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Financial services - Investment service and advice - Conduct of business obligations when providing investment services to clients - Obligation to assess suitability or appropriateness of service provided - Contractual consequences of non-compliance - Foreign currency denominated loan - Advancement and reimbursement of loan in domestic currency - Parliament and Council Directive 2004/39/EC, arts 4(1), 19(4),(5),(9)

8 December 2015

Banif Plus Bank Zrt v Lantos and another (Case C-312/14) EU:C:2015:794; [2015] WLR (D) 498

ECJ: Acting President of Fourth Chamber L Bay Larsen; Judges F Biltgen, J Malenovský, A Prechal (Rapporteur), K Jürimäe; Advocate General N Jääskinen:

  • 3 December 2015

Article 4(1)(2) of Parliament and Council Directive 2004/39/EC of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Parliament and Council Directive 2000/12/EC and repealing Council Directive 93/22/EEC meant that, subject to verification by the referring court, an investment service or activity within the meaning of that provision did not encompass certain foreign exchange transactions, effected by a credit institution under clauses of a foreign currency denominated loan agreement consisting in fixing the...

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