Judgment_paragraph 40 · Staat der Nederlanden v Essent NV (C‑105/12), Essent Nederland BV (C‑105/12), Eneco Holding NV (C‑106/12) and Delta NV (C‑107/12) (C-105/12, C-106/12, C-107/12)

40In the absence, in the FEU Treaty, of a definition of the concept of ‘movement of capital’ within the meaning of Article 63(1) TFEU, the Court has previously recognised as having indicative value the nomenclature of capital movements set out in Annex I to Council Directive 88/361/EEC of 24 June 1988 for the implementation of Article 67 of the [EC] Treaty (OJ 1988 L 178, p. 5). The Court has therefore held that movements of capital within the meaning of Article 63(1) TFEU include in particular ‘direct’ investments, namely investments in the form of participation in an undertaking through the holding of shares which confers the possibility of effectively participating in its management and control, and ‘portfolio’ investments, namely investments in the form of the acquisition of shares on the capital market solely with the intention of making a financial investment without any intention to influence the management and control of the undertaking (see Commission v Netherlands, paragraph 19, and Case C‑171/08 Commission v Portugal, paragraph 49).