CELEX: E2004J0008
Language: en
Date: 2005-07-01 00:00:00
Title: Judgment of the Court of  1 July 2005  in Case E-8/04 EFTA Surveillance Authority v the Principality of Liechtenstein  (Right of establishment — Residence requirement for one member of management board and one member of executive management in banks)

23.2.2006   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 45/15
            
         
      JUDGMENT OF THE COURT
   
   of 1 July 2005
   in Case E-8/04 EFTA Surveillance Authority v the Principality of Liechtenstein
   
      (Right of establishment — Residence requirement for one member of management board and one member of executive management in banks)
   
   (2006/C 45/11)
   In Case E-8/04, EFTA Surveillance Authority v the Principality of Liechtenstein —APPLICATION seeking an order from the EFTA Court that the Principality of Liechtenstein has failed to respect its obligations, arising from Article 31 of the Agreement on the European Economic Area by maintaining in force Section 25 of the Banking Act (Gesetz vom 21 Oktober 1992 über die Banken und Finanzgesellschaften), whereby a residence requirement is imposed on at least one member of the management board and one member of the executive management in a bank established in its territory, the Court, composed of: Carl Baudenbacher, President, Per Tresselt (Judge-Rapporteur) and Thorgeir Örlygsson, Judges, gave judgment of 1 July 2005, the operative part of which is as follows:
   
               1.
            
            
               Declares that the Principality of Liechtenstein has failed to respect its obligations, arising from Article 31 of the Agreement on the European Economic Area, by maintaining in force Section 25 of the Banking Act (Gesetz vom 21 Oktober 1992 über die Banken und Finanzgesellschaften), whereby a residence requirement is imposed on at least one member of the management board and one member of the executive management of a bank established in its territory.
            
         
               2.
            
            
               Orders the Principality of Liechtenstein to pay the costs of the proceedings.