• Judgment following request for a preliminary ruling from the Inalta Curte de Casatie si Justitie, SC Romenergo SA, Aris Capital SA v Autoritatea de Supraveghere Financiara.
• Reference for a preliminary ruling regarding the free movement of capital where national regulations limited the shareholding in certain financial investment companies.

Decision

• Art 63 TFEU interpreted as precluding national measure which provides for a 5% limit on a shareholding in a financial investment company, if that measure is not justified by an overriding reason in the public interest, which it is for referring court to ascertain.