Exemptions

Section 63(1), (3) to (7) and (9), and sections 69, 70 and 82 do not apply to transactions concluded on regulated markets or in multilateral trading facilities between investment services undertakings, or between such undertakings and other members or participants of those markets or systems. Where a transaction within the meaning of the first sentence is concluded in execution of a client order, the investment services undertaking must, however, comply with the obligations under section 63(1), (3) to (7) and (9), and sections 69, 70 and 82, vis-à-vis the client.