Official Journal of the European Union

EN

C series

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C/2025/2361

(C/2025/2361)

Language of the case: Polish

Referring court

Parties to the main proceedings

Appellants: K. Sz., H. Sz., W. Sz.

Respondent: Z. Fundusz Inwestycyjny Zamknięty w likwidacji

Questions referred

Is a natural person – a participant in a closed-end investment fund and a purchaser of registered securities issued by that fund in the form of investment certificates, if those certificates are acquired for purposes unrelated to that person’s trade, business or profession, and the purpose of joining the fund is primarily to invest savings – a consumer within the meaning of Article 2(b) of Council Directive 93/13/EEC (1) of 5 April 1993 on unfair terms in consumer contracts?

Is a closed-end investment fund whose sole business is to invest the funds raised by offering its investment certificates in securities, money market instruments and other property rights laid down in statutes a seller or supplier within the meaning of Article 2(c) of Directive 93/13?

Is a provision of a closed-end investment fund’s articles of association laying down the fund participant’s rights and obligations, including the rules and deadlines for the redemption of investment certificates by the fund from participants, a contractual term which has not been individually negotiated within the meaning of Article 3(2) of Directive 93/13 if the participant was able to read the articles of association before joining the fund and accepted those articles of association by way of a written declaration upon taking up the investment certificates?

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(1)

OJ 1993 L 95, p. 29.

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ELI: http://data.europa.eu/eli/C/2025/2361/oj

ISSN 1977-091X (electronic edition)

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