Judgment of the Court (Fourth Chamber) of 9 January 2025.#Commune de Schaerbeek and Commune de Linkebeek v Holding Communal SA.#Request for a preliminary ruling from the Cour de cassation (Belgium).#Reference for a preliminary ruling – Directive 2003/71/EC – Prospectus to be published when securities are offered to the public or admitted to trading – Article 2(1)(a) – Concept of ‘securities’ – Article 3 – Obligation to publish a prospectus – Securities negotiable on the capital market – Shares in a holding company that may be held only by certain territorial administrative authorities of a Member State – Transfer of shares requiring the approval of the board of directors of the holding company.#Case C-627/23.