European Court advocate general seeks to block preliminary ruling in FX case

Issues

An advocate general of the European Court has proposed a declaration of inadmissibility for a request of a preliminary ruling from a Hungarian court on a case involving foreign-currency lending.

The Hungarian court in Ráckeve, near Budapest, had asked the European Court whether the failure to uphold investor protection provisions, such as gauging an investorʼs knowledge, by a lender could invalidate an FX loan contract with a client.

"It is for the internal legal order of each Member State to determine the contractual consequences where an investment firm fails to comply with the assessment requirements laid down in Article 19(4) and (5) of Directive 2004/39, subject to the observance of the principles of equivalence and effectiveness," Niilo Jaaskinen said in the opinion.

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