1.Articles 5 to 19, 42 to 69, and 78 to 84 shall apply to securities which are admitted to official listing or are the subject of an application for admission to official listing on a stock exchange situated or operating within a Member State.
2.Member States may decide not to apply the provisions mentioned in paragraph 1 to:
(a)2. Member States may decide not to apply the provisions mentioned in paragraph 1 to: (a) units issued by collective investment undertakings other than the closed-end type, (b) securities issued by a Member State or its regional or local authorities.
(b)securities issued by a Member State or its regional or local authorities.