It is necessary to exclude from the scope of this Directive central banks and other bodies performing similar functions as well as public bodies charged with or intervening in the management of the public debt, which concept covers the investment thereof, with the exception of bodies that are partly or wholly State-owned the role of which is commercial or linked to the acquisition of holdings.
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New version applies from 03/01/2018 — introduced by Directive 2014/65/EU (MIFID II).
152 provisions change.
Recital 14 is deleted from 03/01/2018.