In a judgement handed down on Thursday 9 January (Case C-627/23), the Court of Justice of the European Union ruled that shares in the Belgian company Holding Communal SA, which can only be held by Belgian provinces and municipalities and can only be sold with the approval of the company’s board of directors, fall within the concept of ‘transferable securities’ within the meaning of Directive 2003/71/EC governing the prospectus to be published when securities are offered to the...