Prospectus Directive - ECJ judgement

A request for a preliminary ruling regarding Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading, as amended (the "Prospectus Directive") was filed with Court of Justice of the European Union ("ECJ") by Hoge Raad der Nederlanden (the Supreme Court of the Netherlands) on October 3^rd 2012. The request concerned proceedings between Dutch companies Almer Beheer BV and Daedalus Holding BV ("Almer and Daedalus") and Van den Dungen Vastgoed BV and Oosterhout II BVBA; it related to the claim by Almer and Daedalus that the enforced sale of securities held by them should be subject to the obligation to publish a prospectus.