Request for a preliminary ruling from the Bundesgerichtshof (Germany) lodged on 13 December 2024 – GT and Others v Valora Effekten Handel AG

(Case C-864/24, Valora Effekten Handel)

(C/2025/1630)

Language of the case: German

Referring court

Bundesgerichtshof

Parties to the main proceedings

Applicants at first instance and appellants in the Revision (appeal on a point of law): GT, Beteiligungen im Baltikum AG, VCI Venture Capital und Immobilien AG

Defendant at first instance and respondent in the Revision (appeal on a point of law): Valora Effekten Handel AG

Question referred

Is sub-paragraph 4(iii) of Article 3(1a) of Directive 2004/109/EC (1) to be interpreted as precluding the second example of the first paragraph of Paragraph 34(2) of the Wertpapierhandelsgesetz (German Law on Securities Trading, ‘the WpHG’), according to which, in order to attribute voting rights, it is not necessary that the person subject to the reporting obligation and the third party have entered into an agreement on the exercise of voting rights, but rather it is sufficient for factual circumstances to reveal the existence of concerted action in another way?

(1)  Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ 2004 L 390, p. 38).