March 07
2021
Trajan Shipley
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22nd February 2021
External Relations & Trade Justice & Litigation

General Court to hear case challenging authorisation to comply with effects of extra-territorial application of third-country legislation

The General Court will hear a case (T-8/21, IFIC Holding v Commission) challenging the authorisation given by the European Commission on 28 April 2020 to Clearstream Banking AG, pursuant to Article 5 of Council Regulation 2271/96, to comply with a requirement or prohibition resulting from a law specified in the annex of said Regulation, which protects against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom.

In support of the action, IFIC Holding puts forward the following pleas in law:

  • Infringement of the right to be heard pursuant to Article 41(1) and 2(1) of the Charter;
  • Infringement of the scope of the second paragraph of Article 5 of Council Regulation 2271/96;
  • Infringement of the obligation to state reasons and the principle of transparency and legal certainty;
  • Error of assessment or error in the exercise of discretion contrary to higher-ranking EU law in the form of general procedural, judicial and legal principles.

The officially published application is available here.

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