Wednesday, 1 October 2014

Europe: obligation to publish prospectus did not apply to enforced sale of securities

The Court of Justice gave its opinion last month in Almer Beheer BV, Daedalus Holding BV v Van den Dungen Vastgoed BV, Oosterhout II BVBA (Case C‑441/12). The court held, to quote directly from its opinion, that: "Article 3(1) of Directive 2003/71/EC ... on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC, as amended by Directive 2008/11/EC ..., must be interpreted as meaning that the obligation to publish a prospectus prior to any offer of securities to the public is not applicable to an enforced sale of securities, such as that at issue in the main proceedings".

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