Irish Stock Exchange Ltd's Application Case R 1604/2006, OHIM (Second Board of Appeal) [2007] ETMR 75 concerned an appeal against the refusal of an application for registration as a Community trade mark of the mark Alternative Securities Market in classes 16 and 36. Despite the fact that the mark had already been registered in Ireland, its registration as a CTM was refused on absolute grounds (Articles 7(1)(b) & (c ), and 7(2), Council Regulation 40/94) because the words lacked distinctive character, and were descriptive.