(40)In order to avoid distortions of competition, public credit institutions must not include in their own funds guarantees granted them by the Member States or local authorities.
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New version applies from 18/05/2004 — introduced by Markets in Financial Instruments Directive (MIFID), Commission Directive 2004/69/EC.
147 provisions change.
Later versions: 13/04/2005, 29/03/2006, 20/07/2006.
Recital 40 changes in this version: compare with the current text.