in a UCITS, or as to the proof of ownership of units for the purpose of enabling the holder to exercise the rights attached to them. Consequently, that directive does not govern the fields referred to above; it merely lays down an obligation to make information available to unit-holders in that regard. (see paras 41, 44, 47, operative part)