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Article 3

1. Articles 20 to 41, as well as Annex I, shall apply to securities which are the subject of an application for admission to official listing on a stock exchange situated or operating within a Member State. 2. The provisions mentioned in paragraph 1 shall not apply to: units issued by collective investment undertakings other than the closed-end type, securities issued by a Member State or by its regional or local authorities.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-11 · Text as adopted (Official Journal); later amendments are not incorporated in this text.