Recital 1

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(1)Regulation (EU) No 575/2013 of the European Parliament and of the Council ⁴ exempts investment firms whose main business consists exclusively of the provision of investment services or activities in relation to the financial instruments set out in points 5, 6, 7, 9 and 10 of Section C of Annex I to Directive 2004/39/EC of the European Parliament and of the Council ⁵ and to whom Council Directive 93/22/EEC ⁶ did not apply on 31 December 2006 (‘commodity dealers’) from the requirements for large exposures and from own funds requirements. Those exemptions apply until 31 December 2017.

5 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC ( OJ L 145, 30.4.2004, p. 1 ). ↩
4 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 ( OJ L 176, 27.6.2013, p. 1 ). ↩
6 Council Directive 93/22/EEC of 10 May 1993 on investment services in the securities field ( OJ L 141, 11.6.1993, p. 27 ). ↩