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Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (Text with EEA relevance) · European Union

The description of risks shall include, where relevant to the specific type of instrument concerned and the status and level of knowledge of the client, the following elements: the risks associated with that type of financial instrument including an explanation of leverage and its effects and the risk of losing the entire investment; the volatility of the price of such instruments and any limitations on the available market for such instruments; the fact that an investor might assume, as a result of transactions in such instruments, financial commitments and other additional obligations, including contingent liabilities, additional to the cost of acquiring the instruments; any margin requirements or similar obligations, applicable to instruments of that type. Member States may specify the precise terms, or the contents, of the description of risks required under this paragraph.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-29 · Text as adopted (Official Journal); later amendments are not incorporated in this text.