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:
(a) units issued by collective investment undertakings other than the closed-end type,
(b) securities issued by a Member State or by its regional or local authorities.