Joined Cases C‑688/15 and C‑109/16

Proceedings brought by Agnieška Anisimovienė and Others

(Requests for a preliminary ruling from the Lietuvos Aukščiausiasis Teismas)

(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)

Summary — Judgment of the Court (Fifth Chamber), 22 March 2018

Freedom of establishment—Freedom to provide services—Markets in financial instruments—Directive 2004/39—Investment services or activities—Execution of orders on behalf of clients—Concept—Conclusion of a subscription agreement relating to financial instruments—Included (European Parliament and Council Directive 2004/39, as amended by Directive 2006/31, Art. 4(1), points 2 and 5, and Annex I, Section A, point 2) Freedom of establishment—Freedom to provide services—Markets in financial instruments—Directive 2004/39—Investment services or activities—Concept—Conclusion by a credit institution of subscription agreements with its clients relating to future transferable securities—Included—Credit institution having the status of issuer of the transferable securities—Irrelevant (European Parliament and Council Directive 2004/39, as amended by Directive 2006/31, Art. 4(1), point 2) Freedom of establishment—Freedom to provide services—Credit institutions—Deposit-guarantee and investor-compensation schemes—Directives 94/19 and 97/9—Scope—Claims relating to funds which are transferred by individuals to a credit institution in respect of subscription to future transferable securities issued by that institution and are entered in an account opened in its name—Included (European Parliament and Council Directives 94/19, as amended by Directive 2009/14, and 97/9) Freedom of establishment—Freedom to provide services—Credit institutions—Deposit-guarantee and investor-compensation schemes—Directives 94/19 and 97/9—Instruments falling simultaneously within both directives—Type of claim not directed by a Member State to a scheme under one of the directives—Choice of the applicable scheme a matter for the holder of the claim (European Parliament and Council Directives 94/19, as amended by Directive 2009/14, and 97/9, Art. 2(3)) Freedom of establishment—Freedom to provide services—Credit institutions—Deposit-guarantee and investor-compensation schemes—Directives 94/19 and 97/9—Public undertaking entrusted with those schemes—Ability to rely on the directives against that undertaking—Scope (Art. 288, third para., TFEU; European Parliament and Council Directives 94/19, as amended by Directive 2009/14, Art. 1(1), and 97/9, Arts 1(4) and 2(2), second subpara.)