Judgment_paragraph 32 · SC Romenergo SA and Aris Capital SA v Autoritatea de Supraveghere Financiară (C-339/19)

32In 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I to Council Directive 88/361/EEC of 24 June 1988 for the implementation of Article 67 of the [EC] Treaty [article repealed by the Treaty of Amsterdam] (OJ 1988 L 178, p. 5).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 (judgment of 22 October 2013, Essent and Others, C‑105/12 to C‑107/12, EU:C:2013:677, paragraph 40 and the case-law cited).