Language of document :

Request for a preliminary ruling from the Tribunal Supremo (Spain) lodged on 12 December 2019 — Bankia, S. A. v Unión Mutua Asistencial de Seguros (UMAS)

(Case C-910/19)

Language of the case: Spanish

Referring court

Tribunal Supremo

Parties to the main proceedings

Applicant: Bankia, S. A.

Defendant: Unión Mutua Asistencial de Seguros (UMAS)

Questions referred

With regard to the interpretation of Article 3(2) and Article 6 of Directive 2003/71/EC 1 of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC:

When an offer of shares to the public for subscription is directed at both retail and qualified investors, and a prospectus is issued for the retail investors, is an action for damages arising from the prospectus available to both kinds of investor or only to retail investors?

In the event that the answer to the first question is that it is also available to qualified investors, is it possible to assess the extent to which they were aware of the economic situation of the issuer of the offer of shares to the public otherwise than through the prospectus, on the basis of their legal and commercial relations with that issuer (for example, being shareholders of the issuer or members of its management bodies, etc.)?


1 OJ 2003, L 345, p. 64