Judgment of the Court (Third Chamber) of 10 May 2012.

Santander Asset Management SGIIC SA (C-338/11) v Directeur des résidents à l'étranger et des services généraux and Santander Asset Management SGIIC SA and Others (C-339/11 to C-347/11) v Ministre du Budget, des Comptes publics, de la Fonction publique et de la Réforme de l’État.

References for a preliminary ruling: Tribunal administratif de Montreuil - France.

Articles 63 TFEU and 65 TFEU - Undertakings for collective investments in transferable securities (UCITS) - Different treatment of dividends paid to non-resident UCITS, subject to withholding tax, and dividends paid to resident UCITS, not subject to such tax - Whether it is necessary, for the purpose of determining whether the national measure is in conformity with the free movement of capital, to take account of the situation of shareholders - No such need.

Joined cases C-338/11 to C-347/11.

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