2420537GUB374200674sousouStatens offentliga utredningar 2006:74Statens offentliga utredningarStatens offentliga utredningar7402007-01-01 00:00:002015-09-08 10:42:542007-01-01 00:00:00En ny lag om värdepappersmarknaden supplementtitelhtml-echttps://data.riksdagen.se/dokument/GUB374/texthttps://data.riksdagen.se/dokument/GUB374https://data.riksdagen.se/dokumentstatus/GUB374
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<P class="p0 ft0">En ny lag</P>
<P class="p1 ft0">om värdepappersmarknaden</P>
<P class="p2 ft1">Supplement</P>
<P class="p3 ft2">Slutbetänkande</P>
<P class="p4 ft2">av Värdepappersmarknadsutredningen</P>
<P class="p5 ft2">Stockholm 2006</P>
</DIV>
<DIV id="id_2">
<P class="p0 ft3">SOU 2006:74</P>
</DIV>
</DIV>
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<P class="p6 ft4">SOU och Ds kan köpas från Fritzes kundtjänst. För remissutsändningar av SOU och Ds svarar Fritzes Offentliga Publikationer på uppdrag av Regeringskansliets förvaltningsavdelning.</P>
<P class="p7 ft5">Beställningsadress: Fritzes kundtjänst 106 47 Stockholm Orderfax: <NOBR>08-690</NOBR> 91 91 Ordertel: <NOBR>08-690</NOBR> 91 90</P>
<P class="p8 ft5"><NOBR>E-post:</NOBR> order.fritzes@nj.se Internet: www.fritzes.se</P>
<P class="p9 ft6">Svara på remiss. Hur och varför. Statsrådsberedningen, 2003..</P>
<P class="p10 ft7">– En liten broschyr som underlättar arbetet för den som skall svara på remiss. Broschyren är gratis och kan laddas ner eller beställas på http://www.regeringen.se/remiss</P>
<P class="p11 ft7">Tryckt av Edita Sverige AB</P>
<P class="p12 ft7">Stockholm 2006</P>
<P class="p13 ft7">ISBN <NOBR>91-38-22616-2</NOBR></P>
<P class="p12 ft7">ISSN <NOBR>0375-250X</NOBR></P>
</DIV>
<DIV id="page_3">
<P class="p0 ft8">Till statsrådet <NOBR>Sven-Erik</NOBR> Österberg</P>
<P class="p14 ft9">Regeringen beslutade den 23 juni 2004 att tillkalla en särskild utredare med uppdrag att se över frågor som rör lagstiftningen för värdepappersinstitut, börser och auktoriserade marknadsplatser (Dir. 2004:90). Till särskild utredare förordnades f.d. generaldirektören Hans Jacobson.</P>
<P class="p15 ft9">Sedan Hans Jacobson den 3 oktober 2005 avlidit förordnades justitierådet Johan Munck den 21 oktober 2005 att vara särskild utredare. Dessutom förordnades sakkunniga och experter i utredningen.</P>
<P class="p16 ft11">Utredningen har antagit namnet Värdepappersmarknadsutredningen. Den 28 april 2006 överlämnade utredningen huvudbetänkandet <SPAN class="ft10">En ny lag om värdepappersmarknaden </SPAN>(SOU 2006:50).</P>
<P class="p17 ft9">Härmed överlämnas slutbetänkandet <SPAN class="ft12">En ny lag om värdepappersmarknaden – supplement </SPAN>(SOU 2006:74).</P>
<P class="p18 ft9">Utredningsuppdraget är med detta slutfört.</P>
<P class="p19 ft9">Stockholm i juli 2006</P>
<P class="p20 ft12">Johan Munck</P>
<P class="p21 ft12">/Mattias Steen</P>
</DIV>
<DIV id="page_4">
<P class="p22 ft13">Förteckning över vilka som har deltagit i utredningens arbete med slutbetänkandet En ny lag om värdepappersmarknaden – supplement (SOU 2006:74)</P>
<P class="p23 ft12">Särskild utredare</P>
<P class="p0 ft9">Justitierådet Johan Munck</P>
<P class="p24 ft12">Sakkunniga</P>
<P class="p22 ft9">Chefsjuristen Mats Beckman, Stockholmsbörsen AB Verkställande direktören Kerstin Hermansson, Svenska Fond-</P>
<P class="p25 ft9">handlareföreningen</P>
<P class="p26 ft11">Finansinspektör <NOBR>Ülle-Reet</NOBR> Jakobson, Finansinspektionen Skattejuristen Anna Jansson, Sveriges Aktiesparares Riksförbund Group Risk Manager Svante Johansson, Carnegie Investment</P>
<P class="p27 ft9">Bank AB</P>
<P class="p28 ft14">Kanslirådet Henrik Lennefeldt, Finansdepartementet Kanslirådet Amina Lundqvist, Justitiedepartementet Ekonomie doktor Jonas Niemeyer, Sveriges riksbank</P>
<P class="p0 ft9">Departementssekreteraren Catarina Erséus, Jordbruksdepartementet</P>
<P class="p29 ft12">Experter</P>
<P class="p0 ft9">Bankjuristen Johan Lycke, Enskilda Securities AB</P>
<P class="p4 ft9">Ekonomie doktor Johan Molin, Sveriges riksbank</P>
<P class="p29 ft12">Sekreterare</P>
<P class="p4 ft9">Kammarrättsassessorn Mattias Steen</P>
<P class="p29 ft12">Assistenter</P>
<P class="p4 ft9">Monica Berglund</P>
<P class="p0 ft9">Lisbeth Kristoffersson</P>
</DIV>
<DIV id="page_5">
<DIV id="id_1">
<P class="p0 ft8">Innehåll</P>
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD colspan=2 class="tr0 td0"><SPAN class="p30 ft13">Förkortningar.......................................................................</SPAN> </TD>
<TD class="tr0 td1"><SPAN class="p31 ft13">7</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr1 td0"><SPAN class="p30 ft13">Författningsförslag ...............................................................</SPAN> </TD>
<TD class="tr1 td1"><SPAN class="p31 ft13">9</SPAN> </TD>
</TR>
<TR>
<TD class="tr2 td2"><SPAN class="p30 ft13">1</SPAN> </TD>
<TD class="tr2 td3"><SPAN class="p32 ft13">Inledning...................................................................</SPAN> </TD>
<TD class="tr2 td1"><SPAN class="p31 ft13">11</SPAN> </TD>
</TR>
<TR>
<TD class="tr3 td2"><SPAN class="p30 ft9">1.1</SPAN> </TD>
<TD class="tr3 td3"><SPAN class="p32 ft7">Utredningsuppdraget...............................................................</SPAN> </TD>
<TD class="tr3 td1"><SPAN class="p31 ft9">11</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td2"><SPAN class="p30 ft9">1.2</SPAN> </TD>
<TD class="tr4 td3"><SPAN class="p32 ft15">Kommissionens genomförandebestämmelser........................</SPAN> </TD>
<TD class="tr4 td1"><SPAN class="p31 ft9">12</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td2"><SPAN class="p30 ft9">1.3</SPAN> </TD>
<TD class="tr4 td3"><SPAN class="p32 ft7">Övriga frågor............................................................................</SPAN> </TD>
<TD class="tr4 td1"><SPAN class="p31 ft9">13</SPAN> </TD>
</TR>
<TR>
<TD class="tr5 td2"><SPAN class="p30 ft13">2</SPAN> </TD>
<TD class="tr5 td3"><SPAN class="p32 ft16">Kommissionens genomförandebestämmelser.................</SPAN> </TD>
<TD class="tr5 td1"><SPAN class="p31 ft13">15</SPAN> </TD>
</TR>
<TR>
<TD class="tr3 td2"><SPAN class="p30 ft9">2.1</SPAN> </TD>
<TD class="tr3 td3"><SPAN class="p32 ft7">Inledning...................................................................................</SPAN> </TD>
<TD class="tr3 td1"><SPAN class="p31 ft9">15</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td2"><SPAN class="p30 ft9">2.2</SPAN> </TD>
<TD class="tr4 td3"><SPAN class="p32 ft15">Kommissionens genomförandedirektiv..................................</SPAN> </TD>
<TD class="tr4 td1"><SPAN class="p31 ft9">16</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td2"><SPAN class="p30 ft9">2.3</SPAN> </TD>
<TD class="tr4 td3"><SPAN class="p32 ft15">Kommissionens genomförandeförordning ............................</SPAN> </TD>
<TD class="tr4 td1"><SPAN class="p31 ft9">18</SPAN> </TD>
</TR>
<TR>
<TD class="tr2 td2"><SPAN class="p30 ft13">3</SPAN> </TD>
<TD class="tr2 td3"><SPAN class="p32 ft13">Övriga frågor ..............................................................</SPAN> </TD>
<TD class="tr2 td1"><SPAN class="p31 ft13">21</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td2"><SPAN class="p30 ft9">3.1</SPAN> </TD>
<TD class="tr4 td3"><SPAN class="p32 ft15">Deltagare vid en reglerad marknad .........................................</SPAN> </TD>
<TD class="tr4 td1"><SPAN class="p31 ft9">21</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td2"><SPAN class="p30 ft9">3.2</SPAN> </TD>
<TD class="tr4 td3"><SPAN class="p32 ft15">Mottagande av medel med redovisningsskyldighet ...............</SPAN> </TD>
<TD class="tr4 td1"><SPAN class="p31 ft9">23</SPAN> </TD>
</TR>
</TABLE>
<P class="p33 ft9"><SPAN class="ft15">3.3</SPAN><SPAN class="ft17">Ett värdepappersinstituts rätt att välja</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t1">
<TR>
<TD class="tr6 td4"><SPAN class="p34 ft9">avvecklingssystem ....................................................................</SPAN> </TD>
<TD class="tr6 td5"><SPAN class="p31 ft15">24</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td4"><SPAN class="p34 ft15">3.4 Några rättelser i huvudbetänkandet........................................</SPAN> </TD>
<TD class="tr0 td5"><SPAN class="p31 ft15">26</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">5</P>
</DIV>
</DIV>
<DIV id="page_6">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t2">
<TR>
<TD class="tr7 td6"><SPAN class="p30 ft19">Innehåll</SPAN> </TD>
<TD colspan=2 class="tr7 td7"><SPAN class="p35 ft19">SOU 2006:74</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr8 td8"><SPAN class="p36 ft13">Bilagor</SPAN> </TD>
<TD class="tr8 td9"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td6"><SPAN class="p36 ft9">1</SPAN> </TD>
<TD class="tr4 td10"><SPAN class="p30 ft15">Kommissionens förslag till genomförandedirektiv................</SPAN> </TD>
<TD class="tr4 td9"><SPAN class="p31 ft9">27</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td6"><SPAN class="p36 ft9">2</SPAN> </TD>
<TD class="tr4 td10"><SPAN class="p30 ft15">Kommissionens förslag till genomförandeförordning...........</SPAN> </TD>
<TD class="tr4 td9"><SPAN class="p31 ft9">95</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td6"><SPAN class="p36 ft9">3</SPAN> </TD>
<TD class="tr4 td10"><SPAN class="p30 ft15">Artikelregister – genomförandedirektivet ............................</SPAN> </TD>
<TD class="tr4 td9"><SPAN class="p31 ft15">141</SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td6"><SPAN class="p36 ft9">4</SPAN> </TD>
<TD class="tr4 td10"><SPAN class="p30 ft15">Artikelregister – genomförandeförordningen......................</SPAN> </TD>
<TD class="tr4 td9"><SPAN class="p31 ft15">145</SPAN> </TD>
</TR>
</TABLE>
<P class="p37 ft9"><SPAN class="ft9">5</SPAN><SPAN class="ft21">Parallelluppställning över genomförandet av direktiv</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t3">
<TR>
<TD class="tr9 td10"><SPAN class="p30 ft15">2004/39/EG (MiFID)............................................................</SPAN> </TD>
<TD class="tr9 td9"><SPAN class="p31 ft15">147</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">6</P>
</DIV>
</DIV>
<DIV id="page_7">
<DIV id="id_1">
<P class="p0 ft8">Förkortningar</P>
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD class="tr10 td11"><SPAN class="p30 ft9">Dir.</SPAN> </TD>
<TD class="tr10 td12"><SPAN class="p30 ft9">Kommittédirektiv</SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td11"><SPAN class="p30 ft9">EES</SPAN> </TD>
<TD class="tr6 td12"><SPAN class="p38 ft15">Europeiska ekonomiska samarbetsområdet</SPAN> </TD>
</TR>
<TR>
<TD class="tr11 td11"><SPAN class="p30 ft9">EG</SPAN> </TD>
<TD class="tr11 td12"><SPAN class="p38 ft9">Europeiska gemenskapen</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td11"><SPAN class="p30 ft9">Genomförande-</SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p38 ft22">Kommissionens förslag till genomförande-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td11"><SPAN class="p30 ft9">direktiv</SPAN> </TD>
<TD class="tr12 td12"><SPAN class="p38 ft9">direktiv efter omröstningen i europeiska</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td12"><SPAN class="p38 ft22">värdepapperskommittén den 26 juni 2006</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td11"><SPAN class="p30 ft9">Genomförande-</SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p38 ft22">Kommissionens förslag till genomförande-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td11"><SPAN class="p30 ft9">förordning</SPAN> </TD>
<TD class="tr12 td12"><SPAN class="p38 ft15">förordning efter omröstningen i europeiska</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td12"><SPAN class="p38 ft22">värdepapperskommittén den 26 juni 2006</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td11"><SPAN class="p30 ft9">LV</SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p38 ft9">Utredningens förslag till lag om värde-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td12"><SPAN class="p38 ft9">pappersmarknaden</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td11"><SPAN class="p30 ft9">MiFID</SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p38 ft9">Europaparlamentets och rådets direktiv</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td12"><SPAN class="p38 ft9">2004/39/EG av den 21 april 2004 om</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td12"><SPAN class="p38 ft9">marknader för finansiella instrument och</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td12"><SPAN class="p38 ft22">om ändring av rådets direktiv 85/611/EEG</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td12"><SPAN class="p38 ft9">och 93/6/EEG och Europaparlamentets</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td12"><SPAN class="p38 ft22">och rådets direktiv 2000/12/EG samt upp-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td11"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td12"><SPAN class="p38 ft9">hävande av rådets direktiv 93/22/EEG</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td11"><SPAN class="p30 ft9">NOU</SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p38 ft9">Norges offentlige utredninger</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td11"><SPAN class="p30 ft9">SOU</SPAN> </TD>
<TD class="tr0 td12"><SPAN class="p38 ft9">Statens offentliga utredningar</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">7</P>
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<P class="p0 ft8">Författningsförslag</P>
<P class="p39 ft23">Justering av utredningens tidigare förslag till lag om värdepappersmarknaden</P>
<P class="p40 ft9">Utredningen justerar sitt förslag enligt huvudbetänkandet SOU 2006:50 på nedan angivet sätt.</P>
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<TD class="tr13 td13"><SPAN class="p30 ft12">Lydelse enligt SOU 2006:50</SPAN> </TD>
<TD class="tr13 td14"><SPAN class="p30 ft24">Slutligt förslag</SPAN> </TD>
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<P class="p41 ft13">8 kap.</P>
<P class="p42 ft9">26 §</P>
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<P class="p43 ft9">Medel som tas emot av ett värdepappersbolag med redovisningsskyldighet enligt 2 kap. 2 § första stycket 2 skall <SPAN class="ft12">genast </SPAN>avskiljas <SPAN class="ft12">och sättas in på räkning i kreditinstitut</SPAN>.</P>
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<P class="p43 ft9">Medel som tas emot av ett värdepappersbolag med redovisningsskyldighet enligt 2 kap. 2 § första stycket 2 skall <SPAN class="ft12">utan dröjsmål </SPAN>avskiljas <SPAN class="ft12">från bolagets egna medel</SPAN>.</P>
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<P class="p44 ft13">13 kap.</P>
<P class="p45 ft9">6 §</P>
<P class="p46 ft9">En börs skall ha ändamålsenliga regler för handeln på en reglerad marknad som drivs av börsen. Av reglerna skall framgå</P>
<P class="p47 ft9"><SPAN class="ft15">1.</SPAN><SPAN class="ft25">deltagarnas förpliktelser mot börsen,</SPAN></P>
<P class="p48 ft9"><SPAN class="ft15">2.</SPAN><SPAN class="ft25">de regler som gäller för transaktioner på marknaden,</SPAN></P>
<P class="p49 ft27"><SPAN class="ft15">3.</SPAN><SPAN class="ft26">kompetenskraven för de anställda och uppdragstagare hos deltagarna som deltar i handeln för deltagarnas räkning, och</SPAN></P>
<P class="p50 ft9"><SPAN class="ft15">4.</SPAN><SPAN class="ft25">bestämmelser om clearing och avveckling av de transaktioner som genomförts.</SPAN></P>
<P class="p51 ft10">Reglerna får inte hindra en deltagare att välja ett system för avveckling av de transaktioner som genomförts på den reglerade marknaden under förutsättning att</P>
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<P class="p0 ft18">9</P>
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<TD class="tr14 td15"><SPAN class="p30 ft19">Författningsförslag</SPAN> </TD>
<TD class="tr14 td16"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
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<P class="p52 ft12"><SPAN class="ft24">1.</SPAN><SPAN class="ft28">förbindelserna och avtalen mellan det valda avvecklingssystemet och varje annat system säkerställer en effektiv och ekonomisk avveckling av transaktionen, och</SPAN></P>
<P class="p53 ft30"><SPAN class="ft24">2.</SPAN><SPAN class="ft29">Finansinspektionen har godtagit att det valda avvecklingssystemet används för avveckling av transaktioner på den reglerade marknaden.</SPAN></P>
<P class="p54 ft13">14 kap.</P>
<P class="p55 ft9">2 §</P>
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<P class="p43 ft9">En börs får som deltagare i handeln på en reglerad marknad ha <SPAN class="ft12">Riksbanken </SPAN>och Riksgäldskontoret samt juridiska personer som har en betryggande kapitalstyrka, ändamålsenlig organisation av verksamheten, nödvändiga riskhanteringsrutiner, säkra tekniska system och i övrigt är lämpliga att delta i handeln vid den reglerade marknaden.</P>
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<P class="p43 ft32">En börs får som deltagare i handeln på en reglerad marknad ha <SPAN class="ft31">Sveriges riksbank </SPAN>och Riksgäldskontoret samt <SPAN class="ft31">fysiska eller </SPAN>juridiska personer som har en betryggande kapitalstyrka, ändamålsenlig organisation av verksamheten, nödvändiga riskhanteringsrutiner, säkra tekniska system och i övrigt är lämpliga att delta i handeln vid den reglerade marknaden.</P>
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<P class="p0 ft18">10</P>
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<P class="p56 ft8"><SPAN class="ft8">1</SPAN><SPAN class="ft33">Inledning</SPAN></P>
<P class="p57 ft23"><SPAN class="ft23">1.1</SPAN><SPAN class="ft34">Utredningsuppdraget</SPAN></P>
<P class="p58 ft32">Utredningen lämnade i april i år sitt huvudbetänkande <SPAN class="ft31">En ny lag om värdepappersmarknaden </SPAN>(SOU 2006:50). I betänkandet lämnade utredningen bl.a. förslag på hur Europaparlamentets och rådets direktiv 2004/39/EG om marknader för finansiella instrument (MiFID) ska genomföras i svensk rätt. Enligt MiFID skulle medlemsstaterna senast den 30 april 2006 ha antagit de lagar och andra författningar som är nödvändiga för att följa direktivet. Den 5 april 2006 antogs emellertid ett ändringsdirektiv till MiFID som innebär att tidsfristen för antagandet av nationella regler förlängs till den 31 januari 2007.<SPAN class="ft35">1 </SPAN>Samtidigt infördes en bestämmelse om att de nationella reglerna ska börja tillämpas först från och med den 1 november 2007.</P>
<P class="p59 ft32">Anledningen till den förlängda tiden för genomförandet av MiFID är en förskjutning av tidsplanen för de genomförandebestämmelser som ska beslutas i enlighet med den lagstiftningsprocess som gäller på värdepappersområdet (den s.k. Lamfalussyprocessen).<SPAN class="ft35">2 </SPAN>Som framgår av huvudbetänkandet innehåller MiFID ett stort antal mandat för kommissionen att, efter diskussion och omröstning i europeiska värdepapperskommittén, anta genomförandebestämmelser i syfte att förtydliga MiFID:s bestämmelser. Enligt kommissionens tidsplan skulle de formella förslagen till genomförandebestämmelser ha presenterats i september 2005 och europeiska värdepapperskommittén ha röstat om förslagen i december samma år. Kommissionen presenterade emellertid sina formella förslag till genomförandebestämmelser först i februari i år och omröstningen om dem skedde först i slutet av juni i år. Kommissionen beräknas formellt anta genomförandebestämmelserna under hösten 2006.</P>
<P class="p60 ft37"><SPAN class="ft36">1 </SPAN>Europaparlamentets och rådets direktiv 2006/31/EG av den 5 april 2006 om ändring av direktiv 2004/39/EG om marknader för finansiella instrument i fråga om vissa tidsfrister.</P>
<P class="p61 ft5"><SPAN class="ft36">2 </SPAN>Se om genomförandebestämmelserna och Lamfalussyprocessen i kapitel 6 i utredningens huvudbetänkande.</P>
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<P class="p0 ft18">11</P>
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<TD class="tr14 td15"><SPAN class="p30 ft19">Inledning</SPAN> </TD>
<TD class="tr14 td16"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
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<P class="p62 ft39">För att detta ska kunna ske krävs att Europaparlamentet under sommaren inte motsätter sig kommissionens förslag.<SPAN class="ft38">3</SPAN></P>
<P class="p63 ft9">Med anledning av denna förskjutning av omröstningen i europeiska värdepapperskommittén sköts tidpunkten för utredningens slutredovisning av uppdraget fram till den 14 juli 2006. Tanken var därvid att utredningen skulle ha möjlighet att ta del av de förslag till genomförandebestämmelser som europeiska värdepapperskommittén numera har röstat om.<SPAN class="ft40">4</SPAN></P>
<P class="p64 ft23"><SPAN class="ft23">1.2</SPAN><SPAN class="ft34">Kommissionens genomförandebestämmelser</SPAN></P>
<P class="p65 ft14">Utredningen utgick i sitt arbete med huvudbetänkandet från kommissionens förslag till genomförandedirektiv och genomförandeförordning från den 21 mars 2006. De genomförandebestämmelser som europeiska värdepapperskommittén numera har röstat om skiljer sig emellertid på flera punkter från de förslag som fanns tillgängliga i mars. Vidare har ett antal artiklar tagits bort och ett antal artiklar tillkommit, vilket har fått till följd att artiklarnas numrering inte överensstämmer med artiklarna i förslagen till genomförandebestämmelser. Detsamma gäller även ett flertal skäl i ingressen till såväl genomförandedirektivet som genomförandeförordningen.</P>
<P class="p66 ft9">För att underlätta det vidare arbetet och läsningen av huvudbetänkandet har utredningen gjort register från förslagen till genomförandebestämmelserna i dess lydelse från den 21 mars 2006 till lydelsen efter omröstningen i europeiska värdepapperskommittén. Dessa register finns intagna som bilagor 3 och 4 till detta betänkande. Dessutom framgår av bilaga 5 de bestämmelser genom vilka MiFID genomförs i svensk rätt. Genomförandedirektivet och genomförandeförordningen i deras lydelser efter omröstningen i europeiska värdepapperskommittén finns intagna som bilagor 1 och 2.</P>
<P class="p67 ft41">Utredningen har i huvudbetänkandet endast i ett mindre antal fall gett en detaljerad beskrivning av innehållet i artiklarna i förslagen till genomförandebestämmelser. I flertalet fall har utredningen enbart hänvisat till vilka artiklar i genomförandebestämmelserna som grundar sig på en viss artikel i MiFID. I vissa fall har</P>
<P class="p68 ft42"><SPAN class="ft36">3 </SPAN>Det är inte sannolikt att Europaparlamentet skulle motsätta sig förslagen till genomförandebestämmelser då kommissionen och parlamentet inför omröstningen i europeiska värdepapperskommittén har fört diskussioner om innehållet i förslagen.</P>
<P class="p69 ft5"><SPAN class="ft36">4 </SPAN>Se dir 2006:45. Direktivet finns intaget som bilaga till huvudbetänkandet.</P>
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<P class="p0 ft18">12</P>
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<TR>
<TD class="tr14 td17"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr14 td18"><SPAN class="p30 ft43">Inledning</SPAN> </TD>
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<P class="p70 ft39">emellertid utredningen mer detaljerat återgett innehållet i artiklarna. De hänseenden i vilka dessa artiklars innehåll ändrats sakligt kommenteras i kapitel 2.</P>
<P class="p71 ft23"><SPAN class="ft23">1.3</SPAN><SPAN class="ft34">Övriga frågor</SPAN></P>
<P class="p58 ft32">Representanter från utredningen har under våren deltagit i tre möten i Bryssel med representanter från kommissionen och de övriga medlemsstaterna angående genomförandet av MiFID. Under mötena har medlemsstaterna fått tillfälle att diskutera frågor rörande tolkningen av direktivet. Utredningen kan konstatera att de antaganden om reglernas innebörd som gjorts i huvudbetänkandet väl överensstämmer med de diskussioner som har förts på mötena. Diskussionerna har dock föranlett utredningen att överväga om även fysiska personer ska få delta i handeln vid en reglerad marknad. Utredningens överväganden i denna del finns i kapitel 3.</P>
<P class="p72 ft9">Utredningen har under sitt arbete med slutbetänkandet uppmärksammat att ett par sakliga justeringar bör göras av lagförslagen i huvudbetänkandet liksom några rättelser av rena felskrivningar. Dessa frågor behandlas i kapitel 3.</P>
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<P class="p0 ft18">13</P>
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<P class="p73 ft45"><SPAN class="ft8">2</SPAN><SPAN class="ft44">Kommissionens genomförandebestämmelser</SPAN></P>
<P class="p74 ft23"><SPAN class="ft23">2.1</SPAN><SPAN class="ft34">Inledning</SPAN></P>
<P class="p58 ft11">Ett stort antal artiklar i genomförandedirektivet och genomförandeförordningen har ändrats i förhållande till kommissionens förslag till genomförandebestämmelser från mars 2006. I bilagorna 3 och 4 till betänkandet finns artikelregister som i vänsterspalten utgår från kommissionens förslag till genomförandebestämmelser från mars i år. Det är dessa förslag till genomförandebestämmelser som utredningen i huvudbetänkandet genomgående har hänvisat till och som finns intagna som bilagor till det betänkandet. I högerspalten i registren anges vilka artiklar i de genomförandebestämmelser som europeiska värdepapperskommittén röstat om som motsvarar de tidigare förslagen.</P>
<P class="p75 ft32">Utredningen har i huvudbetänkandet endast i ett mindre antal fall detaljerat återgett innehållet i artiklarna i förslagen till genomförandedirektiv och genomförandeförordning. Nedan kommer i avsnitten 2.2 och 2.3 i huvudsak endast att kommenteras de artiklar i genomförandebestämmelserna som har ändrats i sak och som mer detaljerat berörts i huvudbetänkandet. Det kan redan nu noteras att de ändringar som har skett av genomförandebestämmelserna inte medför några nya författningsförslag från utredningens sida. Detta sammanhänger framför allt med utredningens förslag att genomförandedirektivet och de delar av genomförandeförordningen som medlemsstaterna har getts möjlighet att nationellt reglera i huvudsak bör genomföras i form av föreskrifter från Finansinspektionen.<SPAN class="ft35">1</SPAN></P>
<P class="p76 ft5"><SPAN class="ft36">1 </SPAN>Se s. 180 f i huvudbetänkandet.</P>
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<P class="p0 ft18">15</P>
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<TD class="tr14 td15"><SPAN class="p30 ft19">Kommissionens genomförandebestämmelser</SPAN> </TD>
<TD class="tr14 td16"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
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<P class="p77 ft23"><SPAN class="ft23">2.2</SPAN><SPAN class="ft34">Kommissionens genomförandedirektiv</SPAN></P>
<P class="p78 ft12">Artikel 4</P>
<P class="p65 ft14">I artikel 4 i genomförandedirektivet finns ett principiellt förbud för medlemsstaterna att nationellt införa strängare krav än vad som följer av genomförandedirektivet. Sådana krav får införas endast om vissa förutsättningar är uppfyllda. Enligt artikeln i dess lydelse enligt förslaget från mars får medlemsstaterna endast i undantagsfall behålla eller ålägga strängare krav än vad som följer av genomförandedirektivet och endast om dessa strängare krav är objektivt motiverade och står i proportion till särskilda risker som inte beaktas <SPAN class="ft46">fullt ut </SPAN>i direktivet avseende investerarskydd eller marknadsintegriteten. I den slutliga versionen har orden ”fullt ut” byts ut mot ”tillfredsställande”. Vidare har ett nytt skäl tillkommit i ingressen till direktivet (skäl 10).</P>
<P class="p79 ft9">Utredningen har i huvudbetänkandet bedömt att genomförandedirektivets mycket snäva förutsättningar för en avvikande nationell reglering för närvarande inte är uppfyllda.<SPAN class="ft40">2 </SPAN>Den slutliga versionen av artikel 4 i genomförandedirektivet verkar lätta upp möjligheterna något för en avvikande reglering. Utredningen anser dock att det även med den nya lydelsen saknas skäl att för närvarande utnyttja möjligheten att införa strängare krav än dem som följer av genomförandedirektivet.</P>
<P class="p80 ft12">Artikel 44</P>
<P class="p81 ft32">Artikel 44 i genomförandedirektivet behandlar kriterier för bästa orderutförande och har behandlats på s. 378 f i huvudbetänkandet. I artikel 44.3 har dock ett nytt andra stycke tillkommit jämfört med kommissionens förslag till genomförandedirektiv från mars. I den nya bestämmelsen anges att när det vid genomförandet av en order finns mer än en handelsplats där ordern kan utföras så ska värdepappersföretaget på var och en av de handelsplatser för utförandet som finns upptagna i företagets riktlinjer för utförande av order och som har möjlighet att utföra den aktuella ordern även beakta sina egna kommissioner och kostnader för utförandet av ordern på var och en av de handelsplatser som kan komma i fråga</P>
<P class="p82 ft5"><SPAN class="ft36">2 </SPAN>Se s. 181 i huvudbetänkandet.</P>
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<P class="p0 ft18">16</P>
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<TD class="tr14 td19"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr14 td20"><SPAN class="p30 ft43">Kommissionens genomförandebestämmelser</SPAN> </TD>
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<P class="p83 ft9">för utförandet.<SPAN class="ft40">3 </SPAN>Den nya bestämmelsen får närmast ses som ett förtydligande av artikel 21 i MiFID och innebär enligt utredningens mening inte någon saklig förändring.</P>
<P class="p84 ft12">Artikel 45</P>
<P class="p85 ft14">I artikeln finns bestämmelser om hur värdepappersföretag ska handla i kunders bästa intresse när de tillhandahåller investeringstjänsterna portföljförvaltning och vidarebefordran av order.<SPAN class="ft47">4 </SPAN>I artikeln i dess lydelse enligt kommissionens förslag från mars föreskrevs endast att värdepappersföretagen vid tillhandahållande av dessa tjänster skulle uppfylla skyldigheter motsvarande dem som anges i artiklarna 21 (bästa orderutförande) och 22.1 (hantering av kundorder) i MiFID. Artikel 45 i dess lydelse efter omröstningen i europeiska värdepapperskommittén har blivit betydligt mer omfattande. Enligt artikel 45.1 och 45.2 ska ett värdepappersföretag uppfylla skyldigheterna att enligt artikel 19.1 i MiFID handla i sina kunders bästa intresse även när de placerar order hos andra enheter. Av artikel 45.4 första stycket framgår därutöver att värdepappersföretaget ska vidta alla rimliga åtgärder för att uppnå bästa möjliga resultat för sina kunder med beaktande av de faktorer som anges i artikel 21.1 i MiFID. På samma sätt som gäller enligt artikel 44.1 och 44.3 i genomförandedirektivet ska dessa kriterier rangordnas. Enligt andra stycket ska ett värdepappersföretag anses ha uppfyllt kraven om företaget följt en specifik instruktion från kunden. I artikel 45.5 och 45.6 finns bestämmelser om att värdepappersföretaget ska upprätta riktlinjer och övervaka att dessa följs. Bestämmelserna motsvarar i stora delar dem som finns i artikel 21 i MiFID. Hänvisningen till artikel 22.1 i MiFID har tagits bort men i stället har det införts en skyldighet för värdepappersföretagen att i likhet med artikel 22.1 första stycket tillämpa förfaranden och använda system som gör det möjligt att snabbt och rättvist utföra en kunds order.</P>
<P class="p86 ft39">Sammanfattningsvis kan konstateras att kommissionen med utgångspunkt i artikel 19.1 i MiFID infört regler om bästa order-</P>
<P class="p87 ft42"><SPAN class="ft36">3 </SPAN>Se även skäl 71 i ingressen till genomförandedirektivet som bl.a. stadgar att företagets egna interna kommission och avgifter inte bör tas med i beräkningen av kostnaderna för utförande av order för att undvika att blanda ihop investeringstjänster i samband med utförande av order och det faktiska pris som ett värdepappersföretag tillämpar för denna tjänst.</P>
<P class="p88 ft5"><SPAN class="ft36">4 </SPAN>Se s. 378 i huvudbetänkandet.</P>
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<P class="p0 ft18">17</P>
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<TD class="tr14 td15"><SPAN class="p30 ft19">Kommissionens genomförandebestämmelser</SPAN> </TD>
<TD class="tr14 td16"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
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<P class="p89 ft41">utförande vid tillhandahållande av portföljförvaltning och vidarebefordran av order liknande dem som gäller vid utförande av order enligt artiklarna 21 och 22.1 i MiFID. Några ändringar i utredningens författningsförslag föranleder inte den nya lydelsen.</P>
<P class="p90 ft23"><SPAN class="ft23">2.3</SPAN><SPAN class="ft34">Kommissionens genomförandeförordning</SPAN></P>
<P class="p65 ft14">De ändringar som har gjorts i genomförandeförordningen är till största del av teknisk karaktär. Att notera är dock att tabell 4 i bilaga 2 till genomförandeförordningen har ändrats i sak.<SPAN class="ft47">5 </SPAN>I tabellen konkretiseras när och hur länge ett offentliggörande kan skjutas upp. Hur länge ett offentliggörande kan skjutas upp beror såväl på aktiens omsättning som på transaktionens storlek. Till skillnad från vad som föreskrevs i kommissionens förslag från mars kan ett offentliggörande i vissa fall skjutas upp till slutet av handelsdagen tre dagar efter transaktionen (två dagar enligt det tidigare förslaget). Tabellen har även justerats på så sätt att möjligheterna att skjuta upp större transaktioner har utökats. Enligt artikel 40.3 i förordningen, som är ny, ska kommissionen senast två år efter det att förordningen trätt i kraft se över möjligheterna till uppskjutande av offentliggörande av information enligt tabell 4.</P>
<P class="p66 ft11">Kravet för systematiska internhandlare att offentliggöra fasta bud gäller endast för s.k. likvida aktier (artikel 27.1 i MiFID). Kommissionen har i artikel 22 i genomförandeförordningen preciserat vad som menas med detta begrepp.<SPAN class="ft48">6 </SPAN>Ett av kraven för att en aktie ska anses vara likvid är att den handlas dagligen. Något undantag från denna regel angavs inte i kommissionens förslag från mars. I genomförandeförordningen i dess lydelse efter omröstningen i europeiska värdepapperskommittén har emellertid lagts till ett nytt skäl i ingressen som anger att en aktie, trots att den inte handlas dagligen, undantagsvis kan anses som likvid, om anledningen till att den inte har handlats sammanhänger med bevarandet av en ordnad marknad, force majeure eller liknande förhållanden (skäl 16). Det är således fråga om speciella förhållanden som inte direkt hänför sig till aktiens normala omsättning.</P>
<P class="p91 ft9">Slutligen kan noteras att skäl 15 i ingressen har tagits bort. Detta har gjorts för att tydliggöra att artikel 18.2 i genomförande-</P>
<P class="p92 ft5"><SPAN class="ft36">5 </SPAN>Se s. 304 ff i huvudbetänkandet.</P>
<P class="p93 ft5"><SPAN class="ft36">6 </SPAN>Se s. 298 i huvudbetänkandet.</P>
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<TD class="tr14 td20"><SPAN class="p30 ft43">Kommissionens genomförandebestämmelser</SPAN> </TD>
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<P class="p94 ft39">förordningen inte endast är tillämplig på s.k. isbergsorder utan även på t.ex. s.k. stop loss order.<SPAN class="ft38">7</SPAN></P>
<P class="p95 ft5"><SPAN class="ft36">7 </SPAN>Se s. 293 f i huvudbetänkandet.</P>
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<P class="p0 ft18">19</P>
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<P class="p56 ft8"><SPAN class="ft8">3</SPAN><SPAN class="ft33">Övriga frågor</SPAN></P>
<P class="p57 ft23"><SPAN class="ft23">3.1</SPAN><SPAN class="ft34">Deltagare vid en reglerad marknad</SPAN></P>
<P class="p96 ft11"><SPAN class="ft49">Förslag</SPAN>: En börs får som deltagare i handeln på en reglerad marknad ha Sveriges riksbank och Riksgäldskontoret samt fysiska eller juridiska personer som har en betryggande kapitalstyrka, ändamålsenlig organisation av verksamheten, nödvändiga riskhanteringsrutiner, säkra tekniska system och i övrigt är lämpliga att delta i handeln vid den reglerade marknaden.</P>
<P class="p97 ft9">Av artikel 42.3 i MiFID framgår att reglerade marknader som medlemmar eller aktörer får uppta värdepappersföretag och kreditinstitut samt andra personer som</P>
<P class="p98 ft9"><SPAN class="ft9">a)</SPAN><SPAN class="ft50">är lämpliga,</SPAN></P>
<P class="p56 ft9"><SPAN class="ft9">b)</SPAN><SPAN class="ft51">besitter tillräcklig handelsförmåga och handelskompetens,</SPAN></P>
<P class="p56 ft9"><SPAN class="ft9">c)</SPAN><SPAN class="ft50">i tillämpliga fall har lämplig organisation, och</SPAN></P>
<P class="p99 ft32"><SPAN class="ft9">d)</SPAN><SPAN class="ft52">har tillräckliga resurser för sin uppgift med beaktande av de olika finansiella arrangemang som den reglerade marknaden har upprättat för att garantera korrekt avvecklig av transaktioner.</SPAN></P>
<P class="p100 ft32">Utredningen har i huvudbetänkandet bedömt att kraven på börsmedlemmar i lagen (1992:543) om börs- och clearingverksamhet (börs- och clearinglagen) motsvarar vad som krävs enligt artikel 42.3.<SPAN class="ft35">1 </SPAN>I utredningens förslag till en ny lag om värdepappersmarknaden har därför bestämmelsen i 14 kap. 2 § om deltagare på en reglerad marknad utformats med motsvarande bestämmelse i börs- och clearinglagen som förebild. Enligt bestämmelsen får en börs som deltagare i handeln på en reglerad marknad ha Riksbanken och Riksgäldskontoret samt juridiska personer som har en betryggande kapitalstyrka, ändamålsenlig organisation av verksamheten, nödvändiga</P>
<P class="p101 ft5"><SPAN class="ft36">1 </SPAN>Se s. 403 i huvudbetänkandet och s. 294 i författningsbilagan.</P>
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<P class="p102 ft39">riskhanteringssystem, säkra tekniska system och i övrigt är lämpliga att delta i handeln vid den reglerade marknaden.</P>
<P class="p103 ft32">Vid ett s.k. genomförandemöte med representanter från kommissionen och de övriga medlemsstaterna diskuterades frågan om medlemsstaterna har rätt att ställa upp hinder för reglerade marknader att som deltagare tillåta även fysiska personer. Stor oenighet rådde i frågan. Kommissionens representant vid mötet tolkade dock bestämmelsen så att medlemsstaterna inte har rätt att hindra börser att tillåta fysiska personer att delta i handeln vid en reglerad marknad. Det finns därmed anledning att återigen behandla frågan.</P>
<P class="p104 ft9">När det gäller MiFID råder en viss osäkerhet om i vilka hänseenden som medlemsstaterna har rätt att anta en strängare reglering (minimiharmonisering) och i vilka detta inte är tillåtet (fullharmonisering).<SPAN class="ft40">2 </SPAN>Utredningen har i huvudbetänkandet tolkat direktivet så att medlemsstaterna har rätt att införa kompletterande och strängare bestämmelser när det gäller t.ex. krav på börser och reglerade marknader.</P>
<P class="p104 ft9">En norsk utredning lämnade i februari i år ett betänkande angående hur MiFID bör genomföras i norsk rätt.<SPAN class="ft40">3 </SPAN>I betänkandet föreslås att såväl juridiska som fysiska personer ska ha möjlighet att delta i handeln vid en reglerad marknad. Utredningen har varit i kontakt med företrädare för motsvarande utredningar i Danmark och Finland. Dessa har uppgett att de överväger att ändra sin nuvarande lagstiftning och likt Norge föreslå att även fysiska personer ska kunna delta i handeln.</P>
<P class="p67 ft32">Oavsett hur MiFID ska tolkas i denna del kan det konstateras att möjligheten för fysiska personer att delta i handeln vid en reglerad marknad troligtvis kommer att finnas i Norge, Danmark och Finland. Som angetts redan i huvudbetänkandet är det särskilt angeläget att det nationella genomförandet av MiFID blir så enhetligt som möjligt inom Norden bl.a. på grund av att aktiemarknaden går mot en alltmer nordisk eller <NOBR>nordisk-baltisk</NOBR> integration (s. 183). Detta gäller även frågan om vilka personer som ska ha möjlighet att kunna delta i handeln vid en reglerad marknad. En fysisk person som kan delta i handeln vid en reglerad marknad i t.ex. Norge, Danmark och Finland bör därför inte med automatik förbjudas att handla vid en reglerad marknad i Sverige. Utredningen föreslår således att även fysiska personer ska kunna delta i handeln vid en reglerad marknad i Sverige. Förslaget har inte någon</P>
<P class="p105 ft5"><SPAN class="ft36">2 </SPAN>Jfr s. 85 i huvudbetänkandet.</P>
<P class="p93 ft5"><SPAN class="ft36">3 </SPAN>Om marknader for finansielle instrumenter (NOU 2006:3).</P>
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<P class="p0 ft18">22</P>
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<P class="p106 ft9">större praktisk betydelse, och utredningen kan inte se att det skulle innebära några risker eller få några andra negativa konsekvenser för värdepappersmarknaden i Sverige. Fortfarande kommer kraven på en deltagare om betryggande kapitalstyrka, ändamålsenlig organisation etc. att gälla. Avslutningsvis kan nämnas att en börs naturligtvis själv kan ha regler som innebär att endast juridiska personer kan delta i handeln.</P>
<P class="p107 ft23"><SPAN class="ft23">3.2</SPAN><SPAN class="ft34">Mottagande av medel med redovisningsskyldighet</SPAN></P>
<P class="p108 ft9"><SPAN class="ft13">Förslag</SPAN>: Medel som tas emot av ett värdepappersbolag med redovisningsskyldighet ska utan dröjsmål avskiljas från bolagets egna medel.</P>
<P class="p109 ft9">Av artikel 13.8 i MiFID framgår bl.a. att varje värdepappersföretag som innehar penningmedel som tillhör dess kunder ska vidta lämpliga åtgärder för att sörja för kundernas rättigheter och förhindra att kundmedel används för företagets egen räkning. Utredningen har i huvudbetänkandet föreslagit att bestämmelsen genomförs i svensk rätt genom 8 kap. 26 § lagen om värdepappersmarknaden. Denna paragraf motsvarar nu gällande 3 kap. 5 § första stycket lagen (1991:981) om värdepappersrörelse och stadgar att medel som tas emot av ett värdepappersbolag med redovisningsskyldighet genast ska avskiljas och <SPAN class="ft12">sättas in på räkning i kreditinstitut</SPAN>.</P>
<P class="p59 ft32">Enligt artikel 18.1 i genomförandedirektivet, som är en genomförandebestämmelse till artikel 13.8 i MiFID, ska ett värdepappersföretag som tar emot kundmedel omgående placera dessa medel på ett konto som öppnats i en centralbank, kreditinstitut eller en godkänd penningmarknadsfond. Med nuvarande skrivning i förslaget till 8 kap. 26 § lagen om värdepappersmarknaden skulle det inte vara möjligt för ett värdepappersbolag att placera medel som mottagits med redovisningsskyldighet i en penningmarknadsfond.</P>
<P class="p110 ft9">Bestämmelsen i utredningens förslag bör därför justeras så att kravet på att medel som mottagits med redovisningsskyldighet ska sättas in på räkning i kreditinstitut tas bort. För att bättre överensstämma med MiFID bör bestämmelsen endast ställa krav på att medlen utan dröjsmål ska avskiljas från bolagets egna medel (jfr lagen (1944:181) om redovisningsmedel).</P>
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<P class="p111 ft23"><SPAN class="ft23">3.3</SPAN><SPAN class="ft34">Ett värdepappersinstituts rätt att välja avvecklingssystem</SPAN></P>
<P class="p112 ft32"><SPAN class="ft54">Förslag</SPAN>: Börsens regler får inte hindra en deltagare att välja ett system för avveckling av de transaktioner som genomförts på den reglerade marknaden under förutsättning att förbindelserna och avtalen mellan det valda avvecklingssystemet och varje annat system säkerställer en effektiv och ekonomisk avveckling av transaktionen samt att Finansinspektionen har godtagit att det valda systemet används för avveckling av transaktioner på den reglerade marknaden.</P>
<P class="p113 ft9">Enligt artikel 34.2 i MiFID ska medlemsstaterna kräva att de reglerade marknaderna ger alla sina medlemmar eller aktörer rätt att välja avvecklingssystem av de transaktioner som genomförts på den reglerade marknaden förutsatt att</P>
<P class="p114 ft39"><SPAN class="ft15">1.</SPAN><SPAN class="ft55">förbindelserna och avtalen mellan det valda avvecklingssystemet och varje annat system säkerställer en effektiv och ekonomisk avveckling av transaktionen, och</SPAN></P>
<P class="p115 ft9"><SPAN class="ft15">2.</SPAN><SPAN class="ft56">den behöriga myndigheten som ansvarar för tillsynen över den reglerade marknaden har tillstyrkt att utnyttjande av ett annat avvecklingssystem av transaktioner som genomförts på den reglerade marknaden än det som valts av marknaden i fråga ger tekniska förutsättningar för att finansmarknaden ska kunna fungera friktionsfritt och korrekt.</SPAN></P>
<P class="p116 ft9">I 13 kap. 6 § i utredningens förslag till ny lag om värdepappersmarknaden finns bestämmelser om att en börs ska ha ändamålsenliga regler för handeln på en reglerad marknad. Av reglerna ska bl.a. framgå bestämmelser om clearing och avveckling av de transaktioner som genomförts.</P>
<P class="p117 ft11">Utredningen har uppmärksammats på att det i dess huvudbetänkande saknas förslag som genomför artikel 34.2 i MiFID. Denna fråga är emellertid mycket komplicerad. Det finns i dag inte förutsättningar för aktörerna på en börs att välja avvecklingssystem, eftersom en börs måste arbeta med standardiserade villkor när det gäller tid och plats för leverans och det saknas sådan förbindelse mellan avvecklingssystemen i olika länder som gör det möjligt att fritt välja avvecklingssystem. Det pågår visserligen ett intensivt arbete inom EU på dessa frågor, men detta arbete har inte</P>
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<P class="p118 ft9">avancerat så långt att det för närvarande går att överblicka om det inom överskådlig tid kommer att finnas förutsättningar för aktörerna att välja avvecklingssystem utan att detta drar med sig skilda börslistor för olika system, något som inte kan vara tanken med artikeln. Detta skulle nämligen omöjliggöra eller i varje fall kraftigt försvåra en effektiv börshandel.</P>
<P class="p119 ft11">Inom utredningen har ifrågasatts om det är meningsfullt att genomföra den aktuella artikeln, innan man vet om den kommer att svara mot en realitet, eftersom det kan hävdas att bestämmelser i ämnet i dagsläget snarast blir missvisande. Att underlåta detta skulle emellertid innebära ett åsidosättande av den genomförandeplikt som gäller för medlemsstaterna. Utredningen har därför stannat för att komplettera sitt förslag med en bestämmelse motsvarande artikel 34.2 i MiFID. Det är dock knappast tänkbart att det redan när de nya reglerna träder i kraft skulle kunna finnas förutsättningar för val mellan andra avvecklingssystem än sådana där de aktuella marknadsplatserna, clearingorganisationerna eller centrala värdepappersförvararna genom avtal eller andra arrangemang har skapat länkar i syfte att möjliggöra gränsöverskridande clearing och avveckling (jfr kommissionens arbetsdokument om hantering av värdepappersaffärer efter handel, publicerat den 23 maj 2006 på kommissionens hemsida). Utredningen vågar inte ha någon uppfattning i frågan om eller när det över huvud taget är eller kommer att vara tekniskt och praktiskt möjligt att skapa sådana förutsättningar.</P>
<P class="p120 ft14">Utredningen föreslår att kompletteringen sker genom att ett nytt stycke införs i 13 kap. 6 § lagen om värdepappersmarknaden. Detta bör innehålla att börsens regler inte får hindra en deltagare att välja ett system för avveckling av de transaktioner som genomförts på den reglerade marknaden under förutsättning att 1) förbindelserna och avtalen mellan det valda avvecklingssystemet och varje annat system säkerställer en effektiv och ekonomisk avveckling av transaktionen, och 2) Finansinspektionen har godtagit att det aktuella avvecklingssystemet används för avveckling av sådana transaktioner. Det bör därvid inte krävas att inspektionen har meddelat ett formligt beslut om godkännande utan endast att den inte gjort någon erinran med anledning av underrättelse om att exempelvis en viss länk för avveckling avses bli tillämpad. Inspektionen har därvid givetvis anledning att främst beakta intresset av att marknaden kan fungera effektivt och korrekt.</P>
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<P class="p77 ft23"><SPAN class="ft23">3.4</SPAN><SPAN class="ft34">Några rättelser i huvudbetänkandet</SPAN></P>
<P class="p121 ft9">Utredningen vill utnyttja tillfället att göra några rättelser av felskrivningar i författningsförslaget i huvudbetänkandet som numera upptäckts. Dessa felskrivningar är följande.</P>
<P class="p122 ft9"><SPAN class="ft9">-</SPAN><SPAN class="ft57">I 2 kap. 4 § 6 står ”stöd sitt”. Det ska i stället stå ”stöd av sitt”.</SPAN></P>
<P class="p123 ft9"><SPAN class="ft9">-</SPAN><SPAN class="ft57">I 8 kap. 2 § görs en hänvisning till 4 kap. 1 § första stycket 2. Hänvisningen ska i stället göras till punkt 1 i samma stycke.</SPAN></P>
<P class="p124 ft9"><SPAN class="ft9">-</SPAN><SPAN class="ft57">I 8 kap. 33 § 10 bör ordet lämplighetsprövning ersättas med ordet prövning.</SPAN></P>
<P class="p125 ft9"><SPAN class="ft9">-</SPAN><SPAN class="ft57">I 11 kap. 3 § bör Riksbanken ersättas med Sveriges riksbank.</SPAN></P>
<P class="p124 ft9"><SPAN class="ft9">-</SPAN><SPAN class="ft57">Punkt 3 i övergångsbestämmelserna har fallit bort. Någon text saknas dock inte utan punkt 4 ska rätteligen benämnas punkt 3 osv.</SPAN></P>
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<P class="p126 ft19">Bilaga 1</P>
<P class="p127 ft58">KOMMISSIONENS FÖRSLAG TILL GENOMFÖRANDEDIREKTIV</P>
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<P class="p0 ft18">27</P>
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<P class="p128 ft5">COMMISSION OF THE EUROPEAN COMMUNITIES</P>
<P class="p129 ft59">Brussels, DRAFT 30.06.06</P>
<P class="p130 ft59">[Institutional Reference]</P>
<P class="p131 ft59">Draft</P>
<P class="p132 ft19">COMMISSION DIRECTIVE</P>
<P class="p133 ft18">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</P>
<P class="p134 ft60">Note: this draft text is based on the text approved by the European Securities Committee on 26 June 2006 (with typographical corrections). It remains subject to Parliamentary oversight.</P>
<P class="p135 ft61">The final text will be that adopted by the Commission (probably in September 2006) and subsequently published in the Official Journal.</P>
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<TD class="tr0 td25"><SPAN class="p30 ft62">EN</SPAN> </TD>
<TD class="tr0 td26"><SPAN class="p30 ft62">EN</SPAN> </TD>
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<P class="p136 ft59">Draft</P>
<P class="p137 ft19">COMMISSION DIRECTIVE</P>
<P class="p138 ft19">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</P>
<P class="p139 ft59">(Text with EEA Relevance)</P>
<P class="p140 ft59">THE COMMISSION OF THE EUROPEAN COMMUNITIES,</P>
<P class="p141 ft59">Having regard to the Treaty establishing the European Community,</P>
<P class="p142 ft64">Having regard to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC<SPAN class="ft63">1</SPAN>, and in particular Article 4(2), Article 13(10), Article 18(3), Article 19(10), Article 21(6), Article 22(3) and Article 24(5) thereof,</P>
<P class="p143 ft59">Whereas:</P>
<P class="p144 ft65">(1) Directive 2004/39/EC establishes the framework for a regulatory regime for financial markets in the Community, governing, among other matters, operating conditions relating to the performance by investment firms of investment services and, where appropriate, ancillary services and investment activities; organisational requirements for investment firms performing such services and activities, and for regulated markets; reporting requirements in respect of transactions in financial instruments; and transparency requirements in respect of transactions in shares admitted to trading on a regulated market.</P>
<P class="p145 ft65">(2) The rules for the implementation of the regime governing organisational requirements for investment firms performing investment services and, where appropriate, ancillary services and investment activities on a professional basis, and for regulated markets, should be consistent with the aim of Directive 2004/39/EC. They should be designed to ensure a high level of integrity, competence and soundness among investment firms and entities that operate regulated markets or MTFs, and to be applied in a uniform manner.</P>
<P class="p146 ft65">(3) It is necessary to specify concrete organisational requirements and procedures for investment firms performing such services or activities. In particular, rigorous procedures should be provided for with regard to matters such as compliance, risk management, complaints handling, personal transactions, outsourcing and the identification, management and disclosure of conflicts of interest.</P>
<TABLE cellpadding=0 cellspacing=0 class="t10">
<TR>
<TD class="tr16 td29"><SPAN class="p30 ft66"> </SPAN> </TD>
<TD class="tr16 td30"><SPAN class="p31 ft67">1</SPAN> </TD>
<TD rowspan=2 class="tr15 td27"><SPAN class="p147 ft68">OJ L 145, 30.4.2004, p. 1.</SPAN> </TD>
<TD class="tr16 td31"><SPAN class="p30 ft66"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td29"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td30"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td31"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr18 td29"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr18 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr18 td27"><SPAN class="p148 ft59">2</SPAN> </TD>
<TD class="tr18 td31"><SPAN class="p30 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">30</P>
</DIV>
</DIV>
<DIV id="page_28">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t11">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p149 ft64"><SPAN class="ft64">(4)</SPAN><SPAN class="ft72">The organisational requirements and conditions for authorisation for investment firms should be set out in the form of a set of rules that ensures the uniform application of the relevant provisions of Directive 2004/39/EC. This is necessary in order to ensure that investment firms have equal access on equivalent terms to all markets in the Community and to eliminate obstacles, linked to authorisation procedures, to </SPAN><NOBR>cross-border</NOBR> activities in the field of investment services.</P>
<P class="p150 ft64"><SPAN class="ft64">(5)</SPAN><SPAN class="ft72">The rules for the implementation of the regime governing operating conditions for the performance of investment and ancillary services and investment activities should reflect the aim underlying that regime. That is to say, they should be designed to ensure a high level of investor protection to be applied in a uniform manner through the introduction of clear standards and requirements governing the relationship between an investment firm and its client. On the other hand, as regards investor protection, and in particular the provision of investors with information or the seeking of information from investors, the retail or professional nature of the client or potential client concerned should be taken into account.</SPAN></P>
<P class="p151 ft59"><SPAN class="ft64">(6)</SPAN><SPAN class="ft73">The form of a Directive is necessary in order to enable the implementing provisions to be adjusted to the specificities of the particular market and legal system in each Member State.</SPAN></P>
<P class="p152 ft65"><SPAN class="ft64">(7)</SPAN><SPAN class="ft74">In order to ensure the uniform application of the various provisions of Directive 2004/39/EC, it is necessary to establish a harmonised set of organisational requirements and operating conditions for investment firms. Consequently, Member States and competent authorities should not add supplementary binding rules when transposing and applying the rules specified in this Directive, save where this Directive makes express provision to this effect.</SPAN></P>
<P class="p153 ft65"><SPAN class="ft64">(8)</SPAN><SPAN class="ft74">However, in exceptional circumstances, it should be possible for Member States to impose requirements on investment firms additional to those laid down in the implementing rules. However, such intervention should be restricted to those cases where specific risks to investor protection or to market integrity including those related to the stability of the financial system have not been adequately addressed by the Community legislation, and it should be strictly proportionate.</SPAN></P>
<P class="p154 ft59"><SPAN class="ft64">(9)</SPAN><SPAN class="ft73">Any additional requirements retained or imposed by Member States in conformity with this Directive must not restrict or otherwise affect the rights of investment firms under Articles 31 and 32 of Directive 2004/39/EC.</SPAN></P>
<P class="p155 ft64"><SPAN class="ft64">(10)</SPAN><SPAN class="ft75">The specific risks addressed by any additional requirements retained by Member States at the date of application of this Directive should be of particular importance to the market structure of the State in question, including the behaviour of firms and consumers in that market. The assessment of those specific risks should be made in the context of the regulatory regime put in place by Directive 2004/39/EC and its detailed implementing rules. Any decision to retain additional requirements should be made with proper regard to the objectives of that Directive to remove barriers to the </SPAN><NOBR>cross-border</NOBR> provision of investment service by harmonising the initial authorisation and operating requirements for investment firms.</P>
<P class="p156 ft59"><SPAN class="ft64">(11)</SPAN><SPAN class="ft76">Investment firms vary widely in their size, their structure and the nature of their business. A regulatory regime should be adapted to that diversity while imposing</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t12">
<TR>
<TD class="tr11 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td13"><SPAN class="p157 ft59">3</SPAN> </TD>
<TD class="tr11 td32"><SPAN class="p158 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">31</P>
</DIV>
</DIV>
<DIV id="page_29">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p159 ft59">certain fundamental regulatory requirements which are appropriate for all firms. Regulated entities should comply with their high level obligations and design and adopt measures that are best suited to their particular nature and circumstances.</P>
<P class="p160 ft64"><SPAN class="ft64">(12)</SPAN><SPAN class="ft75">However, a regulatory regime which entails too much uncertainty for investment firms may reduce efficiency. Competent authorities are expected to issue interpretative guidance on provisions on this Directive, with a view in particular to clarifying the practical application of the requirements of this Directive to particular kinds of firms and circumstances. </SPAN><NOBR>Non-binding</NOBR> guidance of this kind might, among other things, clarify how the provisions of this Directive and Directive 2004/39/EC apply in the light of market developments. To ensure a uniform application of this Directive and Directive 2004/39/EC, the Commission may issue guidance by way of interpretative communications or other means. Furthermore, the Committee of European Securities Regulators may issue guidance in order to secure convergent application of this Directive and Directive 2004/39/EC by competent authorities.</P>
<P class="p161 ft59"><SPAN class="ft64">(13)</SPAN><SPAN class="ft76">The organisational requirements established under Directive 2004/39/EC are without prejudice to systems established by national law for the registration of individuals working within investment firms.</SPAN></P>
<P class="p162 ft65"><SPAN class="ft64">(14)</SPAN><SPAN class="ft77">For the purposes of the provisions of this Directive requiring an investment firm to establish, implement and maintain an adequate risk management policy, the risks relating to the firm’s activities, processes and systems should include the risks associated with the outsourcing of critical or important functions or of investment services or activities. Such risks should include those associated with the firm’s relationship with the service provider, and the potential risks posed where the outsourced activities of multiple investment firms or other regulated entities are concentrated within a limited number of service providers.</SPAN></P>
<P class="p163 ft65"><SPAN class="ft64">(15)</SPAN><SPAN class="ft77">The fact that risk management and compliance functions are performed by the same person does not necessarily jeopardise the independent functioning of each function. The conditions that persons involved in the compliance function should not also be involved in the performance of the functions that they monitor, and that the method of determining the remuneration of such persons should not be likely to compromise their objectivity, may not be proportionate in the case of small investment firms. However, they would only be disproportionate for larger firms in exceptional circumstances.</SPAN></P>
<P class="p163 ft65"><SPAN class="ft64">(16)</SPAN><SPAN class="ft77">A number of the provisions of Directive 2004/39/EC require investment firms to collect and maintain information relating to clients and services provided to clients. Where those requirements involve the collection and processing of personal data, firms should ensure that they comply with national measures implementing Directive 95/46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data.</SPAN></P>
<P class="p164 ft64"><SPAN class="ft64">(17)</SPAN><SPAN class="ft75">Where successive personal transactions are carried out on behalf of a person in accordance with prior instructions given by that person, the obligations under the provisions of this Directive relating to personal transactions should not apply separately to each such successive transaction if those instructions remain in force and unchanged. Similarly, those obligations should not apply to the termination or withdrawal of such instructions, provided that any financial instruments which had</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t13">
<TR>
<TD class="tr11 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td33"><SPAN class="p165 ft59">4</SPAN> </TD>
<TD class="tr11 td32"><SPAN class="p166 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">32</P>
</DIV>
</DIV>
<DIV id="page_30">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t11">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p167 ft65">previously been acquired pursuant to the instructions are not disposed of at the same time as the instructions terminate or are withdrawn. However, those obligations should apply in relation to a personal transaction, or the commencement of successive personal transactions, carried out on behalf of the same person if those instructions are changed or if new instructions are issued.</P>
<P class="p153 ft65"><SPAN class="ft64">(18)</SPAN><SPAN class="ft77">Competent authorities should not make the authorisation to provide investment services or activities subject to a general prohibition on the outsourcing of one or more critical or important functions or investment services or activities. Investment firms should be allowed to outsource such activities if the outsourcing arrangements established by the firm comply with certain conditions.</SPAN></P>
<P class="p168 ft64"><SPAN class="ft64">(19)</SPAN><SPAN class="ft75">For the purposes of the provisions of this Directive setting out conditions for outsourcing critical or important operational functions or investment services or activities, an outsourcing that would involve the delegation of functions to the extent that the firm becomes a letter box entity should be considered to undermine the conditions with which the investment firm must comply in order to be and remain authorised in accordance with Article 5 of Directive 2004/39/EC.</SPAN></P>
<P class="p169 ft65"><SPAN class="ft64">(20)</SPAN><SPAN class="ft77">The outsourcing of investment services or activities or critical and important functions is capable of constituting a material change of the conditions for the authorisation of the investment firm, as referred to in Article 16(2) of Directive 2004/39/EC. If such outsourcing arrangements are to be put in place after the investment firm has obtained an authorisation according to the provisions included in Chapter I of Title II of Directive 2004/39/EC, those arrangements should be notified to the competent authority where required by Article 16(2) of Directive 2004/39/EC.</SPAN></P>
<P class="p170 ft64"><SPAN class="ft64">(21)</SPAN><SPAN class="ft75">Investment firms are required by this Directive to give the responsible competent authority prior notification of any arrangement for the outsourcing of the management of retail client portfolios that it proposes to enter into with a service provider located in a third country, where certain specified conditions are not met. However, competent authorities are not expected to authorise or otherwise approve any such arrangement or its terms. The purpose of the notification, rather, is to ensure that the competent authority has the opportunity to intervene in appropriate cases. It is the responsibility of the investment firm to negotiate the terms of any outsourcing arrangement, and to ensure that those terms are consistent with the obligations of the firm under this Directive and Directive 2004/39/EC, without the formal intervention of the competent authority.</SPAN></P>
<P class="p156 ft64"><SPAN class="ft64">(22)</SPAN><SPAN class="ft75">For the purposes of regulatory transparency, and in order to ensure an appropriate level of certainty for investment firms, this Directive requires each competent authority to publish a statement of its policy in relation to the outsourcing of retail portfolio management to service providers located in third countries. That statement must set out examples of cases where the competent authority is unlikely to object to such outsourcing, and must include an explanation of why outsourcing in such cases is unlikely to impair the ability of the firm to comply with the general conditions for outsourcing under this Directive. In providing that explanation, a competent authority should always indicate the reasons why outsourcing in the cases in question would not impede the effectiveness of its access to all the</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t14">
<TR>
<TD class="tr11 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td13"><SPAN class="p157 ft59">5</SPAN> </TD>
<TD class="tr11 td32"><SPAN class="p158 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">33</P>
</DIV>
</DIV>
<DIV id="page_31">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37431x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p171 ft59">information relating to the outsourced service that is necessary for the authority to carry out its regulatory functions in respect of the investment firm.</P>
<P class="p172 ft65"><SPAN class="ft64">(23)</SPAN><SPAN class="ft77">Where an investment firm deposits funds it holds on behalf of a client with a qualifying money market fund, the units in that money market fund should be held in accordance with the requirements for holding financial instruments belonging to clients.</SPAN></P>
<P class="p173 ft65"><SPAN class="ft64">(24)</SPAN><SPAN class="ft77">The circumstances which should be treated as giving rise to a conflict of interest should cover cases where there is a conflict between the interests of the firm or certain persons connected to the firm or the firm’s group and the duty the firm owes to a client; or between the differing interests of two or more of its clients, to whom the firm owes in each case a duty. It is not enough that the firm may gain a benefit if there is not also a possible disadvantage to a client, or that one client to whom the firm owes a duty may make a gain or avoid a loss without there being a concomitant possible loss to another such client.</SPAN></P>
