CELEX: 62011CA0039
Language: en
Date: 2012-06-07 00:00:00
Title: Case C-39/11: Judgment of the Court (Third Chamber) of 7 June 2012 (reference for a preliminary ruling from the Verwaltungsgerichtshof — Austria) — VBV — Vorsorgekasse AG v Finanzmarktaufsichtsbehörde (FMA) (Free movement of capital — Articles 63 TFEU and 65 TFEU — Severance funds — Investment of assets — Investment funds established in another Member State — Investment in such funds permitted only when they are authorised to market their units within the national territory)

21.7.2012   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 217/4
            
         Judgment of the Court (Third Chamber) of 7 June 2012 (reference for a preliminary ruling from the Verwaltungsgerichtshof — Austria) — VBV — Vorsorgekasse AG v Finanzmarktaufsichtsbehörde (FMA)
   (Case C-39/11) (1)
   
   (Free movement of capital - Articles 63 TFEU and 65 TFEU - Severance funds - Investment of assets - Investment funds established in another Member State - Investment in such funds permitted only when they are authorised to market their units within the national territory)
   2012/C 217/06
   Language of the case: German
   
      Referring court
   
   Verwaltungsgerichtshof
   
      Parties to the main proceedings
   
   
      Applicant: VBV — Vorsorgekasse AG
   
      Defendant: Finanzmarktaufsichtsbehörde (FMA)
   
      Re:
   
   Reference for a preliminary ruling — Verwaltungsgerichtshof — Interpretation of Article 63 et seq. TFEU — Free movement of capital — Severance funds investing mandatory contributions in respect of employed and self-employed persons aimed to finance severance sums — Legislation of a Member State restricting those investments to funds which have been authorised to be sold in that national territory
   
      Operative part of the judgment
   
   Article 63(1) TFEU must be interpreted as precluding national legislation which does not permit a severance fund, or the undertaking for collective investment created by that severance fund to manage its assets, to invest those assets in units of an investment fund established in another Member State unless that investment fund has been authorised to market its units within the national territory.
   
      (1)  OJ C 130, 30.4.2011.