Judgment of the Court (Fourth Chamber) of 14 June 2017 (request for a preliminary ruling from the Bundesgerichtshof — Germany) — Mohammad Zadeh Khorassani v Kathrin Pflanz

(Case C-678/15) (1)

((Reference 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))

(2017/C 277/11)

Language of the case: German

Referring court

Bundesgerichtshof

Parties to the main proceedings

Applicant: Mohammad Zadeh Khorassani

Defendant: Kathrin Pflanz

Operative part of the judgment

Article 4(1)(2) of 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, read in conjunction with point 1 of Section A of Annex I to that directive, must be interpreted as meaning that the investment service consisting in the reception and transmission of orders in relation to one or more financial instruments does not include brokering with a view to concluding a contract covering portfolio management services.

(1)  OJ C 106, 21.3.2016.