<P class="p174 ft65"><SPAN class="ft64">(25)</SPAN><SPAN class="ft77">Conflicts of interest should be regulated only where an investment service or ancillary service is provided by an investment firm. The status of the client to whom the service is provided – as either retail, professional or eligible counterparty – is irrelevant for this purpose.</SPAN></P>
<P class="p175 ft65"><SPAN class="ft64">(26)</SPAN><SPAN class="ft77">In complying with its obligation to draw up a conflict of interest policy under Directive 2004/39/EC which identifies circumstances which constitute or may give rise to a conflict of interest, the investment firm should pay special attention to the activities of investment research and advice, proprietary trading, portfolio management and corporate finance business, including underwriting or selling in an offering of securities and advising on mergers and acquisitions. In particular, such special attention is appropriate where the firm or a person directly or indirectly linked by control to the firm performs a combination of two or more of those activities.</SPAN></P>
<P class="p176 ft64"><SPAN class="ft64">(27)</SPAN><SPAN class="ft75">Investment firms should aim to identify and manage the conflicts of interest arising in relation to their various business lines and their group’s activities under a comprehensive conflicts of interest policy. In particular, the disclosure of conflicts of interest by an investment firm should not exempt it from the obligation to maintain and operate the effective organisational and administrative arrangements required under Article 13(3) of Directive 2004/39/EC. While disclosure of specific conflicts of interest is required by Article 18(2) of Directive 2004/39/EC, an overreliance on disclosure without adequate consideration as to how conflicts may appropriately be managed is not permitted.</SPAN></P>
<P class="p177 ft64"><SPAN class="ft64">(28)</SPAN><SPAN class="ft75">Investment research should be a </SPAN><NOBR>sub-category</NOBR> of the type of information defined as a recommendation in Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council</P>
<P class="p178 ft64">as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest<SPAN class="ft63">2</SPAN>, but it applies to financial instruments as defined in Directive</P>
<TABLE cellpadding=0 cellspacing=0 class="t15">
<TR>
<TD class="tr16 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr16 td30"><SPAN class="p31 ft67">2</SPAN> </TD>
<TD rowspan=2 class="tr15 td35"><SPAN class="p179 ft68">OJ L 339, 24.12.2003, p. 73.</SPAN> </TD>
<TD class="tr16 td26"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td34"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td30"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td26"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr19 td34"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr19 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr19 td35"><SPAN class="p148 ft59">6</SPAN> </TD>
<TD class="tr19 td26"><SPAN class="p30 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">34</P>
</DIV>
</DIV>
<DIV id="page_32">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t16">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p180 ft65">2004/39/EC. Recommendations, of the type so defined, which do not constitute investment research as defined in this Directive are nevertheless subject to the provisions of Directive 2003/125/EC as to the fair presentation of investment recommendations and the disclosure of conflicts of interest.</P>
<P class="p181 ft64"><SPAN class="ft64">(29)</SPAN><SPAN class="ft75">The measures and arrangements adopted by an investment firm to manage the conflicts of interests that might arise from the production and dissemination of material that is presented as investment research should be appropriate to protect the objectivity and independence of financial analysts and of the investment research they produce. Those measures and arrangements should ensure that financial analysts enjoy an adequate degree of independence from the interests of persons whose responsibilities or business interests may reasonably be considered to conflict with the interests of the persons to whom the investment research is disseminated.</SPAN></P>
<P class="p182 ft65"><SPAN class="ft64">(30)</SPAN><SPAN class="ft77">Persons whose responsibilities or business interests may reasonably be considered to conflict with the interests of the persons to whom investment research is disseminated should include corporate finance personnel and persons involved in sales and trading on behalf of clients or the firm.</SPAN></P>
<P class="p183 ft65"><SPAN class="ft64">(31)</SPAN><SPAN class="ft77">Exceptional circumstances in which financial analysts and other persons connected with the investment firm who are involved in the production of investment research may, with prior written approval, undertake personal transactions in instruments to which the research relates should include those circumstances where, for personal reasons relating to financial hardship, the financial analyst or other person is required to liquidate a position.</SPAN></P>
<P class="p184 ft65"><SPAN class="ft64">(32)</SPAN><SPAN class="ft77">Small gifts or minor hospitality below a level specified in the firm’s conflicts of interest policy and mentioned in the summary description of that policy that is made available to clients should not be considered as inducements for the purposes of the provisions relating to investment research.</SPAN></P>
<P class="p185 ft59"><SPAN class="ft64">(33)</SPAN><SPAN class="ft76">The concept of dissemination of investment research to clients or the public should not include dissemination exclusively to persons within the group of the investment firm.</SPAN></P>
<P class="p183 ft59"><SPAN class="ft64">(34)</SPAN><SPAN class="ft76">Current recommendations should be considered to be those recommendations contained in investment research which have not been withdrawn and which have not lapsed.</SPAN></P>
<P class="p183 ft59"><SPAN class="ft64">(35)</SPAN><SPAN class="ft76">The same requirements should apply to the substantial alteration of investment research produced by a third party as apply to the production of research.</SPAN></P>
<P class="p186 ft64"><SPAN class="ft64">(36)</SPAN><SPAN class="ft75">Financial analysts should not become involved in activities other than the preparation of investment research where such involvement is inconsistent with the maintenance of that person’s objectivity. The following involvements should ordinarily be considered as inconsistent with the maintenance of that person’s objectivity: participating in investment banking activities such as corporate finance business and underwriting, participating in ‘pitches’ for new business or ‘road</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t17">
<TR>
<TD class="tr11 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td13"><SPAN class="p157 ft59">7</SPAN> </TD>
<TD class="tr11 td32"><SPAN class="p158 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">35</P>
</DIV>
</DIV>
<DIV id="page_33">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37433x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p187 ft59">shows’ for new issues of financial instruments; or being otherwise involved in the preparation of issuer marketing.</P>
<P class="p188 ft65"><SPAN class="ft64">(37)</SPAN><SPAN class="ft77">Without prejudice to the provisions of this Directive relating to the production or dissemination of investment research, it is recommended that producers of investment research that are not investment firms should consider adopting internal policies and procedures designed to ensure that they also comply with the principles set out in this Directive as to the protection of the independence and objectivity of that research.</SPAN></P>
<P class="p189 ft65"><SPAN class="ft64">(38)</SPAN><SPAN class="ft77">Requirements imposed by this Directive, including those relating to personal transactions, to dealing with knowledge of investment research and to the production or dissemination of investment research, apply without prejudice to other requirements of Directive 2004/39/EC and Directive 2003/6/EC of the</SPAN></P>
<P class="p190 ft64">European parliament and of the Council of 28 january 2003 on insider dealing and market manipulation (market abuse)<SPAN class="ft63">4 </SPAN>and their respective implementing measures.</P>
<P class="p191 ft64"><SPAN class="ft64">(39)</SPAN><SPAN class="ft75">For the purposes of the provisions of this Directive concerning inducements, the receipt by an investment firm of a commission in connection with investment advice or general recommendations, in circumstances where the advice or recommendations are not biased as a result of the receipt of commission, should be considered as designed to enhance the quality of the investment advice to the client.</SPAN></P>
<P class="p192 ft59"><SPAN class="ft64">(40)</SPAN><SPAN class="ft76">This Directive permits investment firms to give or receive certain inducements only subject to specific conditions, and provided they are disclosed to the client, or are given to or by the client or a person on behalf of the client.</SPAN></P>
<P class="p193 ft64"><SPAN class="ft64">(41)</SPAN><SPAN class="ft75">This Directive requires investment firms that provide investment services other than investment advice to new retail clients to enter into a written basic agreement with the client, setting out the essential rights and obligations of the firm and the client. However, it imposes no other obligations as to the form, content and performance of contracts for the provisions of investment or ancillary services.</SPAN></P>
<P class="p194 ft65"><SPAN class="ft64">(42)</SPAN><SPAN class="ft77">This Directive sets out requirements for marketing communications only with respect to the obligation in Article 19(2) of Directive 2004/39/EC that information addressed to clients, including marketing communications, should be fair, clear and not misleading.</SPAN></P>
<P class="p195 ft65"><SPAN class="ft64">(43)</SPAN><SPAN class="ft77">Nothing in this Directive requires competent authorities to approve the content and form of marketing communications. However, neither does it prevent them from doing so, insofar as any such </SPAN><NOBR>pre-approval</NOBR> is based only on compliance with the obligation in Directive 2004/39/EC that information to clients, including marketing communications, should be fair, clear and not misleading.</P>
<P class="p196 ft64"><SPAN class="ft64">(44)</SPAN><SPAN class="ft75">Appropriate and proportionate information requirements should be established which take account of the status of a client as either retail or professional. An objective of Directive 2004/39/EC is to ensure a proportionate balance between investor protection and the disclosure obligations which apply to investment firms. To this end, it is appropriate that less stringent specific information requirements be</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t18">
<TR>
<TD class="tr16 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr16 td30"><SPAN class="p31 ft67">4</SPAN> </TD>
<TD rowspan=2 class="tr15 td35"><SPAN class="p197 ft68">OJ L 96, 14.4.2003, p. 16</SPAN> </TD>
<TD class="tr16 td26"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td34"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td30"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td26"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr19 td34"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr19 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr19 td35"><SPAN class="p198 ft59">8</SPAN> </TD>
<TD class="tr19 td26"><SPAN class="p30 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">36</P>
</DIV>
</DIV>
<DIV id="page_34">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p199 ft65">included in this Directive with respect to professional clients than apply to retail clients. Professional clients should, subject to limited exceptions, be able to identify for themselves the information that is necessary for them to make an informed decision, and to ask the investment firm to provide that information. Where such information requests are reasonable and proportionate investment firms should provide additional information.</P>
<P class="p200 ft79"><SPAN class="ft64">(45)</SPAN><SPAN class="ft78">Investment firms should provide clients or potential clients with adequate information on the nature of financial instruments and the risks associated with investing in them so that their clients can take each investment decision on a properly informed basis. The level of detail of this information may vary according to the client’s categorisation as either a retail client or a professional client and the nature and risk profile of the financial instruments that are being offered, but should never be so general as to omit any essential elements. It is possible that for some financial instruments only the information referring to the type of an instrument will be sufficient whereas for some others the information will need to be productspecific.</SPAN></P>
<P class="p201 ft79"><SPAN class="ft64">(46)</SPAN><SPAN class="ft78">The conditions with which information addressed by investment firms to clients and potential clients must comply in order to be fair, clear and not misleading should apply to communications intended for retail clients in a way that is appropriate and proportionate, taking into account, for example, the means of communication, and the information that the communication is intended to convey to the clients or potential clients. In particular, it would not be appropriate to apply such conditions to marketing communications which consist only of one or more of the following: the name of the firm, a logo or other image associated with the firm, a contact point, a reference to the types of investment services provided by the firm, or to its fees or commissions.</SPAN></P>
<P class="p202 ft64"><SPAN class="ft64">(47)</SPAN><SPAN class="ft75">For the purposes of Directive 2004/39/EC and of this Directive, information should be considered to be misleading if it has a tendency to mislead the person or persons to whom it is addressed or by whom it is likely to be received, whether or not the person who provides the information considers or intends it to be misleading.</SPAN></P>
<P class="p203 ft64"><SPAN class="ft64">(48)</SPAN><SPAN class="ft75">In determining what constitutes the provision of information in good time before a time specified in this Directive, an investment firm should take into account, having regard to the urgency of the situation and the time necessary for the client to absorb and react to the specific information provided, the client’s need for sufficient time to read and understand it before taking an investment decision. A client is likely to require less time to review information about a simple or standardised product or service, or a product or service of a kind he has purchased previously, than he would require for a more complex or unfamiliar product or service.</SPAN></P>
<P class="p204 ft64"><SPAN class="ft64">(49)</SPAN><SPAN class="ft75">Nothing in this Directive obliges investment firms to provide all required information about the investment firm, financial instruments, costs and associated charges, or concerning the safeguarding of client financial instruments or client funds immediately and at the same time, provided that they comply with the general obligation to provide the relevant information in good time before the time specified in this Directive. Provided that the information is communicated to the client in good time before the provision of the service, nothing in this Directive obliges firms</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t20">
<TR>
<TD class="tr11 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td13"><SPAN class="p157 ft59">9</SPAN> </TD>
<TD class="tr11 td32"><SPAN class="p158 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">37</P>
</DIV>
</DIV>
<DIV id="page_35">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37435x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p205 ft59">to provide it either separately, as part of a marketing communication, or by incorporating the information in a client agreement.</P>
<P class="p206 ft65"><SPAN class="ft64">(50)</SPAN><SPAN class="ft77">In cases where an investment firm is required to provide information to a client before the provision of a service, each transaction in respect of the same type of financial instrument should not be considered as the provision of a new or different service.</SPAN></P>
<P class="p207 ft64"><SPAN class="ft64">(51)</SPAN><SPAN class="ft75">In cases where an investment firm providing portfolio management services is required to provide to retail clients or potential retail clients information on the types of financial instruments that may be included in the client portfolio and the types of transactions that may be carried out in such instruments, such information should state separately whether the investment firm will be mandated to invest in financial instruments not admitted to trading on a regulated market, in derivatives, or in illiquid or highly volatile instruments; or to undertake short sales, purchases with borrowed funds, securities financing transactions, or any transactions involving margin payments, deposit of collateral or foreign exchange risk.</SPAN></P>
<P class="p208 ft65"><SPAN class="ft64">(52)</SPAN><SPAN class="ft77">The provision by an investment firm to a client of a copy of a prospectus that has been drawn up and published in accordance with Directive 2003/71/EC of the</SPAN></P>
<P class="p209 ft65">European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading<SPAN class="ft80">5 </SPAN>should not be treated as the provision by the firm of information to a client for the purposes of the operating conditions under Directive 2004/39/EC which relate to the quality and contents of such information, if the firm is not responsible under that directive for the information given in the prospectus.</P>
<P class="p210 ft65"><SPAN class="ft64">(53)</SPAN><SPAN class="ft77">The information which an investment firm is required to give to a retail client concerning costs and associated charges includes information about the arrangements for payment or performance of the agreement for the provision of investment services and any other agreement relating to a financial instrument that is being offered. For this purpose, arrangements for payment will generally be relevant where a financial instrument contract is terminated by cash settlement. Arrangements for performance will generally be relevant where, upon termination, a financial instrument requires the delivery of shares, bonds, a warrant, bullion or another instrument or commodity.</SPAN></P>
<P class="p211 ft64"><SPAN class="ft64">(54)</SPAN><SPAN class="ft75">As regards collective investment undertakings covered by Directive 85/611/EEC of the Council of 20 December 1985 on the coordination of laws, regulations and</SPAN></P>
<P class="p212 ft65">administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)<SPAN class="ft80">6</SPAN>, it is not the purpose of this Directive to regulate the content of the simplified prospectus as defined by Article 28 of Directive 85/611/EEC. No information should be added to the simplified prospectus as a result of the implementation of this Directive.</P>
<P class="p213 ft64"><SPAN class="ft64">(55)</SPAN><SPAN class="ft75">The simplified prospectus provides, notably, sufficient information in relation to the costs and associated charges in respect to the UCITS itself. However, investment firms distributing units in UCITS should additionally inform their clients about all</SPAN></P>
<P class="p214 ft68"><SPAN class="ft67">5</SPAN><SPAN class="ft81">OJ L 345, 31.12.2003, p. 64.</SPAN></P>
<P class="p215 ft68"><SPAN class="ft67">6</SPAN><SPAN class="ft81">OJ L 375, 31.12.1985, p. 3</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t21">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td37"><SPAN class="p216 ft59">10</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">38</P>
</DIV>
</DIV>
<DIV id="page_36">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p218 ft59">the other costs and associated charges related to their provision of investment services in relation to units in UCITS.</P>
<P class="p219 ft59"><SPAN class="ft64">(56)</SPAN><SPAN class="ft76">It is necessary to make different provision for the application of the suitability test</SPAN></P>
<P class="p220 ft65">in Article 19(4) of Directive 2004/39/EC and the appropriateness test in Article 19(5) of that Directive. These tests have different scope with regards to the investment services to which they relate, and have different functions and characteristics.</P>
<P class="p221 ft65"><SPAN class="ft64">(57)</SPAN><SPAN class="ft77">For the purposes of Article 19(4) of Directive 2004/39/EC, a transaction may be unsuitable for the client or potential client because of the risks of the financial instruments involved, the type of transaction, the characteristics of the order or the frequency of the trading. A series of transactions that are each suitable when viewed in isolation may be unsuitable if the recommendation or the decisions to trade are made with a frequency that is not in the best interests of the client. In the case of portfolio management, a transaction might also be unsuitable if it would result in an unsuitable portfolio.</SPAN></P>
<P class="p222 ft64"><SPAN class="ft64">(58)</SPAN><SPAN class="ft75">In accordance with Article 19(4) of Directive 2004/39/EC, a firm is required to assess the suitability of investment services and financial instruments to a client only when it is providing investment advice or portfolio management to that client. In the case of other investment services, the firm is required by Article 19(5) of that Directive to assess the appropriateness of an investment service or product for a client, and then only if the product is not offered on an </SPAN><NOBR>execution-only</NOBR> basis under Article 19(6) of that Directive (which applies to <NOBR>non-complex</NOBR> products).</P>
<P class="p223 ft64"><SPAN class="ft64">(59)</SPAN><SPAN class="ft75">For the purposes of the provisions of this Directive requiring investment firms to assess the appropriateness of investment services or products offered or demanded, a client who has engaged in a course of dealings involving a specific type of product or service beginning before the date of application of Directive 2004/39/EC should be presumed to have the necessary experience and knowledge in order to understand the risks involved in relation to that product or investment service. Where a client engages in a course of dealings of that kind through the services of an investment firm, beginning after the date of application of that Directive, the firm is not required to make a new assessment on the occasion of each separate transaction. It complies with its duty under Article 19(5) of that Directive provided that it makes the necessary assessment of appropriateness before beginning that service.</SPAN></P>
<P class="p224 ft65"><SPAN class="ft64">(60)</SPAN><SPAN class="ft77">A recommendation or request made, or advice given, by a portfolio manager to a client to the effect that the client should give or alter a mandate to the portfolio manager that defines the limits of the portfolio manager’s discretion should be considered a recommendation within the meaning of Article 19(4) of Directive 2004/39/EC.</SPAN></P>
<P class="p225 ft64"><SPAN class="ft64">(61)</SPAN><SPAN class="ft75">For the purposes of determining whether a unit in a collective investment undertaking which does not comply with the requirements of Directive 85/611/EC, that has been authorised for marketing to the public, should be considered as noncomplex, the circumstances in which valuation systems will be independent of the issuer should include where they are overseen by a depositary that is regulated as a provider of depositary services in a Member State.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t22">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">11</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">39</P>
</DIV>
</DIV>
<DIV id="page_37">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p226 ft65"><SPAN class="ft64">(62)</SPAN><SPAN class="ft77">Nothing in this Directive requires competent authorities to approve the content of the basic agreement between an investment firm and its retail clients. However, neither does it prevent them from doing so, insofar as any such approval is based only on the firm’s compliance with its obligations under Directive 2004/39/EC to act honestly, fairly and professionally in accordance with the best interests of its clients, and to establish a record that sets out the rights and obligations of investment firms and their clients, and the other terms on which firms will provide services to their clients.</SPAN></P>
<P class="p227 ft65"><SPAN class="ft64">(63)</SPAN><SPAN class="ft77">The records an investment firm is required to keep should be adapted to the type of business and the range of investment services and activities performed, provided that the </SPAN><NOBR>record-keeping</NOBR> obligations set out in Directive 2004/39/EC and this Directive are fulfilled. For the purposes of the reporting obligations in respect of portfolio management, a contingent liability transaction is one that involves any actual or potential liability for the client that exceeds the cost of acquiring the instrument.</P>
<P class="p194 ft59"><SPAN class="ft64">(64)</SPAN><SPAN class="ft76">For the purposes of the provisions on reporting to clients, a reference to the type of the order should be understood as referring to its status as a limit order, market order, or other specific type of order.</SPAN></P>
<P class="p228 ft59"><SPAN class="ft64">(65)</SPAN><SPAN class="ft76">For the purposes of the provisions on reporting to clients, a reference to the nature of the order should be understood as referring to orders to subscribe for securities, or to exercise an option, or similar client order.</SPAN></P>
<P class="p229 ft79"><SPAN class="ft64">(66)</SPAN><SPAN class="ft78">When establishing its execution policy in accordance with Article 21(2) of Directive 2004/39/EC, an investment firm should determine the relative importance of the factors mentioned in Article 21(1) of that Directive, or at least establish the process by which it determines the relative importance of these factors, so that it can deliver the best possible result to its clients. In order to give effect to that policy, an investment firm should select the execution venues that enable it to obtain on a consistent basis the best possible result for the execution of client orders. An investment firm should apply its execution policy to each client order that it executes with a view to obtaining the best possible result for the client in accordance with that policy. The obligation under Directive 2004/39/EC to take all reasonable steps to obtain the best possible result for the client should not be treated as requiring an investment firm to include in its execution policy all available execution venues.</SPAN></P>
<P class="p230 ft65"><SPAN class="ft64">(67)</SPAN><SPAN class="ft77">For the purposes of ensuring that an investment firm obtains the best possible result for the client when executing a retail client order in the absence of specific client instructions, the firm should take into consideration all factors that will allow it to deliver the best possible result in terms of the total consideration, representing the price of the financial instrument and the costs related to execution. Speed, likelihood of execution and settlement, the size and nature of the order, market impact and any other implicit transaction costs may be given precedence over the immediate price and cost consideration only insofar as they are instrumental in delivering the best possible result in terms of the total consideration to the retail client.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t23">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">12</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">40</P>
</DIV>
</DIV>
<DIV id="page_38">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p231 ft64"><SPAN class="ft64">(68)</SPAN><SPAN class="ft75">When an investment firm executes an order following specific instructions from the client, it should be treated as having satisfied its best execution obligations only in respect of the part or aspect of the order to which the client instructions relate. The fact that the client has given specific instructions which cover one part or aspect of the order should not be treated as releasing the investment firm from its best execution obligations in respect of any other parts or aspects of the client order that are not covered by such instructions. An investment firm should not induce a client to instruct it to execute an order in a particular way, by expressly indicating or implicitly suggesting the content of the instruction to the client, when the firm ought reasonably to know that an instruction to that effect is likely to prevent it from obtaining the best possible result for that client. However, this should not prevent a firm inviting a client to choose between two or more specified trading venues, provided that those venues are consistent with the execution policy of the firm</SPAN><SPAN class="ft82">.</SPAN></P>
<P class="p232 ft65"><SPAN class="ft64">(69)</SPAN><SPAN class="ft77">Dealing on own account with clients by an investment firm should be considered as the execution of client orders, and therefore subject to the requirements under Directive 2004/39/EC and this Directive and, in particular, those obligations in relation to best execution. However, if an investment firm provides a quote to a client and that quote would meet the investment firm’s obligations under Article 21(1) of Directive 2004/39/EC if the firm executed that quote at the time the quote was provided, then the firm will meet those same obligations if it executes its quote after the client accepts it, provided that, taking into account the changing market conditions and the time elapsed between the offer and acceptance of the quote, the quote is not manifestly out of date.</SPAN></P>
<P class="p233 ft79"><SPAN class="ft64">(70)</SPAN><SPAN class="ft78">The obligation to deliver the best possible result when executing client orders applies in relation to all types of financial instruments. However, given the differences in market structures or the structure of financial instruments, it may be difficult to identify and apply a uniform standard of and procedure for best execution that would be valid and effective for all classes of instrument. Best execution obligations should therefore be applied in a manner that takes into account the different circumstances associated with the execution of orders related to particular types of financial instruments. For example, transactions involving a customised OTC financial instrument that involve a unique contractual relationship tailored to the circumstances of the client and the investment firm may not be comparable for best execution purposes with transactions involving shares traded on centralised execution venues.</SPAN></P>
<P class="p234 ft64"><SPAN class="ft64">(71)</SPAN><SPAN class="ft75">For the purposes of determining best execution when executing retail client orders, the costs related to execution should include an investment firm’s own commissions or fees charged to the client for limited purposes, in cases where more than one venue listed in the firm’s execution policy is capable of executing a particular order. In such cases, the firm’s own commissions and costs for executing the order on each of the eligible execution venues should be taken into account in order to assess and compare the results for the client that would be achieved by executing the order on each such venue. However, it is not intended to require a firm to compare the results that would be achieved for its client on the basis of its own execution policy and its own commissions and fees, with results that might be achieved for the same client by any other investment firm on the basis of a different execution policy or a different structure of commissions or fees. Nor is it intended to require a firm to</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t24">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">13</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">41</P>
</DIV>
</DIV>
<DIV id="page_39">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p235 ft59">compare the differences in its own commissions which are attributable to differences in the nature of the services that the firm provides to clients.</P>
<P class="p236 ft65"><SPAN class="ft64">(72)</SPAN><SPAN class="ft77">The provisions of this Directive that provide that costs of execution should include an investment firm’s own commissions or fees charged to the client for the provision of an investment service should not apply for the purpose of determining what execution venues must be included in the firm’s execution policy for the purposes of Article 21(3) of Directive 2004/39/EC.</SPAN></P>
<P class="p237 ft65"><SPAN class="ft64">(73)</SPAN><SPAN class="ft77">It should be considered that an investment firm structures or charges its commissions in a way which discriminates unfairly between execution venues if it charges a different commission or spread to clients for execution on different execution venues and that difference does not reflect actual differences in the cost to the firm of executing on those venues.</SPAN></P>
<P class="p238 ft65"><SPAN class="ft64">(74)</SPAN><SPAN class="ft77">The provisions of this Directive as to execution policy are without prejudice to the general obligation of an investment firm under Article 21(4) of Directive 2004/39/EC to monitor the effectiveness of its order execution arrangements and policy and assess the venues in its execution policy on a regular basis.</SPAN></P>
<P class="p239 ft65"><SPAN class="ft64">(75)</SPAN><SPAN class="ft77">This Directive is not intended to require a duplication of effort as to best execution between an investment firm which provides the service of reception and transmission of order or portfolio management and any investment firm to which that investment firm transmits its orders for execution.</SPAN></P>
<P class="p240 ft64"><SPAN class="ft83">(76)</SPAN><SPAN class="ft75">The best execution obligation under Directive 2004/39/EC requires investment firms to take all reasonable steps to obtain the best possible result for their clients. The quality of execution, which includes aspects such as the speed and likelihood of execution (fill rate) and the availability and incidence of price improvement, is an important factor in the delivery of best execution. Availability, comparability and consolidation of data related to execution quality provided by the various execution venues is crucial in enabling investment firms and investors to identify those execution venues that deliver the highest quality of execution for their clients. This Directive does not mandate the publication by execution venues of their execution quality data, as execution venues and data providers should be permitted to develop solutions concerning the provision of execution quality data. The Commission should submit a report by 1 November 2008 on the </SPAN><NOBR>market-led</NOBR> developments in this area with a view to assessing availability, comparability and consolidation at a European level of information concerning execution quality.</P>
<P class="p241 ft65"><SPAN class="ft64">(77)</SPAN><SPAN class="ft77">For the purposes of the provisions of this Directive concerning client order handling, the reallocation of transactions should be considered as detrimental to a client if, as an effect of that reallocation, unfair precedence is given to the investment firm or to any particular client.</SPAN></P>
<P class="p240 ft64"><SPAN class="ft64">(78)</SPAN><SPAN class="ft75">Without prejudice to Directive 2003/6/EC, for the purposes of the provisions of this Directive concerning client order handling, client orders should not be treated as otherwise comparable if they are received by different media and it would not be practicable for them to be treated sequentially. For the further purposes of those provisions, any use by an investment firm of information relating to a pending client order in order to deal on own account in the financial instruments to which the</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">14</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">42</P>
</DIV>
</DIV>
<DIV id="page_40">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p242 ft64">client order relates, or in related financial instruments, should be considered a misuse of that information. However, the mere fact that market makers or bodies authorised to act as counterparties confine themselves to pursuing their legitimate business of buying and selling financial instruments, or that persons authorised to execute orders on behalf of third parties confine themselves to carrying out an order dutifully, should not in itself be deemed to constitute a misuse of information.</P>
<P class="p243 ft65"><SPAN class="ft64">(79)</SPAN><SPAN class="ft77">Advice about financial instruments given in a newspaper, journal, magazine or any other publication addressed to the general public (including by means of the internet), or in any television or radio broadcast, should not be considered as a personal recommendation for the purposes of the definition of ‘investment advice’ in Directive 2004/39/EC.</SPAN></P>
<P class="p233 ft65"><SPAN class="ft64">(80)</SPAN><SPAN class="ft77">This Directive respects the fundamental rights and observes the principles recognised in particular by the Charter of Fundamental Rights of the European Union and in particular by Article 11 thereof and Article 10 of the European Convention on Human Rights. In this regard, this Directive does not in any way prevent Member States from applying their constitutional rules relating to freedom of the press and freedom of expression in the media.</SPAN></P>
<P class="p203 ft64"><SPAN class="ft64">(81)</SPAN><SPAN class="ft75">Generic advice about a type of financial instrument is not investment advice for the purposes of Directive 2004/39/EC, because this Directive specifies that, for the purposes of Directive 2004/39/EC, investment advice is restricted to advice on particular financial instruments. However, if an investment firm provides generic advice to a client about a type of financial instrument which it presents as suitable for, or based on a consideration of the circumstances of, that client, and that advice is not in fact suitable for the client, or is not based on a consideration of his circumstances, depending on the circumstances of the particular case, the firm is likely to be acting in contravention of Article 19(1) or (2) of Directive 2004/39/EC. In particular, a firm which gives a client such advice would be likely to contravene the requirement of Article 19(1) to act honestly, fairly and professionally in accordance with the best interests of its clients. Similarly or alternatively, such advice would be likely to contravene the requirement of Article 19(2) that information addressed by a firm to a client should be fair, clear and not misleading.</SPAN></P>
<P class="p244 ft65"><SPAN class="ft64">(82)</SPAN><SPAN class="ft77">Acts carried out by an investment firm that are preparatory to the provision of an investment service or carrying out an investment activity should be considered as an integral part of that service or activity. This would include, for example, the provision of generic advice by an investment firm to clients or potential clients prior to or in the course of the provision of investment advice or any other investment service or activity.</SPAN></P>
<P class="p245 ft64"><SPAN class="ft64">(83)</SPAN><SPAN class="ft75">The provision of a general recommendation (that is, one which is intended for distribution channels or the public) about a transaction in a financial instrument or a type of financial instrument constitutes the provision of an ancillary service within Section B(5) of Annex I of Directive 2004/39/EC, and consequently Directive 2004/39/EC and its protections apply to the provision of that recommendation.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t26">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">15</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">43</P>
</DIV>
</DIV>
<DIV id="page_41">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37441x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p246 ft59"><SPAN class="ft64">(84)</SPAN><SPAN class="ft76">The Committee of European Securities Regulators, established by Commission Decision 2001/527/EC</SPAN><SPAN class="ft80">7 </SPAN>has been consulted for technical advice.</P>
<P class="p247 ft59"><SPAN class="ft64">(85)</SPAN><SPAN class="ft76">The measures provided for in this Directive are in accordance with the opinion of the European Securities Committee,</SPAN></P>
<P class="p248 ft59">HAS ADOPTED THIS DIRECTIVE:</P>
<P class="p249 ft13">Chapter I</P>
<P class="p250 ft13">Scope and definitions</P>
<P class="p251 ft84">Article 1</P>
<P class="p252 ft84"><NOBR>Subject-matter</NOBR> and scope</P>
<P class="p253 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">This Directive lays down the detailed rules for the implementation of Article 4(1)(4) and 4(2), Article 13(2) to (8), Article 18, Article 19(1) to (6), Article 19(8), and Articles 21, 22 and 24 of Directive 2004/39/EC.</SPAN></P>
<P class="p254 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Chapter II and Sections 1 to </SPAN><SPAN class="ft64">4, Article 45 </SPAN>and Sections 6 and 8 of Chapter III and, to the extent they relate to those provisions, Chapter I and Section 9 of Chapter III and Chapter IV of this Directive shall apply to management companies in accordance with Article 5(4) of Council Directive 85/611/EEC.</P>
<TABLE cellpadding=0 cellspacing=0 class="t27">
<TR>
<TD class="tr12 td40"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td41"><SPAN class="p255 ft87">Article 2</SPAN> </TD>
</TR>
<TR>
<TD class="tr20 td40"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr20 td41"><SPAN class="p255 ft87">Definitions</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr21 td42"><SPAN class="p30 ft59">For the purposes of this Directive, the following definitions shall apply:</SPAN> </TD>
</TR>
<TR>
<TD class="tr21 td40"><SPAN class="p30 ft59">(1)</SPAN> </TD>
<TD class="tr21 td41"><SPAN class="p256 ft59">‘distribution channels’ means distribution channels within the meaning of</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td40"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td41"><SPAN class="p256 ft59">Article 1(7) of Commission Directive 2003/125/EC;<SPAN class="ft80">9</SPAN></SPAN> </TD>
</TR>
</TABLE>
<P class="p257 ft65"><SPAN class="ft64">(2)</SPAN><SPAN class="ft88">‘durable medium’ means any instrument which enables a client to store information addressed personally to that client in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored;</SPAN></P>
<P class="p258 ft59"><SPAN class="ft64">(3)</SPAN><SPAN class="ft89">‘relevant person’ in relation to an investment firm, means any of the following:</SPAN></P>
<P class="p259 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft90">a director, partner or equivalent, manager or tied agent of the firm;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t28">
<TR>
<TD class="tr16 td43"></TD>
<TD class="tr16 td1"><SPAN class="p260 ft67">7</SPAN> </TD>
<TD rowspan=2 class="tr15 td44"><SPAN class="p261 ft68">OJ L 191, 13.7.2001, p. 43</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td43"></TD>
<TD rowspan=2 class="tr22 td1"><SPAN class="p260 ft67">9</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD rowspan=2 class="tr16 td44"><SPAN class="p261 ft91">OJ L 339, 24.12.2003, p. 73.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD class="tr23 td1"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p262 ft70">EN <SPAN class="ft59">16 </SPAN>EN</P>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">44</P>
</DIV>
</DIV>
<DIV id="page_42">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37442x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p263 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">a director, partner or equivalent, or manager of any tied agent of the firm;</SPAN></P>
<P class="p264 ft65"><SPAN class="ft64">(c)</SPAN><SPAN class="ft77">an employee of the firm or of a tied agent of the firm, as well as any other natural person whose services are placed at the disposal and under the control of the firm or a tied agent of the firm and who is involved in the provision by the firm of investment services and activities;</SPAN></P>
<P class="p265 ft64"><SPAN class="ft64">(d)</SPAN><SPAN class="ft75">a natural person who is directly involved in the provision of services to the investment firm or to its tied agent under an outsourcing arrangement for the purpose of the provision by the firm of investment services and activities;</SPAN></P>
<P class="p266 ft59"><SPAN class="ft64">(4)</SPAN><SPAN class="ft89">‘financial analyst’ means a relevant person who produces the substance of investment research;</SPAN></P>
<P class="p267 ft64"><SPAN class="ft64">(5)</SPAN><SPAN class="ft93">‘group’, in relation to an investment firm, means the group of which that firm forms a part, consisting of a parent undertaking, its subsidiaries and the entities in which the parent undertaking or its subsidiaries hold a participation, as well as undertakings</SPAN></P>
<P class="p268 ft59">linked to each other by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC on consolidated accounts<SPAN class="ft80">11</SPAN>;</P>
<P class="p269 ft59"><SPAN class="ft64">(6)</SPAN><SPAN class="ft89">‘outsourcing’ means an arrangement of any form between an investment firm and a service provider by which that service provider performs a process, a service or an activity which would otherwise be undertaken by the investment firm itself;</SPAN></P>
<P class="p270 ft59"><SPAN class="ft64">(7)</SPAN><SPAN class="ft89">‘person with whom a relevant person has a family relationship’ means any of the following:</SPAN></P>
<P class="p271 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the spouse of the relevant person or any partner of that person considered by national law as equivalent to a spouse;</SPAN></P>
<P class="p272 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">a dependent child or stepchild of the relevant person;</SPAN></P>
<P class="p273 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">any other relative of the relevant person who has shared the same household as that person for at least one year on the date of the personal transaction concerned;</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">(8)</SPAN><SPAN class="ft89">‘securities financing transaction’ has the meaning given in [the Implementing Regulation]</SPAN><SPAN class="ft80">12</SPAN>;</P>
<P class="p267 ft64"><SPAN class="ft64">(9)</SPAN><SPAN class="ft93">‘senior management’ means the person or persons who effectively direct the business of the investment firm as referred to in Article 9(1) of Directive 2004/39/EC.</SPAN></P>
<P class="p275 ft68"><SPAN class="ft67">11</SPAN><SPAN class="ft94">OJ No L 193, 18.7.1983, p.1.</SPAN></P>
<P class="p276 ft68"><SPAN class="ft67">12</SPAN><SPAN class="ft94">[OJ XXX]</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t12">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">17</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">45</P>
</DIV>
</DIV>
<DIV id="page_43">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p277 ft84">Article 3</P>
<P class="p278 ft84">Conditions applying to the provision of information</P>
<P class="p279 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">Where, for the purposes of this Directive, information is required to be provided in a durable medium, Member States shall permit investment firms to provide that information in a durable medium other than on paper only if:</SPAN></P>
<P class="p280 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft90">the provision of that information in that medium is appropriate to the context in which the business between the firm and the client is, or is to be, carried on; and</SPAN></P>
<P class="p281 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">the person to whom the information is to be provided, when offered the choice between information on paper or in that other durable medium, specifically chooses the provision of the information in that other medium.</SPAN></P>
<P class="p282 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Where, pursuant to Article 29, 30, 31, 32, 33 or 46(2) of this Directive, an investment firm provides information to a client by means of a website and that information is not addressed personally to the client, Member States shall ensure that the following conditions are satisified:</SPAN></P>
<P class="p283 ft64"><SPAN class="ft64">(a)</SPAN><SPAN class="ft96">the provision of that information in that medium is appropriate to the context in which the business between the firm and the client is, or is to be, carried on;</SPAN></P>
<P class="p284 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">the client must specifically consent to the provision of that information in that form;</SPAN></P>
<P class="p285 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft90">the client must be notified electronically of the address of the website, and the place on the website where the information may be accessed;</SPAN></P>
<P class="p286 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft76">the information must be up to date;</SPAN></P>
<P class="p287 ft59"><SPAN class="ft64">(e)</SPAN><SPAN class="ft90">the information must be accessible continuously by means of that website for such period of time as the client may reasonably need to inspect it.</SPAN></P>
<P class="p288 ft65"><SPAN class="ft68">3.</SPAN><SPAN class="ft97">For the purposes of this Article, the provision of information by means of electronic communications shall be treated as appropriate to the context in which the business between the firm and the client is, or is to be, carried on if there is evidence that the client has regular access to the internet. The provision by the client of an email address for the purposes of the carrying on of that business shall be treated as such evidence.</SPAN></P>
<P class="p289 ft84">Article 4</P>
<P class="p290 ft84">Additional requirements on investment firms in certain cases</P>
<P class="p291 ft99"><SPAN class="ft64">1.</SPAN><SPAN class="ft98">Member States may retain or impose requirements additional to those in this Directive only in those exceptional cases where such requirements are objectively justified and proportionate so as to address specific risks to investor protection or to</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t29">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">18</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">46</P>
</DIV>
</DIV>
<DIV id="page_44">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p292 ft59">market integrity that are not adequately addressed by this Directive, and provided that one of the following conditions is met:</P>
<P class="p293 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the specific risks addressed by the requirements are of particular importance in the circumstances of the market structure of that Member State;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the requirement addresses risks or issues that emerge or become evident after the date of application of this Directive and that are not otherwise regulated by or under Community measures.</SPAN></P>
<P class="p269 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Any requirements imposed under paragraph 1 shall not restrict or otherwise affect the rights of investment firms under Articles 31 and 32 of Directive 2004/39/EC.</SPAN></P>
<P class="p294 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">Member States shall notify to the Commission:</SPAN></P>
<P class="p273 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">any requirement which it intends to retain in accordance with paragraph 1 before the date of transposition of this Directive; and</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">any requirement which it intends to impose in accordance with paragraph 1 at least one month before the date appointed for that requirement to come into force.</SPAN></P>
<P class="p295 ft59">In each case, the notification shall include a justification for that requirement.</P>
<P class="p296 ft59">The Commission shall communicate to Member States and make public on its website the notifications it receives in accordance with this paragraph.</P>
<P class="p270 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">By 31 December 2009 the Commission shall report to the European Parliament and the Council on the application of this Article.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t30">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">19</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">47</P>
</DIV>
</DIV>
<DIV id="page_45">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p297 ft13">Chapter II</P>
<P class="p298 ft13">Organisational requirements</P>
<P class="p299 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">1</SPAN></P>
<P class="p300 ft18"><SPAN class="ft16">O</SPAN>RGANISATION</P>
<P class="p301 ft84">Article 5</P>
<P class="p302 ft84">(Article 13(2) to (8) of Directive 2004/39/EC)</P>
<P class="p303 ft84">General organisational requirements</P>
<P class="p304 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">Member States shall require investment firms to comply with the following requirements:</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">to establish, implement and maintain </SPAN><NOBR>decision-making</NOBR> procedures and an organisational structure which clearly and in documented manner specifies reporting lines and allocates functions and responsibilities;</P>
<P class="p306 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">to ensure that their relevant persons are aware of the procedures which must be followed for the proper discharge of their responsibilities;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">to establish, implement and maintain adequate internal control mechanisms designed to secure compliance with decisions and procedures at all levels of the investment firm;</SPAN></P>
<P class="p306 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">to employ personnel with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them;</SPAN></P>
<P class="p307 ft59"><SPAN class="ft59">(e)</SPAN><SPAN class="ft90">to establish, implement and maintain effective internal reporting and communication of information at all relevant levels of the investment firm;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft100">to maintain adequate and orderly records of their business and internal organisation;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(g)</SPAN><SPAN class="ft90">to ensure that the performance of multiple functions by their relevant persons does not and is not likely to prevent those persons from discharging any particular function soundly, honestly, and professionally.</SPAN></P>
<P class="p308 ft65">Member States shall ensure that, for those purposes, investment firms take into account the nature, scale and complexity of the business of the firm, and the nature and range of investment services and activities undertaken in the course of that business.</P>
<TABLE cellpadding=0 cellspacing=0 class="t31">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">20</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">48</P>
</DIV>
</DIV>
<DIV id="page_46">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p309 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Member States shall require investment firms to establish, implement and maintain systems and procedures that are adequate to safeguard the security, integrity and confidentiality of information, taking into account the nature of the information in question.</SPAN></P>
<P class="p274 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">Member States shall require investment firms to establish, implement and maintain an adequate business continuity policy aimed at ensuring, in the case of an interruption to their systems and procedures, the preservation of essential data and functions, and the maintenance of investment services and activities, or, where that is not possible, the timely recovery of such data and functions and the timely resumption of their investment services and activities.</SPAN></P>
<P class="p310 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft86">Member States shall require investment firms to establish, implement and maintain accounting policies and procedures that enable them, at the request of the competent authority, to deliver in a timely manner to the competent authority financial reports which reflect a true and fair view of their financial position and which comply with all applicable accounting standards and rules.</SPAN></P>
<P class="p311 ft65"><SPAN class="ft64">5.</SPAN><SPAN class="ft86">Member States shall require investment firms to monitor and, on a regular basis, to evaluate the adequacy and effectiveness of their systems, internal control mechanisms and arrangements established in accordance with paragraphs 1 to 4, and to take appropriate measures to address any deficiencies.</SPAN></P>
<P class="p312 ft84">Article 6</P>
<P class="p313 ft84">(Article 13(2) of Directive 2004/39/EC)</P>
<P class="p314 ft84">Compliance</P>
<P class="p315 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall ensure that investment firms establish, implement and maintain adequate policies and procedures designed to detect any risk of failure by the firm to comply with its obligations under Directive 2004/39/EC, as well as the associated risks, and put in place adequate measures and procedures designed to minimise such risk and to enable the competent authorities to exercise their powers effectively under that Directive.</SPAN></P>
<P class="p316 ft65">Member States shall ensure that, for those purposes, investment firms take into account the nature, scale and complexity of the business of the firm, and the nature and range of investment services and activities undertaken in the course of that business.</P>
<P class="p311 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Member States shall require investment firms to establish and maintain a permanent and effective compliance function which operates independently and which has the following responsibilities:</SPAN></P>
<P class="p317 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft77">to monitor and, on a regular basis, to assess the adequacy and effectiveness of the measures and procedures put in place in accordance with the first subparagraph of paragraph 1, and the actions taken to address any deficiencies in the firm’s compliance with its obligations;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t12">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">21</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">49</P>
</DIV>
</DIV>
<DIV id="page_47">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p318 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">to advise and assist the relevant persons responsible for carrying out investment services and activities to comply with the firm’s obligations under Directive 2004/39/EC.</SPAN></P>
<P class="p319 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">In order to enable the compliance function to discharge its responsibilities properly and independently, Member States shall require investment firms to ensure that the following conditions are satisfied:</SPAN></P>
<P class="p306 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the compliance function must have the necessary authority, resources, expertise and access to all relevant information;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">a compliance officer must be appointed and must be responsible for the compliance function and for any reporting as to compliance required by Article 9(2);</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">the relevant persons involved in the compliance function must not be involved in the performance of services or activities they monitor;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">the method of determining the remuneration of the relevant persons involved in the compliance function must not compromise their objectivity and must not be likely to do so.</SPAN></P>
<P class="p321 ft65">However, an investment firm shall not be required to comply with point (c) or point (d) if it is able to demonstrate that in view of the nature, scale and complexity of its business, and the nature and range of investment services and activities, the requirement under that point is not proportionate and that its compliance function continues to be effective.</P>
<P class="p322 ft84">Article 7</P>
<P class="p323 ft84">(second subparagraph of Article 13(5) of Directive 2004/39/EC)</P>
<P class="p324 ft84">Risk management</P>
<P class="p325 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">Member States shall require investment firms to take the following actions:</SPAN></P>
<P class="p326 ft64"><SPAN class="ft64">(a)</SPAN><SPAN class="ft96">to establish, implement and maintain adequate risk management policies and procedures which identify the risks relating to the firm’s activities, processes and systems, and where appropriate, set the level of risk tolerated by the firm;</SPAN></P>
<P class="p327 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">to adopt effective arrangements, processes and mechanisms to manage the risks relating to the firm’s activities, processes and systems, in light of that level of risk tolerance;</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">to monitor the following:</SPAN></P>
<P class="p329 ft59"><SPAN class="ft64">(i)</SPAN><SPAN class="ft101">the adequacy and effectiveness of the investment firm’s risk management policies and procedures;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t32">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">22</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">50</P>
</DIV>
</DIV>
<DIV id="page_48">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p330 ft59"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft102">the level of compliance by the investment firm and its relevant persons with the arrangements, processes and mechanisms adopted in accordance with point (b);</SPAN></P>
<P class="p331 ft65"><SPAN class="ft64">(iii)</SPAN><SPAN class="ft103">the adequacy and effectiveness of measures taken to address any deficiencies in those policies, procedures, arrangements, processes and mechanisms, including failures by the relevant persons to comply with such arrangements, processes and mechanisms or follow such policies and procedures.</SPAN></P>
<P class="p332 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Member States shall require investment firms, where appropriate and proportionate in view of the nature, scale and complexity of their business and the nature and range of the investment services and activities undertaken in the course of that business, to establish and maintain a risk management function that operates independently and carries out the following tasks:</SPAN></P>
<P class="p333 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">implementation of the policy and procedures referred to in paragraph 1;</SPAN></P>
<P class="p273 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">provision of reports and advice to senior management in accordance with Article 9(2).</SPAN></P>
<P class="p334 ft65">Where an investment firm is not required under the first <NOBR>sub-paragraph</NOBR> to establish and maintain a risk management function that functions independently, it must nevertheless be able to demonstrate that the policies and procedures which it is has adopted in accordance with paragraph 1 satisfy the requirements of that paragraph and are consistently effective.</P>
<P class="p312 ft84">Article 8</P>
<P class="p335 ft84">(second subparagraph of Article 13(5) of Directive 2004/39/EC)</P>
<P class="p336 ft84">Internal audit</P>
<P class="p337 ft64">Member States shall require investment firms, where appropriate and proportionate in view of the nature, scale and complexity of their business and the nature and range of investment services and activities undertaken in the course of that business, to establish and maintain an internal audit function which is separate and independent from the other functions and activities of the investment firm and which has the following responsibilities:</P>
<P class="p338 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">to establish, implement and maintain an audit plan to examine and evaluate the adequacy and effectiveness of the investment firm’s systems, internal control mechanisms and arrangements;</SPAN></P>
<P class="p274 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">to issue recommendations based on the result of work carried out in accordance with point (a);</SPAN></P>
<P class="p294 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft104">to verify compliance with those recommendations;</SPAN></P>
<P class="p339 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft89">to report in relation to internal audit matters in accordance with Article 9(2).</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t33">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">23</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">51</P>
</DIV>
</DIV>
<DIV id="page_49">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p340 ft84">Article 9</P>
<P class="p341 ft84">(Article 13(2) of Directive 2004/39/EC)</P>
<P class="p342 ft84">Responsibility of senior management</P>
<P class="p343 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft105">Member States shall require investment firms, when allocating functions internally, to ensure that senior management, and, where appropriate, the supervisory function, are responsible for ensuring that the firm complies with its obligations under Directive 2004/39/EC.</SPAN></P>
<P class="p344 ft64">In particular, senior management and, where appropriate, the supervisory function shall be required to assess and periodically to review the effectiveness of the policies, arrangements and procedures put in place to comply with the obligations under Directive 2004/39/EC and to take appropriate measures to address any deficiencies.</P>
<P class="p345 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft105">Member States shall require investment firms to ensure that their senior management receive on a frequent basis, and at least annually, written reports on the matters covered by Articles 6, 7 and 8 indicating in particular whether the appropriate remedial measures have been taken in the event of any deficiencies.</SPAN></P>
