Freedom of capital

4 important questions on Freedom of capital

1. Free movement of capital?

  • Art. 63 TFEU
  • Territorial scope: territorial unlimited, personal is EU citizens + private companies (ECJ Case Commission v Italy)
  • Material scope of protection:
    • Movement of capital: financial operations concerned with investments of funds (ECJ Case luisi & Carbone)
    • Transfer of money: cash, transactions, cheque bill, as remuneration in excersicing one of other fundamental freedoms.

3. No special provision/secondary legislation

  • Regulation 1889/2005: controls of cash entering or leaving the Community
  • Regulation 2015/847: information accompanying transfers of funds

4. Prohibited measure (MS, collective associations)

Can be all kinds of legal measures
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6. Justification. What is the Cassis-formula?

  • Non-discriminatory way objective in the public interest
  • are appropriate
  • not go beyond what is necessary for that purpose.

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