Judgment_paragraph 27 · Granton Advertising BV v Inspecteur van de Belastingdienst Haaglanden/kantoor Den Haag (C-461/12)

27As regards the wording of the provision providing for the exemption at issue, it must be noted that, under Article 13(B)(d)(5) of the Sixth Directive, the Member States are to exempt, inter alia, transactions in ‘shares, interests in companies or associations, debentures and other securities’. While that exemption thus refers specifically to securities conferring a property right over legal persons and securities representing a debt, it is still the case that the ‘other securities’ referred to in that provision have to be regarded, at the very least, as also being ‘securities’. Accordingly, they have to be regarded as being comparable in nature to the other securities specifically mentioned in that provision.