<P class="p346 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">Member States shall require investment firms to ensure that the supervisory function, if any, receives on a regular basis written reports on the same matters.</SPAN></P>
<P class="p347 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">For the purposes of this Article, ‘supervisory function’ means the function within an investment firm responsible for the supervision of its senior management.</SPAN></P>
<P class="p348 ft84">Article 10</P>
<P class="p341 ft84">(Article 13(2) of Directive 2004/39/EC)</P>
<P class="p349 ft84">Complaints handling</P>
<P class="p350 ft65">Member States shall require investment firms to establish, implement and maintain effective and transparent procedures for the reasonable and prompt handling of complaints received from retail clients or potential retail clients, and to keep a record of each complaint and the measures taken for its resolution.</P>
<TABLE cellpadding=0 cellspacing=0 class="t34">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">24</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">52</P>
</DIV>
</DIV>
<DIV id="page_50">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t11">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p351 ft84">Article 11</P>
<P class="p352 ft84">(Article 13(2) of Directive 2004/39/EC)</P>
<P class="p353 ft84">Meaning of personal transaction</P>
<P class="p354 ft59">For the purposes of Article 12 and Article 25, personal transaction means a trade in a financial instrument effected by or on behalf of a relevant person, where at least one of the following criteria are met:</P>
<P class="p355 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft89">that relevant person is acting outside the scope of the activities he carries out in that capacity;</SPAN></P>
<P class="p294 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">the trade is carried out for the account of any of the following persons:</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(i)</SPAN><SPAN class="ft101">the relevant person;</SPAN></P>
<P class="p357 ft59"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft90">any person with whom he has a family relationship, or with whom he has close links;</SPAN></P>
<P class="p358 ft59"><SPAN class="ft64">(iii)</SPAN><SPAN class="ft106">a person whose relationship with the relevant person is such that the relevant person has a direct or indirect material interest in the outcome of the trade, other than a fee or commission for the execution of the trade.</SPAN></P>
<P class="p359 ft84">Article 12</P>
<P class="p352 ft84">(Article 13(2) of Directive 2004/39/EC)</P>
<P class="p360 ft84">Personal transactions</P>
<P class="p361 ft65"><SPAN class="ft65">1.</SPAN><SPAN class="ft105">Member States shall require investment firms to establish, implement and maintain adequate arrangements aimed at preventing the following activities in the case of any relevant person who is involved in activities that may give rise to a conflict of interest, or who has access to inside information within the meaning of Article 1(1) of Directive 2003/6/EC or to other confidential information relating to clients or transactions with or for clients by virtue of an activity carried out by him on behalf of the firm:</SPAN></P>
<P class="p362 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">entering into a personal transaction which meets at least one of the following criteria:</SPAN></P>
<P class="p363 ft59"><SPAN class="ft64">(i)</SPAN><SPAN class="ft100">that person is prohibited from entering into it under Directive 2003/6/EC;</SPAN></P>
<P class="p364 ft59"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft102">it involves the misuse or improper disclosure of that confidential information;</SPAN></P>
<P class="p365 ft59"><SPAN class="ft64">(iii)</SPAN><SPAN class="ft107">it conflicts or is likely to conflict with an obligation of the investment firm under Directive 2004/39/EC;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t35">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td37"><SPAN class="p157 ft59">25</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">53</P>
</DIV>
</DIV>
<DIV id="page_51">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p366 ft64"><SPAN class="ft64">(b)</SPAN><SPAN class="ft96">advising or procuring, other than in the proper course of his employment or contract for services, any other person to enter into a transaction in financial instruments which, if a personal transaction of the relevant person, would be covered by point (a) or Article 25(2)(a) or (b) or Article 47(3);</SPAN></P>
<P class="p367 ft65"><SPAN class="ft64">(c)</SPAN><SPAN class="ft108">without prejudice to Article 3(a) of Directive 2003/6/EC, disclosing, other than in the normal course of his employment or contract for services, any information or opinion to any other person if the relevant person knows, or reasonably ought to know, that as a result of that disclosure that other person will or would be likely to take either of the following steps:</SPAN></P>
<P class="p368 ft59"><SPAN class="ft59">(i)</SPAN><SPAN class="ft100">to enter into a transaction in financial instruments which, if a personal transaction of the relevant person, would be covered by point (a) or Article 25(2)(a) or (b) or Article 47(3);</SPAN></P>
<P class="p369 ft59"><SPAN class="ft59">(ii)</SPAN><SPAN class="ft102">to advise or procure another person to enter into such a transaction.</SPAN></P>
<P class="p370 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">The arrangements required under paragraph 1 must in particular be designed to ensure that:</SPAN></P>
<P class="p371 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft108">each relevant person covered by paragraph 1 is aware of the restrictions on personal transactions, and of the measures established by the investment firm in connection with personal transactions and disclosure, in accordance with paragraph 1;</SPAN></P>
<P class="p372 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">the firm is informed promptly of any personal transaction entered into by a relevant person, either by notification of that transaction or by other procedures enabling the firm to identify such transactions;</SPAN></P>
<P class="p373 ft65">In the case of outsourcing arrangements the investment firm must ensure that the firm to which the activity is outsourced maintains a record of personal transactions entered into by any relevant person and provides that information to the investment firm promptly on request.</P>
<P class="p367 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft90">a record is kept of the personal transaction notified to the firm or identified by it, including any authorisation or prohibition in connection with such a transaction.</SPAN></P>
<P class="p374 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">Paragraphs 1 and 2 shall not apply to the following kinds of personal transaction:</SPAN></P>
<P class="p375 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft108">personal transactions effected under a discretionary portfolio management service where there is no prior communication in connection with the transaction between the portfolio manager and the relevant person or other person for whose account the transaction is executed;</SPAN></P>
<P class="p376 ft65"><SPAN class="ft64">(b)</SPAN><SPAN class="ft108">personal transactions in units in collective undertakings that comply with the conditions necessary to enjoy the rights conferred by Directive 85/611/EEC or are subject to supervision under the law of a Member State which requires an equivalent level of risk spreading in their assets, where the relevant person and any other person for whose account the transactions are effected are not involved in the management of that undertaking.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t36">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">26</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">54</P>
</DIV>
</DIV>
<DIV id="page_52">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p377 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">2</SPAN></P>
<P class="p378 ft18"><SPAN class="ft16">O</SPAN>UTSOURCING</P>
<P class="p379 ft84">Article 13</P>
<P class="p380 ft84">(Article 13(2) and first subparagraph of Article 13(5) of Directive 2004/39/EC)</P>
<P class="p381 ft84">Meaning of critical and important operational functions</P>
<P class="p382 ft64"><SPAN class="ft64">1.</SPAN><SPAN class="ft109">For the purposes of the first subparagraph of Article 13(5) of Directive 2004/39/EC, an operational function shall be regarded as critical or important if a defect or failure in its performance would materially impair the continuing compliance of an investment firm with the conditions and obligations of its authorisation or its other obligations under Directive 2004/39/EC, or its financial performance, or the soundness or the continuity of its investment services and activities.</SPAN></P>
<P class="p383 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Without prejudice to the status of any other function, the following functions shall not be considered as critical or important for the purposes of paragraph 1:</SPAN></P>
<P class="p384 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft77">the provision to the firm of advisory services, and other services which do not form part of the investment business of the firm, including the provision of legal advice to the firm, the training of personnel of the firm, billing services and the security of the firm’s premises and personnel;</SPAN></P>
<P class="p385 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the purchase of standardised services, including market information services and the provision of price feeds.</SPAN></P>
<P class="p359 ft84">Article 14</P>
<P class="p386 ft84">(Article 13(2) and first subparagraph of Article 13(5) of Directive 2004/39/EC)</P>
<P class="p387 ft84">Conditions for outsourcing critical or important operational functions or investment services or activities</P>
<P class="p274 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall ensure that, when investment firms outsource critical or important operational functions or any investment services or activities, the firms remain fully responsible for discharging all of their obligations under Directive 2004/39/EC and comply, in particular, with the following conditions:</SPAN></P>
<P class="p388 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the outsourcing must not result in the delegation by senior management of its responsibility;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the relationship and obligations of the investment firm towards its clients under the terms of Directive 2004/39/EC must not be altered;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">27</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">55</P>
</DIV>
</DIV>
<DIV id="page_53">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p389 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">the conditions with which the investment firm must comply in order to be authorised in accordance with Article 5 of Directive 2004/39/EC, and to remain so, must not be undermined;</SPAN></P>
<P class="p390 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft76">none of the other conditions subject to which the firm’s authorisation was granted must be removed or modified.</SPAN></P>
<P class="p391 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft105">Member States shall require investment firms to exercise due skill, care and diligence when entering into, managing or terminating any arrangement for the outsourcing to a service provider of critical or important operational functions or of any investment services or activities.</SPAN></P>
<P class="p392 ft59">Investment firms shall in particular take the necessary steps to ensure that the following conditions are satisfied:</P>
<P class="p393 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the service provider must have the ability, capacity, and any authorisation required by law to perform the outsourced functions, services or activities reliably and professionally;</SPAN></P>
<P class="p394 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the service provider must carry out the outsourced services effectively, and to this end the firm must establish methods for assessing the standard of performance of the service provider;</SPAN></P>
<P class="p395 ft64"><SPAN class="ft64">(c)</SPAN><SPAN class="ft96">the service provider must properly supervise the carrying out of the outsourced functions, and adequately manage the risks associated with the outsourcing;</SPAN></P>
<P class="p396 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">appropriate action must be taken if it appears that the service provider may not be carrying out the functions effectively and in compliance with applicable laws and regulatory requirements;</SPAN></P>
<P class="p397 ft59"><SPAN class="ft59">(e)</SPAN><SPAN class="ft90">the investment firm must retain the necessary expertise to supervise the outsourced functions effectively and manage the risks associated with the outsourcing and must supervise those functions and manage those risks;</SPAN></P>
<P class="p398 ft65"><SPAN class="ft64">(f)</SPAN><SPAN class="ft110">the service provider must disclose to the investment firm any development that may have a material impact on its ability to carry out the outsourced functions effectively and in compliance with applicable laws and regulatory requirements;</SPAN></P>
<P class="p399 ft59"><SPAN class="ft59">(g)</SPAN><SPAN class="ft90">the investment firm must be able to terminate the arrangement for outsourcing where necessary without detriment to the continuity and quality of its provision of services to clients;</SPAN></P>
<P class="p394 ft59"><SPAN class="ft64">(h)</SPAN><SPAN class="ft90">the service provider must cooperate with the competent authorities of the investment firm in connection with the outsourced activities;</SPAN></P>
<P class="p397 ft65"><SPAN class="ft65">(i)</SPAN><SPAN class="ft110">the investment firm, its auditors and the relevant competent authorities must have effective access to data related to the outsourced activities, as well as to the business premises of the service provider; and the competent authorities must be able to exercise those rights of access;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">28</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">56</P>
</DIV>
</DIV>
<DIV id="page_54">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p400 ft59"><SPAN class="ft64">(j)</SPAN><SPAN class="ft101">the service provider must protect any confidential information relating to the investment firm and its clients;</SPAN></P>
<P class="p384 ft65"><SPAN class="ft64">(k)</SPAN><SPAN class="ft77">the investment firm and the service provider must establish, implement and maintain a contingency plan for disaster recovery and periodic testing of backup facilities, where that is necessary having regard to the function, service or activity that has been outsourced.</SPAN></P>
<P class="p311 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">Member States shall require the respective rights and obligations of the investment firms and of the service provider to be clearly allocated and set out in a written agreement.</SPAN></P>
<P class="p269 ft64"><SPAN class="ft64">4.</SPAN><SPAN class="ft109">Member States shall provide that, where the investment firm and the service provider are members of the same group, the investment firm may, for the purposes of complying with this Article and Article 15, take into account the extent to which the firm controls the service provider or has the ability to influence its actions.</SPAN></P>
<P class="p401 ft65"><SPAN class="ft64">5.</SPAN><SPAN class="ft86">Member States shall require investment firms to make available on request to the competent authority all information necessary to enable the authority to supervise the compliance of the performance of the outsourced activities with the requirements of this Directive.</SPAN></P>
<P class="p402 ft84">Article 15</P>
<P class="p386 ft84">(Article 13(2) and first subparagraph of Article 13(5) of Directive 2004/39/EC)</P>
<P class="p403 ft84">Service providers located in third countries</P>
<P class="p332 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">In addition to the requirements set out in Article 14, Member States shall require that, where an investment firm outsources the investment service of portfolio management provided to retail clients to a service provider located in a third country, that investment firm ensures that the following conditions are satisfied:</SPAN></P>
<P class="p388 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the service provider must be authorised or registered in its home country to provide that service and must be subject to prudential supervision;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">there must be an appropriate cooperation agreement between the competent authority of the investment firm and the supervisory authority of the service provider.</SPAN></P>
<P class="p404 ft64"><SPAN class="ft64">2.</SPAN><SPAN class="ft109">Where one or both of those conditions mentioned in paragraph 1 are not satisfied, an investment firm may outsource investment services to a service provider located in a third country only if the firm gives prior notification to its competent authority about the outsourcing arrangement and the competent authority does not object to that arrangement within a reasonable time following receipt of that notification.</SPAN></P>
<P class="p405 ft64"><SPAN class="ft64">3.</SPAN><SPAN class="ft109">Without prejudice to paragraph 2, Member States shall publish or require competent authorities to publish a statement of policy in relation to outsourcing covered by paragraph 2. That statement shall set out examples of cases where the competent</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t39">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">29</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">57</P>
</DIV>
</DIV>
<DIV id="page_55">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p406 ft65">authority would not, or would be likely not to, object to an outsourcing under paragraph 2 where one or both of the conditions in points (a) and (b) of paragraph 1 are not met. It shall include a clear explanation as to why the competent authority considers that in such cases outsourcing would not impair the ability of investment firms to fulfil their obligations under Article 14.</P>
<P class="p407 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">Nothing in this article limits the obligations on investment firms to comply with the requirements in Article 14.</SPAN></P>
<P class="p408 ft59"><SPAN class="ft64">5.</SPAN><SPAN class="ft95">Competent authorities shall publish a list of the supervisory authorities in third countries with which they have cooperation agreements that are appropriate for the purposes of point (b) of paragraph 1.</SPAN></P>
<P class="p409 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">3</SPAN></P>
<P class="p298 ft18"><SPAN class="ft16">S</SPAN>AFEGUARDING OF CLIENT ASSETS</P>
<P class="p410 ft84">Article 16</P>
<P class="p411 ft84">(Article 13(7) and (8) of Directive 2004/39/EC)</P>
<P class="p412 ft84">Safeguarding of client financial instruments and funds</P>
<P class="p304 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">Member States shall require that, for the purposes of safeguarding clients’ rights in relation to financial instruments and funds belonging to them, investment firms comply with the following requirements:</SPAN></P>
<P class="p306 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">they must keep such records and accounts as are necessary to enable them at any time and without delay to distinguish assets held for one client from assets held for any other client, and from their own assets;</SPAN></P>
<P class="p306 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">they must maintain their records and accounts in a way that ensures their accuracy, and in particular their correspondence to the financial instruments and funds held for clients;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">they must conduct, on a regular basis, reconciliations between their internal accounts and records and those of any third parties by whom those assets are held;</SPAN></P>
<P class="p413 ft64"><SPAN class="ft64">(d)</SPAN><SPAN class="ft96">they must take the necessary steps to ensure that any client financial instruments deposited with a third party, in accordance with Article 17, are identifiable separately from the financial instruments belonging to the investment firm and from financial instruments belonging to that third party, by means of differently titled accounts on the books of the third party or other equivalent measures that achieve the same level of protection;</SPAN></P>
<P class="p414 ft59"><SPAN class="ft59">(e)</SPAN><SPAN class="ft90">they must take the necessary steps to ensure that client funds deposited, in accordance with Article 18, in a central bank, a credit institution or a bank</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t40">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">30</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">58</P>
</DIV>
</DIV>
<DIV id="page_56">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p415 ft59">authorised in a third country or a qualifying money market fund are held in an account or accounts identified separately from any accounts used to hold funds belonging to the investment firm;</P>
<P class="p416 ft65"><SPAN class="ft64">(f)</SPAN><SPAN class="ft111">they must introduce adequate organisational arrangements to minimise the risk of the loss or diminution of client assets, or of rights in connection with those assets, as a result of misuse of the assets, fraud, poor administration, inadequate </SPAN><NOBR>record-keeping</NOBR> or negligence.</P>
<P class="p315 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">If, for reasons of the applicable law, including in particular the law relating to property or insolvency, the arrangements made by investment firms in compliance with paragraph 1 to safeguard clients’ rights are not sufficient to satisfy the requirements of Article 13(7) and (8) of Directive 2004/39/EC, Member States shall prescribe the measures that investment firms must take in order to comply with those obligations.</SPAN></P>
<P class="p401 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">If the applicable law of the jurisdiction in which the client funds or financial instruments are held prevents investment firms from complying with points (d) or (e) of paragraph 1, Member States shall prescribe requirements which have an equivalent effect in terms of safeguarding clients’ rights.</SPAN></P>
<P class="p417 ft84">Article 17</P>
<P class="p313 ft84">(Article 13(7) of Directive 2004/39/EC)</P>
<P class="p418 ft84">Depositing client financial instruments</P>
<P class="p274 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall permit investment firms to deposit financial instruments held by them on behalf of their clients into an account or accounts opened with a third party provided that the firms exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those financial instruments.</SPAN></P>
<P class="p419 ft65">In particular, Member States shall require investment firms to take into account the expertise and market reputation of the third party as well as any legal requirements or market practices related to the holding of those financial instruments that could adversely affect clients’ rights.</P>
<P class="p274 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Member States shall ensure that, if the safekeeping of financial instruments for the account of another person is subject to specific regulation and supervision in a jurisdiction where an investment firm proposes to deposit client financial instruments with a third party, the investment firm does not deposit those financial instruments in that jurisdiction with a third party which is not subject to such regulation and supervision.</SPAN></P>
<P class="p401 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">Member States shall ensure that investment firms do not deposit financial instruments held on behalf of clients with a third party in a third country that does not regulate the holding and safekeeping of financial instruments for the account of another person unless one of the following conditions is met:</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t12">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">31</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">59</P>
</DIV>
</DIV>
<DIV id="page_57">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37457x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p420 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the nature of the financial instruments or of the investment services connected with those instruments requires them to be deposited with a third party in that third country;</SPAN></P>
<P class="p421 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">where the financial instruments are held on behalf of a professional client, that client requests the firm in writing to deposit them with a third party in that third country.</SPAN></P>
<P class="p422 ft84">Article 18</P>
<P class="p423 ft84">(Article 13(8) of Directive 2004/39/EC)</P>
<P class="p424 ft84">Depositing client funds</P>
<P class="p425 ft59"><SPAN class="ft59">1.</SPAN><SPAN class="ft95">Member States shall require investment firms, on receiving any client funds, promptly to place those funds into one or more accounts opened with any of the following:</SPAN></P>
<P class="p426 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">a central bank;</SPAN></P>
<P class="p427 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">a credit institution authorised in accordance with Directive 2000/12/EC;</SPAN></P>
<P class="p428 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">a bank authorised in a third country;</SPAN></P>
<P class="p428 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">a qualifying money market fund.</SPAN></P>
<P class="p429 ft65">The first subparagraph shall not apply to a credit institution authorised under Directive [2006/48/EC] of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions (recast)<SPAN class="ft80">13 </SPAN>in relation to deposits within the meaning of that Directive held by that institution.</P>
<P class="p430 ft65"><SPAN class="ft65">2.</SPAN><SPAN class="ft105">For the purposes of point (d) of paragraph 1, and of Article 16(1)(e), a ‘qualifying money market fund’ means a collective investment undertaking authorised under Directive 85/611/EEC, or which is subject to supervision and, if applicable, authorised by an authority under the national law of a Member State, and which satisfies the following conditions:</SPAN></P>
<P class="p431 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">its primary investment objective must be to maintain the net asset value of the undertaking either constant at par (net of earnings), or at the value of the investors’ initial capital plus earnings;</SPAN></P>
<P class="p432 ft65"><SPAN class="ft65">(b)</SPAN><SPAN class="ft108">it must, with a view to achieving that primary investment objective, invest exclusively in high quality money market instruments with a maturity or residual maturity of no more than 397 days, or regular yield adjustments consistent with such a maturity, and with a weighted average maturity of 60</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr16 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr16 td45"><SPAN class="p31 ft67">13</SPAN> </TD>
<TD rowspan=2 class="tr15 td46"><SPAN class="p433 ft68">OJ L [XXX]</SPAN> </TD>
<TD class="tr16 td26"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td34"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td45"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td26"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr19 td34"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr19 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr19 td46"><SPAN class="p434 ft59">32</SPAN> </TD>
<TD class="tr19 td26"><SPAN class="p30 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">60</P>
</DIV>
</DIV>
<DIV id="page_58">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t11">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p435 ft59">days. It may also achieve this objective by investing on an ancillary basis in deposits with credit institutions;</P>
<P class="p436 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">it must provide liquidity through same day or next day settlement.</SPAN></P>
<P class="p437 ft64">For the purposes of point (b), a money market instrument shall be considered to be of high quality if it has been awarded the highest available credit rating by each competent rating agency which has rated that instrument. An instrument that is not rated by any competent rating agency shall not be considered to be of high quality.</P>
<P class="p438 ft65">For the purposes of the second subparagraph, a rating agency shall be considered to be competent if it issues credit ratings in respect of money market funds regularly and on a professional basis and is an eligible ECAI within the meaning of Article 81(1) of Directive [2006/48/EEC].</P>
<P class="p439 ft64"><SPAN class="ft64">3.</SPAN><SPAN class="ft112">Member States shall require that, where investment firms do not deposit client funds with a central bank, they exercise all due skill, care and diligence in the selection, appointment and periodic review of the credit institution, bank or money market fund where the funds are placed and the arrangements for the holding of those funds.</SPAN></P>
<P class="p440 ft65">Member States shall ensure, in particular, that investment firms take into account the expertise and market reputation of such institutions or money market funds with a view to ensuring the protection of clients’ rights, as well as any legal or regulatory requirements or market practices related to the holding of client funds that could adversely affect clients’ rights.</P>
<P class="p438 ft59">Member States shall ensure that clients have the right to oppose the placement of their funds in a qualifying money market fund.</P>
<P class="p441 ft84">Article 19</P>
<P class="p352 ft84">(Article 13(7) of Directive 2004/39/EC)</P>
<P class="p442 ft84">Use of client financial instruments</P>
<P class="p443 ft64"><SPAN class="ft64">1.</SPAN><SPAN class="ft112">Member States shall not allow investment firms to enter into arrangements for securities financing transactions in respect of financial instruments held by them on behalf of a client, or otherwise use such financial instruments for their own account or the account of another client of the firm, unless the following conditions are met:</SPAN></P>
<P class="p362 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the client must have given his prior express consent to the use of the instruments on specified terms, as evidenced, in the case of a retail client, by his signature or equivalent alternative mechanism;</SPAN></P>
<P class="p444 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the use of that client’s financial instruments must be restricted to the specified terms to which the client consents.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t42">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td37"><SPAN class="p157 ft59">33</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">61</P>
</DIV>
</DIV>
<DIV id="page_59">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p445 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft105">Member States may not allow investment firms to enter into arrangements for securities financing transactions in respect of financial instruments which are held on behalf of a client in an omnibus account maintained by a third party, or otherwise use financial instruments held in such an account for their own account or for the account of another client unless, in addition to the conditions set out in paragraph 1, at least one of the following conditions is met:</SPAN></P>
<P class="p446 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">each client whose financial instruments are held together in an omnibus account must have given prior express consent in accordance with point (a) of paragraph 1;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the investment firm must have in place systems and controls which ensure that only financial instruments belonging to clients who have given prior express consent in accordance with point (a) of paragraph 1 are so used.</SPAN></P>
<P class="p308 ft65">The records of the investment firm shall include details of the client on whose instructions the use of the financial instruments has been effected, as well as the number of financial instruments used belonging to each client who has given his consent, so as to enable the correct allocation of any loss.</P>
<P class="p447 ft84">Article 20</P>
<P class="p448 ft84">(Article 13(7) and (8) of Directive 2004/39/EC)</P>
<P class="p449 ft84">Reports by external auditors</P>
<P class="p450 ft65">Member States shall require investment firms to ensure that their external auditors report at least annually to the competent authority of the home Member State of the firm on the adequacy of the firm’s arrangements under Articles 13(7) and (8) of Directive 2004/39/EC and this Section.</P>
<P class="p451 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">4</SPAN></P>
<P class="p452 ft18"><SPAN class="ft16">C</SPAN>ONFLICTS OF INTEREST</P>
<P class="p410 ft84">Article 21</P>
<P class="p453 ft84">(Articles 13(3) and 18 of Directive 2004/39/EC)</P>
<P class="p352 ft84">Conflicts of interest potentially detrimental to a client</P>
<P class="p142 ft64">Member States shall ensure that, for the purposes of identifying the types of conflict of interest that arise in the course of providing investment and ancillary services or a combination thereof and whose existence may damage the interests of a client, investment firms take into account, by way of minimum criteria, the question of whether the investment</P>
<TABLE cellpadding=0 cellspacing=0 class="t43">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">34</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">62</P>
</DIV>
</DIV>
<DIV id="page_60">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t16">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p454 ft59">firm or a relevant person, or a person directly or indirectly linked by control to the firm, is in any of the following situations, whether as a result of providing investment or ancillary services or investment activities or otherwise:</P>
<P class="p455 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">the firm or that person is likely to make a financial gain, or avoid a financial loss, at the expense of the client;</SPAN></P>
<P class="p456 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">the firm or that person has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client’s interest in that outcome;</SPAN></P>
<P class="p455 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft104">the firm or that person has a financial or other incentive to favour the interest of another client or group of clients over the interests of the client;</SPAN></P>
<P class="p294 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft89">the firm or that person carries on the same business as the client;</SPAN></P>
<P class="p457 ft99"><SPAN class="ft64">(e)</SPAN><SPAN class="ft113">the firm or that person receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service.</SPAN></P>
<P class="p402 ft84">Article 22</P>
<P class="p458 ft84">(Articles 13(3) and 18(1) of Directive 2004/39/EC)</P>
<P class="p298 ft84">Conflicts of interest policy</P>
<P class="p459 ft64"><SPAN class="ft64">1.</SPAN><SPAN class="ft109">Member States shall require investment firms to establish, implement and maintain an effective conflicts of interest policy set out in writing and appropriate to the size and organisation of the firm and the nature, scale and complexity of its business.</SPAN></P>
<P class="p460 ft65">Where the firm is a member of a group, the policy must also take into account any circumstances, of which the firm is or should be aware, which may give rise to a conflict of interest arising as a result of the structure and business activities of other members of the group.</P>
<P class="p461 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">The conflicts of interest policy established in accordance with paragraph 1 shall include the following content:</SPAN></P>
<P class="p462 ft64"><SPAN class="ft64">(a)</SPAN><SPAN class="ft96">it must identify, with reference to the specific investment services and activities and ancillary services carried out by or on behalf of the investment firm, the circumstances which constitute or may give rise to a conflict of interest entailing a material risk of damage to the interests of one or more clients;</SPAN></P>
<P class="p463 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">it must specify procedures to be followed and measures to be adopted in order to manage such conflicts.</SPAN></P>
<P class="p464 ft64"><SPAN class="ft64">3.</SPAN><SPAN class="ft109">Member States shall ensure that the procedures and measures provided for in paragraph 2(b) are designed to ensure that relevant persons engaged in different business activities involving a conflict of interest of the kind specified in paragraph 2(a) carry on those activities at a level of independence appropriate to the</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td37"><SPAN class="p157 ft59">35</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">63</P>
</DIV>
</DIV>
<DIV id="page_61">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p465 ft59">size and activities of the investment firm and of the group to which it belongs, and to the materiality of the risk of damage to the interests of clients.</P>
<P class="p466 ft59">For the purposes of paragraph 2(b), the procedures to be followed and measures to be adopted shall include such of the following as are necessary and appropriate for the firm to ensure the requisite degree of independence:</P>
<P class="p467 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft108">effective procedures to prevent or control the exchange of information between relevant persons engaged in activities involving a risk of a conflict of interest where the exchange of that information may harm the interests of one or more clients;</SPAN></P>
<P class="p468 ft65"><SPAN class="ft64">(b)</SPAN><SPAN class="ft108">the separate supervision of relevant persons whose principal functions involve carrying out activities on behalf of, or providing services to, clients whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the firm;</SPAN></P>
<P class="p469 ft64"><SPAN class="ft64">(c)</SPAN><SPAN class="ft96">the removal of any direct link between the remuneration of relevant persons principally engaged in one activity and the remuneration of, or revenues generated by, different relevant persons principally engaged in another activity, where a conflict of interest may arise in relation to those activities;</SPAN></P>
<P class="p470 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft90">measures to prevent or limit any person from exercising inappropriate influence over the way in which a relevant person carries out investment or ancillary services or activities;</SPAN></P>
<P class="p471 ft64"><SPAN class="ft64">(e)</SPAN><SPAN class="ft96">measures to prevent or control the simultaneous or sequential involvement of a relevant person in separate investment or ancillary services or activities where such involvement may impair the proper management of conflicts of interest.</SPAN></P>
<P class="p472 ft65">If the adoption or the practice of one or more of those measures and procedures does not ensure the requisite degree of independence, Member States shall require investment firms to adopt such alternative or additional measures and procedures as are necessary and appropriate for those purposes.</P>
<P class="p473 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft86">Member States shall ensure that disclosure to clients, pursuant to Article 18(2) of Directive 2004/39/EC, is made in a durable medium and includes sufficient detail, taking into account the nature of the client, to enable that client to take an informed decision with respect to the investment or ancillary service in the context of which the conflict of interest arises.</SPAN></P>
<P class="p474 ft84">Article 23</P>
<P class="p475 ft84">(Article 13(6) of Directive 2004/39/EC)</P>
<P class="p476 ft84">Record of services or activities giving rise to detrimental conflict of interest</P>
<P class="p477 ft64">Member States shall require investment firms to keep and regularly to update a record of the kinds of investment or ancillary service or investment activity carried out by or on behalf of</P>
<TABLE cellpadding=0 cellspacing=0 class="t45">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">36</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">64</P>
</DIV>
</DIV>
<DIV id="page_62">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p478 ft64">the firm in which a conflict of interest entailing a material risk of damage to the interests of one or more clients has arisen or, in the case of an ongoing service or activity, may arise.</P>
<P class="p417 ft84">Article 24</P>
<P class="p412 ft84">(Article 19(2) of Directive 2004/39/EC)</P>
<P class="p479 ft84">Investment research</P>
<P class="p315 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">For the purposes of Article 25, ‘investment research’ means research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers of financial instruments, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public, and in relation to which the following conditions are met:</SPAN></P>
<P class="p480 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">it is labelled or described as investment research or in similar terms, or is otherwise presented as an objective or independent explanation of the matters contained in the recommendation;</SPAN></P>
<P class="p384 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">if the recommendation in question were made by an investment firm to a client, it would not constitute the provision of investment advice for the purposes of Directive 2004/39/EC.</SPAN></P>
<P class="p481 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">A recommendation of the type covered by Article 1(3) of Directive 2003/125/EC but relating to financial instruments as defined in Directive 2004/39/EC that does not meet the conditions set out in paragraph 1 shall be treated as a marketing communication for the purposes of Directive 2004/39/EC and Member States shall require any investment firm that produces or disseminates the recommendation to ensure that it is clearly identified as such.</SPAN></P>
<P class="p482 ft65">Additionally, Member States shall require those firms to ensure that any such recommendation contains a clear and prominent statement that (or, in the case of an oral recommendation, to the effect that) it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.</P>
<P class="p483 ft84">Article 25</P>
<P class="p313 ft84">(Article 13(3) of Directive 2004/39/EC)</P>
<P class="p484 ft87">Additional organisational requirements where a firm produces and disseminates investment research</P>
<P class="p266 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall require investment firms which produce, or arrange for the production of, investment research that is intended or likely to be subsequently</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t46">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">37</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">65</P>
</DIV>
</DIV>
<DIV id="page_63">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p485 ft65">disseminated to clients of the firm or to the public, under their own responsibility or that of a member of their group, to ensure the implementation of all the measures set out in Article 22(3) in relation to the financial analysts involved in the production of the investment research and other relevant persons whose responsibilities or business interests may conflict with the interests of the persons to whom the investment research is disseminated.</P>
<P class="p486 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">Member States shall require investment firms covered by paragraph 1 to have in place arrangements designed to ensure that the following conditions are satisfied:</SPAN></P>
<P class="p487 ft65"><SPAN class="ft65">(a)</SPAN><SPAN class="ft108">financial analysts and other relevant persons must not undertake personal transactions or trade, other than as market makers acting in good faith and in the ordinary course of market making or in the execution of an unsolicited client order, on behalf of any other person, including the investment firm, in financial instruments to which investment research relates, or in any related financial instruments, with knowledge of the likely timing or content of that investment research which is not publicly available or available to clients and cannot readily be inferred from information that is so available, until the recipients of the investment research have had a reasonable opportunity to act on it;</SPAN></P>
<P class="p488 ft64"><SPAN class="ft64">(b)</SPAN><SPAN class="ft96">in circumstances not covered by point (a), financial analysts and any other relevant persons involved in the production of investment research must not undertake personal transactions in financial instruments to which the investment research relates, or in any related financial instruments, contrary to current recommendations, except in exceptional circumstances and with the prior approval of a member of the firm’s legal or compliance function;</SPAN></P>
<P class="p489 ft65"><SPAN class="ft65">(c)</SPAN><SPAN class="ft108">the investment firms themselves, financial analysts, and other relevant persons involved in the production of the investment research must not accept inducements from those with a material interest in the </SPAN><NOBR>subject-matter</NOBR> of the investment research;</P>
<P class="p399 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">the investment firms themselves, financial analysts, and other relevant persons involved in the production of the investment research must not promise issuers favourable research coverage;</SPAN></P>
<P class="p490 ft65"><SPAN class="ft65">(e)</SPAN><SPAN class="ft108">issuers, relevant persons other than financial analysts, and any other persons must not before the dissemination of investment research be permitted to review a draft of the investment research for the purpose of verifying the accuracy of factual statements made in that research, or for any other purpose other than verifiying compliance with the firm’s legal obligations, if the draft includes a recommendation or a target price.</SPAN></P>
<P class="p392 ft65">For the purposes of this paragraph, ‘related financial instrument’ means a financial instrument the price of which is closely affected by price movements in another financial instrument which is the subject of investment research, and includes a derivative on that other financial instrument.</P>
<P class="p491 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">Member States shall exempt investment firms which disseminate investment research produced by another person to the public or to clients from complying with paragraph 1 if the following criteria are met:</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t47">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">38</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">66</P>
</DIV>
</DIV>
<DIV id="page_64">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p400 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the person that produces the investment research is not a member of the group to which the investment firm belongs;</SPAN></P>
<P class="p492 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the investment firm does not substantially alter the recommendations within the investment research;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the investment firm does not present the investment research as having been produced by it;</SPAN></P>
<P class="p492 ft65"><SPAN class="ft64">(d)</SPAN><SPAN class="ft77">the investment firm verifies that the producer of the research is subject to requirements equivalent to the requirements under this Directive in relation to the production of that research, or has established a policy setting such requirements.</SPAN></P>
<P class="p493 ft13">Chapter III</P>
<P class="p494 ft13">Operating conditions for investment firms</P>
<P class="p495 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">1</SPAN></P>
<P class="p496 ft18"><SPAN class="ft16">I</SPAN>NDUCEMENTS</P>
<P class="p497 ft84">Article 26</P>
<P class="p313 ft84">(Article 19(1) of Directive 2004/39/EC)</P>
<P class="p495 ft84">Inducements</P>
<P class="p498 ft65">Member States shall ensure that investment firms are not regarded as acting honestly, fairly and professionally in accordance with the best interests of a client if, in relation to the provision of an investment or ancillary service to the client, they pay or are paid any fee or commission, or provide or are provided with any <NOBR>non-monetary</NOBR> benefit, other than the following:</P>
<P class="p499 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">a fee, commission or </SPAN><NOBR>non-monetary</NOBR> benefit paid or provided to or by the client or a person on behalf of the client;</P>
<P class="p500 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">a fee, commission or </SPAN><NOBR>non-monetary</NOBR> benefit paid or provided to or by a third party or a person acting on behalf of a third party, where the following conditions are satisfied:</P>
<P class="p293 ft64"><SPAN class="ft64">(i)</SPAN><SPAN class="ft114">the existence, nature and amount of the fee, commission or benefit, or, where the amount cannot be ascertained, the method of calculating that amount, must be clearly disclosed to the client, in a manner that is comprehensive, accurate</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t48">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">39</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">67</P>
</DIV>
</DIV>
<DIV id="page_65">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p501 ft59">and understandable, prior to the provision of the relevant investment or ancillary service;</P>
<P class="p502 ft65"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft115">the payment of the fee or commission, or the provision of the </SPAN><NOBR>non-monetary</NOBR> benefit must be designed to enhance the quality of the relevant service to the client and not impair compliance with the firm’s duty to act in the best interests of the client;</P>
<P class="p503 ft64"><SPAN class="ft64">(c)</SPAN><SPAN class="ft116">proper fees which enable or are necessary for the provision of investment services, such as custody costs, settlement and exchange fees, regulatory levies or legal fees, and which, by their nature, cannot give rise to conflicts with the firm’s duties to act honestly, fairly and professionally in accordance with the best interests of its clients.</SPAN></P>
<P class="p504 ft65">Member States shall permit an investment firm, for the purposes of point (b)(i), to disclose the essential terms of the arrangements relating to the fee, commission or <NOBR>non-monetary</NOBR> benefit in summary form, provided that it undertakes to disclose further details at the request of the client and provided that it honours that undertaking.</P>
<P class="p505 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">2</SPAN></P>
<P class="p506 ft18"><SPAN class="ft16">I</SPAN>NFORMATION TO CLIENTS AND POTENTIAL CLIENTS</P>
<P class="p507 ft84">Article 27</P>
<P class="p508 ft84">(Article 19(2) of Directive 2004/39/EC)</P>
<P class="p509 ft84">Conditions with which information must comply in order to be fair, clear and not misleading</P>
<P class="p510 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall require investment firms to ensure that all information they address to, or disseminate in such a way that it is likely to be received by, retail clients or potential retail clients, including marketing communications, satisfies the conditions laid down in paragraphs 2 to 8.</SPAN></P>
<P class="p511 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">The information referred to in paragraph 1 shall include the name of the investment firm.</SPAN></P>
<P class="p512 ft59">It shall be accurate and in particular shall not emphasise any potential benefits of an investment service or financial instrument without also giving a fair and prominent indication of any relevant risks.</P>
<P class="p466 ft59">It shall be sufficient for, and presented in a way that is likely to be understood by, the average member of the group to whom it is directed, or by whom it is likely to be received.</P>
<P class="p513 ft59">It shall not disguise, diminish or obscure important items, statements or warnings.</P>
<TABLE cellpadding=0 cellspacing=0 class="t49">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">40</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">68</P>
</DIV>
</DIV>
<DIV id="page_66">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p514 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">Where the information compares investment or ancillary services, financial instruments, or persons providing investment or ancillary services, the following conditions shall be satisfied:</SPAN></P>
<P class="p515 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the comparison must be meaningful and presented in a fair and balanced way;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the sources of the information used for the comparison must be specified;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the key facts and assumptions used to make the comparison must be included.</SPAN></P>
<P class="p310 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">Where the information contains an indication of past performance of a financial instrument, a financial index or an investment service, the following conditions shall be satisfied:</SPAN></P>
<P class="p515 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">that indication must not be the most prominent feature of the communication;</SPAN></P>
<P class="p317 ft65"><SPAN class="ft64">(b)</SPAN><SPAN class="ft77">the information must include appropriate performance information which covers the immediately preceding 5 years, or the whole period for which the financial instrument has been offered, the financial index has been established, or the investment service has been provided if less than 5 years, or such longer period as the firm may decide, and in every case that performance information must be based on complete </SPAN><NOBR>12-month</NOBR> periods;</P>
<P class="p517 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the reference period and the source of information must be clearly stated;</SPAN></P>
<P class="p518 ft64"><SPAN class="ft64">(d)</SPAN><SPAN class="ft75">the information must contain a prominent warning that the figures refer to the past and that past performance is not a reliable indicator of future results;</SPAN></P>
<P class="p519 ft65"><SPAN class="ft64">(e)</SPAN><SPAN class="ft77">where the indication relies on figures denominated in a currency other than that of the Member State in which the retail client or potential retail client is resident, the currency must be clearly stated, together with a warning that the return may increase or decrease as a result of currency fluctuations;</SPAN></P>
<P class="p520 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft100">where the indication is based on gross performance, the effect of commissions, fees or other charges must be disclosed.</SPAN></P>
<P class="p332 ft59"><SPAN class="ft64">5.</SPAN><SPAN class="ft85">Where the information includes or refers to simulated past performance, it must relate to a financial instrument or a financial index, and the following conditions shall be satisfied:</SPAN></P>
<P class="p384 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the simulated past performance must be based on the actual past performance of one or more financial instruments or financial indices which are the same as, or underlie, the financial instrument concerned;</SPAN></P>
<P class="p521 ft64"><SPAN class="ft64">(b)</SPAN><SPAN class="ft75">in respect of the actual past performance referred to in point (a), the conditions set out in points (a) to (c), (e) and (f) of paragraph 4 must be complied with;</SPAN></P>
<P class="p480 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the information must contain a prominent warning that the figures refer to simulated past performance and that past performance is not a reliable indicator of future performance.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t50">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">41</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">69</P>
</DIV>
</DIV>
<DIV id="page_67">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p522 ft59"><SPAN class="ft64">6.</SPAN><SPAN class="ft95">Where the information contains information on future performance, the following conditions shall be satisfied:</SPAN></P>
<P class="p523 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the information must not be based on or refer to simulated past performance;</SPAN></P>
<P class="p524 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">it must be based on reasonable assumptions supported by objective data;</SPAN></P>
<P class="p525 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">where the information is based on gross performance, the effect of commissions, fees or other charges must be disclosed;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">it must contain a prominent warning that such forecasts are not a reliable indicator of future performance.</SPAN></P>
<P class="p408 ft59"><SPAN class="ft64">7.</SPAN><SPAN class="ft95">Where the information refers to a particular tax treatment, it shall prominently state that the tax treatment depends on the individual circumstances of each client and may be subject to change in the future.</SPAN></P>
<P class="p319 ft59"><SPAN class="ft64">8.</SPAN><SPAN class="ft95">The information shall not use the name of any competent authority in such a way that would indicate or suggest endorsement or approval by that authority of the products or services of the investment firm.</SPAN></P>
<P class="p526 ft84">Article 28</P>
<P class="p527 ft84">(Article 19(3) of Directive 2004/39/EC)</P>
<P class="p528 ft84">Information concerning client categorisation</P>
<P class="p408 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft105">Member States shall ensure that investment firms notify new clients, and existing clients that the investment firm has newly categorised as required by Directive 2004/39/EC, of their categorisation as a retail client, a professional client or an eligible counterparty in accordance with that Directive.</SPAN></P>
<P class="p529 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">Member States shall ensure that investment firms inform clients in a durable medium about any right that client has to request a different categorisation and about any limitations to the level of client protection that it would entail.</SPAN></P>
<P class="p530 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">Member States shall permit investment firms, either on their own initiative or at the request of the client concerned:</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">to treat as a professional or retail client a client that might otherwise be classified as an eligible counterparty pursuant to Article 24(2) of Directive 2004/39/EC;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">to treat as a retail client a client that is considered as a professional client pursuant to Section I of Annex II to Directive 2004/39/EC.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t51">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">42</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">70</P>
</DIV>
</DIV>
<DIV id="page_68">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37468x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p351 ft84">Article 29</P>
<P class="p313 ft84">(Article 19(3) of Directive 2004/39/EC)</P>
<P class="p531 ft84">General requirements for information to clients</P>
<P class="p382 ft64"><SPAN class="ft64">1.</SPAN><SPAN class="ft109">Member States shall require investment firms, in good time before a retail client or potential retail client is bound by any agreement for the provision of investment services or ancillary services or before the provision of those services, whichever is the earlier, to provide that client or potential client with the following information:</SPAN></P>
<P class="p517 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the terms of any such agreement;</SPAN></P>
<P class="p388 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the information required by Article 30 relating to that agreement or to those investment or ancillary services.</SPAN></P>
<P class="p332 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Member States shall require investment firms, in good time before the provision of investment services or ancillary services to retail clients or potential retail clients, to provide the information required under Articles 30 to 33.</SPAN></P>
<P class="p532 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">Member States shall require investment firms to provide professional clients with the information referred to in Article 32(5) and (6) in good time before the provision of the service concerned.</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">The information referred to in paragraphs 1 to 3 shall be provided in a durable medium or by means of a website (where that does not constitute a durable medium) provided that the conditions specified in Article 3(2) are satisfied.</SPAN></P>
<P class="p269 ft64"><SPAN class="ft64">5.</SPAN><SPAN class="ft109">By way of exception to paragraphs 1 and 2, Member States shall permit investment firms, in the following circumstances, to provide the information required under paragraph 1 to a retail client immediately after that client is bound by any agreement for the provision of investment services or ancillary services, and the information required under paragraph 2 immediately after starting to provide the service:</SPAN></P>
<P class="p480 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft77">the firm was unable to comply with the </SPAN><NOBR>time-limits</NOBR> specified in paragraphs 1 and 2 because, at the request of the client, the agreement was concluded using a means of distance communication which prevents the firm from providing the information in accordance with paragraph 1 or 2;</P>
<P class="p265 ft64"><SPAN class="ft64">(b)</SPAN><SPAN class="ft75">in any case where Article 3(3) of Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance</SPAN></P>
<P class="p533 ft65">marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC<SPAN class="ft80">15 </SPAN>does not otherwise apply, the investment firm complies with the requirements of that Article in relation to the retail client or potential retail client, as if that client or potential client were a ‘consumer’ and the investment firm were a ‘supplier’ within the meaning of that Directive.</P>
<TABLE cellpadding=0 cellspacing=0 class="t52">
<TR>
<TD class="tr16 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr16 td45"><SPAN class="p31 ft67">15</SPAN> </TD>
<TD rowspan=2 class="tr15 td46"><SPAN class="p197 ft68">OJ L 271, 9.10.200, p. 16</SPAN> </TD>
<TD class="tr16 td26"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td34"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td45"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td26"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr19 td34"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr19 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr19 td46"><SPAN class="p434 ft59">43</SPAN> </TD>
<TD class="tr19 td26"><SPAN class="p30 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">71</P>
</DIV>
</DIV>
<DIV id="page_69">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p534 ft65"><SPAN class="ft64">6.</SPAN><SPAN class="ft86">Member State shall ensure that investment firms notify a client in good time about any material change to the information provided under Articles 30 to 33 which is relevant to a service that the firm is providing to that client. That notification shall be given in a durable medium if the information to which it relates is given in a durable medium.</SPAN></P>
<P class="p535 ft64"><SPAN class="ft64">7.</SPAN><SPAN class="ft109">Member States shall require investment firms to ensure that information contained in a marketing communication is consistent with any information the firm provides to clients in the course of carrying on investment and ancillary services.</SPAN></P>
<P class="p536 ft64"><SPAN class="ft64">8.</SPAN><SPAN class="ft109">Member States shall ensure that, where a marketing communication contains an offer or invitation of the following nature and specifies the manner of response or includes a form by which any response may be made, it includes such of the information referred to in Articles 30 to 33 as is relevant to that offer or invitation:</SPAN></P>
<P class="p537 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft90">an offer to enter into an agreement in relation to a financial instrument or investment service or ancillary service with any person who responds to the communication;</SPAN></P>
<P class="p280 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">an invitation to any person who responds to the communication to make an offer to enter into an agreement in relation to a financial instrument or investment service or ancillary service.</SPAN></P>
<P class="p538 ft65">However, the first subparagraph shall not apply if, in order to respond to an offer or invitation contained in the marketing communication, the potential retail client must refer to another document or documents, which, alone or in combination, contain that information.</P>
<P class="p539 ft84">Article 30</P>
<P class="p313 ft84">(first indent of Article 19(3) of Directive 2004/39/EC)</P>
<P class="p540 ft83">Information about the investment firm and its services for retail clients and potential retail clients</P>
<P class="p541 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall require investment firms to provide retail clients or potential retail clients with the following general information, where relevant:</SPAN></P>
<P class="p285 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft90">the name and address of the investment firm, and the contact details necessary to enable clients to communicate effectively with the firm;</SPAN></P>
<P class="p285 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">the languages in which the client may communicate with the investment firm, and receive documents and other information from the firm;</SPAN></P>
