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Valentina R., lawyer
EN
C series
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30.9.2024
(C/2024/5610)
Language of the case: Italian
Applicant: SX Ltd
Defendants: Ministero dell’Economia e delle Finanze, Comando Generale della Guardia di Finanza, Agenzia del Demanio
1.Does Article 2(1) of Regulation (EU) No 269/2014 preclude an interpretation according to which – where there are assets or resources held in a discretionary trust (the beneficiary of which is listed in Annex I to the abovementioned EU Regulation) – those assets and/or resources are nevertheless to be regarded as ‘belonging’ to the trust beneficiary even if the national law applicable to the trust (or even a contractual safeguard clause inserted in the trust deed) expressly prohibits the beneficiary from performing any act of enjoyment and disposition of the trust assets/resources for as long as that individual is listed in Annex I to Regulation (EU) No 269/2014, or in any event for as long as the use/disposal of such assets/resources would constitute a breach of [European Union] law?
2.If the answer to the first question is in the affirmative, does Article 2(1) of Regulation (EU) No 269/2014 preclude an interpretation according to which – where there are assets or resources held in a discretionary trust (the beneficiary of which is listed in Annex I to the abovementioned EU Regulation) – those assets and/or resources are nevertheless to be regarded as subject to the ‘control’ of the trust beneficiary even if the national law applicable to the trust (or even a contractual safeguard clause inserted in the trust deed) expressly prohibits the beneficiary from performing any act of enjoyment and disposition of the trust assets/resources for as long as that individual is listed in Annex I to Regulation (EU) No 269/2014, or in any event for as long as the use/disposal of such assets/resources would constitute a breach of [European Union] law?
Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (OJ 2014 L 78, p. 6).
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ELI: http://data.europa.eu/eli/C/2024/5610/oj
ISSN 1977-091X (electronic edition)
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