Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC Basic information Dates Date of document: Date of publication: Date of effect: April 30, 2004 Entry into force - Date pub. See Art 72 Date of transposition: Date of end of validity: Modified by Corrected by: Modified by: Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) Text with EEA relevance
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detail Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 amending Council Directive 92/49/EEC and Directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector (Text with EEA relevance )
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detail Directive 2008/10/EC of the European Parliament and of the Council of 11 March 2008 amending Directive 2004/39/EC on markets in financial instruments, as regards the implementing powers conferred on the Commission
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detail Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (Text with EEA relevance)
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detail Directive 2006/31/EC of the European Parliament and of the Council of 5 April 2006 amending directive 2004/39/EC on markets in financial instruments, as regards certain deadlines (Text with EEA relevance)
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detail Completed by: All documents based on this document: Validity extended by: Repealed by: Modifies Modifies: Added to: Repeal: Implicit repeal: Affected by case Judgment of the Court (Fourth Chamber) of 3 December 2015. Banif Plus Bank Zrt. v Márton Lantos and Mártonné Lantos. Request for a preliminary ruling from the Ráckevei Járásbíróság. References for a preliminary ruling — Directive 2004/39/EC — Articles 4(1) and 19(4), (5) and (9) — Markets in financial instruments — Concept of ‘investment services and activities’ — Provisions to ensure investor protection — Conduct of business obligations when providing investment services to clients ‐ Obligation to assess the suitability or appropriateness of the service to be provided — Contractual consequences of non-compliance with that obligation — Consumer credit contracts — Foreign currency denominated loan — Advancement and reimbursement of loan in domestic currency — Terms relating to the exchange rate. Case C-312/14. Judgment of the Court (Fourth Chamber) of 2 April 2020. AU v Reliantco Investments LTD and Reliantco Investments LTD Limassol Sucursala Bucureşti. Request for a preliminary ruling from the Tribunalul Specializat Cluj. Reference for a preliminary ruling — Freedom of establishment — Freedom to provide services — Markets in financial instruments — Directive 2004/39/EC — Meanings of ‘retail client’ and ‘consumer’ — Conditions for relying on the status of consumer — Determining jurisdiction to hear the request. Case C-500/18. Judgment of the Court (Second Chamber) of 8 May 2019. Antonio Pasquale Mastromartino v Commissione Nazionale per le Società e la Borsa (Consob). Reference for a preliminary ruling — Markets in financial instruments — Directive 2004/39/EC — Articles 8, 23, 50 and 51 — Scope — Financial adviser authorised to provide offsite services — Staff member who has become a defendant in criminal proceedings — National legislation providing for the possibility of temporarily prohibiting the exercise of the activity — Fundamental freedoms — Purely internal situation — Not applicable. Case C-53/18. Judgment of the Court (Fourth Chamber) of 31 May 2018. Länsförsäkringar Sak Försäkringsaktiebolag and Others v Dödsboet efter Ingvar Mattsson and Länsförsäkringar Sak Försäkringsaktiebolag. Request for a preliminary ruling from the Högsta domstolen. Reference for a preliminary ruling — Directive 2002/92/EC — Scope — Concept of insurance mediation — Directive 2004/39/EC — Scope — Concept of ‘investment advice’ — Advice given in insurance mediation concerning the placement of capital in the context of capital life assurance — Classification of the activity of an insurance agent in the absence of his intention to conclude a genuine insurance contract. Case C-542/16. Judgment of the Court (Second Chamber), 12 November 2014. Annett Altmann and Others v Bundesanstalt für Finanzdienstleistungsaufsicht. Request for a preliminary ruling from the Verwaltungsgericht Frankfurt am Main. Reference for a preliminary ruling — Approximation of laws — Directive 2004/39/EC — Article 54 — Obligation of professional secrecy incumbent on national financial supervisory authorities — Information concerning a fraudulent investment firm in compulsory