<P class="p542 ft64"><SPAN class="ft68">(c)</SPAN><SPAN class="ft96">the methods of communication to be used between the investment firm and the client including, where relevant, those for the sending and reception of orders;</SPAN></P>
<P class="p543 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft90">a statement of the fact that the investment firm is authorised and the name and contact address of the competent authority that has authorised it;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t53">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">44</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">72</P>
</DIV>
</DIV>
<DIV id="page_70">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p544 ft59"><SPAN class="ft64">(e)</SPAN><SPAN class="ft76">where the investment firm is acting through a tied agent, a statement of this fact specifying the Member State in which that agent is registered;</SPAN></P>
<P class="p545 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft100">the nature, frequency and timing of the reports on the performance of the service to be provided by the investment firm to the client in accordance with Article 19(8) of Directive 2004/39/EC;</SPAN></P>
<P class="p546 ft65"><SPAN class="ft64">(g)</SPAN><SPAN class="ft77">if the investment firm holds client financial instruments or client funds, a summary description of the steps which it takes to ensure their protection, including summary details of any relevant investor compensation or deposit guarantee scheme which applies to the firm by virtue of its activities in a Member State;</SPAN></P>
<P class="p547 ft59"><SPAN class="ft64">(h)</SPAN><SPAN class="ft76">a description, which may be provided in summary form, of the conflicts of interest policy maintained by the firm in accordance with Article 22;</SPAN></P>
<P class="p545 ft65"><SPAN class="ft64">(i)</SPAN><SPAN class="ft111">at any time that the client requests it, further details of that conflicts of interest policy in a durable medium or by means of a website (where that does not constitute a durable medium) provided that the conditions specified in Article 3(2) are satisfied.</SPAN></P>
<P class="p548 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Member States shall ensure that, when providing the service of portfolio management, investment firms establish an appropriate method of evaluation and comparison such as a meaningful benchmark, based on the investment objectives of the client and the types of financial instruments included in the client portfolio, so as to enable the client for whom the service is provided to assess the firm’s performance.</SPAN></P>
<P class="p549 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">Member States shall require that where investment firms propose to provide portfolio management services to a retail client or potential retail client, they provide the client, in addition to the information required under paragraph 1, with such of the following information as is applicable:</SPAN></P>
<P class="p547 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">information on the method and frequency of valuation of the financial instruments in the client portfolio;</SPAN></P>
<P class="p545 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">details of any delegation of the discretionary management of all or part of the financial instruments or funds in the client portfolio;</SPAN></P>
<P class="p550 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">a specification of any benchmark against which the performance of the client portfolio will be compared;</SPAN></P>
<P class="p550 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft76">the types of financial instrument that may be included in the client portfolio and types of transaction that may be carried out in such instruments, including any limits;</SPAN></P>
<P class="p551 ft64"><SPAN class="ft68">(e)</SPAN><SPAN class="ft75">the management objectives, the level of risk to be reflected in the manager’s exercise of discretion, and any specific constraints on that discretion.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t54">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">45</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">73</P>
</DIV>
</DIV>
<DIV id="page_71">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p552 ft84">Article 31</P>
<P class="p553 ft84">(second indent of Article 19(3) of Directive 2004/39/EC)</P>
<P class="p298 ft84">Information about financial instruments</P>
<P class="p554 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall require investment firms to provide clients or potential clients with a general description of the nature and risks of financial instruments, taking into account, in particular, the client’s categorisation as either a retail client or a professional client. That description must explain the nature of the specific type of instrument concerned, as well as the risks particular to that specific type of instrument in sufficient detail to enable the client to take investment decisions on an informed basis.</SPAN></P>
<P class="p555 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">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:</SPAN></P>
<P class="p556 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft90">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;</SPAN></P>
<P class="p280 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">the volatility of the price of such instruments and any limitations on the available market for such instruments;</SPAN></P>
<P class="p557 ft99"><SPAN class="ft64">(c)</SPAN><SPAN class="ft117">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;</SPAN></P>
<P class="p558 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft90">any margin requirements or similar obligations, applicable to instruments of that type.</SPAN></P>
<P class="p559 ft59">Member States may specify the precise terms, or the contents, of the description of risks required under this paragraph.</P>
<P class="p282 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">If an investment firm provides a retail client or potential retail client with information about a financial instrument that is the subject of a current offer to the public and a prospectus has been published in connection with that offer in accordance with Directive 2003/71/EC, that firm shall inform the client or potential client where that prospectus is made available to the public.</SPAN></P>
<P class="p560 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft86">Where the risks associated with a financial instrument composed of two or more different financial instruments or services are likely to be greater than the risks associated with any of the components, the investment firm shall provide an adequate description of the components of that instrument and the way in which its interaction increases the risks.</SPAN></P>
<P class="p535 ft64"><SPAN class="ft64">5.</SPAN><SPAN class="ft109">In the case of financial instruments that incorporate a guarantee by a third party, the information about the guarantee shall include sufficient detail about the guarantor</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t55">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">46</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">74</P>
</DIV>
</DIV>
<DIV id="page_72">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p292 ft59">and the guarantee to enable the retail client or potential retail client to make a fair assessment of the guarantee.</P>
<P class="p359 ft84">Article 32</P>
<P class="p561 ft84">(first indent of Article 19(3) of Directive 2004/39/EC)</P>
<P class="p562 ft83">Information requirements concerning safeguarding of client financial instruments or client funds</P>
<P class="p563 ft64"><SPAN class="ft64">1.</SPAN><SPAN class="ft109">Member States shall ensure that, where investment firms hold financial instruments or funds belonging to retail clients, they provide those retail clients or potential retail clients with such of the information specified in paragraphs 2 to 7 as is relevant.</SPAN></P>
<P class="p382 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">The investment firm shall inform the retail client or potential retail client where the financial instruments or funds of that client may be held by a third party on behalf of the investment firm and of the responsibility of the investment firm under the applicable national law for any acts or omissions of the third party and the consequences for the client of the insolvency of the third party.</SPAN></P>
<P class="p311 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">Where financial instruments of the retail client or potential retail client may, if permitted by national law, be held in an omnibus account by a third party, the investment firm shall inform the client of this fact and shall provide a prominent warning of the resulting risks.</SPAN></P>
<P class="p500 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft86">The investment firm shall inform the retail client or potential retail client where it is not possible under national law for client financial instruments held with a third party to be separately identifiable from the proprietary financial instruments of that third party or of the investment firm and shall provide a prominent warning of the resulting risks.</SPAN></P>
<P class="p310 ft65"><SPAN class="ft64">5.</SPAN><SPAN class="ft86">The investment firm shall inform the client or potential client where accounts that contain financial instruments or funds belonging to that client or potential client are or will be subject to the law of a jurisdiction other than that of a Member State and shall indicate that the rights of the client or potential client relating to those financial instruments or funds may differ accordingly.</SPAN></P>
<P class="p500 ft65"><SPAN class="ft64">6.</SPAN><SPAN class="ft86">An investment firm shall inform the client about the existence and the terms of any security interest or lien which the firm has or may have over the client’s financial instruments or funds, or any right of </SPAN><NOBR>set-off</NOBR> it holds in relation to those instruments or funds. Where applicable, it shall also inform the client of the fact that a depository may have a security interest or lien over, or right of <NOBR>set-off</NOBR> in relation to those instruments or funds.</P>
<P class="p564 ft64"><SPAN class="ft64">7.</SPAN><SPAN class="ft109">An investment firm, before entering into securities financing transactions in relation to financial instruments held by it on behalf of a retail client, or before otherwise using such financial instruments for its own account or the account of another client, shall in good time before the use of those instruments provide the retail client, in a durable medium, with clear, full and accurate information on the obligations and</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">47</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">75</P>
</DIV>
</DIV>
<DIV id="page_73">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p565 ft59">responsibilities of the investment firm with respect to the use of those financial instruments, including the terms for their restitution, and on the risks involved.</P>
<P class="p566 ft84">Article 33</P>
<P class="p567 ft84">(fourth indent of Article 19(3) of Directive 2004/39/EC)</P>
<P class="p568 ft84">Information about costs and associated charges</P>
<P class="p569 ft59">Member States shall require investment firms to provide their retail clients and potential retail clients with information on costs and associated charges that includes such of the following elements as are relevant:</P>
<P class="p570 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft118">the total price to be paid by the client in connection with the financial instrument or the investment service or ancillary service, including all related fees, commissions, charges and expenses, and all taxes payable via the investment firm or, if an exact price cannot be indicated, the basis for the calculation of the total price so that the client can verify it;</SPAN></P>
<P class="p571 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">where any part of the total price referred to in point (a) is to be paid in or represents an amount of foreign currency, an indication of the currency involved and the applicable currency conversion rates and costs;</SPAN></P>
<P class="p572 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft104">notice of the possibility that other costs, including taxes, related to transactions in connection with the financial instrument or the investment service may arise for the client that are not paid via the investment firm or imposed by it;</SPAN></P>
<P class="p374 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft89">the arrangements for payment or other performance.</SPAN></P>
<P class="p573 ft59">For the purposes of point (a), the commissions charged by the firm shall be itemised separately in every case.</P>
<P class="p574 ft84">Article 34</P>
<P class="p575 ft84">(second and fourth indent of Article 19(3) of Directive 2004/39/EC)</P>
<P class="p576 ft84">Information drawn up in accordance with Directive 85/611/EEC</P>
<P class="p577 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall ensure that in respect of units in a collective investment undertaking covered by Directive 85/611/EEC, a simplified prospectus complying with Article 28 of that Directive is regarded as appropriate information for the purposes of the second indent of Article 19(3) of Directive 2004/39/EC.</SPAN></P>
<P class="p578 ft64"><SPAN class="ft64">2.</SPAN><SPAN class="ft109">Member States shall ensure that in respect of units in a collective investment undertaking covered by Directive 85/611/EEC, a simplified prospectus complying with Article 28 of that Directive is regarded as appropriate information for the purposes of the fourth indent of Article 19(3) of Directive 2004/39/EC with respect</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t57">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">48</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">76</P>
</DIV>
</DIV>
<DIV id="page_74">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t58">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p579 ft59">to the costs and associated charges related to the UCITS itself, including the exit and entry commissions.</P>
<P class="p580 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">3</SPAN></P>
<P class="p581 ft18"><SPAN class="ft16">A</SPAN>SSESSMENT OF SUITABILITY AND APPROPRIATENESS</P>
<P class="p379 ft84">Article 35</P>
<P class="p352 ft84">(Article 19(4) of Directive 2004/39/EC)</P>
<P class="p475 ft84">Assessment of suitability</P>
<P class="p582 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall ensure that investment firms obtain from clients or potential clients such information as is necessary for the firm to understand the essential facts about the client and to have a reasonable basis for believing, giving due consideration to the nature and extent of the service provided, that the specific transaction to be recommended, or entered into in the course of providing a portfolio management service, satisfies the following criteria:</SPAN></P>
<P class="p517 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">it meets the investment objectives of the client in question;</SPAN></P>
<P class="p583 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">it is such that the client is able financially to bear any related investment risks consistent with his investment objectives;</SPAN></P>
<P class="p584 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">it is such that the client has the necessary experience and knowledge in order to understand the risks involved in the transaction or in the management of his portfolio.</SPAN></P>
<P class="p585 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Where an investment firm provides an investment service to a professional client it shall be entitled to assume that, in relation to the products, transactions and services for which it is so classified, the client has the necessary level of experience and knowledge for the purposes of paragraph 1(c).</SPAN></P>
<P class="p586 ft65">Where that investment service consists in the provision of investment advice to a professional client covered by Section 1 of Annex II to Directive 2004/39/EC, the investment firm shall be entitled to assume for the purposes of paragraph 1(b) that the client is able financially to bear any related investment risks consistent with the investment objectives of that client.</P>
<P class="p587 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">The information regarding the financial situation of the client or potential client shall include, where relevant, information on the source and extent of his regular income, his assets, including liquid assets, investments and real property, and his regular financial commitments.</SPAN></P>
<P class="p311 ft64"><SPAN class="ft64">4.</SPAN><SPAN class="ft109">The information regarding the investment objectives of the client or potential client shall include, where relevant, information on the length of time for which the client</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t33">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td37"><SPAN class="p157 ft59">49</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">77</P>
</DIV>
</DIV>
<DIV id="page_75">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p588 ft59">wishes to hold the investment, his preferences regarding risk taking, his risk profile, and the purposes of the investment.</P>
<P class="p589 ft65"><SPAN class="ft64">5.</SPAN><SPAN class="ft105">Where, when providing the investment service of investment advice or portfolio management, an investment firm does not obtain the information required under Article 19(4) of Directive 2004/39/EC, the firm shall not recommend investment services or financial instruments to the client or potential client.</SPAN></P>
<P class="p590 ft84">Article 36</P>
<P class="p475 ft84">(Article 19(5) of Directive 2004/39/EC)</P>
<P class="p250 ft84">Assessment of appropriateness</P>
<P class="p591 ft64">Member States shall require investment firms, when assessing whether an investment service as referred to in Article 19(5) of Directive 2004/39/EC is appropriate for a client, to determine whether that client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or investment service offered or demanded.</P>
<P class="p504 ft65">For those purposes, an investment firm shall be entitled to assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client.</P>
<P class="p590 ft84">Article 37</P>
<P class="p353 ft84">(Article 19(4) and (5) of Directive 2004/39/EC)</P>
<P class="p592 ft84">Provisions common to the assessment of suitability or appropriateness</P>
<P class="p593 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft105">Member States shall ensure that the information regarding a client’s or potential client’s knowledge and experience in the investment field includes the following, to the extent appropriate to the nature of the client, the nature and extent of the service to be provided and the type of product or transaction envisaged, including their complexity and the risks involved:</SPAN></P>
<P class="p594 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the types of service, transaction and financial instrument with which the client is familiar;</SPAN></P>
<P class="p595 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the nature, volume, and frequency of the client’s transactions in financial instruments and the period over which they have been carried out;</SPAN></P>
<P class="p595 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the level of education, and profession or relevant former profession of the client or potential client.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t59">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">50</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">78</P>
</DIV>
</DIV>
<DIV id="page_76">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p514 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">An investment firm shall not encourage a client or potential client not to provide information required for the purposes of Article 19(4) and (5) of Directive 2004/39/EC.</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">An investment firm shall be entitled to rely on the information provided by its clients or potential clients unless it is aware or ought to be aware that the information is manifestly out of date, inaccurate or incomplete.</SPAN></P>
<P class="p596 ft84">Article 38</P>
<P class="p561 ft84">(first indent of Article 19(6) of Directive 2004/39/EC)</P>
<P class="p597 ft84">Provision of services in <NOBR>non-complex</NOBR> instruments</P>
<P class="p598 ft64">A financial instrument which is not specified in the first indent of Article 19(6) of Directive 2004/39/EC shall be considered as <NOBR>non-complex</NOBR> if it satisfies the following criteria:</P>
<P class="p499 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">it does not fall within Article 4(1)(18)(c) of, or points (4) to (10) of Section C of Annex I to, Directive 2004/39/EC;</SPAN></P>
<P class="p274 ft65"><SPAN class="ft65">(b)</SPAN><SPAN class="ft88">there are frequent opportunities to dispose of, redeem, or otherwise realise that instrument at prices that are publicly available to market participants and that are either market prices or prices made available, or validated, by valuation systems independent of the issuer;</SPAN></P>
<P class="p401 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft104">it does not involve any actual or potential liability for the client that exceeds the cost of acquiring the instrument;</SPAN></P>
<P class="p267 ft64"><SPAN class="ft64">(d)</SPAN><SPAN class="ft93">adequately comprehensive information on its characteristics is publicly available and is likely to be readily understood so as to enable the average retail client to make an informed judgment as to whether to enter into a transaction in that instrument.</SPAN></P>
<P class="p599 ft84">Article 39</P>
<P class="p323 ft84">(Article 19(1) and 19(7) of Directive 2004/39/EC)</P>
<P class="p600 ft84">Retail client agreement</P>
<P class="p601 ft64">Member States shall require an investment firm that provides an investment service other than investment advice to a new retail client for the first time after the date of application of this Directive to enter into a written basic agreement, in paper or another durable medium, with the client setting out the essential rights and obligations of the firm and the client.</P>
<P class="p602 ft59">The rights and duties of the parties to the agreement may be incorporated by reference to other documents or legal texts.</P>
<TABLE cellpadding=0 cellspacing=0 class="t60">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">51</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">79</P>
</DIV>
</DIV>
<DIV id="page_77">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p603 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">4</SPAN></P>
<P class="p604 ft18"><SPAN class="ft16">R</SPAN>EPORTING TO CLIENTS</P>
<P class="p410 ft84">Article 40</P>
<P class="p527 ft84">(Article 19(8) of Directive 2004/39/EC)</P>
<P class="p605 ft84">Reporting obligations in respect of execution of orders other than for portfolio management</P>
<P class="p304 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">Member States shall ensure that where investment firms have carried out an order, other than for portfolio management, on behalf of a client, they take the following action in respect of that order:</SPAN></P>
<P class="p413 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the investment firm must promptly provide the client, in a durable medium, with the essential information concerning the execution of that order;</SPAN></P>
<P class="p307 ft64"><SPAN class="ft64">(b)</SPAN><SPAN class="ft96">in the case of a retail client, the investment firm must send the client a notice in a durable medium confirming execution of the order as soon as possible and no later than the first business day following execution or, if the confirmation is received by the investment firm from a third party, no later than the first business day following receipt of the confirmation from the third party.</SPAN></P>
<P class="p606 ft59">Point (b) shall not apply where the confirmation would contain the same information as a confirmation that is to be promptly dispatched to the retail client by another person.</P>
<P class="p607 ft64">Points (a) and (b) shall not apply where orders executed on behalf of clients relate to bonds funding mortgage loan agreements with the said clients, in which case the report on the transaction shall be made at the same time as the terms of the mortgage loan are comminicated, but no later than one month after the execution of the order.</P>
<P class="p608 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">In addition to the requirements under paragraph 1, Member States shall require investment firms to supply the client, on request, with information about the status of his order.</SPAN></P>
<P class="p609 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft105">Member States shall ensure that, in the case of orders for a retail clients relating to units or shares in a collective investment undertaking which are executed periodically, investment firms either take the action specified in point (b) of paragraph 1 or provide the retail client, at least once every six months, with the information listed in paragraph 4 in respect of those transactions.</SPAN></P>
<P class="p610 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">The notice referred to in point (b) of paragraph 1 shall include such of the following information as is applicable and, where relevant, in accordance with Table 1 of Annex I to [the Implementing Regulation]:</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the reporting firm identification;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t61">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">52</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">80</P>
</DIV>
</DIV>
<DIV id="page_78">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t16">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p263 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft90">the name or other designation of the client;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft90">the trading day;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft90">the trading time;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(e)</SPAN><SPAN class="ft90">the type of the order;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft76">the venue identification;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(g)</SPAN><SPAN class="ft90">the instrument identification;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(h)</SPAN><SPAN class="ft90">the buy/sell indicator;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(i)</SPAN><SPAN class="ft100">the nature of the order if other than buy/sell;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(j)</SPAN><SPAN class="ft100">the quantity;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(k)</SPAN><SPAN class="ft90">the unit price;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(l)</SPAN><SPAN class="ft100">the total consideration;</SPAN></P>
<P class="p611 ft59"><SPAN class="ft64">(m)</SPAN><SPAN class="ft106">a total sum of the commissions and expenses charged and, where the retail client so requests, an itemised breakdown;</SPAN></P>
<P class="p612 ft65"><SPAN class="ft64">(n)</SPAN><SPAN class="ft108">the client’s responsibilities in relation to the settlement of the transaction, including the time limit for payment or delivery as well as the appropriate account details where these details and responsibilities have not previously been notified to the client;</SPAN></P>
<P class="p613 ft65"><SPAN class="ft64">(o)</SPAN><SPAN class="ft108">if the client’s counterparty was the investment firm itself or any person in the investment firm’s group or another client of the investment firm, the fact that this was the case unless the order was executed through a trading system that facilitates anonymous trading.</SPAN></P>
<P class="p614 ft64">For the purposes of point (k), where the order is executed in tranches, the investment firm may supply the client with information about the price of each tranche or the average price. Where the average price is provided, the investment firm shall supply the retail client with information about the price of each tranche upon request.</P>
<P class="p615 ft64"><SPAN class="ft64">5.</SPAN><SPAN class="ft109">The investment firm may provide the client with the information referred to in paragraph 4 using standard codes if it also provides an explanation of the codes used.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t62">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td37"><SPAN class="p157 ft59">53</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">81</P>
</DIV>
</DIV>
<DIV id="page_79">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p616 ft84">Article 41</P>
<P class="p527 ft84">(Article 19(8) of Directive 2004/39/EC)</P>
<P class="p553 ft84">Reporting obligations in respect of portfolio management</P>
<P class="p617 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft105">Member States shall require investments firms which provide the service of portfolio management to clients to provide each such client with a periodic statement in a durable medium of the portfolio management activities carried out on behalf of that client unless such a statement is provided by another person.</SPAN></P>
<P class="p529 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">In the case of retail clients, the periodic statement required under paragraph 1 shall include, where relevant, the following information:</SPAN></P>
<P class="p618 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the name of the investment firm;</SPAN></P>
<P class="p524 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the name or other designation of the retail client’s account;</SPAN></P>
<P class="p306 ft65"><SPAN class="ft65">(c)</SPAN><SPAN class="ft108">a statement of the contents and the valuation of the portfolio, including details of each financial instrument held, its market value, or fair value if market value is unavailable and the cash balance at the beginning and at the end of the reporting period, and the performance of the portfolio during the reporting period;</SPAN></P>
<P class="p619 ft65"><SPAN class="ft65">(d)</SPAN><SPAN class="ft108">the total amount of fees and charges incurred during the reporting period, itemising at least total management fees and total costs associated with execution, and including, where relevant, a statement that a more detailed breakdown will be provided on request;</SPAN></P>
<P class="p619 ft59"><SPAN class="ft59">(e)</SPAN><SPAN class="ft90">a comparison of performance during the period covered by the statement with the investment performance benchmark (if any) agreed between the investment firm and the client;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft100">the total amount of dividends, interest and other payments received during the reporting period in relation to the client’s portfolio;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(g)</SPAN><SPAN class="ft90">information about other corporate actions giving rights in relation to financial instruments held in the portfolio;</SPAN></P>
<P class="p620 ft65"><SPAN class="ft64">(h)</SPAN><SPAN class="ft108">for each transaction executed during the period, the information referred to in Article 40(4)(c) to (l) where relevant, unless the client elects to receive information about executed transactions on a </SPAN><NOBR>transaction-by-transaction</NOBR> basis, in which case paragraph 4 of this Article shall apply.</P>
<P class="p529 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">In the case of retail clients, the periodic statement referred to in paragraph 1 shall be provided once every 6 months, except in the following cases:</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">where the client so requests, the periodic statement must be provided every 3 months;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t63">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">54</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">82</P>
</DIV>
</DIV>
<DIV id="page_80">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t11">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p621 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">in cases where paragraph 4 applies, the periodic statement must be provided at least once every 12 months;</SPAN></P>
<P class="p444 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">where the agreement between an investment firm and a retail client for a portfolio management service authorises a leveraged portfolio, the periodic statement must be provided at least once a month.</SPAN></P>
<P class="p622 ft59">Investment firms shall inform retail clients that they have the right to make requests for the purposes of point (a).</P>
<P class="p623 ft59">However, the exception provided for in point (b) shall not apply in the case of transactions in financial instruments covered by Article 4(1)(18)(c) of, or any of points 4 to 10 of Section C in Annex I to, Directive 2004/39/EC.</P>
<P class="p624 ft65"><SPAN class="ft65">4.</SPAN><SPAN class="ft105">Member States shall require investment firms, in cases where the client elects to receive information about executed transactions on a </SPAN><NOBR>transaction-by-transaction</NOBR> basis, to provide promptly to the client, on the execution of a transaction by the portfolio manager, the essential information concerning that transaction in a durable medium.</P>
<P class="p625 ft64">Where the client concerned is a retail client, the investment firm must send him a notice confirming the transaction and containing the information referred to in Article 40(4) no later than the first business day following that execution or, if the confirmation is received by the investment firm from a third party, no later than the first business day following receipt of the confirmation from the third party.</P>
<P class="p626 ft59">The second subparagraph shall not apply where the confirmation would contain the same information as a confirmation that is to be promptly dispatched to the retail client by another person.</P>
<P class="p596 ft84">Article 42</P>
<P class="p352 ft84">(Article 19(8) of Directive 2004/39/EC)</P>
<P class="p627 ft84">Additional reporting obligations for portfolio management or contingent liability transactions</P>
<P class="p628 ft65">Member States shall ensure that where investment firms provide portfolio management transactions for retail clients or operate retail client accounts that include an uncovered open position in a contingent liability transaction, they also report to the retail client any losses exceeding any predetermined threshold, agreed between the firm and the client, no later than the end of the business day in which the threshold is exceeded or, in a case where the threshold is exceeded on a <NOBR>non-business</NOBR> day, the close of the next business day.</P>
<TABLE cellpadding=0 cellspacing=0 class="t64">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td37"><SPAN class="p157 ft59">55</SPAN> </TD>
<TD class="tr11 td36"><SPAN class="p217 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">83</P>
</DIV>
</DIV>
<DIV id="page_81">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p616 ft84">Article 43</P>
<P class="p527 ft84">(Article 19(8) of Directive 2004/39/EC)</P>
<P class="p629 ft84">Statements of client financial instruments or client funds</P>
<P class="p630 ft64"><SPAN class="ft64">1.</SPAN><SPAN class="ft112">Member States shall require investment firms that hold client financial instruments or client funds to send at least once a year, to each client for whom they hold financial instruments or funds, a statement in a durable medium of those financial instruments or funds unless such a statement has been provided in any other periodic statement.</SPAN></P>
<P class="p631 ft59">The first subparagraph shall not apply to a credit institution authorised under Directive 2000/12/EC in respect of deposits within the meaning of that Directive held by that institution.</P>
<P class="p530 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">The statement of client assets referred to in paragraph 1 shall include the following information:</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">details of all the financial instruments or funds held by the investment firm for the client at the end of the period covered by the statement;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the extent to which any client financial instruments or client funds have been the subject of securities financing transactions;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">the extent of any benefit that has accrued to the client by virtue of participation in any securities financing transactions, and the basis on which that benefit has accrued.</SPAN></P>
<P class="p308 ft65">In cases where the portfolio of a client includes the proceeds of one or more unsettled transactions, the information referred to in point (a) may be based either on the trade date or the settlement date, provided that the same basis is applied consistently to all such information in the statement.</P>
<P class="p304 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft105">Member States shall permit investment firms which hold financial instruments or funds and which carry out the service of portfolio management for a client to include the statement of client assets referred to in paragraph 1 in the periodic statement it provides to that client pursuant to Article 41(1).</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t65">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">56</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">84</P>
</DIV>
</DIV>
<DIV id="page_82">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p377 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">5</SPAN></P>
<P class="p632 ft18"><SPAN class="ft16">B</SPAN>EST EXECUTION</P>
<P class="p379 ft84">Article 44</P>
<P class="p458 ft84">(Articles 21(1) and 19(1) of Directive 2004/39/EC)</P>
<P class="p633 ft84">Best execution criteria</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall ensure that, when executing client orders, investment firms take into account the following criteria for determining the relative importance of the factors referred to in Article 21(1) of Directive 2004/39/EC:</SPAN></P>
<P class="p384 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the characteristics of the client including the categorisation of the client as retail or professional;</SPAN></P>
<P class="p272 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the characteristics of the client order;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the characteristics of financial instruments that are the subject of that order;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft76">the characteristics of the execution venues to which that order can be directed.</SPAN></P>
<P class="p482 ft65">For the purposes of this Article and Article 46, ‘execution venue’ means a regulated market, an MTF, a systematic internaliser, or a market maker or other liquidity provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing.</P>
<P class="p500 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">An investment firm satisfies its obligation under Article 21(1) of Directive 2004/39/EC to take all reasonable steps to obtain the best possible result for a client to the extent that it executes an order or a specific aspect of an order following specific instructions from the client relating to the order or the specific aspect of the order.</SPAN></P>
<P class="p564 ft64"><SPAN class="ft64">3.</SPAN><SPAN class="ft109">Where an investment firm executes an order on behalf of a retail client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs related to execution, which shall include all expenses incurred by the client which are directly related to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order.</SPAN></P>
<P class="p482 ft65">For the purposes of delivering best execution where there is more than one competing venue to execute an order for a financial instrument, in order to assess and compare the results for the client that would be achieved by executing the order on each of the execution venues listed in the firm’s order execution policy that is capable of executing that order, the firm’s own commissions and costs for executing the order on each of the eligible execution venues shall be taken into account in that assessment.</P>
<TABLE cellpadding=0 cellspacing=0 class="t66">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">57</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">85</P>
</DIV>
</DIV>
<DIV id="page_83">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p634 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">Member States shall require that investment firms do not structure or charge their commissions in such a way as to discriminate unfairly between execution venues.</SPAN></P>
<P class="p635 ft99"><SPAN class="ft64">5.</SPAN><SPAN class="ft98">Before 1 November 2008 the Commission shall present a report to the European Parliament and to the Council on the availability, comparability and consolidation of information concerning the quality of execution of various execution venues.</SPAN></P>
<P class="p539 ft84">Article 45</P>
<P class="p636 ft84">(Article 19(1) of Directive 2004/39/EC)</P>
<P class="p637 ft84">Duty of investment firms carrying out portfolio management and reception and transmission of orders to act in the best interests of the client</P>
<P class="p638 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">Member States shall require investment firms, when providing the service of portfolio management, to comply with the obligation under Article 19(1) of Directive 2004/39/EC to act in accordance with the best interests of their clients when placing orders with other entities for execution that result from decisions by the investment firm to deal in financial instruments on behalf of its client.</SPAN></P>
<P class="p639 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">Member States shall require investment firms, when providing the service of reception and transmission of orders, to comply with the obligation under Article 19(1) of Directive 2004/39/EC to act in accordance with the best interests of their clients when transmitting client orders to other entities for execution.</SPAN></P>
<P class="p541 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">Member States shall ensure that, in order to comply with paragraphs 1 or 2, investment firms take the actions mentioned in paragraphs 4 to 6.</SPAN></P>
<P class="p640 ft64"><SPAN class="ft64">4.</SPAN><SPAN class="ft109">Investment firms shall take all reasonable steps to obtain the best possible result for their clients taking into account the factors referred to in Article 21(1) of Directive 2004/39/EC. The relative importance of these factors shall be determined by</SPAN></P>
<P class="p641 ft59">reference to the criteria set out in Article 44(1) and, for retail clients, to the requirement under Article 44(3).</P>
<P class="p642 ft65">An investment firm satisfies its obligations under paragraph 1 or 2, and is not required to take the steps mentioned in this paragraph, to the extent that it follows specific instructions from its client when placing an order with, or transmitting an order to, another entity for execution.</P>
<P class="p282 ft65"><SPAN class="ft64">5.</SPAN><SPAN class="ft86">Investment firms shall establish and implement a policy to enable them to comply with the obligation in paragraph 4. The policy shall identify, in respect of each class of instruments, the entities with which the orders are placed or to which the investment firm transmits orders for execution. The entities identified must have execution arrangements that enable the investment firm to comply with its obligations under this Article when it places or transmits orders to that entity for execution.</SPAN></P>
<P class="p643 ft59">Investment firms shall provide appropriate information to their clients on the policy established in accordance with this paragraph.</P>
<TABLE cellpadding=0 cellspacing=0 class="t67">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">58</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">86</P>
</DIV>
</DIV>
<DIV id="page_84">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p309 ft65"><SPAN class="ft64">6.</SPAN><SPAN class="ft86">Investment firms shall monitor on a regular basis the effectiveness of the policy established in accordance with paragraph 5 and, in particular, the execution quality of the entities identified in that policy and, where appropriate, correct any deficiencies.</SPAN></P>
<P class="p644 ft59">In addition, investment firms shall review the policy annually. Such a review shall also be carried out whenever a material change occurs that affects the firm’s ability to continue to obtain the best possible result for their clients.</P>
<P class="p315 ft65"><SPAN class="ft64">7.</SPAN><SPAN class="ft86">This Article shall not apply when the investment firm that provides the service of portfolio management and/or reception and transmission of orders also executes the orders received or the decisions to deal on behalf of its client’s portfolio. In those cases Article 21 of Directive 2004/39/EC applies.</SPAN></P>
<P class="p417 ft84">Article 46</P>
<P class="p531 ft84">(Article 21(3) and (4) of Directive 2004/39/EC)</P>
<P class="p645 ft84">Execution policy</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall ensure that investment firms review annually the execution policy established pursuant to Article 21(2) of Directive 2004/39/EC, as well as their order execution arrangements.</SPAN></P>
<P class="p334 ft65">Such a review shall also be carried out whenever a material change occurs that affects the firm’s ability to continue to obtain the best possible result for the execution of its client orders on a consistent basis using the venues included in its execution policy.</P>
<P class="p401 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Investment firms shall provide retail clients with the following details on their execution policy in good time prior to the provision of the service:</SPAN></P>
<P class="p384 ft65"><SPAN class="ft64">(a)</SPAN><SPAN class="ft77">an account of the relative importance the investment firm assigns, in accordance with the criteria specified in Article 44(1), to the factors referred to in Article 21(1) of Directive 2004/39/EC, or the process by which the firm determines the relative importance of those factors;</SPAN></P>
<P class="p388 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">a list of the execution venues on which the firm places significant reliance in meeting its obligation to take all reasonable steps to obtain on a consistent basis the best possible result for the execution of client orders;</SPAN></P>
<P class="p293 ft64"><SPAN class="ft64">(c)</SPAN><SPAN class="ft75">a clear and prominent warning that any specific instructions from a client may prevent the firm from taking the steps that it has designed and implemented in its execution policy to obtain the best possible result for the execution of those orders in respect of the elements covered by those instructions.</SPAN></P>
<P class="p646 ft59">That information shall be provided in a durable medium, or by means of a website (where that does not constitute a durable medium) provided that the conditions specified in Article 3(2) are satisfied.</P>
<TABLE cellpadding=0 cellspacing=0 class="t68">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">59</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">87</P>
</DIV>
</DIV>
<DIV id="page_85">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p647 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">6</SPAN></P>
<P class="p496 ft18"><SPAN class="ft16">C</SPAN>LIENT ORDER HANDLING</P>
<P class="p648 ft84">Article 47</P>
<P class="p649 ft84">(Articles 22(1) and 19(1) of Directive 2004/39/EC)</P>
<P class="p650 ft84">General principles</P>
<P class="p651 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall require investment firms to satisfy the following conditions when carrying out client orders:</SPAN></P>
<P class="p285 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft90">they must ensure that orders executed on behalf of clients are promptly and accurately recorded and allocated;</SPAN></P>
<P class="p542 ft64"><SPAN class="ft64">(b)</SPAN><SPAN class="ft96">they must carry out otherwise comparable client orders sequentially and promptly unless the characteristics of the order or prevailing market conditions make this impracticable, or the interests of the client require otherwise;</SPAN></P>
<P class="p652 ft64"><SPAN class="ft64">(c)</SPAN><SPAN class="ft96">they must inform a retail client about any material difficulty relevant to the proper carrying out of orders promptly upon becoming aware of the difficulty.</SPAN></P>
<P class="p536 ft64"><SPAN class="ft64">2.</SPAN><SPAN class="ft109">Where an investment firm is responsible for overseeing or arranging the settlement of an executed order, it shall take all reasonable steps to ensure that any client financial instruments or client funds received in settlement of that executed order are promptly and correctly delivered to the account of the appropriate client.</SPAN></P>
<P class="p555 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">An investment firm shall not misuse information relating to pending client orders, and shall take all reasonable steps to prevent the misuse of such information by any of its relevant persons.</SPAN></P>
<P class="p422 ft84">Article 48</P>
<P class="p649 ft84">(Articles 22(1) and 19(1) of Directive 2004/39/EC)</P>
<P class="p653 ft84">Aggregation and allocation of orders</P>
<P class="p651 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall not permit investment firms to carry out a client order or a transaction for own account in aggregation with another client order unless the following conditions are met:</SPAN></P>
<P class="p281 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft90">it must be unlikely that the aggregation of orders and transactions will work overall to the disadvantage of any client whose order is to be aggregated;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t69">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">60</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">88</P>
</DIV>
</DIV>
<DIV id="page_86">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p400 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">it must be disclosed to each client whose order is to be aggregated that the effect of aggregation may work to its disadvantage in relation to a particular order;</SPAN></P>
<P class="p317 ft65"><SPAN class="ft64">(c)</SPAN><SPAN class="ft77">an order allocation policy must be established and effectively implemented, providing in sufficiently precise terms for the fair allocation of aggregated orders and transactions, including how the volume and price of orders determines allocations and the treatment of partial executions.</SPAN></P>
<P class="p563 ft64"><SPAN class="ft64">2.</SPAN><SPAN class="ft109">Member States shall ensure that where an investment firm aggregates an order with one or more other client orders and the aggregated order is partially executed, it allocates the related trades in accordance with its order allocation policy.</SPAN></P>
<P class="p599 ft84">Article 49</P>
<P class="p458 ft84">(Articles 22(1) and 19(1) of Directive 2004/39/EC)</P>
<P class="p494 ft84">Aggregation and allocation of transactions for own account</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall ensure that investment firms which have aggregated transactions for own account with one or more client orders do not allocate the related trades in a way that is detrimental to a client.</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Member States shall require that, where an investment firm aggregates a client order with a transaction for own account and the aggregated order is partially executed, it allocates the related trades to the client in priority to the firm.</SPAN></P>
<P class="p654 ft64">However, if the firm is able to demonstrate on reasonable grounds that without the combination it would not have been able to carry out the order on such advantageous terms, or at all, it may allocate the transaction for own account proportionally, in accordance with its order allocation policy referred to in Article 48(1)(c).</P>
<P class="p655 ft64"><SPAN class="ft64">3.</SPAN><SPAN class="ft109">Member States shall require investment firms, as part of the order allocation policy referred to in Article 48(1)(c), to put in place procedures designed to prevent the reallocation, in a way that is detrimental to the client, of transactions for own account which are executed in combination with client orders.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t70">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">61</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">89</P>
</DIV>
</DIV>
<DIV id="page_87">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p603 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">7</SPAN></P>
<P class="p656 ft18"><SPAN class="ft16">E</SPAN>LIGIBLE COUNTERPARTIES</P>
<P class="p410 ft84">Article 50</P>
<P class="p527 ft84">(Article 24(3) of Directive 2004/39/EC)</P>
<P class="p657 ft84">Eligible counterparties</P>
<P class="p319 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft105">Member States may recognise an undertaking as an eligible counterparty if that undertaking falls within a category of clients who are to be considered professional clients in accordance with paragraphs 1, 2 and 3 of Section I of Annex II to Directive 2004/39/EC</SPAN><SPAN class="ft119">, </SPAN>excluding any category which is explicitly mentioned in Article 24(2) of that Directive.</P>
<P class="p658 ft65">On request, Member States may also recognise as eligible counterparties undertakings which fall within a category of clients who are to be considered professional clients in accordance with Section II of Annex II to Directive 2004/39/EC. In such cases, however, the undertaking concerned shall be recognised as an eligible counterparty only in respect of the services or transactions for which it could be treated as a professional client.</P>
<P class="p659 ft64"><SPAN class="ft64">2.</SPAN><SPAN class="ft112">Where, pursuant to the second subparagraph of Article 24(2) of Directive 2004/39/EC, an eligible counterparty requests treatment as a client whose business with an investment firm is subject to Articles 19, 21 and 22 of that Directive, but does not expressly request treatment as a retail client, and the investment firm agrees to that request, the firm shall treat that eligible counterparty as a professional client.</SPAN></P>
<P class="p660 ft65">However, where that eligible counterparty expressly requests treatment as a retail client, the provisions in respect of requests of <NOBR>non-professional</NOBR> treatment specified in the second, third and fourth <NOBR>sub-paragraphs</NOBR> of Section I of Annex II to Directive 2004/39/EC shall apply.</P>
<TABLE cellpadding=0 cellspacing=0 class="t71">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">62</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">90</P>
</DIV>
</DIV>
<DIV id="page_88">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p377 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">8</SPAN></P>
<P class="p360 ft18"><NOBR><SPAN class="ft16">R</SPAN>ECORD<SPAN class="ft16">-</SPAN>KEEPING</NOBR></P>
<P class="p379 ft84">Article 51</P>
<P class="p313 ft84">(Article 13(6) of Directive 2004/39(EC)</P>
<P class="p661 ft84">Retention of records</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Member States shall require investment firms to retain all the records required under Directive 2004/39/EC and its implementing measures for a period of at least five years.</SPAN></P>
<P class="p334 ft65">Additionally, records which set out the respective rights and obligations of the investment firm and the client under an agreement to provide services, or the terms on which the firm provides services to the client, shall be retained for at least the duration of the relationship with the client.</P>
<P class="p662 ft64">However, competent authorities may, in exceptional circumstances, require investment firms to retain any or all of those records for such longer period as is justified by the nature of the instrument or transaction, if that is necessary to enable the authority to exercise its supervisory functions under Directive 2004/39/EC.</P>
<P class="p646 ft59">Following the termination of the authorisation of an investment firm, Member States or competent authorities may require the firm to retain records for the outstanding term of the five year period required under the first subparagraph.</P>
<P class="p274 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">The records shall be retained in a medium that allows the storage of information in a way accessible for future reference by the competent authority, and in such a form and manner that the following conditions are met:</SPAN></P>
<P class="p492 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the competent authority must be able to access them readily and to reconstitute each key stage of the processing of each transaction;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">it must be possible for any corrections or other amendments, and the contents of the records prior to such corrections or amendments, to be easily ascertained;</SPAN></P>
<P class="p515 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">it must not be possible for the records otherwise to be manipulated or altered.</SPAN></P>
<P class="p310 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">The competent authority of each Member State shall draw up and maintain a list of the minimum records investment firms are required to keep under Directive 2004/39/EC and its implementing measures.</SPAN></P>
<P class="p269 ft64"><SPAN class="ft68">4.</SPAN><NOBR><SPAN class="ft109">Record-keeping</SPAN></NOBR> obligations under Directive 2004/39/EC and in this Directive are without prejudice to the right of Member States to impose obligations on investment</P>
<TABLE cellpadding=0 cellspacing=0 class="t72">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">63</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">91</P>
</DIV>
</DIV>
<DIV id="page_89">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 1</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p663 ft59">firms relating to the recording of telephone conversations or electronic communications involving client orders.</P>
<P class="p664 ft99"><SPAN class="ft64">5.</SPAN><SPAN class="ft120">Before the 31</SPAN><SPAN class="ft121">st </SPAN>December 2009 the Commission shall, in the light of discussions with the Committee of European Securities Regulators, report to the European Parliament and the Council on the continued appropriateness of the provisions of paragraph 4.</P>
<P class="p451 ft18"><SPAN class="ft16">S</SPAN>ECTION <SPAN class="ft16">9</SPAN></P>
<P class="p665 ft18"><SPAN class="ft16">D</SPAN>EFINED TERMS FOR THE PURPOSES OF <SPAN class="ft16">D</SPAN>IRECTIVE <SPAN class="ft16">2004/39/EC</SPAN></P>
<P class="p666 ft84">Article 52</P>
<P class="p298 ft84">(Article 4(1)(4) of Directive 2004/39/EC)</P>
<P class="p667 ft84">Investment advice</P>
<P class="p668 ft65">For the purposes of the definition of ‘investment advice’ in Article 4(1)(4) of Directive 2004/39/EC, a personal recommendation is a recommendation that is made to a person in his capacity as an investor or potential investor, or in his capacity as an agent for an investor or potential investor.</P>
<P class="p669 ft59">That recommendation must be presented as suitable for that person, or must be based on a consideration of the circumstances of that person, and must constitute a recommendation to take one of the following sets of steps:</P>
<P class="p319 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft89">to buy, sell, subscribe for, exchange, redeem, hold or underwrite a particular financial instrument;</SPAN></P>
<P class="p617 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft122">to exercise or not to exercise any right conferred by a particular financial instrument to buy, sell, subscribe for, exchange, or redeem a financial instrument.</SPAN></P>
<P class="p670 ft59">A recommendation is not a personal recommendation if it is issued exclusively through distribution channels or to the public.</P>
<TABLE cellpadding=0 cellspacing=0 class="t65">
<TR>
<TD class="tr11 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">64</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">92</P>
</DIV>
</DIV>
<DIV id="page_90">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 1</SPAN> </TD>
</TR>
</TABLE>
<P class="p671 ft13">Chapter IV</P>
<P class="p672 ft13">Final provisions</P>
<P class="p379 ft84">Article 53</P>
<P class="p673 ft84">Transposition</P>
<P class="p382 ft64"><SPAN class="ft64">1.</SPAN><SPAN class="ft109">Member States shall adopt and publish, by 31 January 2007 at the latest, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those provisions and a correlation table between those provisions and this Directive.</SPAN></P>
<P class="p674 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Member States shall apply those provisions from 1 November 2007.</SPAN></P>
<P class="p382 ft64"><SPAN class="ft64">3.</SPAN><SPAN class="ft109">When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. Member States shall determine how such reference is to be made.</SPAN></P>
<P class="p564 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.</SPAN></P>
<P class="p441 ft84">Article 54</P>
<P class="p675 ft84">Entry into force</P>
<P class="p676 ft59">This Directive shall enter into force on the twentieth day following that of its publication in the <SPAN class="ft84">Official Journal of the European Union</SPAN>.</P>
<P class="p359 ft84">Article 55</P>
<P class="p677 ft84">Addressees</P>
<P class="p678 ft59">This Directive is addressed to the Member States.</P>
<P class="p678 ft59">Done at Brussels, […]</P>
<P class="p679 ft123">For the Commission […]</P>
<P class="p680 ft84">Member of the Commission</P>
<TABLE cellpadding=0 cellspacing=0 class="t73">
<TR>
<TD class="tr11 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr11 td38"><SPAN class="p216 ft59">65</SPAN> </TD>
<TD class="tr11 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">93</P>
</DIV>
</DIV>
<DIV id="page_91">
<DIV id="id_1">
<P class="p126 ft19">Bilaga 2</P>
<P class="p681 ft124">KOMMISSIONENS FÖRSLAG TILL GENOMFÖRANDEFÖRORDNING</P>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">95</P>
</DIV>
</DIV>
<DIV id="page_92">
</DIV>
<DIV id="page_93">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37493x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t8">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p682 ft5">COMMISSION OF THE EUROPEAN COMMUNITIES</P>
<P class="p129 ft59">Brussels, DRAFT 30.06.06</P>
<P class="p130 ft59">[Institutional Reference]</P>
<P class="p683 ft59">Draft</P>
<P class="p684 ft125">COMMISSION REGULATION</P>
<P class="p685 ft125">implementing Directive 2004/39/EC of the European Parliament and of the Council as regards <NOBR>record-keeping</NOBR> obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive</P>
<P class="p686 ft126">Note: this draft text is based on the text approved by the European Securities Committee on 26 June 2006 (with typographical corrections). It remains subject to Parliamentary oversight.</P>
<P class="p687 ft126">The final text will be that adopted by the Commission (probably in September 2006) and subsequently published in the Official Journal.</P>
<TABLE cellpadding=0 cellspacing=0 class="t74">
<TR>
<TD class="tr24 td25"><SPAN class="p30 ft62">EN</SPAN> </TD>
<TD class="tr24 td26"><SPAN class="p30 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">97</P>
</DIV>
</DIV>
<DIV id="page_94">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37494x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p688 ft59">Draft</P>
<P class="p342 ft125">COMMISSION REGULATION</P>
<P class="p689 ft125">implementing Directive 2004/39/EC of the European Parliament and of the Council as regards <NOBR>record-keeping</NOBR> obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive</P>
<P class="p690 ft59">(Text with EEA Relevance)</P>
<P class="p691 ft59">THE COMMISSION OF THE EUROPEAN COMMUNITIES,</P>
<P class="p692 ft59">Having regard to the Treaty establishing the European Community,</P>
<P class="p693 ft99">Having regard to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC<SPAN class="ft121">1</SPAN>, and in particular Articles 4(1)(2), 4(1)(7) and 4(2), Article 13(10), Article 25(7), Article 27(7), Article 28(3), Article 29(3), Article 30(3), Article 40(6), Article 44(3), Article 45(3), Article 56(5), and Article 58(4) thereof,</P>
<P class="p694 ft59">Whereas:</P>
<P class="p695 ft65"><SPAN class="ft64">(1)</SPAN><SPAN class="ft74">Directive 2004/39/EC establishes the general framework for a regulatory regime for financial markets in the Community, setting out, among other matters: operating conditions relating to the performance by investment firms of investment and ancillary services, and investment activities; organisational requirements (including recordkeeping obligations) for investment firms performing such services and activities on a professional basis, and for regulated markets; transaction reporting requirements in respect of transactions in financial instruments; transparency requirements in respect of transactions in shares.</SPAN></P>
<P class="p696 ft65"><SPAN class="ft64">(2)</SPAN><SPAN class="ft74">It is appropriate that the provisions of this Regulation take that legislative form in order to ensure a harmonised regime in all Member States, to promote market integration and the </SPAN><NOBR>cross-border</NOBR> provision of investment and ancillary services, and to facilitate the further consolidation of the single market. Provisions relating to certain aspects of <NOBR>record-keeping,</NOBR> and to transaction reporting, transparency and commodity derivatives have few interfaces with national law and with detailed laws governing client relationships.</P>
<P class="p697 ft99"><SPAN class="ft64">(3)</SPAN><SPAN class="ft127">Detailed and fully harmonised transparency requirements and rules regulating transaction reporting are appropriate so as to ensure equivalent market conditions and the smooth operation of securities markets throughout the Community, and to facilitate</SPAN></P>
<P class="p698 ft59">the effective integration of those markets. Certain aspects of <NOBR>record-keeping</NOBR> are</P>
<TABLE cellpadding=0 cellspacing=0 class="t75">
<TR>
<TD class="tr25 td29"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td30"><SPAN class="p31 ft67">1</SPAN> </TD>
<TD rowspan=2 class="tr12 td35"><SPAN class="p699 ft68">OJ L 145, 30.4.2004, p. 1.</SPAN> </TD>
