Jurisdiction(s):
United Kingdom

Key definition

Investments definition

What does Investments mean? In practice, investments are financial products or rights acquired with the expectation of income or capital growth, such as shares, bonds, fund units and derivatives. In UK financial services law, however, the regulated concept is “specified investments” under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO). This defined list includes, among others, shares, debentures and loan stock, government and public securities, warrants, units in a collective investment scheme, options and futures, contracts for differences, and rights under a contract of insurance. Whether a firm must be authorised, may communicate financial promotions, or owes particular...

Fehmarn Belt Fixed Link: CJEU upholds finding of no State aid for hinterland rail; Scandlines/Stena appeals dismissed; Commission cross-appeal rejected

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Practice notes

CASE HUB ARCHIVED

This archived case hub records the position as at the judgment dated 6 October 2021; it is no longer being updated. See also, timeline.

Case facts

Outline

Joined Cases C‑174/19 Scandlines Danmark and Scandlines Deutschland v Commission and C‑175/19 Stena Line Scandinavia v Commission-appeals against the General Court’s judgments in Cases T‑630/15 and T‑631/15, which partially set aside the Commission’s approval of aid for the financing of the Fehmarn Belt Fixed Link between Denmark and Germany (SA.39078).

Latest development

On 6 October 2021, the Court of Justice delivered its ruling and rejected the appeals in full.

Parties

Scandlines Danmark and Scandlines Deutschland (together, Scandlines) and their parent Scandferries Holdings ApS, owned by a consortium comprising First State Investments, Hermes Investment Management and Equity investor 3i Group.

Scandlines runs ferry services between Denmark and Germany on two routes, Rødby–Puttgarden and Gedser–Rostock (the former crossing the Fehmarn Belt).

Stena Scandinavia (Stena) is part of the Sweden‑based Stena Group, one of the largest ferry operators globally. Stena operates ferry services throughout Scandinavia, the Baltic, the North Sea and the Irish Sea.

Until 2015, Scandlines and Stena...

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Web page updated on 27/05/2026

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