translate English to French: The directive lays down the principle that the place of supply of services is the place where the supplier is established but makes it subject to a number of exceptions, including that the place of supply of consultancy services and banking and financial transactions performed for taxable persons established in the Community but not in the same country as the supplier is the place where the customer has established his business.
En conséquence, il estime que les activités de gestion en cause, dès lors qu’elles entrent dans le cadre d’opérations financières, doivent être localisées au lieu du siège des activités économiques des SICAV.