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Document 62023CA0174

    Case C-174/23, Twenty First Capital: Judgment of the Court (First Chamber) of 29 July 2024 (request for a preliminary ruling from the Cour de cassation – France) – HJ, IK, LM v Twenty First Capital SAS (Reference for a preliminary ruling – Approximation of laws – Directive 2011/61/EU – Alternative investment fund managers (AIFMs) – Operating conditions – Article 13 – AIFM remuneration policies and practices – Scope ratione temporis – Article 61 – Transitional provisions)

    OJ C, C/2024/5775, 7.10.2024, ELI: http://data.europa.eu/eli/C/2024/5775/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

    ELI: http://data.europa.eu/eli/C/2024/5775/oj

    European flag

    Official Journal
    of the European Union

    EN

    C series

    C/2024/5775

    7.10.2024

    Judgment of the Court (First Chamber) of 29 July 2024 (request for a preliminary ruling from the Cour de cassation – France) – HJ, IK, LM v Twenty First Capital SAS

    (Case C-174/23,  (1) Twenty First Capital)

    (Reference for a preliminary ruling - Approximation of laws - Directive 2011/61/EU - Alternative investment fund managers (AIFMs) - Operating conditions - Article 13 - AIFM remuneration policies and practices - Scope ratione temporis - Article 61 - Transitional provisions)

    (C/2024/5775)

    Language of the case: French

    Referring court

    Cour de cassation

    Parties to the main proceedings

    Applicants: HJ, IK, LM

    Defendant: Twenty First Capital SAS

    Operative part of the judgment

    1.

    Article 61(1) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010

    must be interpreted as meaning that:

    —

    the Member States were under an obligation to require alternative investment fund managers (AIFMs) performing activities under that directive before 22 July 2013 to comply fully with the obligations relating to remuneration policies and practices stemming from Article 13(1) of that directive from the date on which their authorisation was obtained, provided that they had submitted an application for authorisation within one year from 22 July 2013.

    2.

    Article 61(1) of Directive 2011/61

    must be interpreted as meaning that:

    —

    the phrase ‘shall take all necessary measures to comply with national law stemming from this Directive’ requires that AIFMs performing activities before 22 July 2013 refrain from taking measures which are liable seriously to compromise the achievement of the objective of Directive 2011/61.

    (1)   OJ C 223, 26.6.2023.

    ELI: http://data.europa.eu/eli/C/2024/5775/oj

    ISSN 1977-091X (electronic edition)

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