ECJ Says Gov'ts Can't Cap Financial Investment Co. Stakes

Law360, London (September 16, 2020, 7:00 PM BST) -- National governments within the European Union cannot cap the stake shareholders take in a financial investment company unless there is a public interest reason to do so, Europe's highest court ruled Wednesday, as this would restrict the free movement of capital across the bloc.

The European Court of Justice said a Romanian securities law that prevents a shareholder or group acting in concert from holding over 5% in an alternative investment fund is not compatible with the bloc's rules on free movement of capital between member states. EU countries can only stop investors from purchasing shares if it is in the...

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