(2)In recent years more investors have become active in the financial markets and are offered an even more complex wide-ranging set of services and instruments. In view of these developments the legal framework of the Community should encompass the full range of investor-oriented activities. To this end, it is necessary to provide for the degree of harmonisation needed to offer investors a high level of protection and to allow investment firms to provide services throughout the Community, being a Single Market, on the basis of home country supervision. In view of the preceding, Directive 93/22/EEC should be replaced by a new Directive.
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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 2 changes in this version: compare with the current text.