CELEX: 62015CA0658
Language: en
Date: 2017-11-16 00:00:00
Title: Case C-658/15: Judgment of the Court (Fourth Chamber) of 16 November 2017 (request for a preliminary ruling from the College van Beroep voor het Bedrijfsleven — Netherlands) — Robeco Hollands Bezit NV and Others v Stichting Autoriteit Financiële Markten (AFM) (Reference for a preliminary ruling — Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(14) — Definition of ‘regulated market’ — Scope — System in which the participants are brokers representing investors and ‘open end’ investment fund agents required to execute orders relating to their funds)

22.1.2018   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 22/3
            
         Judgment of the Court (Fourth Chamber) of 16 November 2017 (request for a preliminary ruling from the College van Beroep voor het Bedrijfsleven — Netherlands) — Robeco Hollands Bezit NV and Others v Stichting Autoriteit Financiële Markten (AFM)
   (Case C-658/15) (1)
   
   ((Reference for a preliminary ruling - Directive 2004/39/EC - Markets in financial instruments - Article 4(1)(14) - Definition of ‘regulated market’ - Scope - System in which the participants are brokers representing investors and ‘open end’ investment fund agents required to execute orders relating to their funds))
   (2018/C 022/04)
   Language of the case: Dutch
   
      Referring court
   
   College van Beroep voor het Bedrijfsleven
   
      Parties to the main proceedings
   
   
      Applicants: Robeco Hollands Bezit NV, Robeco Duurzaam Aandelen NV, Robeco Safe Mix NV, Robeco Solid Mix NV, Robeco Balanced Mix NV, Robeco Growth Mix NV, Robeco Life Cycle Funds NV, Robeco Afrika Fonds NV, Robeco Global Stars Equities, Robeco All Strategy Euro Bonds, Robeco High Yield Bonds, Robeco Property Equities
   
      Defendant: Stichting Autoriteit Financiële Markten (AFM)
   
      Operative part of the judgment
   
   Article 4(1)(14) of 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 must be interpreted as meaning that the concept of a ‘regulated market’ within the meaning of that provision covers a trading system in which multiple fund agents and brokers represent, respectively, ‘open end’ investment funds and investors, the sole purpose of which is to facilitate those investment funds in their obligation to execute the purchase and selling orders for shares placed by those investors.
   
      (1)  OJ C 98, 14.3.2016.