CELEX: E2011J0009
Language: en
Date: 2012-07-16 00:00:00
Title: Judgment of the Court of 16 July 2012 in Case E-9/11 — EFTA Surveillance Authority v the Kingdom of Norway (Failure of an EEA State to fulfill obligations — Right of establishment — Free movement of capital — Ownership limitations and voting right restrictions in financial services infrastructure institutions — Proportionality — Legal certainty)

29.11.2012   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 369/13
            
         JUDGMENT OF THE COURT
   of 16 July 2012
   in Case E-9/11
   EFTA Surveillance Authority v the Kingdom of Norway
   (Failure of an EEA State to fulfill obligations — Right of establishment — Free movement of capital — Ownership limitations and voting right restrictions in financial services infrastructure institutions — Proportionality — Legal certainty)
   2012/C 369/11
   In Case E-9/11, EFTA Surveillance Authority v the Kingdom of Norway — APPLICATION for a declaration that by maintaining in force restrictions on the rights of persons and undertakings established in EEA States to own holdings and exercise voting rights in financial services infrastructure institutions in Norway, such as provided for in Sections 35(1), (2), and (3) and 36 of the Act of 29 June 2007 No 74 on Regulated Markets (the Stock Exchange Act) and Sections 5-3(1), (2) and (3) and 5-4 of the Act of 5 July 2002 on the Registration of Financial Instruments (the Securities Depositories Act), the Kingdom of Norway has failed to fulfil its obligations arising from Articles 31 EEA and 40 EEA, the Court, composed of Carl Baudenbacher, President and Judge-Rapporteur, Per Christiansen and Páll Hreinsson, Judges, gave judgment on 16 July 2012, the operative part of which is as follows:
   The Court hereby:
   
               1.
            
            
               Declares that, by maintaining in force restrictions on the rights of persons and undertakings established in EEA States to own holdings and exercise voting rights in financial services infrastructure institutions in Norway, such as provided for in Sections 35(1), (2) and (3), and 36 of the Act of 29 June 2007 No 74 on Regulated Markets (the Stock Exchange Act) and Sections 5-3(1), (2) and (3), and 5-4 of the Act of 5 July 2002 on the Registration of Financial Instruments (the Securities Depositories Act), the Kingdom of Norway has failed to fulfil its obligations arising from Articles 31 and 40 of the EEA Agreement.
            
         
               2.
            
            
               Orders the Kingdom of Norway to pay the costs of the proceedings.