(b)
the investment firm does not provide such investment services or undertake such investment activities for, or on behalf of, retail clients;
← art_45__para_1__point_a__text_1 · All articles · art_45__para_1__point_b__text_1 →
Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.