<TD class="tr25 td26"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td29"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td30"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td26"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr26 td29"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr26 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr26 td35"><SPAN class="p198 ft59">2</SPAN> </TD>
<TD class="tr26 td26"><SPAN class="p30 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">98</P>
</DIV>
</DIV>
<DIV id="page_95">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p700 ft59">closely allied as they make use of the same concepts as are defined for transaction reporting and transparency purposes.</P>
<P class="p701 ft65"><SPAN class="ft64">(4)</SPAN><SPAN class="ft74">The regime established by Directive 2004/39/EC governing transaction reporting requirements in respect of transactions in financial instruments aims to ensure that relevant competent authorities are properly informed about transactions in which they have a supervisory interest. For those purposes it is necessary to ensure that a single data set is collected from all investment firms with a minimum of variation between Member States, so as to minimise the extent to which businesses operating across borders are subject to different reporting obligations, and so as to maximise the proportion of data held by a competent authority that can be shared with other competent authorities. The measures are also designed to ensure that competent authorities are in a position to carry out their obligations under that Directive as expeditiously and efficiently as possible.</SPAN></P>
<P class="p702 ft64"><SPAN class="ft128">(5)</SPAN><SPAN class="ft72">The regime established by Directive 2004/39/EC governing transparency requirements in respect of transactions in shares admitted to trading on a regulated market aims to ensure that investors are adequately informed as to the true level of actual and potential transactions in such shares, whether those transactions take place on regulated markets, multilateral trading facilities, hereinafter ‘MTFs’, systematic internalisers, or outside those trading venues. Those requirements are part of a broader framework of rules designed to promote competition between trading venues for execution services so as to increase investor choice, encourage innovation, lower transaction costs, and increase the efficiency of the price formation process on a pan- Community basis. A high degree of transparency is an essential part of this framework, so as to ensure a level playing field between trading venues so that the price discovery mechanism in respect of particular shares is not impaired by the fragmentation of liquidity, and investors are not thereby penalised. On the other hand, that Directive recognises that there may be circumstances where exemptions from pretrade transparency obligations, or deferral of </SPAN><NOBR>post-trade</NOBR> transparency obligations, may be necessary. This Regulation sets out details of those circumstances, bearing in mind the need both to ensure a high level of transparency, and to ensure that liquidity on trading venues and elsewhere is not impaired as an unintended consequence of obligations to disclose transactions and thereby to make public risk positions.</P>
<P class="p703 ft99"><SPAN class="ft128">(6)</SPAN><SPAN class="ft127">For the purposes of the provisions on </SPAN><NOBR>record-keeping,</NOBR> a reference to the type of the order should be understood as referring to its status as a limit order, market order, or other specific type of order. For the purposes of the provisions on <NOBR>record-keeping,</NOBR> a reference to the nature of the order or transaction should be understood as referring to orders to subscribe for securities or the subscription of securities, or to exercise an option or the exercise of an option, or similar client orders or transactions.</P>
<P class="p704 ft59"><SPAN class="ft64">(7)</SPAN><SPAN class="ft73">It is not necessary at this stage to specify or prescribe in detail the type, nature and sophistication of the arrangements for the exchange of information between competent authorities.</SPAN></P>
<P class="p705 ft99"><SPAN class="ft64">(8)</SPAN><SPAN class="ft127">Where a notification made by a competent authority relating to the alternative determination of the most relevant market in terms of liquidity is not acted upon within a reasonable time, or where a competent authority does not agree with the calculation made by the other authority, the competent authorities concerned should</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t39">
<TR>
<TD class="tr24 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td13"><SPAN class="p157 ft59">3</SPAN> </TD>
<TD class="tr24 td32"><SPAN class="p158 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">99</P>
</DIV>
</DIV>
<DIV id="page_96">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p706 ft59">seek to find a solution. It is open to the competent authorities, where appropriate, to discuss the matter in the Committee of European Securities Regulators.</P>
<P class="p707 ft64"><SPAN class="ft64">(9)</SPAN><SPAN class="ft72">The competent authorities should coordinate the design and establishment of arrangements for the exchange of transaction information between themselves. Again it is open to the competent authorities to discuss those matters in the Committee of European Securities Regulators. Competent authorities should report to the Commission which should inform the European Securities Committee of those arrangements. In carrying out the coordination, competent authorities should consider the need to monitor the activities of investment firms effectively, so as to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market in the Community, the need for decisions to be based on a thorough </SPAN><NOBR>cost-benefit</NOBR> analysis, the need to ensure that transaction information is used only for the proper discharge of the functions of competent authorities and finally the need to have effective and accountable governance arrangements for any common system that might be considered necessary.</P>
<P class="p708 ft59"><SPAN class="ft64">(10)</SPAN><SPAN class="ft76">It is appropriate to set the criteria for determining when the operations of a regulated market are of substantial importance in a host Member State, and the consequences of that status in such a way as to avoid creating an obligation on a regulated market to deal with or be made subject to more than one competent authority where otherwise there would be no such obligation.</SPAN></P>
<P class="p709 ft59"><SPAN class="ft64">(11)</SPAN><SPAN class="ft76">ISO 10962 (Classification of financial instruments code) is an example of a uniform internationally accepted standard for financial instrument classification.</SPAN></P>
<P class="p707 ft99"><SPAN class="ft64">(12)</SPAN><SPAN class="ft129">If granting waivers in relation to </SPAN><NOBR>pre-trade</NOBR> transparency requirements, or authorising the deferral of <NOBR>post-trade</NOBR> transparency obligations, competent authorities should treat all regulated markets and MTFs equally and in a <NOBR>non-discriminatory</NOBR> manner, so that a waiver or deferral is granted either to all regulated markets and MTFs that they authorise under Directive 2004/39/EC, or to none. Competent authorities which grant the waivers or deferrals should not impose additional requirements.</P>
<P class="p710 ft59"><SPAN class="ft64">(13)</SPAN><SPAN class="ft76">It is appropriate to consider that a trading algorithm operated by a regulated market or MTF usually should seek to maximise the volume traded, but other trading algorithms should be possible.</SPAN></P>
<P class="p711 ft65"><SPAN class="ft64">(14)</SPAN><SPAN class="ft77">A waiver from </SPAN><NOBR>pre-trade</NOBR> transparency obligations arising under Articles 29 or 44 of Directive 2004/39/EC conferred by a competent authority should not enable investment firms to avoid such obligations in respect of those transactions in liquid shares which they conclude on a bilateral basis under the rules of a regulated market or an MTF where, if carried out outside the rules of the regulated market or MTF, those transactions would be subject to the requirements to publish quotes set out in Article 27 of that Directive.</P>
<P class="p712 ft99"><SPAN class="ft64">(15)</SPAN><SPAN class="ft129">An activity should be considered as having a material commercial role for an investment firm if the activity is a significant source of revenue, or a significant source of cost. An assessment of significance for these purposes should, in every case, take into account the extent to which the activity is conducted or organised separately, the monetary value of the activity, and its comparative significance by reference both to the overall business of the firm and to its overall activity in the market for the share</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t76">
<TR>
<TD class="tr24 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td33"><SPAN class="p165 ft59">4</SPAN> </TD>
<TD class="tr24 td32"><SPAN class="p166 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">100</P>
</DIV>
</DIV>
<DIV id="page_97">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37497x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p713 ft59">concerned in which the firm operates. It should be possible to consider an activity to be a significant source of revenue for a firm even if only one or two of the factors mentioned is relevant in a particular case.</P>
<P class="p714 ft59"><SPAN class="ft64">(16)</SPAN><SPAN class="ft76">Shares not traded daily should not be considered as having a liquid market for the purposes of Directive 2004/39/EC. However, if, for exceptional reasons, trading in a share is suspended for reasons related to the preservation of an orderly market or force majeure and therefore a share is not traded during some trading days, this should not mean that the share cannot be considered to have a liquid market.</SPAN></P>
<P class="p715 ft59"><SPAN class="ft64">(17)</SPAN><SPAN class="ft76">The requirement to make certain quotes, orders or transactions public pursuant to Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC and this Regulation should not prevent regulated markets and MTFs from requiring their members or participants to make public other such information.</SPAN></P>
<P class="p716 ft65"><SPAN class="ft64">(18)</SPAN><SPAN class="ft77">Information which is required to be made available as close to real time as possible should be made available as close to instantaneously as technically possible, assuming a reasonable level of efficiency and of expenditure on systems on the part of the person concerned. The information should only be published close to the three minute maximum limit in exceptional cases where the systems available do not allow for a publication in a shorter period of time.</SPAN></P>
<P class="p717 ft99"><SPAN class="ft64">(19)</SPAN><SPAN class="ft129">For the purposes of the provisions of this Regulation as to the admission to trading on a regulated market of a transferable security as defined in Article 4(1)(18)(c) of Directive 2004/39/EC, in the case of a security within the meaning of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on</SPAN></P>
<P class="p718 ft59">the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC<SPAN class="ft80">2</SPAN>, there should be considered to be sufficient information publicly available of a kind needed to value that financial instrument.</P>
<P class="p719 ft99"><SPAN class="ft128">(20)</SPAN><SPAN class="ft129">The admission to trading on a regulated market of units issued by undertakings for collective investment in transferable securities should not allow the avoidance of the relevant provisions of Council Directive 85/611/EEC of 20 December 1985 on the</SPAN></P>
<P class="p718 ft59">coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)<SPAN class="ft80">3</SPAN>, and in particular Articles 44 to 48 of that Directive.</P>
<P class="p720 ft99"><SPAN class="ft64">(21)</SPAN><SPAN class="ft129">A derivative contract should only be considered to be a financial instrument under Section C(7) of Annex I to Directive 2004/39/EC if it relates to a commodity and meets the criteria in this Regulation for determining whether a contract should be considered as having the characteristics of other derivative financial instruments and as not being for commercial purposes. A derivative contract should only be considered to be a financial instrument under Section C(10) of that Annex if it relates to an underlying specified in Section C(10) or in this Regulation and meets the criteria in</SPAN></P>
<P class="p721 ft68"><SPAN class="ft67">2</SPAN><SPAN class="ft130">OJ L 345, 31.12.2003, p. 64.</SPAN></P>
<P class="p722 ft68"><SPAN class="ft68">3</SPAN><SPAN class="ft131">OJ L 375, 31.12.1985, p.3. Directive as last amended by Directive 2005/1/EC (OJ L 79, 24.3.2005, p. 9).</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t77">
<TR>
<TD class="tr24 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td13"><SPAN class="p157 ft59">5</SPAN> </TD>
<TD class="tr24 td32"><SPAN class="p158 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">101</P>
</DIV>
</DIV>
<DIV id="page_98">
<DIV id="dimg1">
<INGENBILD zsrc="GUB37498x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p723 ft59">this Regulation for determining whether it should be considered as having the characteristics of other derivative financial instruments.</P>
<P class="p711 ft65"><SPAN class="ft64">(22)</SPAN><SPAN class="ft77">The exemptions in Directive 2004/39/EC that relate to dealing on own account or to dealing or providing other investment services in relation to commodity derivatives covered by Sections C(5), C(6) and C(7) of Annex I to that Directive or derivatives covered by Section C(10) of that Annex I could be expected to exclude significant numbers of commercial producers and consumers of energy and other commodities, including energy suppliers, commodity merchants and their subsidiaries from the scope of that Directive, and therefore such participants will not be required to apply the tests in this Regulation to determine if the contracts they deal in are financial instruments.</SPAN></P>
<P class="p712 ft99"><SPAN class="ft64">(23)</SPAN><SPAN class="ft129">In accordance with Section B(7) of Annex I to Directive 2004/39/EC, investment firms may exercise the freedom to provide ancillary services in a Member State other than their home Member State, by performing investment services and activities and ancillary services of the type included under Section A or B of that Annex related to the underlying of the derivatives included under Sections C(5), (6), (7) and (10) of that Annex, where these are connected to the provision of investment or ancillary services. On this basis, a firm performing investment services or activities, and connected trading in spot contracts, should be capable to take advantage of the freedom to provide ancillary services in respect of that connected trading.</SPAN></P>
<P class="p724 ft65"><SPAN class="ft64">(24)</SPAN><SPAN class="ft77">The definition of a commodity should not affect any other definition of that term in national legislation and other community legislation. The tests for determining whether a contract should be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes are only intended to be used for the purposes of determining whether contracts fall within Section C(7) or C(10) of Annex I to Directive 2004/39/EC.</SPAN></P>
<P class="p725 ft65"><SPAN class="ft64">(25)</SPAN><SPAN class="ft77">A derivative contract should be understood as relating to a commodity or to another factor where there is a direct link between that contract and the relevant underlying commodity or factor. A derivative contract on the price of a commodity should therefore be regarded as a derivative contract relating to the commodity, while a derivative contract on the transportation costs for the commodity should not be regarded as a derivative contract relating to the commodity. A derivative that relates to a commodity derivative, such as an option on a commodity future (a derivative relating to a derivative) would constitute an indirect investment in commodities and should therefore still be regarded as a commodity derivative for the purposes of Directive 2004/39/EC.</SPAN></P>
<P class="p726 ft59"><SPAN class="ft64">(26)</SPAN><SPAN class="ft76">The concept of commodity should not include services or other items that are not goods, such as currencies or rights in real estate, or that are entirely intangible.</SPAN></P>
<P class="p727 ft59"><SPAN class="ft64">(27)</SPAN><SPAN class="ft100">The Committee of European Securities Regulators, established by Commission Decision 2001/527/EC</SPAN><SPAN class="ft80">4 </SPAN>has been consulted for technical advice.</P>
<TABLE cellpadding=0 cellspacing=0 class="t78">
<TR>
<TD class="tr25 td29"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td30"><SPAN class="p31 ft67">4</SPAN> </TD>
<TD rowspan=2 class="tr12 td27"><SPAN class="p728 ft68">OJ L 191, 13.7.2001, p. 43</SPAN> </TD>
<TD class="tr25 td31"><SPAN class="p30 ft132"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td29"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td30"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td31"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr26 td29"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr26 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr26 td27"><SPAN class="p148 ft59">6</SPAN> </TD>
<TD class="tr26 td31"><SPAN class="p30 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">102</P>
</DIV>
</DIV>
<DIV id="page_99">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p729 ft59"><SPAN class="ft64">(28)</SPAN><SPAN class="ft76">The measures provided for in this Regulation are in accordance with the opinion of the European Securities Committee,</SPAN></P>
<P class="p730 ft59">HAS ADOPTED THIS REGULATION:</P>
<P class="p731 ft133">Chapter I</P>
<P class="p677 ft133">General</P>
<TABLE cellpadding=0 cellspacing=0 class="t79">
<TR>
<TD class="tr13 td47"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr13 td6"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr13 td2"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr13 td48"><SPAN class="p732 ft134">Article 1</SPAN> </TD>
</TR>
<TR>
<TD class="tr27 td47"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr27 td6"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr27 td2"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr27 td48"><SPAN class="p733 ft128"><NOBR>Subject-matter</NOBR> and scope</SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td47"><SPAN class="p734 ft64">1.</SPAN> </TD>
<TD class="tr6 td6"><SPAN class="p261 ft59">This Regulation</SPAN> </TD>
<TD class="tr6 td2"><SPAN class="p30 ft59">lays</SPAN> </TD>
<TD class="tr6 td48"><SPAN class="p31 ft59">down the detailed rules for the implementation of</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td47"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD colspan=3 class="tr25 td49"><SPAN class="p261 ft64">Articles 4(1)(2), 4(1)(7), 13(6), 25, 27, 28, 29, 30, 40, 44, 45, 56 and 58 of Directive</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td47"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td6"><SPAN class="p261 ft59">2004/39/EC.</SPAN> </TD>
<TD class="tr15 td2"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td48"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td47"><SPAN class="p734 ft64">2.</SPAN> </TD>
<TD class="tr6 td6"><SPAN class="p261 ft59">Articles 7 and 8</SPAN> </TD>
<TD class="tr6 td2"><SPAN class="p735 ft59">shall</SPAN> </TD>
<TD class="tr6 td48"><SPAN class="p34 ft59">apply to management companies in accordance with</SPAN> </TD>
</TR>
</TABLE>
<P class="p736 ft59">Article 5(4) of Directive 85/611/EEC.</P>
<P class="p737 ft134">Article 2</P>
<P class="p738 ft134">Definitions</P>
<P class="p678 ft59">For the purposes of this Regulation, the following definitions shall apply:</P>
<P class="p739 ft59"><SPAN class="ft64">(1)</SPAN><SPAN class="ft73">‘commodity’ means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity;</SPAN></P>
<P class="p740 ft59"><SPAN class="ft64">(2)</SPAN><SPAN class="ft73">‘issuer’ means an entity which issues transferable securities and, where appropriate, other financial instruments;</SPAN></P>
<P class="p294 ft59"><SPAN class="ft64">(3)</SPAN><SPAN class="ft73">‘Community issuer’ means an issuer which has its registered office in the Community;</SPAN></P>
<P class="p339 ft59"><SPAN class="ft64">(4)</SPAN><SPAN class="ft73">‘third country issuer’ means an issuer which is not a Community issuer;</SPAN></P>
<P class="p739 ft59"><SPAN class="ft64">(5)</SPAN><SPAN class="ft73">‘normal trading hours’ for a trading venue or an investment firm means those hours which the trading venue or investment firm establishes in advance and makes public as its trading hours;</SPAN></P>
<P class="p740 ft59"><SPAN class="ft64">(6)</SPAN><SPAN class="ft73">‘portfolio trade’ means a transaction in more than one security where those securities are grouped and traded as a single lot against a specific reference price;</SPAN></P>
<P class="p719 ft136"><SPAN class="ft64">(7)</SPAN><SPAN class="ft135">‘relevant competent authority’ for a financial instrument means the competent authority of the most relevant market in terms of liquidity for that financial instrument;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t12">
<TR>
<TD class="tr24 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td13"><SPAN class="p157 ft59">7</SPAN> </TD>
<TD class="tr24 td32"><SPAN class="p158 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">103</P>
</DIV>
</DIV>
<DIV id="page_100">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p741 ft59"><SPAN class="ft64">(8)</SPAN><SPAN class="ft73">‘trading venue’ means a regulated market, MTF or systematic internaliser acting in its capacity as such, and, where appropriate, a system outside the Community with similar functions to a regulated market or MTF;</SPAN></P>
<P class="p742 ft59"><SPAN class="ft64">(9)</SPAN><SPAN class="ft73">‘turnover’, in relation to a financial instrument, means the sum of the results of multiplying the number of units of that instrument exchanged between buyers and sellers in a defined period of time, pursuant to transactions taking place on a trading venue or otherwise, by the unit price applicable to each such transaction;</SPAN></P>
<P class="p743 ft59"><SPAN class="ft64">(10)</SPAN><SPAN class="ft76">‘securities financing transaction’ means an instance of stock lending or stock borrowing or the lending or borrowing of other financial instruments, a repurchase or reverse repurchase transaction, or a </SPAN><NOBR>buy-sell</NOBR> back or <NOBR>sell-buy</NOBR> back transaction.</P>
<P class="p744 ft134">Article 3</P>
<P class="p745 ft134">Transactions related to an individual share in a portfolio trade and volume weighted average price transactions</P>
<P class="p408 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">A transaction related to an individual share in a portfolio trade shall be considered, for the purposes of Article 18(1)(b)(ii), as a transaction subject to conditions other than the current market price.</SPAN></P>
<P class="p746 ft59">It shall also be considered, for the purposes of Article 27(1)(b), as a transaction where the exchange of shares is determined by factors other than the current market valuation of the share.</P>
<P class="p319 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">A volume weighted average price transaction shall be considered, for the purposes of Article 18(1)(b)(ii), as a transaction subject to conditions other than the current market price and, for the purposes of Article 25, as an order subject to conditions other than the current market price.</SPAN></P>
<P class="p308 ft59">It shall also be considered, for the purposes of Article 27(1)(b), as a transaction where the exchange of shares is determined by factors other than the current market valuation of the share.</P>
<P class="p744 ft134">Article 4</P>
<P class="p738 ft134">References to trading day</P>
<P class="p304 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">A reference to a trading day in relation to a trading venue, or in relation to </SPAN><NOBR>post-trade</NOBR> information to be made public under Article 30 or 45 of Directive 2004/39/EC in relation to a share, shall be a reference to any day during which the trading venue concerned is open for trading.</P>
<P class="p308 ft59">A reference to the opening of the trading day shall be a reference to the commencement of the normal trading hours of the trading venue.</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td33"><SPAN class="p165 ft59">8</SPAN> </TD>
<TD class="tr24 td32"><SPAN class="p166 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">104</P>
</DIV>
</DIV>
<DIV id="page_101">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t6">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p747 ft59">A reference to noon on the trading day shall be a reference to noon in the time zone where the trading venue is established.</P>
<P class="p748 ft59">A reference to the end of the trading day shall be a reference to the end of its normal trading hours.</P>
<P class="p749 ft59"><SPAN class="ft59">2.</SPAN><SPAN class="ft95">A reference to a trading day in relation to the most relevant market in terms of liquidity for a share, or in relation to </SPAN><NOBR>post-trade</NOBR> information to be made public under Article 28 of Directive 2004/39/EC in relation to a share, shall be a reference to any day of normal trading on trading venues in that market.</P>
<P class="p750 ft59">A reference to the opening of the trading day shall be a reference to the earliest commencement of normal trading in that share on trading venues in that market.</P>
<P class="p751 ft59">A reference to noon on the trading day shall be a reference to noon in the time zone of that market.</P>
<P class="p752 ft59">A reference to the end of the trading day shall be a reference to the latest cessation of normal trading in that share on trading venues in that market.</P>
<P class="p749 ft59"><SPAN class="ft59">3.</SPAN><SPAN class="ft95">A reference to a trading day in relation to a spot contract, within the meaning of Article 38(2), shall be a reference to any day of normal trading of that contract on trading venues.</SPAN></P>
<P class="p753 ft134">Article 5</P>
<P class="p553 ft134">References to transaction</P>
<P class="p754 ft59">For the purposes of this Regulation, a reference to a transaction is a reference only to the purchase and sale of a financial instrument. For the purposes of this Regulation, other than Chapter II, the purchase and sale of a financial instrument does not include any of the following:</P>
<P class="p755 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft89">securities financing transactions;</SPAN></P>
<P class="p98 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">the exercise of options or of covered warrants;</SPAN></P>
<P class="p756 ft64"><SPAN class="ft59">(c)</SPAN><SPAN class="ft93">primary market transactions (such as issuance, allotment or subscription) in financial instruments falling within Article 4(1)(18)(a) and (b) of Directive 2004/39/EC</SPAN></P>
<P class="p757 ft134">Article 6</P>
<P class="p758 ft134">First admission to trading of a share on a regulated market</P>
<P class="p754 ft59">For the purposes of this Regulation, the first admission to trading of a share on a regulated market referred to in Article 40 of Directive 2004/39/EC shall be considered to take place at a time when one of the following conditions applies:</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p276 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft89">the share has not previously been admitted to trading on a regulated market;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t81">
<TR>
<TD class="tr24 td32"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td50"><SPAN class="p31 ft59">9</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2_2">
<P class="p0 ft70">EN</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p0 ft18">105</P>
</DIV>
</DIV>
<DIV id="page_102">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p759 ft64"><SPAN class="ft59">(b)</SPAN><SPAN class="ft137">the share has previously been admitted to trading on a regulated market but the share is removed from trading on every regulated market which has so admitted it.</SPAN></P>
<P class="p760 ft133">Chapter II</P>
<P class="p761 ft133"><NOBR>Record-keeping:</NOBR> client orders and transactions</P>
<P class="p762 ft134">Article 7</P>
<P class="p763 ft134">(Article 13(6) of Directive 2004/39/EC)</P>
<P class="p418 ft134"><NOBR>Record-keeping</NOBR> of client orders and decisions to deal</P>
<P class="p764 ft59">An investment firm shall, in relation to every order received from a client, and in relation to every decision to deal taken in providing the service of portfolio management, immediately make a record of the following details, to the extent they are applicable to the order or decision to deal in question:</P>
<P class="p765 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft89">the name or other designation of the client;</SPAN></P>
<P class="p766 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft122">the name or other designation of any relevant person acting on behalf of the client;</SPAN></P>
<P class="p325 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft89">the details specified in point 4, 6, and in points 16 to 19, of Table 1 of Annex I;</SPAN></P>
<P class="p325 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft122">the nature of the order if other than buy or sell;</SPAN></P>
<P class="p766 ft59"><SPAN class="ft64">(e)</SPAN><SPAN class="ft89">the type of the order;</SPAN></P>
<P class="p304 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft104">any other details, conditions and particular instructions from the client that specify how the order must be carried out;</SPAN></P>
<P class="p408 ft59"><SPAN class="ft59">(g)</SPAN><SPAN class="ft122">the date and exact time of the receipt of the order, or of the decision to deal, by the investment firm.</SPAN></P>
<P class="p348 ft134">Article 8</P>
<P class="p527 ft134">(Article 13(6) of Directive 2004/39/EC)</P>
<P class="p645 ft134"><NOBR>Record-keeping</NOBR> of transactions</P>
<P class="p529 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">Immediately after executing a client order, or, in the case of investment firms that transmit orders to another person for execution, immediately after receiving confirmation that an order has been executed, investment firms shall record the following details of the transaction in question:</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t40">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">10</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">106</P>
</DIV>
</DIV>
<DIV id="page_103">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p767 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the name or other designation of the client;</SPAN></P>
<P class="p273 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the details specified in points 2, 3, 4, 6, and in points 16 to 21, of Table 1 of Annex I;</SPAN></P>
<P class="p272 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the total price, being the product of the unit price and the quantity;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft76">the nature of the transaction if other than buy or sell;</SPAN></P>
<P class="p768 ft59"><SPAN class="ft64">(e)</SPAN><SPAN class="ft76">the natural person who executed the transaction or who is responsible for the execution.</SPAN></P>
<P class="p769 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">If an investment firm transmits an order to another person for execution, the investment firm shall immediately record the following details after making the transmission:</SPAN></P>
<P class="p515 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the name or other designation of the client whose order has been transmitted;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the name or other designation of the person to whom the order was transmitted;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the terms of the order transmitted;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft76">the date and exact time of transmission.</SPAN></P>
<P class="p770 ft133">Chapter III</P>
<P class="p771 ft133">Transaction reporting</P>
<P class="p772 ft134">Article 9</P>
<P class="p335 ft134">(Second subparagraph of Article 25(3) of Directive 2004/39/EC)</P>
<P class="p773 ft134">Determination of the most relevant market in terms of liquidity</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">The most relevant market in terms of liquidity for a financial instrument which is admitted to trading on a regulated market, hereinafter ‘the most relevant market’, shall be determined in accordance with paragraphs 2 to 8.</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">In the case of a share or other transferable security covered by Article 4(1)(18)(a) of Directive 2004/39/EC or of a unit in a collective investment undertaking, the most relevant market shall be the Member State where the share or the unit was first admitted to trading on a regulated market.</SPAN></P>
<P class="p774 ft136"><SPAN class="ft64">3.</SPAN><SPAN class="ft138">In the case of a bond or other transferable security covered by Article 4(1)(18)(b) of Directive 2004/39/EC or of a money market instrument which, in either case, is</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">11</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">107</P>
</DIV>
</DIV>
<DIV id="page_104">
<DIV id="dimg1">
<INGENBILD zsrc="GUB374104x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p775 ft59">issued by a subsidiary, within the meaning of Seventh Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts<SPAN class="ft80">5</SPAN>, of an entity which has its registered office in a Member State, the most relevant market shall be the Member State where the registered office of the parent entity is situated.</P>
<P class="p776 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft105">In the case of a bond or other transferable security covered by Article 4(1)(18)(b) of Directive 2004/39/EC or of a money market instrument which, in either case, is issued by a Community issuer and which is not covered by paragraph 3 of this Article, the most relevant market shall be the Member State where the registered office of the issuer is situated.</SPAN></P>
<P class="p777 ft59"><SPAN class="ft64">5.</SPAN><SPAN class="ft95">In the case of a bond or other transferable security covered by Article 4(1)(18)(b) of Directive 2004/39/EC or a money market instrument which, in either case, is issued by a third country issuer and which is not covered by paragraph 3 of this Article, the most relevant market shall be the Member State where that security was first admitted to trading on a regulated market.</SPAN></P>
<P class="p776 ft59"><SPAN class="ft64">6.</SPAN><SPAN class="ft95">In the case of a derivative contract or a financial contract for differences or a transferable security covered by Article 4(1)(18)(c) of Directive 2004/39/EC, the most relevant market shall be:</SPAN></P>
<P class="p778 ft99"><SPAN class="ft64">(a)</SPAN><SPAN class="ft117">where the underlying security is a share or other transferable security covered by Article 4(1)(18)(a) of Directive 2004/39/EC which is admitted to trading on a regulated market, the Member State deemed to be the most relevant market in terms of liquidity for the underlying security, in accordance with paragraph 2;</SPAN></P>
<P class="p393 ft65"><SPAN class="ft65">(b)</SPAN><SPAN class="ft108">where the underlying security is a bond or other transferable security covered by Article 4(1)(18)(b) of Directive 2004/39/EC or a money market instrument which is admitted to trading on a regulated market, the Member State deemed to be the most relevant market in terms of liquidity for that underlying security, in accordance with paragraphs 3, 4 or 5;</SPAN></P>
<P class="p779 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">where the underlying is an index composed of shares all of which are traded on a particular regulated market, the Member State where that regulated market is situated.</SPAN></P>
<P class="p780 ft99"><SPAN class="ft64">7.</SPAN><SPAN class="ft120">In any case not covered by paragraphs 2 to 6, the most relevant market shall be the Member State where the regulated market that first admitted the transferable security or derivative contract or financial contract for differences to trading is located.</SPAN></P>
<P class="p781 ft65"><SPAN class="ft64">8.</SPAN><SPAN class="ft105">Where a financial instrument covered by paragraphs 2, 5 or 7, or the underlying financial instrument of a financial instrument covered by paragraph 6 to which one of paragraphs 2, 5 or 7 is relevant, was first admitted to trading on more than one regulated market simultaneously, and all those regulated markets share the same home Member State, that Member State shall be the most relevant market.</SPAN></P>
<P class="p782 ft59">Where the regulated markets concerned do not share the same home Member State, the most relevant market in terms of liquidity for that instrument shall be the market where the turnover of that instrument is highest.</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr25 td29"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td30"><SPAN class="p31 ft67">5</SPAN> </TD>
<TD rowspan=2 class="tr12 td27"><SPAN class="p783 ft68">OJ L 193 , 18.07.1983, p. 1.</SPAN> </TD>
<TD class="tr25 td31"><SPAN class="p30 ft132"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td29"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td30"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td31"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr26 td29"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr26 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr26 td27"><SPAN class="p784 ft59">12</SPAN> </TD>
<TD class="tr26 td31"><SPAN class="p30 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">108</P>
</DIV>
</DIV>
<DIV id="page_105">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p785 ft65">For the purposes of determining the most relevant market where the turnover of the instrument is highest, each competent authority that has authorised one of the regulated markets concerned shall calculate the turnover for that instrument in its respective market for the previous calendar year, provided that the instrument was admitted to trading at the beginning of that year.</P>
<P class="p786 ft59">Where the turnover for the relevant financial instrument cannot be calculated by reason of insufficient or <NOBR>non-existent</NOBR> data and the issuer has its registered office in a Member State, the most relevant market shall be the market of the Member State where the registered office of the issuer is situated.</P>
<P class="p787 ft65">However, where issuer does not have its registered office in a Member State, the most relevant market for that instrument shall be the market where the turnover of the relevant instrument class is the highest. For the purposes of determining that market, each competent authority that has authorised one of the regulated markets concerned shall calculate the turnover for the instruments of the same class in its respective market for the preceding calendar year.</P>
<P class="p788 ft59">The relevant classes of financial instrument are the following:</P>
<P class="p516 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">shares;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">bonds or other forms of securitised debt;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">any other financial instruments.</SPAN></P>
<P class="p402 ft134">Article 10</P>
<P class="p789 ft134">(second subparagraph of Article 25(3) of Directive 2004/39/EC)</P>
<P class="p790 ft134">Alternative determination of most relevant market in terms of liquidity</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">A competent authority may, in January every year, notify the relevant competent authority for a particular financial instrument that it intends to contest the determination, made in accordance with Article 9, of the most relevant market for that instrument.</SPAN></P>
<P class="p315 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Within four weeks of the sending of the notification, both authorities shall calculate the turnover for that financial instrument in their respective markets over the period of the previous calendar year.</SPAN></P>
<P class="p787 ft65">If the results of that calculation indicate that the turnover is higher in the market of the contesting competent authority, that market shall be the most relevant market for that financial instrument. Where that financial instrument is of a type specified in Article 9(6)(a) or (b), that market shall also be the most relevant market for any derivative contract or financial contract for differences or transferable security which is covered by Article 4(1)(18)(c) of Directive 2004/39/EC and in respect of which that financial instrument is the underlying.</P>
<TABLE cellpadding=0 cellspacing=0 class="t84">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">13</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">109</P>
</DIV>
</DIV>
<DIV id="page_106">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p791 ft134">Article 11</P>
<P class="p527 ft134">(Article 25(3) of Directive 2004/39/EC)</P>
<P class="p673 ft134">List of financial instruments</P>
<P class="p792 ft65">The relevant competent authority for one or more financial instruments shall ensure that there is established and maintained an updated list of those financial instruments. That list shall be made available to the single competent authority designated as a contact point by each Member State in accordance with Article 56 of Directive 2004/39/EC. That list shall be made available for the first time on the first trading day in June 2007.</P>
<P class="p793 ft99">In order to assist competent authorities to comply with the first <NOBR>sub-paragraph,</NOBR> each regulated market shall submit identifying reference data on each financial instrument admitted to trading in an electronic and standardised format to its home competent authority. This information shall be submitted for each financial instrument before trading commences in that particular instrument. The home competent authority shall ensure the data is transmitted to the relevant competent authority for the financial instrument concerned. The reference data shall be updated whenever there are changes to the data with respect to an instrument. The requirements in this <NOBR>sub-paragraph</NOBR> may be waived if the relevant competent authority for that financial instrument obtains the relevant reference data by other means.</P>
<P class="p410 ft134">Article 12</P>
<P class="p527 ft134">(Article 25(5) of Directive 2004/39/EC)</P>
<P class="p794 ft134">Reporting channels</P>
<P class="p630 ft99"><SPAN class="ft64">1.</SPAN><SPAN class="ft120">The reports of transactions in financial instruments shall be made in an electronic form except under exceptional circumstances, when they may be made in a medium which allows for the storing of the information in a way accessible for future reference by the competent authorities other than an electronic form, and the methods by which those reports are made shall satisfy the following conditions:</SPAN></P>
<P class="p259 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">they ensure the security and confidentiality of the data reported;</SPAN></P>
<P class="p525 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">they incorporate mechanisms for identifying and correcting errors in a transaction report;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">they incorporate mechanisms for authenticating the source of the transaction report;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">they include appropriate precautionary measures to enable the timely resumption of reporting in the case of system failure;</SPAN></P>
<P class="p307 ft59"><SPAN class="ft59">(e)</SPAN><SPAN class="ft90">they are capable of reporting the information required under Article 13 in the format required by the competent authority and in accordance with this</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t85">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">14</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">110</P>
</DIV>
</DIV>
<DIV id="page_107">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p795 ft59">paragraph, within the <NOBR>time-limits</NOBR> set out in Article 25(3) of Directive 2004/39/EC.</P>
<P class="p500 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">A </SPAN><NOBR>trade-matching</NOBR> or reporting system shall be approved by the competent authority for the purposes of Article 25(5) of Directive 2004/39/EC if the arrangements for reporting transactions established by that system comply with paragraph 1 of this Article and are subject to monitoring by a competent authority in respect of their continuing compliance.</P>
<P class="p796 ft134">Article 13</P>
<P class="p531 ft134">(Article 25(3) and (5) of Directive 2004/39/EC)</P>
<P class="p797 ft134">Content of the transaction report</P>
<P class="p332 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">The reports of transactions referred to in Article 25(3) and (5) of Directive 2004/39/EC shall contain the information specified in Table 1 of Annex I to this Regulation which is relevant to the type of financial instrument in question and which the competent authority declares is not already in its possession or is not available to it by other means.</SPAN></P>
<P class="p269 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">For the purposes of the identification of a counterparty to the transaction which is a regulated market, an MTF or other central counterparty, as specified in Table 1 of Annex I, each competent authority shall make publicly available a list of identification codes of the regulated markets and MTFs for which, in each case, it is the competent authority of the home Member State, and of any entities which act as central counterparties for such regulated markets and MTFs.</SPAN></P>
<P class="p500 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">Member States may require reports made in accordance with Article 25(3) and (5) of Directive 2004/39/EC to contain information related to the transactions in question which is additional to that specified in Table 1 of Annex I where that information is necessary to enable the competent authority to monitor the activities of investment firms to ensure that they act honestly, fairly and professionally and in a manner that promotes the integrity of the market, and provided that one of the following criteria is met:</SPAN></P>
<P class="p385 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the financial instrument which is the subject of the report has characteristics which are specific to an instrument of that kind and which are not covered by the information items specified in that table;</SPAN></P>
<P class="p384 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">trading methods which are specific to the trading venue where the transaction took place involve features which are not covered by the information items specified in that table.</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">Member States may also require a report of a transaction made in accordance with Article 25(3) and (5) of Directive 2004/39/EC to identify the clients on whose behalf the investment firm has executed that transaction.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t20">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">15</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">111</P>
</DIV>
</DIV>
<DIV id="page_108">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p791 ft134">Article 14</P>
<P class="p411 ft134">(Article 25(3) and (5) of Directive 2004/39/EC)</P>
<P class="p798 ft134">Exchange of information on transactions</P>
<P class="p304 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">The competent authorities shall establish arrangements designed to ensure that the information received in accordance with Article 25(3) and (5) of Directive 2004/39/EC is made available to the following:</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the relevant competent authority for the financial instrument in question;</SPAN></P>
<P class="p619 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">in the case of branches, the competent authority that has authorised the investment firm providing the information, without prejudice to its right not to receive this information in accordance with Article 25(6) of Directive 2004/39/EC;</SPAN></P>
<P class="p799 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">any other competent authority that requests the information for the proper discharge of its supervisory duties under Article 25(1) of Directive 2004/39/EC.</SPAN></P>
<P class="p319 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">The information to be made available in accordance with paragraph 1 shall contain the information items described in Tables 1 and 2 of Annex I.</SPAN></P>
<P class="p408 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">The information referred to in paragraph 1 shall be made available as soon as possible.</SPAN></P>
<P class="p800 ft59">With effect from 1 November 2008 that information shall be made available no later than the close of the next working day of the competent authority that received the information or the request following the day on which the competent authority has received the information or the request.</P>
<P class="p765 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">The competent authorities shall coordinate the following:</SPAN></P>
<P class="p525 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the design and establishment of arrangements for the exchange of transaction information between the competent authorities as required by Directive 2004/39/EC and this Regulation;</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">any future upgrading of the arrangements.</SPAN></P>
<P class="p529 ft59"><SPAN class="ft64">5.</SPAN><SPAN class="ft95">Before 1 February 2007, the competent authorities shall report to the Commission, which shall inform the European Securities Committee, on the design of the arrangements to be established in accordance with paragraph 1.</SPAN></P>
<P class="p746 ft59">They shall also report to the Commission, which shall inform the European Securities Committee, whenever significant changes to those arrangements are proposed.</P>
<TABLE cellpadding=0 cellspacing=0 class="t86">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">16</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">112</P>
</DIV>
</DIV>
<DIV id="page_109">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p801 ft134">Article 15</P>
<P class="p313 ft134">(Article 58(1) of Directive 2004/39/EC)</P>
<P class="p561 ft134">Request for cooperation and exchange of information</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Where a competent authority wishes another competent authority to supply or exchange information in accordance with Article 58(1) of Directive 2004/39/EC, it shall submit a written request to that competent authority containing sufficient detail to enable it to provide the information requested.</SPAN></P>
<P class="p802 ft59">However, in a case of urgency, the request may be transmitted orally provided that it is confirmed in writing.</P>
<P class="p482 ft59">The competent authority which receives a request shall acknowledge receipt as soon as practicable.</P>
<P class="p332 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Where the information requested under paragraph 1 is internally available to the competent authority that receives the request, that authority shall transmit the requested information without delay to the competent authority which made the request.</SPAN></P>
<P class="p803 ft59">However, if the competent authority that receives the request does not possess or control the information requested, it shall immediately take the necessary steps to obtain that information and to comply fully with the request. That competent authority shall also inform the competent authority that made the request of the reasons for not sending immediately the information requested.</P>
<P class="p804 ft134">Article 16</P>
<P class="p313 ft134">(Article 56(2) of Directive 2004/39/EC)</P>
<P class="p805 ft134">Determination of the substantial importance of a regulated market’s operations in a host Member State</P>
<P class="p806 ft59">The operations of a regulated market in a host Member State shall be considered to be of substantial importance for the functioning of the securities markets and the protection of investors in that host State where one of the following criteria is met:</P>
<P class="p532 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">the host Member State has formerly been the home Member State of the regulated market in question;</SPAN></P>
<P class="p769 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">the regulated market in question has acquired through merger, takeover, or any other form of transfer the business of a regulated market which had its registered office or head office in the host Member State.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t87">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">17</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">113</P>
</DIV>
</DIV>
<DIV id="page_110">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p807 ft133">Chapter IV</P>
<P class="p808 ft133">Market transparency</P>
<P class="p809 ft140"><SPAN class="ft139">S</SPAN>ECTION <SPAN class="ft139">1</SPAN></P>
<P class="p810 ft140"><NOBR><SPAN class="ft139">P</SPAN>RE<SPAN class="ft139">-</SPAN>TRADE</NOBR> TRANSPARENCY FOR REGULATED MARKETS AND <SPAN class="ft139">MTF</SPAN>S</P>
<P class="p811 ft134">Article 17</P>
<P class="p771 ft134">(Articles 29 and 44 of Directive 2004/39/EC)</P>
<P class="p812 ft134"><NOBR>Pre-trade</NOBR> transparency obligations</P>
<P class="p651 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">An investment firm or market operator operating an MTF or a regulated market shall, in respect of each share admitted to trading on a regulated market that is traded within a system operated by it and specified in Table 1 of Annex II, make public the information set out in paragraphs 2 to 6.</SPAN></P>
<P class="p282 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Where one of the entities referred to in paragraph 1 operates a continuous auction order book trading system, it shall, for each share as specified in paragraph 1, make public continuously throughout its normal trading hours the aggregate number of orders and of the shares those orders represent at each price level, for the five best bid and offer price levels.</SPAN></P>
<P class="p813 ft99"><SPAN class="ft64">3.</SPAN><SPAN class="ft98">Where one of the entities referred to in paragraph 1 operates a </SPAN><NOBR>quote-driven</NOBR> trading system, it shall, for each share as specified in paragraph 1, make public continuously throughout its normal trading hours the best bid and offer by price of each market maker in that share, together with the volumes attaching to those prices.</P>
<P class="p814 ft59">The quotes made public shall be those that represent binding commitments to buy and sell the shares and which indicate the price and volume of shares in which the registered market makers are prepared to buy or sell.</P>
<P class="p815 ft59">In exceptional market conditions, however, indicative or <NOBR>one-way</NOBR> prices may be allowed for a limited time.</P>
<P class="p816 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft86">Where one of the entities referred to in paragraph 1 operates a periodic auction trading system, it shall, for each share specified in paragraph 1, make public continuously throughout its normal trading hours the price that would best satisfy the system’s trading algorithm and the volume that would potentially be executable at that price by participants in that system.</SPAN></P>
<P class="p291 ft136"><SPAN class="ft64">5.</SPAN><SPAN class="ft138">Where one of the entities referred to in paragraph 1 operates a trading system which is not wholly covered by paragraph 2 or 3 or 4, either because it is a hybrid system</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t88">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">18</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">114</P>
</DIV>
</DIV>
<DIV id="page_111">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p785 ft65">falling under more than one of those paragraphs or because the price determination process is of a different nature, it shall maintain a standard of <NOBR>pre-trade</NOBR> transparency that ensures that adequate information is made public as to the price level of orders or quotes for each share specified in paragraph 1, as well as the level of trading interest in that share.</P>
<P class="p786 ft59">In particular, the five best bid and offer price levels and/or <NOBR>two-way</NOBR> quotes of each market maker in that share shall be made public, if the characteristics of the price discovery mechanism permit it.</P>
<P class="p500 ft59"><SPAN class="ft64">6.</SPAN><SPAN class="ft85">A summary of the information to be made public in accordance with paragraphs 2 to 5 is specified in Table 1 of Annex II.</SPAN></P>
<P class="p441 ft134">Article 18</P>
<P class="p458 ft134">(Articles 29(2) and 44(2) of Directive 2004/39/EC)</P>
<P class="p789 ft134">Waivers based on market model and type of order or transaction</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Waivers in accordance with Article 29(2) and 44(2) of Directive 2004/39/EC may be granted by the competent authorities for systems operated by an MTF or a regulated market, if those systems satisfy one of the following criteria:</SPAN></P>
<P class="p492 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">they must be based on a trading methodology by which the price is determined in accordance with a reference price generated by another system, where that reference price is widely published and is regarded generally by market participants as a reliable reference price;</SPAN></P>
<P class="p317 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">they formalise negotiated transactions, each of which meets one of the following criteria:</SPAN></P>
<P class="p817 ft99"><SPAN class="ft64">(i)</SPAN><SPAN class="ft141">it is made at or within the current volume weighted spread reflected on the order book or the quotes of the market makers of the regulated market or MTF operating that system or, where the share is not traded continuously, within a percentage of a suitable reference price, being a percentage and a reference price set in advance by the system operator;</SPAN></P>
<P class="p363 ft59"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft102">it is subject to conditions other than the current market price of the share.</SPAN></P>
<P class="p818 ft136">For the purposes of point (b), the other conditions specified in the rules of the regulated market or MTF for a transaction of this kind must also have been fulfilled.</P>
<P class="p819 ft59">In the case of systems having functionality other than as described in points (a) or (b), the waiver shall not apply to that other functionality.</P>
<P class="p332 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Waivers in accordance with Articles 29(2) and 44(2) of Directive 2004/39/EC based on the type of orders may be granted only in relation to orders held in an order management facility maintained by the regulated market or the MTF pending their being disclosed to the market.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t66">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">19</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">115</P>
</DIV>
</DIV>
<DIV id="page_112">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p791 ft134">Article 19</P>
<P class="p820 ft134">(Articles 29(2) and 44(2) of Directive 2004/39/EC)</P>
<P class="p821 ft134">References to negotiated transaction</P>
<P class="p764 ft59">For the purpose of Article 17(1)(b) a negotiated transaction shall mean a transaction involving members or participants of a regulated market or an MTF which is negotiated privately but executed within the regulated market or MTF and where that member or participant in doing so undertakes one of the following tasks:</P>
<P class="p822 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft89">dealing on own account with another member or participant who acts for the account of a client;</SPAN></P>
<P class="p408 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft122">dealing with another member or participant, where both are executing orders on own account;</SPAN></P>
<P class="p823 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft89">acting for the account of both the buyer and seller;</SPAN></P>
<P class="p304 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft122">acting for the account of the buyer, where another member or participant acts for the account of the seller;</SPAN></P>
<P class="p823 ft59"><SPAN class="ft64">(e)</SPAN><SPAN class="ft89">trading for own account against a client order.</SPAN></P>
<P class="p824 ft134">Article 20</P>
<P class="p758 ft134">(Articles 29(2) and 44(2), and fifth subparagraph of Article 27(1) of Directive 2004/39/EC)</P>
<P class="p825 ft134">Waivers in relation to transactions which are large in scale</P>
<P class="p450 ft65">An order shall be considered to be large in scale compared with normal market size if it is equal to or larger than the minimum size of order specified in Table 2 in Annex II. For the purposes of determining whether an order is large in scale compared to normal market size, all shares admitted to trading on a regulated market shall be classified in accordance with their average daily turnover, which shall be calculated in accordance with the procedure set out in Article 33.</P>
<TABLE cellpadding=0 cellspacing=0 class="t89">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">20</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">116</P>
</DIV>
</DIV>
<DIV id="page_113">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p826 ft140"><SPAN class="ft139">S</SPAN>ECTION <SPAN class="ft139">2</SPAN></P>
<P class="p827 ft140"><NOBR><SPAN class="ft139">P</SPAN>RE<SPAN class="ft139">-</SPAN>TRADE</NOBR> TRANSPARENCY FOR SYSTEMATIC INTERNALISERS</P>
<P class="p828 ft134">Article 21</P>
<P class="p829 ft134">(Article 4(1)(7) of Directive 2004/39/EC)</P>
<P class="p830 ft134">Criteria for determining whether an investment firm is a systematic internaliser</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Where an investment firm deals on own account by executing client orders outside a regulated market or an MTF, it shall be treated as a systematic internaliser if it meets the following criteria indicating that it performs that activity on an organised, frequent and systematic basis:</SPAN></P>
<P class="p317 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the activity has a material commercial role for the firm, and is carried on in accordance with </SPAN><NOBR>non-discretionary</NOBR> rules and procedures;</P>
<P class="p264 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the activity is carried on by personnel, or by means of an automated technical system, assigned to that purpose, irrespective of whether those personnel or that system are used exclusively for that purpose;</SPAN></P>
<P class="p436 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the activity is available to clients on a regular or continuous basis.</SPAN></P>
<P class="p500 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">An investment firm shall cease to be a systematic internaliser in one or more shares if it ceases to carry on the activity specified in paragraph 1 in respect of those shares, provided that it has announced in advance that it intends to cease that activity using the same publication channels for that announcement as it uses to publish its quotes or, where that is not possible, using a channel which is equally accessible to its clients and other market participants.</SPAN></P>
<P class="p311 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">The activity of dealing on own account by executing client orders shall not be treated as performed on an organised, frequent and systematic basis where the following conditions apply:</SPAN></P>
<P class="p384 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the activity is performed on an </SPAN><SPAN class="ft134">ad hoc </SPAN>and irregular bilateral basis with wholesale counterparties as part of business relationships which are themselves characterised by dealings above standard market size;</P>
<P class="p492 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the transactions are carried out outside the systems habitually used by the firm concerned for any business that it carries out in the capacity of a systematic internaliser.</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">Each competent authority shall ensure the maintenance and publication of a list of all systematic internalisers, in respect of shares admitted to trading on a regulated market, which it has authorised as investment firms.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t72">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">21</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">117</P>
</DIV>
</DIV>
<DIV id="page_114">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p831 ft59">It shall ensure that the list is current by reviewing it at least annually.</P>
<P class="p832 ft59">The list shall be made available to the Committee of European Securities Regulators.</P>
<P class="p833 ft59">It shall be considered as published when it is published by the Committee of</P>
<P class="p833 ft59">European Securities Regulators in accordance with Article 34(5).</P>
<P class="p526 ft134">Article 22</P>
<P class="p834 ft134">(Article 27 of Directive 2004/39/EC)</P>
<P class="p250 ft134">Determination of liquid shares</P>
<P class="p529 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">A share admitted to trading on a regulated market shall be considered to have a liquid market if the share is traded daily, with a free float not less than EUR 500 million, and one of the following conditions is satisfied:</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the average daily number of transactions in the share is not less than 500;</SPAN></P>
<P class="p259 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the average daily turnover for the share is not less than EUR 2 million.</SPAN></P>
<P class="p835 ft59">However, a Member State may, in respect of shares for which it is the most relevant market, specify by notice that both of those conditions are to apply. That notice shall be made public.</P>
<P class="p319 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">A Member State may specify the minimum number of liquid shares for that Member State. The minimum number shall be no greater than 5. The specification shall be made public.</SPAN></P>
