[author: Bethan Saunders]

The European Court of Justice (ECJ) has held in the case of Banif Plus Bank Zrt. V. Marton Lantos and Martonne Lantos (Case C-312/14) (3 December 2015) that foreign exchange transactions which are part of foreign currency denominated loans do not constitute investments services and so are not subject to the provisions of the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).