liquidation. Case C‑140/13. Judgment of the Court (Grand Chamber) of 19 June 2018. Bundesanstalt für Finanzdienstleistungsaufsicht v Ewald Baumeister. Request for a preliminary ruling from the Bundesverwaltungsgericht. Reference for a preliminary ruling — Approximation of laws — Directive 2004/39/EC — Article 54(1) — Scope of the obligation of professional secrecy on national financial supervision authorities — Concept of ‘confidential information’. Case C-15/16. Order of the Court (Ninth Chamber) of 16 May 2019. TE and Others v Luminor Bank AB. Request for a preliminary ruling from the Vilniaus apygardos teismas. Reference for a preliminary ruling — Article 53(2) and Article 99 of the Rules of Procedure of the Court of Justice — Freedom to provide services — Markets in financial instruments — Natural person who has acquired a derivative financial instrument from a bank — Classification of that person within the meaning of EU law. Case C-8/18. Judgment of the Court (Second Chamber) of 25 June 2015. Proceedings brought by VĮ „Indėlių ir investicijų draudimas“ and Virgilijus Vidutis Nemaniūnas. Requesst for a preliminary ruling from the Lietuvos Aukščiausiasis Teismas. Reference for a preliminary ruling — Directives 94/19/EC and 97/9/EC — Deposit-guarantee schemes and investor-compensation schemes — Savings and investment instruments — Financial instrument within the meaning of Directive 2004/39/EC — Exclusion of the guarantee — Direct effect — Conditions to be met in order to benefit from Directive 97/9/EC. Case C-671/13. Judgment of the Court (Fifth Chamber) of 10 March 2022. VI v Commissioners for Her Majesty's Revenue and Customs. Reference for a preliminary ruling – Right to move and reside freely within the territory of the Member States – Article 21 TFEU – Directive 2004/38/EC – Article 7(1)(b) and Article 16 – Child who is a national of a Member State staying in another Member State – Right of residence derived from the parent who is the primary carer of that child – Requirement of comprehensive sickness insurance cover – Child having a permanent right of residence for part of the periods concerned. Case C-247/20. Judgment of the Court (Fourth Chamber), 30 May 2013. Genil 48 SL and Comercial Hostelera de Grandes Vinos SL v Bankinter SA and Banco Bilbao Vizcaya Argentaria SA. Request for a preliminary ruling from the Juzgado de Primera Instancia No 12 de Madrid. Directive 2004/39/EC — Markets in financial instruments — Article 19 — Conduct of business obligations when providing investment services to clients — Investment advice — Other investment services — Obligation to assess the suitability or appropriateness of the service to be provided — Contractual consequences of non-compliance with that obligation — Investment service offered as part of a financial product — Interest-rate swap agreements to protect against the risk of variations of interest rates on financial products. Case C‑604/11. A19P9 A19P5 A04P1PT4 A19P4 Judgment of the Court (First Chamber) of 3 October 2019. Jana Petruchová v FIBO Group Holdings Limited. Request for a preliminary ruling from the Nejvyšší soud České republiky. Reference for a preliminary ruling — Judicial cooperation in civil matters — Regulation (EU) No 1215/2012 — Article 17(1) — Jurisdiction over consumer contracts — Notion of ‘consumer’ — Natural person carrying out transactions on the international exchange market through the intermediary of a brokerage company — Regulation (EC) No 593/2008 (Rome I) — Directive 2004/39/EC — Notion of ‘retail client’. Case C-208/18. Judgment of the Court (Fourth Chamber) of 16 November 2017. Robeco Hollands Bezit NV and Others v Stichting Autoriteit Financiële Markten (AFM). Request for a preliminary ruling from the College van Beroep voor het Bedrijfsleven. Reference for a preliminary ruling — Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(14) — Definition of ‘regulated market’ — Scope — System in which the participants are brokers representing investors and ‘open end’ investment fund agents required to execute orders relating to their funds. Case C-658/15. Judgment of the Court (Fifth Chamber) of 13 September 2018. UBS Europe SE and Alain Hondequin and Others v DV and Others. Request for a preliminary ruling from the Cour administrative (Luxembourg). Reference for a preliminary ruling — Approximation of laws — Directive 2004/39/EC — Article 54(1) and (3) — Scope of the obligation of professional secrecy on national financial supervisory authorities — Finding of the absence of good repute — Cases covered by criminal law — Charter of Fundamental Rights of the European Union — Articles 47 and 48 — Rights of the defence — Access to the file. Case C-358/16. Judgment of the Court (Second Chamber), 22 March 2012. Criminal proceedings against Rareş Doralin Nilaş and Others. Reference for a preliminary ruling from the Curtea de Apel Cluj. Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(14) — Concept of ‘regulated market’ — Authorisation — Functional requirements — Market whose legal nature is not specified, but which is managed, after a merger, by a legal person also managing a regulated market — Article 47 — Not included on the list of regulated markets — Directive 2003/6/EC — Scope — Market manipulation. Case C-248/11. Judgment of the Court (Fourth Chamber) of 14 June 2017. Mohammad Zadeh Khorassani v Kathrin Pflanz. Request for a preliminary ruling from the Bundesgerichtshof. References for a preliminary ruling — Directive 2004/39/EC — Markets in financial instruments — Article 4(1)(2) — Definition of ‘investment services’ — Point 1 of Section A of Annex I — Reception and transmission of orders in relation to one or more financial instruments — Potential inclusion of brokering with a view to concluding a portfolio management contract. Case C-678/15. Case C-678/15: Request for a preliminary ruling from the Bundesgerichtshof (Germany) lodged on 16 December 2015 — Mohammad Zadeh Khorassani v Kathrin Pflanz annex I SECTION A point 1 article 4 paragraph 1 point 2 FR 1 Case C-658/15: Request for a preliminary ruling from the College van Beroep voor het Bedrijfsleven (Netherlands) lodged on 7 December 2015 — Robeco Hollands Bezit NV and Others v Stichting Autoriteit Financiële Markten (AFM) article 4 paragraph 1 point 14 Case C-8/18: Request for a preliminary ruling from the Vilniaus apygardos teismas (Lithuania) lodged on 3 January 2018 — TE, UD, YB, ZC v Luminor Bank AB Case C-542/16: Request for a preliminary ruling from the Högsta domstolen (Sweden) lodged on 26 October 2016 — Länsförsäkringar Sak Försäkringsaktiebolag and Others v Dödsboet efter Ingvar Mattsson, Länsförsäkringar Sak Försäkringsaktiebolag Case C-358/16: Request for a preliminary ruling from the Cour administrative (Luxembourg) lodged on 24 June 2016 — UBS (Luxembourg) SA, Alain Hondequin, Holzem and Others article 54 article 54 paragraph 3 article 54 paragraph 1 Case C-143/20: Request for a preliminary ruling from the Sąd Rejonowy dla Warszawy-Woli w Warszawie (Poland) lodged on 24 March 2020 — A v O Case C-627/23, Commune de Schaerbeek and Commune de Linkebeek: Request for a preliminary ruling from the Cour de cassation (Belgium) lodged on 13 October 2023 — Commune de Schaerbeek and Commune de Linkebeek v Holding Communal SA article 4 paragraph 1 point 18 Case C-346/23, Banco Santander: Request for a preliminary ruling from the Tribunal Supremo (Spain) lodged on 1 June 2023 — Banco Santander SA v Asociación de Consumidores y Usuarios de Servicios Generales-Auge, on behalf of its members Andrea and Alberto article 52 paragraph 2 point (b) Case C-500/18: Request for a preliminary ruling from the Tribunalul Specializat Cluj (Romania) lodged on 30 July 2018 — AU v Reliantco Investments LTD, Reliantco Investments LTD Limassol Sucursala București article 4 paragraph 1 point 12 article 4 paragraph 1 point 17 Case C-15/16: Request for a preliminary ruling from the Bundesverwaltungsgericht (Germany) lodged on 11 January 2016 — Bundesanstalt für Finanzdienstleistungsaufsicht v Ewald Baumeister Case C-53/18: Request for a preliminary ruling from the Tribunale Amministrativo Regionale per il Lazio (Italy) lodged on 29 January 2018 — Antonio Pasquale Mastromartino v Commissione Nazionale per le Società e la Borsa (Consob) article 51 article 8 article 23 Legal basis Treaty establishing the European Community (Nice consolidated version) Part Three: Community policies Title III: Free movement of persons, services and capital Chapter 2: Right of establishment Article 47 Article 57 - EC Treaty (Maastricht consolidated version) Article 57 - EEC Treaty Treaty establishing the European Community (Nice consolidated version) Part Five: Institutions of the Community Title I: Provisions governing the institutions Chapter 2: Provisions common to several institutions Article 251 Article 189b - EC Treaty (Maastricht consolidated version) EuroVoc Vocabulary Financial instrument Internal market - Principles Investment company Stock exchanges and other securities markets Credit institution Official market Free movement of capital Securities Provision of services Freedom of establishment