In the context of the forthcoming revision of the Capital Adequacy framework in Basel II, Member States recognise the need to re-examine whether or not investment firms who execute client orders on a matched principal basis are to be regarded as acting as principals, and thereby be subject to additional regulatory capital requirements.
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New version applies from 21/09/2007 — introduced by Directive 2007/44/EC.
83 provisions change.
Later versions: 20/03/2008, 04/01/2011, 03/01/2018.
Recital 21 changes in this version: compare with the current text.