When is a licence required for the purchasing of receivables

According to a recent decision of the Curia, the purchase of receivables without license issued by the competent authority may imply the breach of the Credit Institutions Act in cases where more than one receivable is transferred. Also, when determining whether such a contract on the sale and purchase of receivables has or has not been individually negotiated (whether or not such a deal is to be deemed as business activity within the meaning of the Credit Institutions Act), facts arising out of business relationships between the parties other than the contract on the sale and purchase of receivables shall not be taken into account.

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