CELEX: C2003/007/04
Language: en
Date: 2003-01-11 00:00:00
Title: Judgment of the Court (Fifth Chamber) of 21 November 2002 in Case C-356/00 (Reference for a preliminary ruling from the Tribunale amministrativo regionale per la Toscana): Antonio Testa, Lido Lazzeri v Commissione Nazionale per le Società e la Borsa (Consob) (Directive 93/22/EEC — Investment services in the securities field — Managing portfolios of investments)

11.1.2003               EN                       Official Journal of the European Communities                                                  C 7/3
of the limitation periods laid down in Article 3(1) of Council              Point 3 of Section A of the Annex to Council Directive 93/22/EEC
Regulation (EC, Euratom) No 2988/95 of 18 December 1995 on                  of 10 May 1993 on investment services in the securities field, which
the protection of the European Communities’ financial interests, to         defines managing portfolios of investments, precludes national
reduce the area actually determined in order to calculate the aid           legislation which departs from that definition by not requiring, for
payable in respect of the previous years.                                   the purposes of the implementation of that directive, that the
                                                                            management of portfolios of investments should be ‘on a discriminat-
                                                                            ory, client-by-client basis’ and ‘in accordance with mandates given by
In accordance with the fourth paragraph of Article 9(2) of Regulation
                                                                            investors’. However, there is nothing to prevent a Member State from
No 3887/92, the reductions referred to in the first and second              extending by national legislation the applicability of the provisions of
paragraphs of that article are not to be applied if the farmer shows
                                                                            that directive to operations not covered by it, provided that it is made
that his determination of the area was accurately based on information
                                                                            clear that the national legislation in question does not constitute the
recognised by the competent authority. It is for the national court to      transposition of the directive, but arises from the independent will of
establish whether or not that has been shown in the case in the main
                                                                            the legislature.
proceedings.
( 1) OJ C 285 of 7.10.2000.                                                 (1 ) OJ C 355 of 9.12.2000.
                 JUDGMENT OF THE COURT
                                                                                              JUDGMENT OF THE COURT
                          (Fifth Chamber)
                                                                                                       (Fifth Chamber)
                       of 21 November 2002
in Case C-356/00 (Reference for a preliminary ruling from                                          of 21 November 2002
the Tribunale amministrativo regionale per la Toscana):
Antonio Testa, Lido Lazzeri v Commissione Nazionale
              per le Società e la Borsa (Consob) ( 1)                       in Case C-436/00 (Reference for a preliminary ruling from
                                                                                   the Regeringsrätten): X, Y v Riksskatteverket (1)
(Directive 93/22/EEC — Investment services in the securities
          field — Managing portfolios of investments)                       (Freedom of establishment — Free movement of capital —
                                                                            Income tax — Tax advantages for the transfer at undervalue
                                                                            of shares to companies in which the transferor has a holding)
                            (2003/C 7/04)
                    (Language of the case: Italian)                                                      (2003/C 7/05)
(Provisional translation; the definitive translation will be published                          (Language of the case: Swedish)
                   in the European Court Reports)
                                                                            (Provisional translation; the definitive translation will be published
                                                                                                in the European Court Reports)
In Case C-356/00: Reference to the Court under Article 234
EC by the Tribunale amministrativo regionale per la Toscana
(Italy) for a preliminary ruling in the proceedings pending
before that court between Antonio Testa, Lido Lazzeri and
Commissione Nazionale per le Società e la Borsa (Consob),                   In Case C-436/00: Reference to the Court under Article 234
intervener: Banca Fideuram SpA, on the interpretation of                    EC by the Regeringsrätten (Sweden) for a preliminary ruling in
Point 3 of Section A of the Annex to Council Directive 93/22/               the proceedings pending before that court between X, Y and
EEC of 10 May 1993 on investment services in the securities                 Riksskatteverket, on the interpretation of Articles 43 EC, 46
field (OJ 1993 L 141, p. 27), the Court (Fifth Chamber),                    EC, 48 EC, 56 EC and 58 EC, the Court (Fifth Chamber),
composed of: M. Wathelet, President of the Chamber,                         composed of: M. Wathelet, President of the Chamber,
C.W.A. Timmermans, A. La Pergola, P. Jann and S. von                        C.W.A. Timmermans (Rapporteur), D.A.O. Edward, P. Jann
Bahr (Rapporteur), Judges; L.A. Geelhoed, Advocate General;                 and A. Rosas, Judges; J. Mischo, Advocate General; H. von
L. Hewlett, Principal Administrator, for the Registrar, has given           Holstein, Deputy Registrar, has given a judgment on 21 No-
a judgment on 21 November 2002, in which it has ruled:                      vember 2002, in which it has ruled: