Opinion of the Advocate General — ECLI:EU:C:2002:92
Date: 2002-02-07
Based on: Treaty establishing the European Economic Community (1957)
Subject matter: Right of establishment;Freedom to provide services
Procedure: Reference for a preliminary ruling
Origin: Italy

Summary of the Judgment 
Freedom of movement for persons — Freedom of establishment — Freedom to provide 
services — Investment services in the securities field — Directive 93/22 — 'Managing 
portfolios of investments' — Definition in Section A, point 3, of the Annex to the 
directive — National legislation departing from that definition — Not permissible — 
Extension of the rules in the directive to operations not covered by it — Whether 
permissible — Condition 
(Council Directive 93/22, Annex, Section A, point 3) 
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SUMMARY — CASE C-356/00 
Point 3 of Section A of the Annex to 
Directive 93/22 on investment services in 
the securities field, which defines managing 
portfolios of investments, precludes 
national legislation which departs from 
that definition by not requiring, for the 
purposes of the implementation of that 
directive, that the management of port­
folios of investments should be 'on a 
discriminatory, client-by-client basis' and 
'in accordance with mandates given by 
investors'. However, there is nothing to 
prevent a Member State from extending by 
national legislation the applicability of the 
provisions of that directive to operations 
not covered by it, provided that it is made 
clear that the national legislation in ques­
tion does not constitute the transposition of 
the directive, but arises from the indepen­
dent will of the legislature. 
(see para. 46, operative part) 
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