Is Article 1(1) of Council Directive 2001/23/EC to be interpreted as meaning that a transfer, such as that which took place in the circumstances of the present case, relating to financial instruments and other client assets (specifically, transferable securities), the accounts relating to clients’ intangible debt securities and other financial and ancillary services, as well as the records, must be deemed to be a legal transfer of an undertaking or of part of an undertaking, bearing in mind that, after the first respondent ceased to engage in business as a stock-exchange intermediary, the decision whether provision of such services was to be entrusted to the second defendant was, ultimately, a matter for the clients?

In the circumstances described above, is the number of clients who, following the cessation of the first respondent’s activities as a stock-exchange intermediary, now use the second respondent for the provision of those services, relevant?

Is the fact that the first respondent continues to provide services to the clients as a dependant financial promotion company and, in performing that role, cooperates with the second respondent, relevant in any way for the purpose of determining whether there was a transfer of a business or an undertaking?