Judgment of the Court (Fifth Chamber) of 16 May 2024 (request for a preliminary ruling from the Městský soud v Praze – Czech Republic) – Fondee a.s. v Česká národní banka

(Case C-695/22,  (1) Fondee)

(Reference for a preliminary ruling - Freedom to provide services - Markets in financial instruments - Directive 2014/65/EU - Article 3 - Exemption from the application of Directive 2014/65/EU - Exempted investment intermediary - Legislation of a Member State prohibiting that intermediary from transmitting clients’ orders to an investment firm established in another Member State)

(C/2024/3882)

Language of the case: Czech

Referring court

Městský soud v Praze

Parties to the main proceedings

Applicant: Fondee a.s.

Defendant: Česká národní banka

Operative part of the judgment

Article 3(1)(c)(i) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

must be interpreted as meaning that

persons exempted by a Member State from the application of that directive are authorised to transmit, with a view to their execution, orders from clients residing or established in that Member State to investment firms that are established in another Member State and are authorised to that end, under that directive, by the competent authority of that other Member State, and, accordingly, as precluding national legislation prohibiting such transmission.

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(1)   OJ C 35, 30.1.2023.