<P class="p609 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft105">Where, pursuant to paragraph 1, a Member State would be the most relevant market for fewer liquid shares than the minimum number specified in accordance with paragraph 2, the competent authority for that Member State may designate one or more additional liquid shares, provided that the total number of shares which are considered in consequence to be liquid shares for which that Member State is the most relevant market does not exceed the minimum number specified by that Member State.</SPAN></P>
<P class="p836 ft59">The competent authority shall designate the additional liquid shares successively in decreasing order of average daily turnover from among the shares for which it is the relevant competent authority that are admitted to trading on a regulated market and are traded daily.</P>
<P class="p822 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">For the purposes of the first subparagraph of paragraph 1, the calculation of the free float of a share shall exclude holdings exceeding 5% of the total voting rights of the issuer, unless such a holding is held by a collective investment undertaking or a pension fund.</SPAN></P>
<P class="p321 ft59">Voting rights shall be calculated on the basis of all the shares to which voting rights are attached, even if the exercise of such a right is suspended.</P>
<TABLE cellpadding=0 cellspacing=0 class="t90">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">22</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">118</P>
</DIV>
</DIV>
<DIV id="page_115">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p837 ft65"><SPAN class="ft64">5.</SPAN><SPAN class="ft86">A share shall not be considered to have a liquid market for the purposes of Article 27 of Directive 2004/39/EC until six weeks after its first admission to trading on a regulated market, if the estimate of the total market capitalisation for that share at the start of the first day’s trading after that admission, provided in accordance with Article 33(3), is less than EUR 500 million.</SPAN></P>
<P class="p310 ft59"><SPAN class="ft64">6.</SPAN><SPAN class="ft85">Each competent authority shall ensure the maintenance and publication of a list of all liquid shares for which it is the relevant competent authority.</SPAN></P>
<P class="p272 ft59">It shall ensure that the list is current by reviewing it at least annually.</P>
<P class="p419 ft59">The list shall be made available to the Committee of European Securities Regulators. It shall be considered as published when it is published by the Committee of European Securities Regulators in accordance with Article 34(5).</P>
<P class="p596 ft134">Article 23</P>
<P class="p838 ft134">(fourth subparagraph of Article 27(1) of Directive 2004/39/EC)</P>
<P class="p342 ft134">Standard market size</P>
<P class="p839 ft59">In order to determine the standard market size for liquid shares, those shares shall be grouped into classes in terms of the average value of orders executed in accordance with Table 3 in Annex II.</P>
<P class="p596 ft134">Article 24</P>
<P class="p313 ft134">(Article 27(1) of Directive 2004/39/EC)</P>
<P class="p506 ft134">Quotes reflecting prevailing market conditions</P>
<P class="p840 ft59">A systematic internaliser shall, for each liquid share for which it is a systematic internaliser, maintain the following:</P>
<P class="p332 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">a quote or quotes which are close in price to comparable quotes for the same share in other trading venues;</SPAN></P>
<P class="p332 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">a record of its quoted prices, which it shall retain for a period of 12 months or such longer period as it considers appropriate.</SPAN></P>
<P class="p841 ft136">The obligation laid down in point (b) is without prejudice to the obligation of the investment firm under Article 25(2) of Directive 2004/39/EC to keep at the disposal of the competent authority for at least 5 years the relevant data relating to all transactions it has carried out.</P>
<TABLE cellpadding=0 cellspacing=0 class="t91">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">23</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft62">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">119</P>
</DIV>
</DIV>
<DIV id="page_116">
<DIV id="dimg1">
<INGENBILD zsrc="GUB374116x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p791 ft134">Article 25</P>
<P class="p842 ft134">(fifth subparagraph of Article 27(3) and Article 27(6) of Directive 2004/39/EC)</P>
<P class="p843 ft134">Execution of orders by systematic internalisers</P>
<P class="p630 ft99"><SPAN class="ft64">1.</SPAN><SPAN class="ft120">For the purposes of the fifth subparagraph of Article 27(3) of Directive 2004/39/EC, execution in several securities shall be regarded as part of one transaction if that one transaction is a portfolio trade that involves 10 or more securities.</SPAN></P>
<P class="p844 ft59">For the same purposes, an order subject to conditions other than the current market price means any order which is neither an order for the execution of a transaction in shares at the prevailing market price, nor a limit order.</P>
<P class="p845 ft99"><SPAN class="ft64">2.</SPAN><SPAN class="ft120">For the purposes of Article 27(6) of Directive 2004/39/EC, the number or volume of orders shall be regarded as considerably exceeding the norm if a systematic internaliser cannot execute those orders without exposing itself to undue risk.</SPAN></P>
<P class="p846 ft136">In order to identify the number and volume of orders that it can execute without exposing itself to undue risk, a systematic internaliser shall maintain and implement</P>
<P class="p847 ft99">as part of its risk management policy under Article 7 of [the Implementing Directive]<SPAN class="ft121">6 </SPAN>a <NOBR>non-discriminatory</NOBR> policy which takes into account the volume of the transactions, the capital that the firm has available to cover the risk for that type of trade, and the prevailing conditions in the market in which the firm is operating.</P>
<P class="p822 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft105">Where, in accordance with Article 27(6) of Directive 2004/39/EC, an investment firm limits the number or volume of orders it undertakes to execute, it shall set out in writing, and make available to clients and potential clients, the arrangements designed to ensure that such a limitation does not result in the discriminatory treatment of clients.</SPAN></P>
<P class="p824 ft134">Article 26</P>
<P class="p848 ft134">(fourth subparagraph Article 27(3) of Directive 2004/39/EC)</P>
<P class="p849 ft134">Retail size</P>
<P class="p764 ft59">For the purposes of the fourth subparagraph of Article 27(3) of Directive 2004/39/EC, an order shall be regarded as being of a size bigger than the size customarily undertaken by a retail investor if it exceeds EUR 7 500.</P>
<TABLE cellpadding=0 cellspacing=0 class="t51">
<TR>
<TD class="tr25 td29"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td30"><SPAN class="p31 ft67">6</SPAN> </TD>
<TD rowspan=2 class="tr12 td27"><SPAN class="p850 ft68">[OJ XXX]</SPAN> </TD>
<TD class="tr25 td31"><SPAN class="p30 ft132"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td29"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td30"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td31"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr26 td29"><SPAN class="p30 ft70">EN</SPAN> </TD>
<TD class="tr26 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr26 td27"><SPAN class="p784 ft59">24</SPAN> </TD>
<TD class="tr26 td31"><SPAN class="p30 ft70">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">120</P>
</DIV>
</DIV>
<DIV id="page_117">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p826 ft140"><SPAN class="ft139">S</SPAN>ECTION <SPAN class="ft139">3</SPAN></P>
<P class="p851 ft140"><NOBR><SPAN class="ft139">P</SPAN>OST<SPAN class="ft139">-</SPAN>TRADE</NOBR> TRANSPARENCY FOR REGULATED MARKETS<SPAN class="ft139">, MTF</SPAN>S AND</P>
<P class="p852 ft140">INVESTMENT FIRMS</P>
<P class="p828 ft134">Article 27</P>
<P class="p597 ft134">(Articles 28, 30 and 45 of Directive 2004/39/EC)</P>
<P class="p853 ft134"><NOBR>Post-trade</NOBR> transparency obligation</P>
<P class="p310 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">Investment firms, regulated markets, and investment firms and market operators operating an MTF shall, with regard to transactions in respect of shares admitted to trading on regulated markets concluded by them or, in the case of regulated markets or MTFs, within their systems, make public the following details:</SPAN></P>
<P class="p854 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the details specified in points 2, 3, 6, 16, 17, 18, and 21 of Table 1 in Annex I;</SPAN></P>
<P class="p273 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">an indication that the exchange of shares is determined by factors other than the current market valuation of the share, where applicable;</SPAN></P>
<P class="p272 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">an indication that the trade was a negotiated trade, where applicable;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft76">any amendments to previously disclosed information, where applicable.</SPAN></P>
<P class="p419 ft59">Those details shall be made public either by reference to each transaction or in a form aggregating the volume and price of all transactions in the same share taking place at the same price at the same time.</P>
<P class="p274 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">By way of exception, a systematic internaliser shall be entitled to use the acronym ‘SI’ instead of the venue identification referred to in paragraph 1(a) in respect of a transaction in a share that is executed in its capacity as a systematic internaliser in respect of that share.</SPAN></P>
<P class="p787 ft65">The systematic internaliser may exercise that right only as long as it makes available to the public aggregate quarterly data as to the transactions executed in its capacity as a systematic internaliser in respect of that share relating to the most recent calendar quarter, or part of a calendar quarter, during which the firm acted as a systematic internaliser in respect of that share. That data shall be made available no later than one month after the end of each calendar quarter.</P>
<P class="p419 ft59">It may also exercise that right during the period between the date specified in Article 41(2), or the date on which the firm commences to be a systematic internaliser in relation to a share, whichever is the later, and the date that aggregate quarterly data in relation to a share is first due to be published.</P>
<TABLE cellpadding=0 cellspacing=0 class="t20">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">25</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">121</P>
</DIV>
</DIV>
<DIV id="page_118">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p855 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">The aggregated quarterly data referred to in the second subparagraph of paragraph 2 shall contain the following information for the share in respect of each trading day of the calendar quarter concerned:</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the highest price;</SPAN></P>
<P class="p524 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the lowest price;</SPAN></P>
<P class="p259 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">the average price;</SPAN></P>
<P class="p524 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">the total number of shares traded;</SPAN></P>
<P class="p259 ft59"><SPAN class="ft59">(e)</SPAN><SPAN class="ft90">the total number of transactions;</SPAN></P>
<P class="p259 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft100">such other information as the systematic internaliser decides to make available.</SPAN></P>
<P class="p529 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">Where the transaction is executed outside the rules of a regulated market or an MTF, one of the following investment firms shall, by agreement between the parties, arrange to make the information public:</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the investment firm that sells the share concerned;</SPAN></P>
<P class="p525 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the investment firm that acts on behalf of or arranges the transaction for the seller;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">the investment firm that acts on behalf of or arranges the transaction for the buyer;</SPAN></P>
<P class="p618 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">the investment firm that buys the share concerned.</SPAN></P>
<P class="p835 ft59">In the absence of such an agreement, the information shall be made public by the investment firm determined by proceeding sequentially from point (a) to point (d) until the first point that applies to the case in question.</P>
<P class="p746 ft59">The parties shall take all reasonable steps to ensure that the transaction is made public as a single transaction. For those purposes two matching trades entered at the same time and price with a single party interposed shall be considered to be a single transaction.</P>
<P class="p856 ft134">Article 28</P>
<P class="p442 ft134">(Articles 28, 30 and 45 of Directive 2004/39/EC)</P>
<P class="p857 ft134">Deferred publication of large transactions</P>
<P class="p764 ft59">The deferred publication of information in respect of transactions may be authorised, for a period no longer than the period specified in Table 4 in Annex II for the class of share and transaction concerned, provided that the following criteria are satisfied:</P>
<TABLE cellpadding=0 cellspacing=0 class="t92">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">26</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft142">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">122</P>
</DIV>
</DIV>
<DIV id="page_119">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t93">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p858 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">the transaction is between an investment firm dealing on own account and a client of that firm;</SPAN></P>
<P class="p859 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">the size of the transaction is equal to or exceeds the relevant minimum qualifying size, as specified in Table 4 in Annex II.</SPAN></P>
<P class="p860 ft59">In order to determine the relevant minimum qualifying size for the purposes of point (b), all shares admitted to trading on a regulated market shall be classified in accordance with their average daily turnover to be calculated in accordance with Article 33.</P>
<P class="p861 ft140"><SPAN class="ft139">S</SPAN>ECTION <SPAN class="ft139">4</SPAN></P>
<P class="p862 ft140"><SPAN class="ft139">P</SPAN>ROVISIONS COMMON TO PRE<SPAN class="ft139">- </SPAN>AND <NOBR>POST<SPAN class="ft139">-</SPAN>TRADE</NOBR> TRANSPARENCY</P>
<P class="p828 ft134">Article 29</P>
<P class="p863 ft134">(Articles 27(3), 28(1), 29(1), 44(1) and 45(1) of Directive 2004/39/EC)</P>
<P class="p864 ft134">Publication and availability of preand <NOBR>post-trade</NOBR> transparency data</P>
<P class="p443 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">A regulated market, MTF or systematic internaliser shall be considered to publish </SPAN><NOBR>pre-trade</NOBR> information on a continuous basis during normal trading hours if that information is published as soon as it becomes available during the normal trading hours of the regulated market, MTF or systematic internaliser concerned, and remains available until it is updated.</P>
<P class="p865 ft99"><SPAN class="ft64">2.</SPAN><NOBR><SPAN class="ft98">Pre-trade</SPAN></NOBR> information, and <NOBR>post-trade</NOBR> information relating to transactions taking place on trading venues and within normal trading hours, shall be made available as close to real time as possible. <NOBR>Post-trade</NOBR> information relating to such transactions shall be made available in any case within three minutes of the relevant transaction.</P>
<P class="p866 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">Information relating to a portfolio trade shall be made available with respect to each constituent transaction as close to real time as possible, having regard to the need to allocate prices to particular shares. Each constituent transaction shall be assessed separately for the purposes of determining whether deferred publication in respect of that transaction is available under Article 28.</SPAN></P>
<P class="p310 ft59"><SPAN class="ft64">4.</SPAN><NOBR><SPAN class="ft85">Post-trade</SPAN></NOBR> information relating to transactions taking place on a trading venue but outside its normal trading hours shall be made public before the opening of the next trading day of the trading venue on which the transaction took place.</P>
<P class="p859 ft59"><SPAN class="ft64">5.</SPAN><SPAN class="ft85">For transactions that take place outside a trading venue, </SPAN><NOBR>post-trade</NOBR> information shall be made public:</P>
<P class="p867 ft99"><SPAN class="ft64">(a)</SPAN><SPAN class="ft117">if the transaction takes place during a trading day of the most relevant market for the share concerned, or during the investment firm's normal trading hours, as close to real time as possible. </SPAN><NOBR>Post-trade</NOBR> information relating to such</P>
<TABLE cellpadding=0 cellspacing=0 class="t94">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">27</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">123</P>
</DIV>
</DIV>
<DIV id="page_120">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p868 ft59">transactions shall be made available in any case within three minutes of the relevant transaction;</P>
<P class="p307 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">in a case not covered by point (a), immediately upon the commencement of the investment firm's normal trading hours or at the latest before the opening of the next trading day in the most relevant market for that share.</SPAN></P>
<P class="p869 ft134">Article 30</P>
<P class="p870 ft134">(Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)</P>
<P class="p871 ft134">Public availability of preand <NOBR>post-trade</NOBR> information</P>
<P class="p764 ft59">For the purposes of Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC and of this Regulation, preand <NOBR>post-trade</NOBR> information shall be considered to be made public or available to the public if it is made available generally through one of the following to investors located in the Community:</P>
<P class="p765 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft89">the facilities of a regulated market or an MTF;</SPAN></P>
<P class="p325 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft122">the facilities of a third party;</SPAN></P>
<P class="p766 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft89">proprietary arrangements.</SPAN></P>
<P class="p824 ft134">Article 31</P>
<P class="p527 ft134">(Article 22(2) of Directive 2004/39/EC)</P>
<P class="p496 ft134">Disclosure of client limit orders</P>
<P class="p669 ft59">An investment firm shall be considered to disclose client limit orders that are not immediately executable if it transmits the order to a regulated market or MTF that operates an order book trading system, or ensures that the order is made public and can be easily executed as soon as market conditions allow.</P>
<P class="p856 ft134">Article 32</P>
<P class="p872 ft134">(Article 22(2), 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)</P>
<P class="p873 ft134">Arrangements for making information public</P>
<P class="p764 ft59">Any arrangement to make information public, adopted for the purposes of Articles 30 and 31, shall satisfy the following conditions:</P>
<TABLE cellpadding=0 cellspacing=0 class="t95">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">28</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft142">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">124</P>
</DIV>
</DIV>
<DIV id="page_121">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p858 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">it must include all reasonable steps necessary to ensure that the information to be published is reliable, monitored continuously for errors, and corrected as soon as errors are detected;</SPAN></P>
<P class="p874 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">it must facilitate the consolidation of the data with similar data from other sources;</SPAN></P>
<P class="p875 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft104">it must make the information available to the public on a </SPAN><NOBR>non-discriminatory</NOBR> commercial basis at a reasonable cost.</P>
<P class="p441 ft134">Article 33</P>
<P class="p876 ft134">(Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)</P>
<P class="p877 ft134">Calculations and estimates for shares admitted to trading on a regulated market</P>
<P class="p382 ft136"><SPAN class="ft64">1.</SPAN><SPAN class="ft138">In respect of each share that is admitted to trading on a regulated market, the relevant competent authority for that share shall ensure that the following calculations are made in respect of that share promptly after the end of each calendar year:</SPAN></P>
<P class="p436 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the average daily turnover;</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the average daily number of transactions;</SPAN></P>
<P class="p516 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">for those shares which satisfy the conditions laid down in Article 22(1)(a) or</SPAN></P>
<P class="p878 ft59">(b) (as applicable), the free float as at 31 December;</P>
<P class="p436 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft76">if the share is a liquid share, the average value of the orders executed.</SPAN></P>
<P class="p879 ft136">This paragraph and paragraph 2 shall not apply to a share which is first admitted to trading on a regulated market four weeks or less before the end of the calendar year.</P>
<P class="p274 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">The calculation of the average daily turnover, average value of the orders executed and average daily number of transactions shall take into account all the orders executed in the Community in respect of the share in question between 1 January and 31 December of the preceding year, or, where applicable, that part of the year during which the share was admitted to trading on a regulated market and was not suspended from trading on a regulated market.</SPAN></P>
<P class="p880 ft136">In the calculations of the average daily turnover, average value of the orders executed and average daily number of transactions of a share, <NOBR>non-trading</NOBR> days in the Member State of the relevant competent authority for that share shall be excluded.</P>
<P class="p274 ft65"><SPAN class="ft64">3.</SPAN><SPAN class="ft86">Before the first admission of a share to trading on a regulated market, the relevant competent authority for that share shall ensure that estimates are provided, in respect of that share, of the average daily turnover, the market capitalisation as it will stand at the start of the first day of trading and, where the estimate of the market capitalisation is EUR 500 million or more:</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t96">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">29</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">125</P>
</DIV>
</DIV>
<DIV id="page_122">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p881 ft136"><SPAN class="ft64">(a)</SPAN><SPAN class="ft144">the average daily number of transactions and, for those shares which satisfy the conditions laid down in Article 22(1)(a) or (b) (as applicable), the free float;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">in the case of a share that is estimated to be a liquid share, the average value of the orders executed.</SPAN></P>
<P class="p800 ft59">The estimates shall relate to the <NOBR>six-week</NOBR> period following admission to trading, or the end of that period, as applicable, and shall take account of any previous trading history of the share, as well as that of shares that are considered to have similar characteristics.</P>
<P class="p882 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft105">After the first admission of a share to trading on a regulated market, the relevant competent authority for that share shall ensure that, in respect of that share, the figures referred to in points (a) to (d) of paragraph 1 are calculated, using data relating to the first four weeks’ trading, as if a reference in point (c) of paragraph 1 to 31 December were a reference to the end of the first four weeks’ trading, as soon as practicable after those data are available, and in any case before the end of the sixweek period referred to in Article 22(5).</SPAN></P>
<P class="p883 ft99"><SPAN class="ft64">5.</SPAN><SPAN class="ft120">During the course of a calendar year, the relevant competent authorities shall ensure the review and where necessary the recalculation of the average daily turnover, average value of the orders executed, average daily number of transactions executed and the free float whenever there is a change in relation to the share or the issuer which significantly affects the previous calculations on an ongoing basis.</SPAN></P>
<P class="p319 ft65"><SPAN class="ft64">6.</SPAN><SPAN class="ft105">The calculations referred to in paragraphs 1 to 5 which are to be published on or before the first trading day in March 2009 shall be made on the basis of the data relating to the regulated market or markets of the Member State which is the most relevant market in terms of liquidity for the share in question. For those purposes, negotiated transactions within the meaning of Article 19 shall be excluded from the calculations.</SPAN></P>
<P class="p447 ft134">Article 34</P>
<P class="p870 ft134">(Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC)</P>
<P class="p381 ft134">Publication and effect of results of required calculations and estimates</P>
<P class="p304 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">On the first trading day of March of each year, each competent authority shall, in relation to each share for which it is the relevant competent authority that was admitted to trading on a regulated market at the end of the preceding calendar year, ensure the publication of the following information:</SPAN></P>
<P class="p799 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the average daily turnover and average daily number of transactions, as calculated in accordance with Article 33(1) and (2);</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the free float and average value of the orders executed, where calculated in accordance with Article 33(1) and (2).</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t97">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">30</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft142">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">126</P>
</DIV>
</DIV>
<DIV id="page_123">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p884 ft59">This paragraph shall not apply to shares to which the second <NOBR>sub-paragraph</NOBR> of Article 33(1) applies.</P>
<P class="p332 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">The results of the estimates and calculations required under Article 33(3), (4) or (5) shall be published as soon as practicable after the calculation or estimate is completed.</SPAN></P>
<P class="p274 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">The information referred to in paragraphs 1 or 2 shall be considered as published when it is published by the Committee of European Securities Regulators in accordance with paragraph 5.</SPAN></P>
<P class="p885 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft85">For the purposes of this Regulation, the following shall apply:</SPAN></P>
<P class="p273 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the classification based on the publication referred to in paragraph 1 shall apply for the </SPAN><NOBR>12-month</NOBR> period starting on 1 April following publication and ending on the following 31 March;</P>
<P class="p384 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the classification based on the estimates provided for in Article 33(3) shall apply from the relevant first admission to trading until the end of the </SPAN><NOBR>six-week</NOBR> period referred to in Article 22(5);</P>
<P class="p886 ft136"><SPAN class="ft64">(c)</SPAN><SPAN class="ft145">the classification based on the calculations specified in Article 33(4) shall apply from the end of the </SPAN><NOBR>six-week</NOBR> period referred to in Article 22(5), until:</P>
<P class="p817 ft136"><SPAN class="ft64">(i)</SPAN><SPAN class="ft146">where the end of that </SPAN><NOBR>six-week</NOBR> period falls between 15 January and 31 March (both inclusive) in a given year, 31 March of the following year;</P>
<P class="p363 ft59"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft102">otherwise, the following 31 March after the end of that period.</SPAN></P>
<P class="p786 ft59">However, the classification based on the recalculations specified in Article 33(5) shall apply from the date of publication and, unless further recalculated under Article 33(5), until the following 31 March.</P>
<P class="p274 ft59"><SPAN class="ft64">5.</SPAN><SPAN class="ft85">The Committee of European Securities Regulators shall, on the basis of data supplied to it by or on behalf of competent authorities, publish on its website consolidated and regularly updated lists of:</SPAN></P>
<P class="p492 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">every systematic internaliser in respect of a share admitted to trading on a regulated market;</SPAN></P>
<P class="p436 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">every share admitted to trading on a regulated market, specifying:</SPAN></P>
<P class="p887 ft136"><SPAN class="ft64">(i)</SPAN><SPAN class="ft146">the average daily turnover, average daily number of transactions and, for those shares which satisfy the conditions laid down in Article 22(1)(a) or</SPAN></P>
<P class="p888 ft59">(b) (as applicable), the free float;</P>
<P class="p889 ft59"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft102">in the case of a liquid share, the average value of the orders executed and the standard market size for that share;</SPAN></P>
<P class="p890 ft59"><SPAN class="ft64">(iii)</SPAN><SPAN class="ft107">in the case of a liquid share which has been designated as an additional liquid share in accordance with Article 22(3), the name of the competent authority that so designated it; and</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t66">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">31</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">127</P>
</DIV>
</DIV>
<DIV id="page_124">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p891 ft59"><SPAN class="ft64">(iv)</SPAN><SPAN class="ft106">the relevant competent authority.</SPAN></P>
<P class="p630 ft59"><SPAN class="ft64">6.</SPAN><SPAN class="ft95">Each competent authority shall ensure the first publication of the details referred to in points (a) and (b) of paragraph 1 on the first trading day in July 2007, based on the reference period 1 April 2006 to 31 March 2007. By way of derogation from paragraph 4, the classification based on that publication shall apply for the </SPAN><NOBR>5-month</NOBR> period starting on 1 November 2007 and ending on 31 March 2008.</P>
<P class="p892 ft133">Chapter V</P>
<P class="p893 ft133">Admission of financial instruments to trading</P>
<P class="p894 ft134">Article 35</P>
<P class="p527 ft134">(Article 40(1) of Directive 2004/39/EC)</P>
<P class="p895 ft134">Transferable securities</P>
<P class="p529 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">Transferable securities shall be considered freely negotiable for the purposes of Article 40(1) of Directive 2004/39/EC if they can be traded between the parties to a transaction, and subsequently transferred without restriction, and if all securities within the same class as the security in question are fungible.</SPAN></P>
<P class="p822 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">Transferable securities which are subject to a restriction on transfer shall not be considered as freely negotiable unless that restriction is not likely to disturb the market.</SPAN></P>
<P class="p664 ft99"><SPAN class="ft64">3.</SPAN><SPAN class="ft120">Transferable securities that are not fully paid may be considered as freely negotiable if arrangements have been made to ensure that the negotiability of such securities is not restricted and that adequate information concerning the fact that the securities are not fully paid, and the implications of that fact for shareholders, is publicly available.</SPAN></P>
<P class="p304 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">When exercising its discretion whether to admit a share to trading, a regulated market shall, in assessing whether the share is capable of being traded in a fair, orderly and efficient manner, take into account the following:</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the distribution of those shares to the public;</SPAN></P>
<P class="p619 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">such historical financial information, information about the issuer, and information providing a business overview as is required to be prepared under Directive 2003/71/EC, or is or will be otherwise publicly available.</SPAN></P>
<P class="p664 ft99"><SPAN class="ft64">5.</SPAN><SPAN class="ft120">A transferable security that is officially listed in accordance with Directive 2001/34/EC, and the listing of which is not suspended, shall be deemed to be freely negotiable and capable of being traded in a fair, orderly and efficient manner.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t98">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">32</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft142">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">128</P>
</DIV>
</DIV>
<DIV id="page_125">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p837 ft65"><SPAN class="ft64">6.</SPAN><SPAN class="ft86">For the purposes of Article 40(1) of Directive 2004/39/EC, when assessing whether a transferable security referred to in Article 4(1)(18)(c) of that Directive is capable of being traded in a fair, orderly and efficient manner, the regulated market shall take into account, depending on the nature of the security being admitted, whether the following criteria are satisfied:</SPAN></P>
<P class="p273 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the terms of the security are clear and unambiguous and allow for a correlation between the price of the security and the price or other value measure of the underlying;</SPAN></P>
<P class="p492 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the price or other value measure of the underlying is reliable and publicly available;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">there is sufficient information publicly available of a kind needed to value the security;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(d)</SPAN><SPAN class="ft76">the arrangements for determining the settlement price of the security ensure that this price properly reflects the price or other value measure of the underlying;</SPAN></P>
<P class="p521 ft99"><SPAN class="ft64">(e)</SPAN><SPAN class="ft129">where the settlement of the security requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there are adequate settlement and delivery procedures for that underlying as well as adequate arrangements to obtain relevant information about that underlying.</SPAN></P>
<P class="p796 ft134">Article 36</P>
<P class="p313 ft134">(Article 40(1) of Directive 2004/39/EC)</P>
<P class="p553 ft134">Units in collective investment undertakings</P>
<P class="p563 ft99"><SPAN class="ft64">1.</SPAN><SPAN class="ft98">A regulated market shall, when admitting to trading units in a collective investment undertaking, whether or not that undertaking is constituted in accordance with Directive 85/611/EEC, satisfy itself that the collective investment undertaking complies or has complied with the registration, notification or other procedures which are a necessary precondition for the marketing of the collective investment undertaking in the jurisdiction of the regulated market.</SPAN></P>
<P class="p500 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Without prejudice to Directive 85/611/EEC or any other Community legislation or national law relating to collective investment undertakings, Member States may provide that compliance with the requirements referred to in paragraph 1 is not a necessary precondition for the admission of units in a collective investment undertaking to trading on a regulated market.</SPAN></P>
<P class="p896 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">When assessing whether units in an </SPAN><NOBR>open-ended</NOBR> collective investment undertaking are capable of being traded in a fair, orderly and efficient manner in accordance with Article 40(1) of Directive 2004/39/EC, the regulated market shall take the following aspects into account:</P>
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">33</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">129</P>
</DIV>
</DIV>
<DIV id="page_126">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p897 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the distribution of those units to the public;</SPAN></P>
<P class="p525 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">whether there are appropriate </SPAN><NOBR>market-making</NOBR> arrangements, or whether the management company of the scheme provides appropriate alternative arrangements for investors to redeem the units;</P>
<P class="p320 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">whether the value of the units is made sufficiently transparent to investors by means of the periodic publication of the net asset value.</SPAN></P>
<P class="p408 ft59"><SPAN class="ft64">4.</SPAN><SPAN class="ft95">When assessing whether units in a </SPAN><NOBR>closed-end</NOBR> collective investment undertaking are capable of being traded in a fair, orderly and efficient manner in accordance with Article 40(1) of Directive 2004/39/EC, the regulated market shall take the following aspects into account:</P>
<P class="p898 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the distribution of those units to the public;</SPAN></P>
<P class="p525 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">whether the value of the units is made sufficiently transparent to investors, either by publication of information on the fund’s investment strategy or by the periodic publication of net asset value.</SPAN></P>
<P class="p869 ft134">Article 37</P>
<P class="p411 ft134">(Article 40(1) and (2) of Directive 2004/39/EC)</P>
<P class="p899 ft134">Derivatives</P>
<P class="p900 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft95">When admitting to trading a financial instrument of a kind listed in points of Sections C(4) to (10) of Annex I to Directive 2004/39/EC, regulated markets shall verify that the following conditions are satisfied:</SPAN></P>
<P class="p413 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">the terms of the contract establishing the financial instrument must be clear and unambiguous, and enable a correlation between the price of the financial instrument and the price or other value measure of the underlying;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the price or other value measure of the underlying must be reliable and publicly available;</SPAN></P>
<P class="p305 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">sufficient information of a kind needed to value the derivative must be publicly available;</SPAN></P>
<P class="p320 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft90">the arrangements for determining the settlement price of the contract must be such that the price properly reflects the price or other value measure of the underlying;</SPAN></P>
<P class="p306 ft65"><SPAN class="ft65">(e)</SPAN><SPAN class="ft108">where the settlement of the derivative requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there must be adequate arrangements to enable market participants to obtain relevant information about that underlying as well as adequate settlement and delivery procedures for the underlying.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t99">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">34</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft142">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">130</P>
</DIV>
</DIV>
<DIV id="page_127">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p901 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">Where the financial instruments concerned are of a kind listed in Sections C (5), (6),</SPAN></P>
<P class="p902 ft59"><SPAN class="ft64">(7)</SPAN><SPAN class="ft147">or (10) of Annex I to Directive 2004/39/EC, point (b) of paragraph 1 shall not apply if the following conditions are satisfied:</SPAN></P>
<P class="p384 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">the contract establishing that instrument must be likely to provide a means of disclosing to the market, or enabling the market to assess, the price or other value measure of the underlying, where the price or value measure is not otherwise publicly available;</SPAN></P>
<P class="p903 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">the regulated market must ensure that appropriate supervisory arrangements are in place to monitor trading and settlement in such financial instruments;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft76">the regulated market must ensure that settlement and delivery, whether physical delivery or by cash settlement, can be effected in accordance with the contract terms and conditions of those financial instruments.</SPAN></P>
<P class="p904 ft133">Chapter VI</P>
<P class="p905 ft133">Derivative financial instruments</P>
<P class="p906 ft134">Article 38</P>
<P class="p829 ft134">(Article 4(1)(2) of Directive 2004/39/EC)</P>
<P class="p907 ft134">Characteristics of other derivative financial instruments</P>
<P class="p310 ft65"><SPAN class="ft64">1.</SPAN><SPAN class="ft86">For the purposes of Section C(7) of Annex I to Directive 2004/39/EC, a contract which is not a spot contract within the meaning of paragraph 2 of this Article and which is not covered by paragraph 4 shall be considered as having the characteristics of other derivative financial instruments and not being for commercial purposes if it satisfies the following conditions:</SPAN></P>
<P class="p356 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft76">it meets one of the following sets of criteria:</SPAN></P>
<P class="p908 ft59"><SPAN class="ft64">(i)</SPAN><SPAN class="ft100">it is traded on a third country trading facility that performs a similar function to a regulated market or an MTF;</SPAN></P>
<P class="p909 ft59"><SPAN class="ft64">(ii)</SPAN><SPAN class="ft102">it is expressly stated to be traded on, or is subject to the rules of, a regulated market, an MTF or such a third country trading facility;</SPAN></P>
<P class="p909 ft59"><SPAN class="ft64">(iii)</SPAN><SPAN class="ft107">it is expressly stated to be equivalent to a contract traded on a regulated market, MTF or such a third country trading facility;</SPAN></P>
<P class="p264 ft59"><SPAN class="ft64">(b)</SPAN><SPAN class="ft76">it is cleared by a clearing house or other entity carrying out the same functions as a central counterparty, or there are arrangements for the payment or provision of margin in relation to the contract;</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t68">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">35</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">131</P>
</DIV>
</DIV>
<DIV id="page_128">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p910 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">it is standardised so that, in particular, the price, the lot, the delivery date or other terms are determined principally by reference to regularly published prices, standard lots or standard delivery dates.</SPAN></P>
<P class="p319 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft95">A spot contract for the purposes of paragraph 1 means a contract for the sale of a commodity, asset or right, under the terms of which delivery is scheduled to be made within the longer of the following periods:</SPAN></P>
<P class="p523 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">two trading days;</SPAN></P>
<P class="p525 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">the period generally accepted in the market for that commodity, asset or right as the standard delivery period.</SPAN></P>
<P class="p800 ft59">However, a contract is not a spot contract if, irrespective of its explicit terms, there is an understanding between the parties to the contract that delivery of the underlying is to be postponed and not to be performed within the period mentioned in the first subparagraph.</P>
<P class="p822 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">For the purposes of Section C(10) of Annex I to Directive 2004/39/EC, a derivative contract relating to an underlying referred to in that Section or in Article 39 shall be considered to have the characteristics of other derivative financial instruments if one of the following conditions is satisfied:</SPAN></P>
<P class="p799 ft59"><SPAN class="ft59">(a)</SPAN><SPAN class="ft90">that contract is settled in cash or may be settled in cash at the option of one or more of the parties, otherwise than by reason of a default or other termination event;</SPAN></P>
<P class="p328 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft90">that contract is traded on a regulated market or an MTF;</SPAN></P>
<P class="p524 ft59"><SPAN class="ft59">(c)</SPAN><SPAN class="ft90">the conditions laid down in paragraph 1 are satisfied in relation to that contract.</SPAN></P>
<P class="p822 ft65"><SPAN class="ft64">4.</SPAN><SPAN class="ft105">A contract shall be considered to be for commercial purposes for the purposes of Section C(7) of Annex I to Directive 2004/39/EC, and as not having the characteristics of other derivative financial instruments for the purposes of Sections C(7) and (10) of that Annex, if it is entered into with or by an operator or administrator of an energy transmission grid, energy balancing mechanism or pipeline network, and it is necessary to keep in balance the supplies and uses of energy at a given time.</SPAN></P>
<P class="p911 ft134">Article 39</P>
<P class="p298 ft134">(Article 4(1)(2) of Directive 2004/39/EC)</P>
<P class="p912 ft134">Derivatives within Section C(10) of Annex I to Directive 2004/39/EC</P>
<P class="p764 ft59">In addition to derivative contracts of a kind referred to in Section C(10) of Annex I to Directive 2004/39/EC, a derivative contract relating to any of the following shall fall within that Section if it meets the criteria set out in that Section and in Article 38(3):</P>
<TABLE cellpadding=0 cellspacing=0 class="t100">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">36</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft142">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">132</P>
</DIV>
</DIV>
<DIV id="page_129">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p901 ft59"><SPAN class="ft64">(a)</SPAN><SPAN class="ft104">telecommunications bandwidth;</SPAN></P>
<P class="p339 ft59"><SPAN class="ft59">(b)</SPAN><SPAN class="ft89">commodity storage capacity;</SPAN></P>
<P class="p875 ft59"><SPAN class="ft64">(c)</SPAN><SPAN class="ft104">transmission or transportation capacity relating to commodities, whether cable, pipeline or other means;</SPAN></P>
<P class="p769 ft59"><SPAN class="ft59">(d)</SPAN><SPAN class="ft89">an allowance, credit, permit, right or similar asset which is directly linked to the supply, distribution or consumption of energy derived from renewable resources;</SPAN></P>
<P class="p294 ft59"><SPAN class="ft64">(e)</SPAN><SPAN class="ft104">a geological, environmental or other physical variable;</SPAN></P>
<P class="p913 ft59"><SPAN class="ft64">(f)</SPAN><SPAN class="ft148">any other asset or right of a fungible nature, other than a right to receive a service, that is capable of being transferred;</SPAN></P>
<P class="p332 ft59"><SPAN class="ft59">(g)</SPAN><SPAN class="ft89">an index or measure related to the price or value of, or volume of transactions in any asset, right, service or obligation.</SPAN></P>
<P class="p914 ft133">Chapter VII</P>
<P class="p915 ft133">Final provisions</P>
<P class="p906 ft134">Article 40</P>
<P class="p645 ft134"><NOBR>Re-examinations</NOBR></P>
<P class="p382 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">At least once every two years, and after consulting the Committee of European Securities Regulators, the Commission shall </SPAN><NOBR>re-examine</NOBR> the definition of ‘transaction’ for the purposes of this Regulation, the Tables included in Annex II, as well as the criteria for determination of liquid shares contained in Article 22.</P>
<P class="p916 ft65"><SPAN class="ft64">2.</SPAN><SPAN class="ft86">The Commission shall, after consulting the Committee of European Securities Regulators, </SPAN><NOBR>re-examine</NOBR> the provisions of Articles 38 and 39 relating to criteria for determining which instruments are to be treated as having the characteristics of other derivative financial instruments, or as being for commercial purposes, or which fall within Section C(10) of Annex I to Directive 2004/39/EC if the other criteria set out in that Section are satisfied in relation to them.</P>
<P class="p917 ft59">The Commission shall report to the European Parliament and to the Council at the same time that it makes its reports under Article 65(3)(a) and (d) of Directive 2004/39/EC.</P>
<P class="p918 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft95">The Commission shall, no later than two years after the date of application of this Regulation, after consulting the Committee of European Securities Regulators, reexamine Table 4 of Annex II and report on the results of this </SPAN><NOBR>re-examination</NOBR> to the European Parliament and the Council.</P>
<TABLE cellpadding=0 cellspacing=0 class="t101">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">37</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">133</P>
</DIV>
</DIV>
<DIV id="page_130">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p919 ft134">Article 41</P>
<P class="p920 ft134">Entry into force</P>
<P class="p921 ft59"><SPAN class="ft64">1.</SPAN><SPAN class="ft85">This Regulation shall enter into force on the twentieth day following that of its publication in the </SPAN><SPAN class="ft134">Official Journal of the European Union</SPAN>.</P>
<P class="p922 ft59"><SPAN class="ft64">2.</SPAN><SPAN class="ft85">This Regulation shall apply from 1 November 2007, except Article 11 and Article 34(5) and (6), which shall apply from 1 June 2007.</SPAN></P>
<P class="p923 ft59"><SPAN class="ft64">3.</SPAN><SPAN class="ft85">This Regulation shall be binding in its entirety and directly applicable in all Member States.</SPAN></P>
<P class="p248 ft59">Done at Brussels, […]</P>
<P class="p924 ft134">For the Commission […]</P>
<P class="p925 ft134">Member of the Commission</P>
<TABLE cellpadding=0 cellspacing=0 class="t102">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">38</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">134</P>
</DIV>
</DIV>
<DIV id="page_131">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t103">
<TR>
<TD class="tr25 td51"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td52"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td53"><SPAN class="p926 ft149">ANNEX I</SPAN> </TD>
</TR>
<TR>
<TD class="tr21 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr21 td52"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr21 td53"><SPAN class="p30 ft150">Table 1: List of fields for reporting purposes</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr28 td54"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td55"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td56"><SPAN class="p927 ft150">Field Identifier</SPAN> </TD>
<TD class="tr12 td57"><SPAN class="p928 ft150">Description</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td58"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td59"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td60"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p927 ft59">1.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p735 ft59">Reporting Firm</SPAN> </TD>
<TD class="tr29 td57"><SPAN class="p928 ft59">A unique code to identify the firm which executed the transaction.</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p735 ft59">Identification</SPAN> </TD>
<TD class="tr15 td57"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td60"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td61"><SPAN class="p927 ft59">2.</SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p735 ft59">Trading Day</SPAN> </TD>
<TD class="tr12 td57"><SPAN class="p928 ft59">The trading day on which the transaction was executed.</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td58"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td59"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td60"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p927 ft59">3.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p735 ft59">Trading Time</SPAN> </TD>
<TD class="tr29 td57"><SPAN class="p928 ft64">The time at which the transaction was executed, reported in the local</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td57"><SPAN class="p928 ft65">time of the competent authority to which the transaction will be</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td57"><SPAN class="p928 ft64">reported, and the basis in which the transaction is reported expressed</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td57"><SPAN class="p928 ft59">as Coordinated Universal Time (UTC) +/- hours.</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td59"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td60"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr29 td57"><SPAN class="p928 ft59">Identifies whether the transaction was a buy or sell from the</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p927 ft65">4.</SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p735 ft65">Buy/Sell Indicator</SPAN> </TD>
<TD class="tr25 td57"><SPAN class="p928 ft64">perspective of the reporting investment firm or, in the case of a report</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td57"><SPAN class="p928 ft59">to a client, of the client.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td60"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td61"><SPAN class="p927 ft59">5.</SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p735 ft59">Trading Capacity</SPAN> </TD>
<TD class="tr12 td57"><SPAN class="p928 ft59">Identifies whether the firm executed the transaction:</SPAN> </TD>
</TR>
<TR>
<TD class="tr21 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr21 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr21 td57"><SPAN class="p928 ft59">– on its own account (either on its own behalf or on behalf of a</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td57"><SPAN class="p929 ft59">client);</SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr6 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr6 td57"><SPAN class="p928 ft59">– for the account, and on behalf, of a client.</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td58"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td59"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td60"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p927 ft59">6.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p735 ft59">Instrument</SPAN> </TD>
<TD class="tr29 td57"><SPAN class="p928 ft59">This shall consist in:</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p735 ft59">Identification</SPAN> </TD>
<TD rowspan=2 class="tr21 td57"><SPAN class="p928 ft64">– a unique code, to be decided by the competent authority (if any) to</SPAN> </TD>
</TR>
<TR>
<TD class="tr31 td61"><SPAN class="p30 ft153"> </SPAN> </TD>
<TD class="tr31 td62"><SPAN class="p30 ft153"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td57"><SPAN class="p929 ft65">which the report is made identifying the financial instrument</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td57"><SPAN class="p929 ft59">which is the subject of the transaction;</SPAN> </TD>
</TR>
<TR>
<TD class="tr9 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td57"><SPAN class="p928 ft59">– if the financial instrument in question does not have a unique</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td57"><SPAN class="p929 ft65">identification code, the report must include the name of the</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td57"><SPAN class="p929 ft79">instrument or, in the case of a derivative contract, the</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td57"><SPAN class="p929 ft59">characteristics of the contract.</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td59"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td60"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p927 ft59">7.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p735 ft59">Instrument Code</SPAN> </TD>
<TD class="tr29 td57"><SPAN class="p928 ft59">The code type used to report the instrument</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p735 ft59">Type</SPAN> </TD>
<TD class="tr14 td57"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td59"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td60"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td61"><SPAN class="p927 ft59">8.</SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p735 ft59">Underlying</SPAN> </TD>
<TD class="tr12 td57"><SPAN class="p928 ft59">The instrument identification applicable to the security that is the</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p735 ft79">Instrument</SPAN> </TD>
<TD class="tr30 td57"><SPAN class="p928 ft79">underlying asset in a derivative contract as well as the transferable</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p735 ft59">Identification</SPAN> </TD>
<TD class="tr14 td57"><SPAN class="p928 ft64">security falling within Article 4(1)(18)(c) of Directive 2004/39/EC.</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td59"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td60"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td61"><SPAN class="p927 ft59">9.</SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p735 ft59">Underlying</SPAN> </TD>
<TD class="tr12 td57"><SPAN class="p928 ft59">The code type used to report the underlying instrument.</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p735 ft79">Instrument</SPAN> </TD>
<TD class="tr30 td57"><SPAN class="p30 ft152"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p735 ft65">Identification</SPAN> </TD>
<TD class="tr25 td57"><SPAN class="p30 ft132"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p735 ft59">Code type</SPAN> </TD>
<TD class="tr15 td57"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td60"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td61"><SPAN class="p927 ft64">10.</SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p735 ft59">Instrument Type</SPAN> </TD>
<TD class="tr12 td57"><SPAN class="p928 ft64">The harmonised classification of the financial instrument that is the</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td60"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
</TABLE>
<P class="p24 ft142">EN <SPAN class="ft59">39 </SPAN>EN</P>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">135</P>
</DIV>
</DIV>
<DIV id="page_132">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 2 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t104">
<TR>
<TD class="tr14 td43"></TD>
<TD class="tr14 td63"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td64"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td65"><SPAN class="p928 ft59">subject of the transaction. The description must at least indicate</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p928 ft64">whether the instrument belongs to one of the top level categories as</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p928 ft64">provided by a uniform internationally accepted standard for financial</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td43"></TD>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p928 ft59">instrument classification.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD class="tr29 td61"><SPAN class="p34 ft59">11.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p38 ft59">Maturity Date</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft64">The maturity date of a bond or other form of securitised debt, or the</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td43"></TD>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p928 ft59">exercise date / maturity date of a derivative contract.</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td43"></TD>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td59"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td67"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td66"><SPAN class="p928 ft59">The harmonised description of the derivative type should be done</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td43"></TD>
<TD rowspan=2 class="tr32 td61"><SPAN class="p34 ft59">12.</SPAN> </TD>
<TD rowspan=2 class="tr32 td62"><SPAN class="p38 ft59">Derivative Type</SPAN> </TD>
<TD class="tr30 td66"><SPAN class="p928 ft64">according to one of the top level categories as provided by a uniform</SPAN> </TD>
</TR>
<TR>
<TD class="tr33 td43"></TD>
<TD rowspan=2 class="tr30 td66"><SPAN class="p928 ft79">internationally accepted standard for financial instrument</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD class="tr23 td61"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td62"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td43"></TD>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p928 ft59">classification.</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td43"></TD>
<TD class="tr28 td58"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td59"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td67"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD rowspan=2 class="tr21 td61"><SPAN class="p34 ft59">13.</SPAN> </TD>
<TD rowspan=2 class="tr21 td62"><SPAN class="p38 ft59">Put/Call</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft64">Specification whether an option or any other financial instrument is a</SPAN> </TD>
</TR>
<TR>
<TD class="tr33 td43"></TD>
<TD rowspan=2 class="tr15 td66"><SPAN class="p928 ft59">put or a call.</SPAN> </TD>
</TR>
<TR>
<TD class="tr33 td43"></TD>
<TD class="tr33 td61"><SPAN class="p30 ft154"> </SPAN> </TD>
<TD class="tr33 td62"><SPAN class="p30 ft154"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td61"><SPAN class="p34 ft59">14.</SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p38 ft59">Strike Price</SPAN> </TD>
<TD class="tr12 td66"><SPAN class="p928 ft59">The strike price of an option or other financial instrument.</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td43"></TD>
<TD class="tr28 td58"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td59"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td67"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD class="tr29 td61"><SPAN class="p34 ft59">15.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p38 ft59">Price Multiplier</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft64">The number of units of the financial instrument in question which are</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p928 ft64">contained in a trading lot; for example, the number of derivatives or</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td43"></TD>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p928 ft59">securities represented by one contract.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD class="tr29 td61"><SPAN class="p34 ft59">16.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p38 ft59">Unit Price</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft64">The price per security or derivative contract excluding commission and</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td43"></TD>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td66"><SPAN class="p928 ft64">(where relevant) accrued interest. In the case of a debt instrument, the</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td43"></TD>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p928 ft64">price may be expressed either in terms of currency or as a percentage.</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td43"></TD>
<TD class="tr14 td58"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td59"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td67"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td61"><SPAN class="p34 ft59">17.</SPAN> </TD>
<TD class="tr12 td62"><SPAN class="p38 ft59">Price Notation</SPAN> </TD>
<TD class="tr12 td66"><SPAN class="p928 ft64">The currency in which the price is expressed. If, in the case of a bond</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td43"></TD>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td66"><SPAN class="p928 ft79">or other form of securitised debt, the price is expressed as a</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td43"></TD>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p928 ft59">percentage, that percentage shall be included.</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td43"></TD>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td59"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td67"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD class="tr29 td61"><SPAN class="p34 ft59">18.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p38 ft59">Quantity</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft64">The number of units of the financial instruments, the nominal value of</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p928 ft65">bonds, or the number of derivative contracts included in the</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td43"></TD>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p928 ft59">transaction.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD class="tr29 td61"><SPAN class="p34 ft59">19.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p38 ft59">Quantity Notation</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft59">An indication as to whether the quantity is the number of units of</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p928 ft65">financial instruments, the nominal value of bonds or the number of</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td43"></TD>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p928 ft59">derivative contracts.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td43"></TD>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td59"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD class="tr29 td61"><SPAN class="p34 ft59">20.</SPAN> </TD>
