Thursday 19th September 2024
Judgment in Joined Cases C-512/22 P Fininvest v ECB and Others and C-513/22 P Berlusconi v ECB and Others
(Economic and monetary policy)
Fininvest is a holding company under Italian law, which was majority-owned by Mr Silvio Berlusconi. It held shares in Mediolanum, a financial company listed on the stock exchange, which in turn held 100% of the capital of Banca Mediolanum, a credit institution.
In 2014, the Bank of Italy ordered, among other things, the disposal of Fininvest’s stake in Mediolanum exceeding 9.99%. This was motivated by the fact that Mr Berlusconi had been convicted of tax fraud and therefore no longer fulfilled the requirement of good repute.
This decision by the Bank of Italy was overturned by the Council of State, Italy on March 3, 2016. Meanwhile, in 2015, Mediolanum was absorbed by its subsidiary Banca Mediolanum.
Following the absorption of Mediolanum by Banca Mediolanum and the above- mentioned judgment of the Council of State, the Bank of Italy and the European Central Bank (ECB) considered that Mr Berlusconi and Fininvest had acquired a qualifying holding in the capital of Banca Mediolanum (see Article 4 ofRegulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms).
EU law provides that such an acquisition should be preceded by a notification and assessed by the competent national authority, which then sends the ECB a proposal for a decision (see above mentioned Regulation (EU) No 575/2013 and Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms).
It is for the ECB to decide whether or not to oppose the acquisition of a qualifying holding. Referred to by the Bank of Italy, the ECB opposed the acquisition in question on the grounds that Mr Berlusconi did not satisfy the good repute criterion.
The action brought by Mr Berlusconi and Fininvest for annulment of the ECB’s decision was dismissed by the General Court.
Fininvest and Mr Berlusconi’s successors appealed against that judgment.
Background Documents C-512/22 P and C-513/22 P
Donnerstag, 19. September 2024
Qualifizierte Beteiligung von Fininvest an Banca Mediolanum
2015 wurde die Finanzholdinggesellschaft Mediolanum auf ihre Tochtergesellschaft Banca Mediolanum verschmolzen. Angesichts ihrer Beteiligung am Gesellschaftskapital von Mediolanum wurde Fininvest, eine mehrheitlich von Silvio Berlusconi gehaltene Holdinggesellschaft, Inhaberin einer Beteiligung am Kapital von Banca Mediolanum.
Zuvor hatte die italienische Zentralbank (Banca d’Italia) die Aussetzung der Stimmrechte von Fininvest und Herrn Berlusconi an Mediolanum und die Veräußerung ihrer 9,99 % übersteigenden Anteile an diesem Institut angeordnet. Außerdem hatte sie den Antrag von Fininvest und Herrn Berlusconi auf Genehmigung einer qualifizierten Beteiligung an diesem Institut mit der Begründung abgelehnt, dass Herr Berlusconi aufgrund seiner Verurteilung wegen Steuerbetrugs im Jahr 2013 die Anforderung an den Leumund nicht mehr erfülle. Diese Entscheidungen der italienischen Zentralbank hob der italienische Staatsrat mit Urteil vom 3. März 2016 auf.
Nach der Verschmelzung von Mediolanum und Banca Mediolanum sowie dem vorgenannten Urteil des Staatsrats eröffneten die italienische Zentralbank und die Europäische Zentralbank (EZB) ein neues Verfahren zur Beurteilung des Erwerbs einer qualifizierten Beteiligung von Fininvest und Herrn Berlusconi an Banca Mediolanum. Nach Abschluss dieses Verfahrens erließ die EZB, an die insoweit ein Vorschlag der italienischen Zentralbank herangetragen worden war, einen Beschluss, mit dem sie die Genehmigung des Erwerbs einer qualifizierten Beteiligung an diesem Kreditinstitut versagte. Sie begründete ihren Beschluss insbesondere damit, dass Herr Berlusconi die für Inhaber von qualifizierten Beteiligungen geltende Anforderung an den Leumund nicht erfülle.
Fininvest und Herr Berlusconi haben den Beschluss der EZB vor dem Gericht der EU angefochten, jedoch ohne Erfolg: Mit Urteil vom 11. Mai 2022 wies das Gericht ihre Klage ab (siehe Pressemitteilung Nr. 80/22).
Fininvest und Herr Berlusconi haben daraufhin ein Rechtsmittel beim Gerichtshof eingelegt.
Generalanwalt Campos Sánchez Bordona hat in seinen Schlussanträgen vom 16. Mai 2024 dem Gerichtshof vorgeschlagen, den Rechtsmitteln stattzugeben, das Urteil des Gerichts aufzuheben und den Beschluss der EZB für nichtig zu erklären.
Weitere Informationen C-512/22
Weitere Informationen C-513/22
Zur Erinnerung: Fininvest und Herr Berlusconi haben auch den dem EZB-Beschluss zugrundeliegenden Vorschlag der italienischen Zentralbank angefochten, und zwar vor dem italienischen Staatsrat. Sie machten in jenem Verfahren geltend, dass dieser Vorschlag wegen Verstoßes gegen das oben genannte Urteil des Staatsrats von 2016 nichtig sei. Der Staatsrat hat den Gerichtshof in diesem Zusammenhang um Vorabentscheidung über Zuständigkeitsfragen ersucht. Mit Urteil vom 19. Dezember 2018 hat der Gerichtshof entschieden, dass für die Prüfung, ob die Rechtmäßigkeit des EZB-Beschlusses, mit dem dem Erwerb einer qualifizierten Beteiligung an Banca Mediolanum durch Fininvest und Herrn Berlusconi widersprochen werde, durch etwaige den vorbereitenden Handlungen der italienischen Zentralbank anhaftende Mängel beeinträchtigt werde, allein der Gerichtshof der Europäischen Union zuständig sei (siehe Pressemitteilung Nr. 205/18).
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