Judgment_paragraph 38 · LBI hf v Kepler Capital Markets SA and Frédéric Giraux (C-85/12)

38As noted at paragraph 27 of this judgment, the effects which reorganisation and winding-up measures taken by the administrative or judicial authorities of the home Member State may have in the other EU Member States are determined, in accordance with the second subparagraph of Article 3(2) and the second subparagraph of Article 9(1) of Directive 2001/24, by the law of the home Member State. Therefore, that directive does not prevent that Member State from amending, even with retroactive effect, the legal scheme applicable to such measures.