Member States shall abolish, in respect of the natural persons and companies or firms covered by Title I of the General Programmes for the abolition of restrictions on freedom of establishment and freedom to provide services (hereinafter called "beneficiaries"), the restrictions referred to in Title III of those General Programmes affecting the right to take up and pursue the activities specified in Article 2 of this Directive.
As regards the provision of services linked with capital movements, this Directive shall only apply to the services listed in Annex I excluding those provided by the managers and trustees of unit trusts.
The following services connected with securities and involving the transfer of the provider of the service to the country of the beneficiary shall not be liberalized: - receipt of orders to buy or to sell,
- participation as intermediary in transfers outside the market and the recording of such transfers,
- information or advice given following a public offer,
- payment of coupons.