Judgment_paragraph 39 · Genil 48 SL and Comercial Hostelera de Grandes Vinos SL v Bankinter SA and Banco Bilbao Vizcaya Argentaria SA (C-604/11)

39Article 19(9) of Directive 2004/39 constitutes a derogation from the assessment scheme provided for elsewhere in that article where investment services are offered by investment firms and it must therefore be interpreted strictly. That is all the more so because according to the wording of the title of Section 2 of Chapter II of Title II of that directive, of which Article 19 forms a part, those assessments are measures aimed at guaranteeing investor protection which, as stated in recitals 2 and 31 in the preamble thereto, is one of its objectives (see, to that effect, Case C-248/11 Nilaş and Others [2012] ECR, paragraph 48).