Court of Justice 19 June 2014, C‑441/12 (Almer Beheer BV and Daedalus Holding BV v Van den Dungen Vastgoed BV and Oosterhout II BVBA.)

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Advocate General Sharpston opines that Directive 2003/71/EC does not apply to court-ordered enforced sales of securities intended to satisfy a debt, as such proceedings fall within the sphere of civil justice rather than the regulated securities market. The Opinion further suggests that such sales are excluded from the Directive's scope if the total consideration, determined by the specific amount to be raised in the court order plus procedural costs, falls below the applicable statutory threshold. Consequently, the obligation to publish a prospectus should not be imposed on a judicial officer (deurwaarder) or creditor in the context of a public auction resulting from a compulsory attachment.AI