European Union – Companies. The Court of Justice of the European Union ruled that art 3(1) of Directive (EC) 2003/71 of the European Parliament and of the Council (on the prospectus to be published when securities are offered to the public or admitted to trading), as amended, should be interpreted as meaning that the obligation to publish a prospectus prior to any offer of securities to the public was not applicable to an enforced sale of securities, such as that at issue in the main proceedings.