(3)Directive 2004/39/EC does not, however, establish common standards for the own funds of investment firms nor indeed does it establish the amounts of the initial capital of such firms or a common framework for monitoring the risks incurred by them.
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New version applies from 01/01/2014 — introduced by Capital Requirements Directive.
109 provisions change.
Recital 3 is deleted from 01/01/2014.