The investor’s economic loss as non-contractual damage and as a criterion for determining international jurisdiction for the purposes of Article 7(2) of Regulation (EU) No 1215/2012 (Brussels I bis) CJEU judgment of 12 May 2021, Vereniging van Effectenbezitters v BP plc, Case C-709/19

Abstract

Case 709/19 evidences the particular character of the negotiable securities acquisition operations carried out in regulated markets. The system of purchasing shares of a listed company raises important problems from the private international law point of view, such as the qualification of the relationship between the issuer and the final investor or if the latter, as a natural person, can be considered a consumer and benefits from the special protection of arts. 17–19 Regulation 1215/2012. A common question of debate in relation to these operations is whether the securities account in which they are recorded and in which the investor's gains or losses are reflected can be considered as a connecting point to determine international jurisdiction for the purposes of art. 7.2º Regulation 1215/2012 or additional circumstances are needed to act as a link between forum and litis