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New version applies from 20/03/2008 — introduced by Directive 2008/10/EC. 91 provisions change. Later versions: 04/01/2011, 03/01/2018. Recital 13 changes in this version: compare with the current text.

Recital 13

Recital 13

(13)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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