In the German case of GfBk Gesellschaft für Börsenkommunikation mbH v Finanzamt Bayreuth (CJEU Case C-275/11) the CJEU held that art 13B(d)(6) of the EC Sixth Directive ‘must be interpreted as meaning that advisory services concerning investment in transferable securities provided by a third party to an investment management company which is the manager of a special investment fund fall within the concept of “management of special investment funds” for the purposes of the exemption laid down in that provision’.
In the German case of GfBk Gesellschaft für Börsenkommunikation mbH v Finanzamt Bayreuth (CJEU Case C-275/11) the CJEU held that art 13B(d)(6) of the EC Sixth Directive ‘must be interpreted as meaning that advisory services concerning investment in transferable securities provided by a third party to an investment management company which is the manager of a special investment fund fall within the concept of “management of special investment funds” for the purposes of the exemption laid down in that provision’.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")