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New version applies from 03/01/2018 — introduced by Directive 2014/65/EU (MIFID II). 152 provisions change. Recital 13 is deleted from 03/01/2018.

Recital 13

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Persons who provide investment services consisting exclusively in the administration of employee-participation schemes and who therefore do not provide investment services for third parties should not be covered by this Directive.

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