<TD class="tr29 td62"><SPAN class="p38 ft59">Counterparty</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft64">Identification of the counterparty to the transaction. That identification</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td43"></TD>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p928 ft59">shall consist in:</SPAN> </TD>
</TR>
<TR>
<TD class="tr9 td43"></TD>
<TD class="tr9 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td66"><SPAN class="p928 ft59">– where the counterparty is an investment firm, a unique code for</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td43"></TD>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td66"><SPAN class="p929 ft64">that firm, to be determined by the competent authority (if any) to</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td43"></TD>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p929 ft59">which the report is made;</SPAN> </TD>
</TR>
<TR>
<TD class="tr9 td43"></TD>
<TD class="tr9 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td62"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td66"><SPAN class="p928 ft64">– where the counterparty is a regulated market or MTF or an entity</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p929 ft65">acting as its central counterparty, the unique harmonised</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td43"></TD>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td62"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td66"><SPAN class="p929 ft64">identification code for that market, MTF or entity acting as central</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td62"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p929 ft65">counterparty, as specified in the list published by the competent</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td43"></TD>
<TD class="tr25 td58"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td59"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td67"><SPAN class="p929 ft64">authority of the home Member State of that entity in accordance</SPAN> </TD>
</TR>
</TABLE>
<P class="p930 ft142">EN <SPAN class="ft59">40 </SPAN>EN</P>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">136</P>
</DIV>
</DIV>
<DIV id="page_133">
<DIV id="id_1">
<P class="p931 ft19">SOU 2006:74 Bilaga 2</P>
<TABLE cellpadding=0 cellspacing=0 class="t105">
<TR>
<TD class="tr32 td63"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr32 td68"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr32 td65"><SPAN class="p932 ft59">with Article 13(2);</SPAN> </TD>
</TR>
<TR>
<TD class="tr13 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr13 td69"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr13 td66"><SPAN class="p933 ft59">– where the counterparty is not an investment firm, a regulated</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td69"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p932 ft65">market, an MTF or an entity acting as central counterparty, it</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td69"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td66"><SPAN class="p932 ft79">should be identified as ‘customer/client’ of the investment firm</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td69"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p932 ft59">which executed the transaction.</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td70"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td67"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td61"><SPAN class="p927 ft64">21.</SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p735 ft59">Venue</SPAN> </TD>
<TD class="tr12 td66"><SPAN class="p933 ft64">Identification of the venue where the transaction was executed. That</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td69"><SPAN class="p735 ft59">Identification</SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p933 ft59">identification shall consist in:</SPAN> </TD>
</TR>
<TR>
<TD class="tr9 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td69"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr9 td66"><SPAN class="p933 ft59">– where the venue is a trading venue: its unique harmonised</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td69"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p932 ft59">identification code;</SPAN> </TD>
</TR>
<TR>
<TD class="tr6 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr6 td69"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr6 td66"><SPAN class="p933 ft59">– otherwise: the code ‘OTC’.</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td58"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td70"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td67"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p927 ft64">22.</SPAN> </TD>
<TD class="tr29 td69"><SPAN class="p735 ft59">Transaction</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p933 ft59">A unique identification number for the transaction provided by the</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td69"><SPAN class="p735 ft65">Reference</SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p933 ft65">investment firm or a third party reporting on its behalf.</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td69"><SPAN class="p735 ft59">Number</SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr23 td71"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td72"><SPAN class="p927 ft59">23. Cancellation Flag</SPAN> </TD>
<TD class="tr12 td66"><SPAN class="p933 ft59">An indication as to whether the transaction was cancelled.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td70"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr4 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr4 td73"><SPAN class="p934 ft150">Table 2: Further details for use of competent authorities</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr28 td74"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td75"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td72"><SPAN class="p927 ft150">Field Identifier</SPAN> </TD>
<TD class="tr12 td66"><SPAN class="p928 ft150">Description</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td58"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td70"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td67"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p927 ft59">1.</SPAN> </TD>
<TD class="tr29 td69"><SPAN class="p735 ft59">Reporting Firm</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft64">If a unique code as referred to in Table 1 of Annex 1 is not sufficient</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td69"><SPAN class="p735 ft65">Identification</SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p928 ft65">to identify the counterparty, competent authorities should develop</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td69"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p928 ft64">adequate measures that ensure the identification of the counterparty.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td70"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td61"><SPAN class="p927 ft59">6.</SPAN> </TD>
<TD class="tr29 td69"><SPAN class="p735 ft59">Instrument</SPAN> </TD>
<TD class="tr29 td66"><SPAN class="p928 ft59">The unique code, agreed between all the competent authorities,</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td69"><SPAN class="p735 ft59">Identification</SPAN> </TD>
<TD class="tr14 td66"><SPAN class="p928 ft59">applicable to the financial instrument in question shall be used.</SPAN> </TD>
</TR>
<TR>
<TD class="tr17 td58"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td70"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td67"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td61"><SPAN class="p927 ft64">20.</SPAN> </TD>
<TD class="tr12 td69"><SPAN class="p735 ft59">Counterparty</SPAN> </TD>
<TD class="tr12 td66"><SPAN class="p935 ft59">If a unique code, or unique harmonised identification code as</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td61"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td69"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td66"><SPAN class="p935 ft79">referred to in Table 1 of Annex 1 is not sufficient to identify the</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td61"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td69"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td66"><SPAN class="p935 ft65">counterparty, competent authorities should develop adequate</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td61"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td69"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td66"><SPAN class="p935 ft59">measures that ensure the identification of the counterparty.</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td58"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td70"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td67"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t106">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">41</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">137</P>
</DIV>
</DIV>
<DIV id="page_134">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p936 ft155">ANNEX II</P>
<P class="p937 ft125">Table 1: Information to be made public in accordance with Article 17</P>
<TABLE cellpadding=0 cellspacing=0 class="t107">
<TR>
<TD class="tr29 td76"><SPAN class="p927 ft150">Type of</SPAN> </TD>
<TD class="tr29 td77"><SPAN class="p928 ft150">Description of system</SPAN> </TD>
<TD class="tr29 td78"><SPAN class="p928 ft150">Summary of information to be</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p927 ft150">system</SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft140">made public, in accordance with</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft150">Article 17</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td82"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td83"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td84"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td79"><SPAN class="p927 ft59">continuous</SPAN> </TD>
<TD class="tr29 td80"><SPAN class="p928 ft64">a system that by means of an order book</SPAN> </TD>
<TD class="tr29 td81"><SPAN class="p928 ft59">the aggregate number of orders</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p927 ft79">auction order</SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft79">and a trading algorithm operated</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft79">and the shares they represent at</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p927 ft65">book trading</SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">without human intervention matches</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">each price level, for at least the</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p927 ft79">system</SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft79">sell orders with matching buy orders on</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft79">five best bid and offer price levels</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft64">the basis of the best available price on a</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p30 ft132"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td79"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td80"><SPAN class="p928 ft59">continuous basis</SPAN> </TD>
<TD class="tr15 td81"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td82"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td83"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td84"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td79"><SPAN class="p927 ft59"><NOBR>quote-driven</NOBR></SPAN> </TD>
<TD class="tr29 td80"><SPAN class="p928 ft59">a system where transactions are</SPAN> </TD>
<TD class="tr29 td81"><SPAN class="p928 ft59">the best bid and offer by price of</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p927 ft65">trading</SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">concluded on the basis of firm quotes</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">each market maker in that share,</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p927 ft79">system</SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft79">that are continuously made available to</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft79">together with the volumes</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">participants, which requires the market</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">attaching to those prices</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft64">makers to maintain quotes in a size that</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p30 ft152"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">balances the needs of members and</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p30 ft132"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft64">participants to deal in a commercial size</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p30 ft152"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft64">and the risk to which the market maker</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p30 ft132"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td79"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td80"><SPAN class="p928 ft59">exposes itself</SPAN> </TD>
<TD class="tr15 td81"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td82"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td83"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td84"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td79"><SPAN class="p927 ft59">periodic</SPAN> </TD>
<TD class="tr29 td80"><SPAN class="p928 ft59">a system that matches orders on the</SPAN> </TD>
<TD class="tr29 td81"><SPAN class="p928 ft59">the price at which the auction</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p927 ft65">auction</SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">basis of a periodic auction and a trading</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">trading system would best satisfy</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p927 ft79">trading</SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft79">algorithm operated without human</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft79">its trading algorithm and the</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p927 ft65">system</SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">intervention</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">volume that would potentially be</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td79"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td80"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td81"><SPAN class="p928 ft59">executable at that price</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td82"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td83"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td84"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td79"><SPAN class="p927 ft59">trading</SPAN> </TD>
<TD class="tr29 td80"><SPAN class="p928 ft64">a hybrid system falling into two or more</SPAN> </TD>
<TD class="tr29 td81"><SPAN class="p928 ft59">adequate information as to the</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p927 ft79">system not</SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft64">of the first three rows or a system where</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft79">level of orders or quotes and of</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p927 ft65">covered by</SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">the price determination process is of a</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">trading interest; in particular, the</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p927 ft79">first three</SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft79">different nature than that applicable to</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft79">five best bid and offer price levels</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p927 ft65">rows</SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p928 ft65">the types of system covered by first</SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">and/or <NOBR>two-way</NOBR> quotes of each</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td79"><SPAN class="p30 ft152"> </SPAN> </TD>
<TD class="tr30 td80"><SPAN class="p928 ft79">three rows</SPAN> </TD>
<TD class="tr30 td81"><SPAN class="p928 ft79">market maker in the share, if the</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td79"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td80"><SPAN class="p30 ft132"> </SPAN> </TD>
<TD class="tr25 td81"><SPAN class="p928 ft65">characteristics of the price</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td79"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td80"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td81"><SPAN class="p928 ft59">discovery mechanism so permit</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td82"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td83"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td84"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t108">
<TR>
<TD class="tr24 td39"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">42</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p217 ft142">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">138</P>
</DIV>
</DIV>
<DIV id="page_135">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr15 td23"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
<TD class="tr15 td24"><SPAN class="p30 ft43">Bilaga 2</SPAN> </TD>
</TR>
</TABLE>
<P class="p938 ft125">Table 2: Orders large in scale compared with normal market size</P>
<TABLE cellpadding=0 cellspacing=0 class="t109">
<TR>
<TD colspan=2 class="tr29 td85"><SPAN class="p927 ft150">Class in terms of</SPAN> </TD>
<TD class="tr29 td86"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr29 td87"><SPAN class="p939 ft150">ADT<</SPAN> </TD>
<TD colspan=2 class="tr29 td88"><SPAN class="p940 ft150">€500 000</SPAN> </TD>
<TD colspan=2 class="tr29 td89"><SPAN class="p32 ft150">€1 000 000</SPAN> </TD>
<TD class="tr29 td90"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr29 td91"><SPAN class="p30 ft140">€25 000 000</SPAN> </TD>
<TD class="tr29 td92"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr29 td88"><SPAN class="p932 ft150">ADT <SPAN class="ft156"></SPAN></SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td93"><SPAN class="p927 ft150">average daily</SPAN> </TD>
<TD class="tr25 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td94"><SPAN class="p941 ft140">€500 000</SPAN> </TD>
<TD colspan=2 class="tr25 td95"><SPAN class="p942 ft150"><SPAN class="ft156"> </SPAN>ADT <</SPAN> </TD>
<TD colspan=2 class="tr25 td96"><SPAN class="p940 ft150"><SPAN class="ft156"> </SPAN>ADT <</SPAN> </TD>
<TD class="tr25 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr25 td97"><SPAN class="p927 ft150"><SPAN class="ft156"> </SPAN>ADT <</SPAN> </TD>
<TD class="tr25 td98"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr25 td95"><SPAN class="p943 ft140">€50 000 000</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td93"><SPAN class="p927 ft150">turnover (ADT)</SPAN> </TD>
<TD class="tr30 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr30 td95"><SPAN class="p944 ft140">€1 000 000</SPAN> </TD>
<TD colspan=2 class="tr30 td96"><SPAN class="p944 ft140">€25 000 000</SPAN> </TD>
<TD class="tr30 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr30 td97"><SPAN class="p30 ft140">€50 000 000</SPAN> </TD>
<TD class="tr30 td98"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td100"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td101"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td102"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td103"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td104"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td105"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td106"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td107"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td108"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td109"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td110"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td111"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td112"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td93"><SPAN class="p927 ft59">Minimum size of</SPAN> </TD>
<TD class="tr12 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td94"><SPAN class="p945 ft59">€50 000</SPAN> </TD>
<TD colspan=2 class="tr12 td95"><SPAN class="p946 ft59">€100 000</SPAN> </TD>
<TD colspan=2 class="tr12 td96"><SPAN class="p947 ft59">€250 000</SPAN> </TD>
<TD class="tr12 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=3 class="tr12 td113"><SPAN class="p932 ft59">€400 000</SPAN> </TD>
<TD colspan=2 class="tr12 td95"><SPAN class="p948 ft59">€500 000</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td93"><SPAN class="p927 ft79">order qualifying as</SPAN> </TD>
<TD class="tr30 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td114"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td115"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td116"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td117"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td118"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td98"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td93"><SPAN class="p927 ft65">large in scale</SPAN> </TD>
<TD class="tr25 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td114"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td115"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td116"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td117"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td118"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td98"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td93"><SPAN class="p927 ft79">compared with</SPAN> </TD>
<TD class="tr30 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td114"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td115"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td116"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td117"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td118"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td98"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr15 td93"><SPAN class="p927 ft59">normal market size</SPAN> </TD>
<TD class="tr15 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td114"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td115"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td116"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td117"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td45"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td118"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td98"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td100"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td101"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td102"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td103"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td104"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td105"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td106"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td107"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td108"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td109"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td120"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td121"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td111"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td112"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr3 td122"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr3 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr3 td30"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=6 class="tr3 td124"><SPAN class="p949 ft150">Table 3: Standard market sizes</SPAN> </TD>
<TD class="tr3 td118"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr3 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr3 td125"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr3 td34"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr3 td126"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td127"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td128"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td129"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td104"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td128"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td130"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td109"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td120"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td131"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td132"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td133"><SPAN class="p927 ft150">Class in</SPAN> </TD>
<TD colspan=2 class="tr12 td134"><SPAN class="p941 ft150">AVT <</SPAN> </TD>
<TD class="tr12 td94"><SPAN class="p941 ft150">€10 000</SPAN> </TD>
<TD class="tr12 td135"><SPAN class="p943 ft150">€20 000</SPAN> </TD>
<TD colspan=2 class="tr12 td134"><SPAN class="p943 ft150">€30 000</SPAN> </TD>
<TD colspan=2 class="tr12 td136"><SPAN class="p943 ft150">€40 000</SPAN> </TD>
<TD class="tr12 td137"><SPAN class="p939 ft150">€50 000</SPAN> </TD>
<TD class="tr12 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr12 td138"><SPAN class="p30 ft150">€70 000</SPAN> </TD>
<TD class="tr12 td99"><SPAN class="p950 ft150">Etc.</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td133"><SPAN class="p927 ft150">terms of</SPAN> </TD>
<TD colspan=2 class="tr25 td134"><SPAN class="p943 ft150">€10 000</SPAN> </TD>
<TD class="tr25 td94"><SPAN class="p941 ft150"><SPAN class="ft156"></SPAN>AVT<</SPAN> </TD>
<TD class="tr25 td135"><SPAN class="p943 ft150"><SPAN class="ft156"></SPAN>AVT<</SPAN> </TD>
<TD colspan=2 class="tr25 td134"><SPAN class="p950 ft150"><SPAN class="ft156"></SPAN>AVT<</SPAN> </TD>
<TD colspan=2 class="tr25 td136"><SPAN class="p943 ft150"><SPAN class="ft156"></SPAN>AVT<</SPAN> </TD>
<TD class="tr25 td137"><SPAN class="p939 ft150"><SPAN class="ft156"></SPAN>AVT<</SPAN> </TD>
<TD class="tr25 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr25 td138"><SPAN class="p30 ft150"><SPAN class="ft156"></SPAN>AVT<</SPAN> </TD>
<TD class="tr25 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td133"><SPAN class="p927 ft150">average</SPAN> </TD>
<TD class="tr30 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td139"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td94"><SPAN class="p950 ft150">€20 000</SPAN> </TD>
<TD class="tr30 td135"><SPAN class="p948 ft150">€30 000</SPAN> </TD>
<TD colspan=2 class="tr30 td134"><SPAN class="p948 ft150">€40 000</SPAN> </TD>
<TD colspan=2 class="tr30 td136"><SPAN class="p951 ft150">€50 000</SPAN> </TD>
<TD class="tr30 td137"><SPAN class="p939 ft150">€70 000</SPAN> </TD>
<TD class="tr30 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr30 td138"><SPAN class="p30 ft150">€90 000</SPAN> </TD>
<TD class="tr30 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td133"><SPAN class="p927 ft150">value of</SPAN> </TD>
<TD class="tr25 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td139"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td135"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td140"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td141"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td142"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td137"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td125"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td143"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td133"><SPAN class="p927 ft150">transact-</SPAN> </TD>
<TD class="tr30 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td139"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td135"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td140"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td141"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td142"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td137"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td125"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td143"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td133"><SPAN class="p927 ft150">ions</SPAN> </TD>
<TD class="tr25 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td139"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td135"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td140"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td141"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td142"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td137"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td125"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td143"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td133"><SPAN class="p927 ft150">(AVT)</SPAN> </TD>
<TD class="tr30 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td139"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td135"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td140"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td141"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td142"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td137"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td125"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td143"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td144"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td145"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td103"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td146"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td145"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td147"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td148"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td120"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD colspan=2 class="tr28 td149"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td112"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td133"><SPAN class="p927 ft59">Standard</SPAN> </TD>
<TD colspan=2 class="tr12 td134"><SPAN class="p948 ft59">€7 500</SPAN> </TD>
<TD class="tr12 td94"><SPAN class="p950 ft59">€15 000</SPAN> </TD>
<TD class="tr12 td135"><SPAN class="p948 ft59">€25 000</SPAN> </TD>
<TD colspan=2 class="tr12 td134"><SPAN class="p948 ft59">€35 000</SPAN> </TD>
<TD colspan=2 class="tr12 td136"><SPAN class="p951 ft59">€45 000</SPAN> </TD>
<TD class="tr12 td137"><SPAN class="p952 ft64">€60 000</SPAN> </TD>
<TD class="tr12 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=2 class="tr12 td138"><SPAN class="p38 ft59">€80 000</SPAN> </TD>
<TD class="tr12 td99"><SPAN class="p941 ft59">Etc.</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td133"><SPAN class="p927 ft79">market</SPAN> </TD>
<TD class="tr30 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td139"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td135"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td140"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td141"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td142"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td137"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td125"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td143"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td133"><SPAN class="p927 ft59">size</SPAN> </TD>
<TD class="tr15 td123"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td139"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td94"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td135"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td51"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td140"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td141"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td142"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td137"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td119"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td125"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td143"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td99"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td144"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td150"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td151"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td103"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td146"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td152"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td153"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td154"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td155"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td148"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td120"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td156"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td157"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td112"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t110">
<TR>
<TD class="tr24 td36"><SPAN class="p30 ft142">EN</SPAN> </TD>
<TD class="tr24 td38"><SPAN class="p216 ft59">43</SPAN> </TD>
<TD class="tr24 td39"><SPAN class="p166 ft143">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">139</P>
</DIV>
</DIV>
<DIV id="page_136">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr15 td27"><SPAN class="p30 ft19">Bilaga 2</SPAN> </TD>
<TD class="tr15 td28"><SPAN class="p30 ft19">SOU 2006:74</SPAN> </TD>
</TR>
</TABLE>
<P class="p953 ft125">Table 4: Deferred publication thresholds and delays</P>
<P class="p954 ft59">The table below shows, for each permitted delay for publication and each class of shares in terms of average daily turnover (ADT), the minimum qualifying size of transaction that will qualify for that delay in respect of a share of that type.</P>
<TABLE cellpadding=0 cellspacing=0 class="t111">
<TR>
<TD class="tr12 td29"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=4 class="tr29 td159"><SPAN class="p955 ft140">Class of shares in terms of average daily turnover (ADT)</SPAN> </TD>
</TR>
<TR>
<TD class="tr33 td29"><SPAN class="p30 ft154"> </SPAN> </TD>
<TD class="tr33 td158"><SPAN class="p30 ft154"> </SPAN> </TD>
<TD class="tr28 td160"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td160"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td160"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td161"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td29"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr29 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p956 ft150">ADT <</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft140">€100 000</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft140">€1 000 000</SPAN> </TD>
<TD class="tr29 td163"><SPAN class="p957 ft150">ADT <SPAN class="ft156"></SPAN></SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td29"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p957 ft140">€100 000</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p957 ft150"><SPAN class="ft156"> </SPAN>ADT <</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p944 ft150"><SPAN class="ft156"> </SPAN>ADT <</SPAN> </TD>
<TD class="tr25 td163"><SPAN class="p957 ft140">€50 000 000</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td29"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p957 ft140">€1 000 000</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p944 ft140">€50 000 000</SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr33 td29"><SPAN class="p30 ft154"> </SPAN> </TD>
<TD class="tr33 td158"><SPAN class="p30 ft154"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td161"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td29"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD colspan=4 class="tr12 td57"><SPAN class="p958 ft140">Minimum qualifying size of transaction for permitted delay</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td165"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td166"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td160"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td160"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td160"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td161"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td158"><SPAN class="p928 ft150">60 minutes</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p957 ft64">€10 000</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p944 ft64">Greater of 5%</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p957 ft64">Lower of 10%</SPAN> </TD>
<TD class="tr12 td163"><SPAN class="p944 ft64">Lower of 10%</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p957 ft64">of ADT and</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p944 ft64">of ADT and</SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p957 ft64">of ADT and</SPAN> </TD>
</TR>
<TR>
<TD class="tr14 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr14 td162"><SPAN class="p957 ft64">€25 000</SPAN> </TD>
<TD class="tr14 td162"><SPAN class="p957 ft64">€3 500 000</SPAN> </TD>
<TD class="tr14 td163"><SPAN class="p944 ft64">€7 500 000</SPAN> </TD>
</TR>
<TR>
<TD class="tr23 td167"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr17 td166"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td164"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td164"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td164"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td161"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr29 td158"><SPAN class="p928 ft150">180 minutes</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft64">€25 000</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft64">Greater of 15%</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft64">Lower of 15%</SPAN> </TD>
<TD class="tr29 td163"><SPAN class="p944 ft64">Lower of 20%</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p957 ft64">of ADT and</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p944 ft64">of ADT and</SPAN> </TD>
<TD class="tr25 td163"><SPAN class="p957 ft64">of ADT and</SPAN> </TD>
</TR>
<TR>
<TD class="tr15 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td158"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td162"><SPAN class="p957 ft64">€75 000</SPAN> </TD>
<TD class="tr15 td162"><SPAN class="p957 ft64">€5 000 000</SPAN> </TD>
<TD class="tr15 td163"><SPAN class="p957 ft64">€15 000 000</SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td167"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr23 td166"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td164"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td164"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td164"><SPAN class="p30 ft92"> </SPAN> </TD>
<TD class="tr23 td161"><SPAN class="p30 ft92"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr29 td158"><SPAN class="p928 ft150">Until end of</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft64">€45 000</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft64">Greater of 25%</SPAN> </TD>
<TD class="tr29 td162"><SPAN class="p957 ft64">Lower of 25%</SPAN> </TD>
<TD class="tr29 td163"><SPAN class="p944 ft64">Lower of 30%</SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td158"><SPAN class="p928 ft150">trading day</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p957 ft64">of ADT and</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p944 ft64">of ADT and</SPAN> </TD>
<TD class="tr25 td163"><SPAN class="p957 ft64">of ADT and</SPAN> </TD>
</TR>
<TR>
<TD rowspan=2 class="tr21 td167"><!--[if lte IE 7]><SPAN style="margin-left:20px;margin-top:0px;margin-right:-30px;margin-bottom:0px;" class="p959 ft157"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:10px;margin-top:0px;margin-right:-20px;margin-bottom:10px;" class="p959 ft157"><![endif]--><![if ! IE]><SPAN style="margin-left:15px;margin-top:5px;margin-right:-25px;margin-bottom:5px;" class="p959 ft157"><![endif]>publication</SPAN> </TD>
<TD class="tr15 td158"><SPAN class="p928 ft150">(or <NOBR>roll-over</NOBR></SPAN> </TD>
<TD class="tr15 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr15 td162"><SPAN class="p957 ft64">€100 000</SPAN> </TD>
<TD class="tr15 td162"><SPAN class="p944 ft64">€10 000 000</SPAN> </TD>
<TD class="tr15 td163"><SPAN class="p957 ft64">€30 000 000</SPAN> </TD>
</TR>
<TR>
<TD rowspan=2 class="tr34 td158"><SPAN class="p928 ft158">to noon of</SPAN> </TD>
<TD class="tr22 td162"><SPAN class="p30 ft159"> </SPAN> </TD>
<TD class="tr22 td162"><SPAN class="p30 ft159"> </SPAN> </TD>
<TD class="tr22 td162"><SPAN class="p30 ft159"> </SPAN> </TD>
<TD class="tr22 td163"><SPAN class="p30 ft159"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr35 td167"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td162"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td162"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td162"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td163"><SPAN class="p30 ft160"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td158"><SPAN class="p928 ft150">next trading</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p928 ft150">day if trade</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td158"><SPAN class="p928 ft140">undertaken in</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD rowspan=2 class="tr9 td167"><!--[if lte IE 7]><SPAN style="margin-left:12px;margin-top:0px;margin-right:-12px;margin-bottom:0px;" class="p960 ft125"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:12px;margin-top:0px;margin-right:-12px;margin-bottom:0px;" class="p960 ft125"><![endif]--><![if ! IE]><SPAN style="margin-left:12px;margin-top:0px;margin-right:-12px;margin-bottom:0px;" class="p960 ft125"><![endif]>for</SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p928 ft150">final 2 hours</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD rowspan=2 class="tr25 td158"><SPAN class="p928 ft150">of trading</SPAN> </TD>
<TD class="tr22 td162"><SPAN class="p30 ft159"> </SPAN> </TD>
<TD class="tr22 td162"><SPAN class="p30 ft159"> </SPAN> </TD>
<TD class="tr22 td162"><SPAN class="p30 ft159"> </SPAN> </TD>
<TD class="tr22 td163"><SPAN class="p30 ft159"> </SPAN> </TD>
</TR>
<TR>
<TD rowspan=2 class="tr15 td167"><!--[if lte IE 7]><SPAN style="margin-left:19px;margin-top:0px;margin-right:-19px;margin-bottom:0px;" class="p961 ft161"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:19px;margin-top:0px;margin-right:-19px;margin-bottom:0px;" class="p961 ft161"><![endif]--><![if ! IE]><SPAN style="margin-left:19px;margin-top:0px;margin-right:-19px;margin-bottom:0px;" class="p961 ft161"><![endif]>delay</SPAN> </TD>
<TD class="tr17 td162"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td162"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td162"><SPAN class="p30 ft69"> </SPAN> </TD>
<TD class="tr17 td163"><SPAN class="p30 ft69"> </SPAN> </TD>
</TR>
<TR>
<TD rowspan=2 class="tr30 td158"><SPAN class="p928 ft150">day)</SPAN> </TD>
<TD class="tr16 td162"><SPAN class="p30 ft66"> </SPAN> </TD>
<TD class="tr16 td162"><SPAN class="p30 ft66"> </SPAN> </TD>
<TD class="tr16 td162"><SPAN class="p30 ft66"> </SPAN> </TD>
<TD class="tr16 td163"><SPAN class="p30 ft66"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr35 td167"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td162"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td162"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td162"><SPAN class="p30 ft160"> </SPAN> </TD>
<TD class="tr35 td163"><SPAN class="p30 ft160"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr33 td167"><SPAN class="p30 ft154"> </SPAN> </TD>
<TD class="tr28 td166"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td161"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD rowspan=2 class="tr2 td167"><!--[if lte IE 7]><SPAN style="margin-left:14px;margin-top:0px;margin-right:-32px;margin-bottom:0px;" class="p962 ft162"><![endif]--><!--[if gte IE 8]><SPAN style="margin-left:-4px;margin-top:0px;margin-right:-14px;margin-bottom:18px;" class="p962 ft162"><![endif]--><![if ! IE]><SPAN style="margin-left:5px;margin-top:9px;margin-right:-23px;margin-bottom:9px;" class="p962 ft162"><![endif]>Permitted</SPAN> </TD>
<TD class="tr12 td158"><SPAN class="p928 ft150">Until end of</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p957 ft64">€60 000</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p957 ft64">Greater of 50%</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p957 ft64">Greater of 50%</SPAN> </TD>
<TD class="tr12 td163"><SPAN class="p957 ft64">100% of ADT</SPAN> </TD>
</TR>
<TR>
<TD class="tr13 td158"><SPAN class="p928 ft150">trade</SPAN> </TD>
<TD class="tr13 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD rowspan=2 class="tr36 td162"><SPAN class="p957 ft64">of ADT and</SPAN> </TD>
<TD rowspan=2 class="tr36 td162"><SPAN class="p944 ft64">of ADT and</SPAN> </TD>
<TD class="tr13 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr37 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr37 td158"><SPAN class="p30 ft163">trading day</SPAN> </TD>
<TD class="tr37 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr37 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr38 td167"><SPAN class="p30 ft164"> </SPAN> </TD>
<TD class="tr38 td158"><SPAN class="p30 ft163">next after</SPAN> </TD>
<TD class="tr38 td162"><SPAN class="p30 ft164"> </SPAN> </TD>
<TD class="tr38 td162"><SPAN class="p957 ft164">€100 000</SPAN> </TD>
<TD class="tr38 td162"><SPAN class="p957 ft164">€1 000 000</SPAN> </TD>
<TD class="tr38 td163"><SPAN class="p30 ft164"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr39 td167"><SPAN class="p30 ft164"> </SPAN> </TD>
<TD class="tr40 td166"><SPAN class="p30 ft164"> </SPAN> </TD>
<TD class="tr40 td164"><SPAN class="p30 ft164"> </SPAN> </TD>
<TD class="tr40 td164"><SPAN class="p30 ft164"> </SPAN> </TD>
<TD class="tr40 td164"><SPAN class="p30 ft164"> </SPAN> </TD>
<TD class="tr40 td161"><SPAN class="p30 ft164"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr12 td158"><SPAN class="p928 ft150">Until end of</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p957 ft64">€80 000</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p944 ft64">100% of ADT</SPAN> </TD>
<TD class="tr12 td162"><SPAN class="p944 ft64">100% of ADT</SPAN> </TD>
<TD class="tr12 td163"><SPAN class="p957 ft64">250% of ADT</SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p928 ft150">second</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p928 ft150">trading day</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td158"><SPAN class="p928 ft150">next after</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p928 ft150">trade</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr33 td167"><SPAN class="p30 ft154"> </SPAN> </TD>
<TD class="tr28 td166"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td161"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr7 td158"><SPAN class="p928 ft150">Until end of</SPAN> </TD>
<TD class="tr7 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr7 td162"><SPAN class="p944 ft64">250% of ADT</SPAN> </TD>
<TD class="tr7 td162"><SPAN class="p944 ft64">250% of ADT</SPAN> </TD>
<TD class="tr7 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p928 ft150">third trading</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr30 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td158"><SPAN class="p928 ft140">day next after</SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr30 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr25 td167"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td158"><SPAN class="p928 ft150">trade</SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td162"><SPAN class="p30 ft71"> </SPAN> </TD>
<TD class="tr25 td163"><SPAN class="p30 ft71"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr28 td168"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td166"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td164"><SPAN class="p30 ft151"> </SPAN> </TD>
<TD class="tr28 td161"><SPAN class="p30 ft151"> </SPAN> </TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t112">
<TR>
<TD class="tr41 td36"><SPAN class="p30 ft165">EN</SPAN> </TD>
<TD class="tr41 td38"><SPAN class="p216 ft164">44</SPAN> </TD>
<TD class="tr41 td39"><SPAN class="p30 ft165">EN</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft166">140</P>
</DIV>
</DIV>
<DIV id="page_137">
<DIV id="id_1">
<P class="p126 ft19">Bilaga 3</P>
<TABLE cellpadding=0 cellspacing=0 class="t113">
<TR>
<TD class="tr6 td169"><SPAN class="p32 ft13">Kommissionens förslag till</SPAN> </TD>
<TD class="tr6 td170"><SPAN class="p32 ft13">Kommissionens förslag till</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">genomförandedirektiv från</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft167">genomförandedirektiv efter</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">den 21 mars 2006</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft13">omröstningen i europeiska</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft167">värdepapperskommittén</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft13">den 26 juni 2006</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 1</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 2</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 3</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 4</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 5</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 6</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 7</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 7</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 8</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 8</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 9</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 10</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 9</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 11</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 10</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 12</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 11</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 12</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 13</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 14</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 13</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 15</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 14</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 16</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 15</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 17</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 16</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 18</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 17</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 19</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 18</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 20</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 19</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 21</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 20</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 22</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 21</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 22</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 23</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 23</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 24</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 24</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 25</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 25</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 26</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 26</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 27</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 27</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 28</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 28</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 29</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 29</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 30</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 30</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">141</P>
</DIV>
</DIV>
<DIV id="page_138">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 3 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD class="tr9 td175"><SPAN class="p32 ft9">Skäl 31</SPAN> </TD>
<TD class="tr9 td176"><SPAN class="p939 ft9">Skäl 31</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 32</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 32</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 33</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 33</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 34</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 34</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 35</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 35</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 36</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 36</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 37</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 37</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 38</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 38</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 39</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 39</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 40</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 40</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 41</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 41</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 42</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 42</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 43</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 43</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 44</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 45</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 44</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 46</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 45</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 47</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 46</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 48</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 47</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 49</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 48</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 50</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 49</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 51</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 50</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 52</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 51</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 53</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 54</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 55</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 52</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 56</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 53</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 57</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 54</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 58</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 55</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 59</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 56</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 60</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 57</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 61</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 62</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 58</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 63</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 59</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 64</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 65</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 60</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 66</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 61</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 67</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 62</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 68</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 63</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Skäl 69</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">142</P>
</DIV>
</DIV>
<DIV id="page_139">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 3</P>
<TABLE cellpadding=0 cellspacing=0 class="t115">
<TR>
<TD class="tr6 td175"><SPAN class="p32 ft9">Skäl 64</SPAN> </TD>
<TD class="tr6 td178"><SPAN class="p32 ft9">Skäl 70</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 71</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 72</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 65</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 73</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 66</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 74</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 67</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 75</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 68</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 76</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 69</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 77</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 70</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 78</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 71</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 79</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 80</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 72</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 81</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 73</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 82</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 74</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 83</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 75</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 84</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 76</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 85</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 1</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 2</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 3</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 4</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 5</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 6</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 7</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 7</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 8</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 8</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 9</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 9</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 10</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 10</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 11</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 11</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 12</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 12</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 13</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 13</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 14</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 14</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 15</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 15</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 16</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 16</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 17</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 17</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 18</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 18</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 19</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 19</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 20</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 20</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 21</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 21</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 22</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 22</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">143</P>
</DIV>
</DIV>
<DIV id="page_140">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 3 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD class="tr9 td175"><SPAN class="p32 ft9">Artikel 23</SPAN> </TD>
<TD class="tr9 td176"><SPAN class="p939 ft9">Artikel 23</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 24</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 24</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 25</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 25</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 26</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 26</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 27</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 27</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 28</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 28</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 29</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 29</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 30</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 30</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 31</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 31</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 32</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 32</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 33</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 33</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 34</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 34</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 35</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 36</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 35</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 37</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 36</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 38</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 37</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 39</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 38</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 39 A</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 39</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 40</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 40</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 41</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 41</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 42</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 42</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 43</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 43</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 44</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 44</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 45</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 45</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 46</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 46</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 47</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 47</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 48</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 48</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 49</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 49</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 50</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 50</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 51</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 51</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 52</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 52</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 53</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 53</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 54</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 54</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 55</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 55</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">144</P>
</DIV>
</DIV>
<DIV id="page_141">
<DIV id="id_1">
<P class="p126 ft19">Bilaga 4</P>
<TABLE cellpadding=0 cellspacing=0 class="t113">
<TR>
<TD class="tr6 td169"><SPAN class="p32 ft13">Kommissionens förslag till</SPAN> </TD>
<TD class="tr6 td170"><SPAN class="p32 ft13">Kommissionens förslag till</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft16">genomförandeförordning från</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft16">genomförandeförordning efter</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">den 21 mars 2006</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft13">omröstningen i europeiska</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft167">värdepapperskommittén den</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft13">26 juni 2006</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 1</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 2</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 3</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 4</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 5</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 7</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 6</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 8</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 7</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 9</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 8</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 10</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 9</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 11</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 10</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 11</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 12</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 12</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 13</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 13</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 14</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 14</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 15</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 16</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 15</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 16</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 17</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 17</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 18</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 18</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 19</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 19</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 20</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 20</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 21</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 21</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 22</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 22</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 23</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 23</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 24</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 24</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 25</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 25</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 26</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 26</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Skäl 27</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Skäl 27</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 1</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 2</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 3</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Artikel 4</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">145</P>
