Facts
- The case concerned a dispute over harmonised rules provided by the EU Council Directive 79/279. The directive failed to provide protection to shareholders who wished to have a company’s shares listed on the Stock Exchange, contrary to the decision of the International Stock Exchange
Issues
- When must a reference be made to the Court of Justice of the European Union?
- Need a reference be made?
Decision
- Whenever a national court cannot resolve in complete confidence that there is no need for a preliminary reference request to be made
- No reference required
Reasoning
- It was clear that the Directive was intended to harmonise listing rules, and did not affect the rights of shareholders
- Sir Thomas Bingham (later Lord Bingham) warned that if in doubt, a national court should request a preliminary ruling from the Court of Justice of the European Union
