22As regards the expression ‘issue of securities’, the Commission submits that it cannot be interpreted as covering the first transfer of such securities, since such an interpretation deprives the prohibition laid down by Article 11 of Directive 69/335 of any effect. The issue of securities cannot be separated from the acquisition thereof by the subscribers and the prohibition on taxing the issue is applicable, by analogy with the Court's decision in Joined Cases C-31/97 and C-32/97 FECSA and ACESA [1998] ECR I-6491, paragraphs 18 and 19, to the overall transaction, which includes the acquisition of the securities by the subscriber.
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