Judgment of the Court of First Instance (Fifth Chamber) of 4 March 2009
   - Italy v Commission

   (Case T-424/05)

   State aid - Aid scheme established by the Italian authorities for
   certain undertakings for collective investment in transferable
   securities specialised in shares of small- and medium-capitalisation
   companies - Decision declaring the aid incompatible with the common
   market - Obligation to state reasons - Selective nature of the measure
   - Effect on trade between the Member States and distortion of
   competition - Article 87(3)(c) EC

   1.                     Acts of the institutions - Statement of reasons
   - Contradiction - Effects (Art. 253 EC) (see para 67)

   2.                     State aid - Examination by the Commission -
   Decision to open the formal investigation procedure under Article 88(2)
   EC (Art. 88(2) EC; Council Regulation No 659/1999, Art. 6(1) and (7))
   (see paras 69-70)

   3.                     Acts of the institutions - Statement of reasons
   - Obligation - Scope - Commission decision on State aid (Arts 87(1) EC
   and 253 EC) (see paras 78, 85)

   4.                     State aid - Effect on trade between Member
   States - Adverse effect on competition - Aid of little importance in a
   sector with lively competition (Art. 87(1) EC) (see paras 153-156)

   5.                     Actions for annulment - Pleas in law - Pleas
   that may be raised against a Commission decision on State aid (Arts
   88(2) EC and 230 EC) (see paras 169-171)

   6.                     State aid - Prohibition - Exceptions (Art.
   87(3)(c) EC) (see paras 174-175, 179)

   Re:

   ACTION for annulment of Commission Decision 2006/638/EC of 6 September
   2005 on the aid scheme implemented by Italy for certain undertakings
   for collective investment in transferable securities specialised in
   shares of small- and medium-capitalisation companies listed on
   regulated markets (OJ 2006 L 268, p. 1).

   Operative part

   The Court:

   1.

   Dismisses the action;

   2.

   Orders the Italian Republic to pay the costs.