European Union – Companies. The Court of Justice of the European Union gave a preliminary ruling, deciding that, on a proper construction of point (1) of art 1 of Directive (EC) 2003/6 and art 1(1) of Commission Directive (EC) 2003/124, in order for information to be regarded as being of a precise nature for the purposes of those provisions, it need not be possible to infer from that information, with a sufficient degree of probability, that, once it was made public, its potential effect on the prices of the financial instruments concerned would be in a particular direction.