28In that respect, it has previously been held that national legislation intended to apply only to those shareholdings which enable the holder to exert a definite influence on a company’s decisions and to determine its activities falls within the scope of Article 49 TFEU on freedom of establishment (see Case C‑387/11 Commission v Belgium [2012] ECR, paragraph 34; Test Claimants in the FII Group Litigation, paragraph 91 and the case-law cited; and Beker, paragraph 25). On the other hand, national provisions which apply to shareholdings acquired solely with the intention of making a financial investment without any intention to influence the management and control of the undertaking must be examined exclusively in the light of the free movement of capital (see Commission v Belgium, paragraph 34; Test Claimants in the FII Group Litigation, paragraph 92 and the case-law cited; and Beker, paragraph 26).
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