</DIV>
</DIV>
<DIV id="page_142">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 4 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD class="tr9 td175"><SPAN class="p32 ft9">Artikel 5</SPAN> </TD>
<TD class="tr9 td176"><SPAN class="p939 ft9">Artikel 5</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 5 A</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 6</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 7</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 7</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 8</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 8</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 9</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 9</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 10</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 10</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 11</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 11</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 12</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 12</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 13</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 13</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 14</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 14</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 15</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 15</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 16</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 16</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 17</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 17</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 18</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 18</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 19</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 19</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 20</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 20</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 21</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 21</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 22</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 22</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 23</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 23</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 24</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 24</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 25</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 25</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 26</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 26</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 27</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 27</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 28</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 28</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 29</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 29</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 30</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 30</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 31</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 31</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 32</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 32</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 33</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 33</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 34</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 34</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 35</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 35</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 36</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 36</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 37</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 37</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 38</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 38</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 39</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 39</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 40</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 40</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">Artikel 41</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Artikel 41</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">146</P>
</DIV>
</DIV>
<DIV id="page_143">
<DIV id="id_1">
<P class="p126 ft19">Bilaga 5</P>
<P class="p964 ft45">Parallelluppställning över genomförandet av direktiv 2004/39/EG (MiFID)</P>
<TABLE cellpadding=0 cellspacing=0 class="t116">
<TR>
<TD class="tr10 td43"></TD>
<TD class="tr10 td175"><SPAN class="p32 ft13">Artikel i direktivet</SPAN> </TD>
<TD class="tr10 td178"><SPAN class="p939 ft13">Svenska bestämmelser</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td43"></TD>
<TD colspan=2 class="tr0 td179"><SPAN class="p32 ft13">AVDELNING I Definitioner och räckvidd</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td43"></TD>
<TD rowspan=2 class="tr0 td171"><SPAN class="p32 ft13">1 Räckvidd</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p32 ft168">1 kap. 1 § och 5 § 21 lagen om</SPAN> </TD>
</TR>
<TR>
<TD class="tr22 td43"></TD>
<TD rowspan=2 class="tr7 td174"><SPAN class="p32 ft9">värdepappersmarknaden (LV)</SPAN> </TD>
</TR>
<TR>
<TD class="tr22 td43"></TD>
<TD class="tr22 td173"><SPAN class="p30 ft169"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td43"></TD>
<TD class="tr0 td173"><SPAN class="p32 ft13">2 Undantag</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td171"><SPAN class="p32 ft9">2.1</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">2 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr1 td43"></TD>
<TD class="tr1 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr1 td172"><SPAN class="p32 ft9">När det gäller artiklarna 2.1 c, d</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td43"></TD>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">och k, jfr definitionen av värde-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">pappersrörelse i 1 kap. 5 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft22">som anger att verksamheten ska</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td43"></TD>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">vara yrkesmässig.</SPAN> </TD>
</TR>
<TR>
<TD class="tr1 td43"></TD>
<TD class="tr1 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr1 td172"><SPAN class="p32 ft9">Artiklarna 2.1 m och n är inte</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td43"></TD>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">relevanta för Sverige.</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">2.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">2 kap. 4 § 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">2.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td43"></TD>
<TD class="tr0 td173"><SPAN class="p32 ft13">3 Frivilliga undantag</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">3.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">2 kap. 4 § 12 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">3.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Jfr 4 kap. 1 och 3 §§</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td43"></TD>
<TD class="tr0 td173"><SPAN class="p32 ft13">4 Definitioner</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">1 kap. 5 § 19 och 20 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">2 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">2 kap. 2 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td43"></TD>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.7</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">1 kap. 5 § 18 LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">147</P>
</DIV>
</DIV>
<DIV id="page_144">
<DIV id="dimg1">
<INGENBILD zsrc="GUB374144x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<P class="p0 ft19">Bilaga 5 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD class="tr9 td175"><SPAN class="p965 ft9">4.1.8</SPAN> </TD>
<TD class="tr9 td176"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.9</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.10</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.11</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 15 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.12</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.13</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 3 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.14</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 16 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.15</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 14 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.16</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">9 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.17</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 4 § 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.18</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 4 § 2 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.19</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 4 § 4 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.20</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 10 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.21</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">4.1.22</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft9">1 kap. 5 § 2 LV (definitionen i</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft9">utredningens förslag inbegriper</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">även myndigheter utanför EES)</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">4.1.23</SPAN> </TD>
<TD class="tr29 td180"><SPAN class="p939 ft168">1 kap. 5 § 12 LV och lagen</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td180"><SPAN class="p939 ft9">(2004:297) om bank- och</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">finansieringsrörelse</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">4.1.24</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft9">Definition i lagen (2004:46) om</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">investeringsfonder</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.25</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.26</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 8 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.27</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 5 § 13 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.28</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.29</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.30</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Definition har inte tagits in</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.1.31</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">1 kap. 6 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">4.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
</TABLE>
<P class="p966 ft13">AVDELNING II Villkor för auktorisation och för verksamheten för värdepappersföretag</P>
<P class="p967 ft13">KAPITEL 1 Villkor och förfaranden för auktorisation</P>
<TABLE cellpadding=0 cellspacing=0 class="t117">
<TR>
<TD class="tr10 td178"><SPAN class="p32 ft13">5 Auktorisationskrav</SPAN> </TD>
<TD class="tr10 td181"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">5.1</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">2 kap. 1 § första meningen LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">5.2</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">13 kap. 12 § andra stycket LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">148</P>
</DIV>
</DIV>
<DIV id="page_145">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 5</P>
<TABLE cellpadding=0 cellspacing=0 class="t118">
<TR>
<TD class="tr9 td183"><SPAN class="p968 ft9">5.3</SPAN> </TD>
<TD class="tr9 td184"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr9 td170"><SPAN class="p32 ft9">Förordning (1996:596) med in-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td185"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td186"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">struktion för Finansinspektionen</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td187"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">(se s. 251 f i huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">5.4</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">3 kap. 1 § 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td185"><SPAN class="p32 ft168">5.5</SPAN> </TD>
<TD class="tr29 td186"><SPAN class="p30 ft170"> </SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">Frivilligt, möjligheten att</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td187"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">delegera har inte utnyttjats</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td173"><SPAN class="p32 ft13">6 Auktorisationens räckvidd</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td185"><SPAN class="p32 ft9">6.1</SPAN> </TD>
<TD class="tr12 td186"><SPAN class="p30 ft9">Fösta meningen</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">Ingen direkt motsvarighet, jfr</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">dock 2 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">6.1</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft9">Andra meningen</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">2 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">6.1</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft9">Tredje meningen</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">2 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">6.2</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Jfr 2 kap. <NOBR>1–2</NOBR> §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">6.3</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">4 kap. <NOBR>1–3</NOBR> §§ LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td171"><SPAN class="p32 ft13">7 Förfaranden för att bevilja</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td171"><SPAN class="p32 ft167">och avslå ansökningar om</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td173"><SPAN class="p32 ft13">auktorisation</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">7.1</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">3 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">7.2</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft22">3 kap. 14 § samt 15 § 1 och 4 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">7.3</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">26 kap. 2 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td173"><SPAN class="p32 ft16">8 Återkallelse av auktorisation</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td185"><SPAN class="p32 ft15">8. a</SPAN> </TD>
<TD class="tr12 td186"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">25 kap. 5 § första stycket 3 och</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">5 LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft9">8. b</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">25 kap. 5 § första stycket 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft15">8. c</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">25 kap. 5 § första stycket 2 LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft9">8. d</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">25 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft15">8. e</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">25 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td171"><SPAN class="p32 ft13">9 Personer som leder verk-</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td173"><SPAN class="p32 ft13">samheten</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft9">9.1 första stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">3 kap. 1 § 5 LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft9">9.1 andra stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">Jfr 12 kap. och 3 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">9.2</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">3 kap. 3 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td185"><SPAN class="p32 ft168">9.3</SPAN> </TD>
<TD class="tr29 td186"><SPAN class="p30 ft170"> </SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">Framgår indirekt av 3 kap. 1 §</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td187"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td187"><SPAN class="p32 ft9">9.4</SPAN> </TD>
<TD class="tr12 td188"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">3 kap. 6 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td171"><SPAN class="p32 ft13">10 Aktieägare och andra</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td171"><SPAN class="p32 ft167">delägare med kvalificerade</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td173"><SPAN class="p32 ft13">innehav</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">149</P>
</DIV>
</DIV>
<DIV id="page_146">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 5 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD class="tr9 td175"><SPAN class="p32 ft9">10.1 första och andra styckena</SPAN> </TD>
<TD class="tr9 td176"><SPAN class="p939 ft9">3 kap. 1 § 4 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">10.1 tredje stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">3 kap. 2 § andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">10.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">3 kap. 2 § andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">10.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">24 kap. 1 och 3 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">10.4</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">24 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">10.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">24 kap. 5 och 6 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">10.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">24 kap. <NOBR>7–11</NOBR> §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">11 Anslutning till ett</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">auktoriserat system för</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">ersättning till investerare</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">11</SPAN> </TD>
<TD class="tr29 td180"><SPAN class="p939 ft168">Lagen (1999:158) om</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">investerarskydd</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td173"><SPAN class="p32 ft13">12 Startkapital</SPAN> </TD>
<TD class="tr0 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">12</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">3 kap. 8 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">13 Krav på organisation av</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">verksamheten</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 7 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 12 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.4</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 8 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.5 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 11 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.5 andra stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 9 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">10 kap. 2 § och 6 § 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.7</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 25 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13. 8</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 26 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.9</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">23 kap. 1 § och 10 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">13.10</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft171">14 Handel och avslut på MTF-</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">plattformar</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">14.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">14.2 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">14.2 andra stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 5 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">14.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">14.4</SPAN> </TD>
<TD class="tr29 td180"><SPAN class="p939 ft168">11 kap. 1 andra stycket och 3 §</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">14.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 4 § 4 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">14.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">Indirekt av 11 kap. 6 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">14.7</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">22 kap. 6 § LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">150</P>
</DIV>
</DIV>
<DIV id="page_147">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 5</P>
<TABLE cellpadding=0 cellspacing=0 class="t119">
<TR>
<TD class="tr10 td175"><SPAN class="p32 ft16">15 Förbindelser med tredje land</SPAN> </TD>
<TD class="tr10 td178"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9"><NOBR>15.1–5</NOBR></SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Ingen motsvarighet</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td179"><SPAN class="p32 ft13">KAPITEL II Villkor för verksamheten i värdepappersföretag</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft16">16 Regelbunden granskning av</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">villkoren för ursprunglig</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">auktorisation</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">16.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">25 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">16.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 och 25 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">16.3</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">Frivilligt, möjligheten att dele-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">gera har inte utnyttjats</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">17 Allmänna krav i fråga om</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">fortlöpande tillsyn</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">17.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">17.2</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">Frivilligt, möjligheten att dele-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">gera har inte utnyttjats</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td173"><SPAN class="p32 ft13">18 Intressekonflikter</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">18.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 12 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">18.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 12 § andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">18.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">19 Uppföranderegler vid till-</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft16">handahållande av investerings-</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">tjänster till kunder</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9"><NOBR>19.2–3</NOBR></SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 13 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 14 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 15 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 16 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.7</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 17 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.8</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 18 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.9</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 32 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">19.10</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft171">20 Tillhandahållande av tjäns-</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft16">ter via ett annat värdepappers-</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">företag</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">En uttrycklig bestämmelse med</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">detta innehåll är inte nödvändig</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">(se s. 376 f i huvudbetänkandet)</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">151</P>
</DIV>
</DIV>
<DIV id="page_148">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 5 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t120">
<TR>
<TD class="tr10 td169"><SPAN class="p32 ft13">21 Skyldighet att utföra order</SPAN> </TD>
<TD class="tr10 td189"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">på de villkor som är mest</SPAN> </TD>
<TD class="tr7 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">lämpliga för kunden</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">21.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 19 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">21.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 20 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">21.3 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 20 § andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">21.3 andra stycket</SPAN> </TD>
<TD class="tr29 td180"><SPAN class="p939 ft168">8 kap. 13 § första stycket 5 och</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">21 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">21.3 tredje stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 21 och 22 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">21.4</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 20 § tredje stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">21.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 23 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">21.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft16">22 Bestämmelser om hantering</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">av kundorder</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">22.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 24 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">22.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">9 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">22.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">23 Krav på värdepappers-</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">företag som utnämner an-</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">knutna ombud</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">23.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">6 kap. LV (jfr 1 kap. 5 § 1)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">23.2 första stycket</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft9">6 kap. 2 § 3 LV (jfr 1 kap. 5 § 1</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">LV)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">23.2 andra stycket</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft9">Frivilligt, möjligheten har inte</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">utnyttjats</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">23.2 tredje stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">6 kap. 1 och 4 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">23.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">6 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">23.4 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">6 kap. 1 och 4 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">23.4 andra stycket</SPAN> </TD>
<TD class="tr29 td180"><SPAN class="p939 ft168">Frivilligt, möjligheten att</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">delegera har inte utnyttjats</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">23.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">6 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">23.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">6 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">24 Transaktioner med</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">godtagbara motparter</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9"><NOBR>24.1–2</NOBR></SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 31 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">24.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 31 § andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">24.4</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">8 kap. 31 § tredje stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">24.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">152</P>
</DIV>
</DIV>
<DIV id="page_149">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 5</P>
<TABLE cellpadding=0 cellspacing=0 class="t121">
<TR>
<TD class="tr10 td169"><SPAN class="p32 ft171">25 Skyldighet att vidmakthålla</SPAN> </TD>
<TD class="tr10 td170"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">marknadernas integritet,</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">rapportera transaktioner och</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">bevara uppgifter</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">25.1</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">8 kap. 1 § samt 23 och 25 kap.</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">25.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">10 kap. 1 och 3 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">25.3 första stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">10 kap. 4 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">25.3 andra stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">25.4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">10 kap. 4 § andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">25.5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">10 kap. 5 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">25.6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">25.7</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">26 Övervakning av att MTF-</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">plattformens regler följs och</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft16">att andra rättsliga förpliktelser</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">uppfylls</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">26.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">8 kap. 10 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">26.2</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">10 § lagen (2005:377) om straff</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">för marknadsmissbruk vid han-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">del med finansiella instrument</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">27 Skyldighet för värde-</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">pappersföretag att offentlig-</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">göra fasta bud</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">27.1 första stycket</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">9 kap. 2 § första stycket första</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">meningen LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">27.1 andra stycket</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">Jfr 9 kap. 2 § första stycket</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">första meningen och 2 § andra</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.1 tredje stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">9 kap. 2 § första stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.1 fjärde stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Ingen motsvarighet</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.1 femte stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Ingen motsvarighet</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Ingen motsvarighet</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">27.3 <NOBR>första–andra</NOBR> styckena</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p32 ft168">9 kap. 2 § första stycket andra</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">meningen och 3 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.3 tredje stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">9 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">27.3 fjärde stycket</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">9 kap. 4 § och 6 § första stycket</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">153</P>
</DIV>
</DIV>
<DIV id="page_150">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 5 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD class="tr9 td175"><SPAN class="p32 ft9">27.3 femte stycket</SPAN> </TD>
<TD class="tr9 td176"><SPAN class="p939 ft9">9 kap. 6 § andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.3 sjätte stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">9 kap. 5 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.4</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">23 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">9 kap. 7 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">9 kap. 8 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">27.7</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">28 Offentliggörande från</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">värdepappersföretag efter</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">avslutade transaktioner</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9"><NOBR>28.1–2</NOBR></SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">9 kap. 9 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">28.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">29 Informationskrav före</SPAN> </TD>
<TD class="tr10 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">handel på en <NOBR>MTF-plattform</NOBR></SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">29.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 10 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">29.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 12 § 3 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">29.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">30 Krav på <NOBR>MTF-plattformar</NOBR></SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">om information efter handel</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">30.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 11 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">30.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">11 kap. 12 § 4 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">30.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td190"><SPAN class="p32 ft13">KAPITEL III Värdepappersföretagens rättigheter</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">31 Frihet att tillhandahålla</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft16">investeringstjänster och utföra</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">investeringsverksamhet</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">31.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">4 kap. 1 och 3 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">31.2 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">5 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">31.2 andra stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">5 kap. 6 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">31.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">5 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">31.4</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">5 kap. 5 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">31.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">4 kap. 2 § 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">31.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">5 kap. 7 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td173"><SPAN class="p32 ft13">32 Etablering av filialer</SPAN> </TD>
<TD class="tr0 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">4 kap. 1 och 3 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.2 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">5 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.2 andra stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">4 kap. 3 § andra stycket LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">154</P>
</DIV>
</DIV>
<DIV id="page_151">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 5</P>
<TABLE cellpadding=0 cellspacing=0 class="t118">
<TR>
<TD class="tr9 td169"><SPAN class="p969 ft9">32.3</SPAN> </TD>
<TD class="tr9 td170"><SPAN class="p939 ft9">5 kap. 2 § första stycket första</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">meningen och andra stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">32.4</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">5 kap. 2 § första stycket andra</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">meningen LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">5 kap. 2 § tredje stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">4 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.7 första stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">8 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.7 andra stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.8</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Jfr 23 kap. 5 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">32.9</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">5 kap. 3 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">33 Tillträde till reglerade</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">marknader</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">33.1</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">14 kap. 3 och 13 kap. 1 § andra</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">33.2</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">14 kap. 3 och 13 kap. 1 § andra</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">34 Tillträde till central mot-</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">part och andra system för</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">clearing och avveckling samt</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft16">rätt att välja avvecklingssystem</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">34.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">20 kap. 1 § och 21 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">34.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">13 kap. 6 § andra stycket</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">34.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">35 Bestämmelser om central</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">motpart och system för</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">clearing och avveckling för</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13"><NOBR>MTF-plattformar</NOBR></SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">35 <NOBR>1–2</NOBR></SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">En uttrycklig bestämmelse med</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">detta innehåll är inte nödvändig</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">(se s. 282 i huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td191"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td179"><SPAN class="p32 ft13">AVDELNING III Reglerade marknader</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">36 Auktorisation och</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">tillämplig lagstiftning</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">36.1</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">12 kap. 1 och 2 §§, 10 § andra</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">stycket samt 13 § 1 och 3 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">36.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">36.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 1 § LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">155</P>
</DIV>
</DIV>
<DIV id="page_152">
<DIV id="id_1">
<P class="p0 ft19">Bilaga 5 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD class="tr9 td175"><SPAN class="p969 ft9">36.4</SPAN> </TD>
<TD class="tr9 td176"><SPAN class="p970 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">36.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">25 kap. 1 och 5 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td190"><SPAN class="p32 ft13">37 Krav på ledning för den reglerade marknaden</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">37.1</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft9">12 kap. 2 § 4 och 4 § samt</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">25 kap. 4 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">37.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">12 kap. 2 § 4 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft16">38 Krav avseende personer som</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">utövar ett betydande in-</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">flytande på förvaltningen av</SPAN> </TD>
<TD class="tr7 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">en reglerad marknad</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">38.1</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">12 kap. 2 § 3 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">38.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">24 kap. 5 § och 23 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">38.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">24 kap. <NOBR>7–10</NOBR> §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft16">39 Organisatoriska krav på den</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">reglerade marknaden</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">a</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">13 kap. 1 § tredje stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">b</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">13 kap. 1 § tredje stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">c</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">13 kap. 1 § tredje stycket LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">d</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">13 kap. 6 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">e</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">13 kap. 6 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">f</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">12 kap. 8 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">40 Upptagande av finansiella</SPAN> </TD>
<TD class="tr10 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">instrument till handel</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">40.1 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">15 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">40.1 andra stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">15 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">40.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">15 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">40.3</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">15 kap. 6 och 8 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">40.4</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">15 kap. 8 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">40.5</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">15 kap. 4 och 5 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">40.6</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft13">41 Stopp för handel med</SPAN> </TD>
<TD class="tr0 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">instrument och avförande av</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">ett instrument från handel</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">41.1 första stycket</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">15 kap. 9 § och 22 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">41.1 andra stycket</SPAN> </TD>
<TD class="tr29 td180"><SPAN class="p939 ft168">15 kap. 9 § samt 22 kap. 1 och</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">8 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">41.2</SPAN> </TD>
<TD class="tr12 td177"><SPAN class="p939 ft9">22 kap. 3 och 8 §§ LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">156</P>
</DIV>
</DIV>
<DIV id="page_153">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 5</P>
<TABLE cellpadding=0 cellspacing=0 class="t121">
<TR>
<TD class="tr10 td169"><SPAN class="p32 ft13">42 Tillträde till reglerade</SPAN> </TD>
<TD class="tr10 td170"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">marknader</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">42. 1</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">13 kap. 1 § andra stycket och</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">14 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">42.2</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">13 kap. 6 § samt 14 kap. 2 och</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">3 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">42.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">14 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">42.4</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">En uttrycklig bestämmelse med</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">detta innehåll är inte nödvändig</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">(se s. 403 f i huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">42.5</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">13 kap. 6 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">42.6</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">12 kap. 11 och 12 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">42.7</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 1 § och 11 § 1 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">43 Övervakning av att den</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">reglerade marknadens regler</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft167">följs och andra rättsliga för-</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">pliktelser fullgörs</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">43.1</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">13 kap. 2 och 7 §§ samt 14 kap.</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">7 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">43.2</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">10 § lagen om straff för mark-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">nadsmissbruk vid handel med</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">finansiella instrument</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">44 Krav på reglerade mark-</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">nader om information före</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">handeln</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">44.1 första stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">13 kap. 10 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">44.1 andra stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">13 kap. 12 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">44.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">13 kap. 17 § 4 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">44.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td171"><SPAN class="p32 ft16">45 Krav på reglerade marknader</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">om information efter handeln</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">45.1 första stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">13 kap. 11 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">45.1 andra stycket</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">13 kap. 12 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">45.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">13 kap. 17 § 5 LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">45.3</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">46 Bestämmelser om central</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p32 ft13">motpart och andra system för</SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft167">clearing och avveckling</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">157</P>
</DIV>
</DIV>
<DIV id="page_154">
<DIV id="dimg1">
<INGENBILD zsrc="GUB374154x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<P class="p0 ft19">Bilaga 5 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t122">
<TR>
<TD class="tr9 td169"><SPAN class="p32 ft9"><NOBR>46.1–2</NOBR></SPAN> </TD>
<TD class="tr9 td189"><SPAN class="p939 ft9">En uttrycklig bestämmelse med</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td180"><SPAN class="p939 ft9">detta innehåll är inte nödvändig</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">(se s. 286 f i huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft16">47 Förteckning över reglerade</SPAN> </TD>
<TD class="tr10 td180"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">marknader</SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">47</SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft9">Förordning med instruktion till</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td180"><SPAN class="p939 ft22">Finansinspektionen (se s. 286 f i</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td177"><SPAN class="p939 ft9">huvudbetänkandet)</SPAN> </TD>
</TR>
</TABLE>
<P class="p971 ft13">AVDELNING IV Behöriga myndigheter</P>
<P class="p972 ft167">KAPITEL I Utnämning, befogenheter och prövningsförfaranden</P>
<TABLE cellpadding=0 cellspacing=0 class="t123">
<TR>
<TD class="tr10 td170"><SPAN class="p32 ft13">48 Utnämning av behöriga</SPAN> </TD>
<TD class="tr10 td192"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td174"><SPAN class="p32 ft13">myndigheter</SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td172"><SPAN class="p32 ft9">48.1</SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">6 kap. 1 § (Bolagsverket) och</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">23 kap. 1 § LV (Finansinspek-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p939 ft9">tionen)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td172"><SPAN class="p32 ft9">48.2</SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">Frivilligt, möjligheten att dele-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">gera har inte utnyttjats</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">48.3</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td172"><SPAN class="p32 ft13">49 Samarbete mellan myndig-</SPAN> </TD>
<TD class="tr0 td193"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td174"><SPAN class="p32 ft13">heter i samma medlemsstat</SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">49</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">Ingen motsvarighet</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td172"><SPAN class="p32 ft13">50 De behöriga myndig-</SPAN> </TD>
<TD class="tr10 td193"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td174"><SPAN class="p32 ft13">heternas befogenheter</SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">50.1</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 och 25 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">50.2 a</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 1 och 2 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">50.2 b</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">50.2 c</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 3 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">50.2 d</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td174"><SPAN class="p32 ft9">50.2 e</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">25 kap. 1 § LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">158</P>
</DIV>
</DIV>
<DIV id="page_155">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 5</P>
<TABLE cellpadding=0 cellspacing=0 class="t118">
<TR>
<TD class="tr9 td169"><SPAN class="p32 ft9">50.2 f</SPAN> </TD>
<TD class="tr9 td170"><SPAN class="p939 ft9">En uttrycklig bestämmelse med</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">detta innehåll är inte nödvändig</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft22">(bestämmelser om kvarstad och</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">beslag har tidigare ansetts till-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft15">godose syftena bakom frysnings-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">institutet, se s. 430 i huvudbe-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">tänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">50.2 g</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">25 kap. 4 och 6 §§ LV och lagen</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft15">(1986:436) om näringsförbud (se</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">s. 430 ff i huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">50.2 h</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">50.2 i</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">25 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">50.2 j</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">22 kap. 2 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">50.2 k</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">Ingen motsvarighet men får an-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">ses genomförd genom Finans-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">inspektionens möjligheter att</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft22">ingripa mot en börs (se s. 433 f i</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">50.2 l</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">En uttrycklig bestämmelse med</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">detta innehåll är inte nödvändig</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">(se s. 434 f i huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">50.2 m</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">23 kap. 6 § LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td173"><SPAN class="p32 ft13">51 Administrativa sanktioner</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">51.1</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">25 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p32 ft9">51.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">25 kap. LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">51.3</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">Ingen motsvarighet (jfr 8 kap.</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">5 § sekretesslagen (1980:100)</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">och s. 436 i huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td173"><SPAN class="p32 ft13">52 Rätt att överklaga</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p32 ft9">52.1</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">26 kap. 1 och 2 §§ LV samt 20 §</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">förvaltningslagen (1986:223)</SPAN> </TD>
</TR>
<TR>
<TD class="tr29 td171"><SPAN class="p32 ft168">52.2</SPAN> </TD>
<TD class="tr29 td172"><SPAN class="p939 ft168">Marknadsföringslagen</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td172"><SPAN class="p32 ft9">(1995:450), Allmänna reklama-</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td171"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">tionsnämnden m.fl. (se s. 469 f i</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">huvudbetänkandet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td171"><SPAN class="p32 ft13">53 System för investerares</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td173"><SPAN class="p32 ft13">klagomål utanför domstol</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">159</P>
</DIV>
</DIV>
<DIV id="page_156">
<DIV id="dimg1">
<INGENBILD zsrc="GUB374156x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<P class="p0 ft19">Bilaga 5 SOU 2006:74</P>
<TABLE cellpadding=0 cellspacing=0 class="t124">
<TR>
<TD class="tr9 td194"><SPAN class="p973 ft9">53</SPAN> </TD>
<TD class="tr9 td195"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr9 td192"><SPAN class="p939 ft9">Marknadsföringslagen, All-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td47"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td196"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td193"><SPAN class="p939 ft9">männa reklamationsnämnden</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td47"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td196"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">m.fl. (se s. 469 f i huvudbetänk-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td197"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td198"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p939 ft9">andet)</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td197"><SPAN class="p32 ft13">54</SPAN> </TD>
<TD class="tr0 td198"><SPAN class="p735 ft13">Tystnadsplikt</SPAN> </TD>
<TD class="tr0 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td47"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td196"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">Ingen direkt motsvarighet men</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td47"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td196"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">artikeln får anses genomförd</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td47"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td196"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">genom 1 kap. 3 § och 8 kap. 5 §</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td197"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td198"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p939 ft9">sekretesslagen</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td197"><SPAN class="p32 ft13">55</SPAN> </TD>
<TD class="tr0 td198"><SPAN class="p735 ft13">Förhållande till revisorer</SPAN> </TD>
<TD class="tr0 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft9">55.1</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 7 och 8 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft9">55.2</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 7 och 8 §§ LV</SPAN> </TD>
</TR>
</TABLE>
<P class="p974 ft167">KAPITEL II Samarbete mellan behöriga myndigheter i skilda medlemsstater</P>
<TABLE cellpadding=0 cellspacing=0 class="t125">
<TR>
<TD class="tr0 td199"><SPAN class="p973 ft13">56</SPAN> </TD>
<TD class="tr0 td200"><SPAN class="p735 ft13">Skyldighet att samarbeta</SPAN> </TD>
<TD class="tr0 td181"><SPAN class="p939 ft9">23 kap. 4 och 5 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td47"><SPAN class="p32 ft13">57</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Samarbete avseende till-</SPAN> </TD>
<TD class="tr0 td193"><SPAN class="p939 ft9">14 kap. 6 § andra stycket och</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td172"><SPAN class="p32 ft167">synsverksamhet, kontroll på</SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p939 ft9">23 kap. 4 och 5 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td174"><SPAN class="p32 ft13">plats eller vid utredningar</SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td197"><SPAN class="p32 ft13">58</SPAN> </TD>
<TD class="tr0 td198"><SPAN class="p735 ft13">Informationsutbyte</SPAN> </TD>
<TD class="tr0 td182"><SPAN class="p939 ft9">23 kap. 4 och 5 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td197"><SPAN class="p32 ft13">59</SPAN> </TD>
<TD class="tr0 td198"><SPAN class="p735 ft13">Vägran att samarbeta</SPAN> </TD>
<TD class="tr0 td182"><SPAN class="p939 ft9">23 kap. 4 och 5 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td172"><SPAN class="p32 ft13">60 Samråd mellan myndig-</SPAN> </TD>
<TD class="tr0 td193"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td172"><SPAN class="p32 ft167">heter före beviljande av</SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p30 ft172"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td174"><SPAN class="p32 ft13">auktorisation</SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft9"><NOBR>60.1–2</NOBR></SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">3 kap. 12 § LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr29 td172"><SPAN class="p32 ft168">60.3</SPAN> </TD>
<TD class="tr29 td193"><SPAN class="p939 ft168">3 kap. 12 § och 23 kap. 4 och</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td197"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td198"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p939 ft9">5 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td47"><SPAN class="p32 ft13">61</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Värdmedlemsstaternas</SPAN> </TD>
<TD class="tr0 td193"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft167">befogenheter</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p30 ft172"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft9">61.1</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft9">61.2</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">23 kap. 1 och 2 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td47"><SPAN class="p32 ft13">62</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Försiktighetsåtgärder som</SPAN> </TD>
<TD class="tr0 td193"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td172"><SPAN class="p32 ft16">värdmedlemsstaten är skyldig</SPAN> </TD>
<TD class="tr12 td193"><SPAN class="p30 ft172"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td174"><SPAN class="p32 ft13">att vidta</SPAN> </TD>
<TD class="tr7 td182"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft9">62.1</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">25 kap. 11 § LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td174"><SPAN class="p32 ft9">62.2</SPAN> </TD>
<TD class="tr12 td182"><SPAN class="p939 ft9">25 kap. 10 § LV</SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">160</P>
</DIV>
</DIV>
<DIV id="page_157">
<DIV id="id_1">
<P class="p963 ft19">SOU 2006:74 Bilaga 5</P>
<TABLE cellpadding=0 cellspacing=0 class="t126">
<TR>
<TD colspan=2 class="tr9 td175"><SPAN class="p969 ft9">62.3</SPAN> </TD>
<TD class="tr9 td178"><SPAN class="p939 ft9">25 kap. 11 och 14 §§ LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft9">62.4</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">20 och 21 §§ förvaltningslagen</SPAN> </TD>
</TR>
<TR>
<TD colspan=3 class="tr0 td179"><SPAN class="p32 ft13">KAPITEL III Samarbete med tredje land</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td201"><SPAN class="p32 ft13">63</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Informationsutbyte med</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft167">tredje land</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft172"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td171"><SPAN class="p32 ft9">63.1</SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p939 ft9">Förordning med instruktion för</SPAN> </TD>
</TR>
<TR>
<TD class="tr12 td201"><SPAN class="p30 ft172"> </SPAN> </TD>
<TD class="tr12 td196"><SPAN class="p30 ft172"> </SPAN> </TD>
<TD class="tr12 td172"><SPAN class="p32 ft9">Finansinspektionen och sekre-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td202"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td198"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">tesslagen</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft9">63.2</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p939 ft9">Sekretesslagen</SPAN> </TD>
</TR>
<TR>
<TD colspan=3 class="tr12 td191"><SPAN class="p30 ft172"> </SPAN> </TD>
</TR>
<TR>
<TD colspan=3 class="tr0 td179"><SPAN class="p32 ft13">AVDELNING V Slutbestämmelser</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td202"><SPAN class="p32 ft13">64</SPAN> </TD>
<TD class="tr0 td198"><SPAN class="p735 ft13">Kommittologiförfarande</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td173"><SPAN class="p32 ft13">65 Kommissionens rapporter</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td201"><SPAN class="p32 ft13">66</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Ändring av direktiv</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p32 ft9">7 kap. 3 § lagen om investe-</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft167">85/611/EEG</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p32 ft9">ringsfonder</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td201"><SPAN class="p32 ft13">67</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Ändring av direktiv</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p32 ft9">3 kap. 7 § LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td173"><SPAN class="p32 ft13">93/6/EEG</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td201"><SPAN class="p32 ft13">68</SPAN> </TD>
<TD class="tr10 td196"><SPAN class="p735 ft13">Ändring av direktiv</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p32 ft9">4 kap. 1 § LV</SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td173"><SPAN class="p32 ft13">2000/12/EG</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td201"><SPAN class="p32 ft13">69</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Upphävande av direktiv</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr12 td173"><SPAN class="p32 ft167">93/22/EEG</SPAN> </TD>
<TD class="tr12 td174"><SPAN class="p30 ft172"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td201"><SPAN class="p32 ft13">70</SPAN> </TD>
<TD class="tr0 td196"><SPAN class="p735 ft13">Införlivande i nationell</SPAN> </TD>
<TD class="tr0 td172"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD colspan=2 class="tr7 td173"><SPAN class="p32 ft13">lagstiftning</SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p30 ft20"> </SPAN> </TD>
</TR>
<TR>
<TD class="tr10 td201"><SPAN class="p32 ft13">71</SPAN> </TD>
<TD class="tr10 td196"><SPAN class="p735 ft13">Övergångsbestämmelser</SPAN> </TD>
<TD class="tr10 td172"><SPAN class="p32 ft9">Punkterna <NOBR>2–9</NOBR> i övergångsbe-</SPAN> </TD>
</TR>
<TR>
<TD class="tr7 td202"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td198"><SPAN class="p30 ft20"> </SPAN> </TD>
<TD class="tr7 td174"><SPAN class="p32 ft9">stämmelserna till LV</SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td202"><SPAN class="p32 ft13">72</SPAN> </TD>
<TD class="tr0 td198"><SPAN class="p735 ft13">Ikraftträdande</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
<TR>
<TD class="tr0 td202"><SPAN class="p32 ft13">73</SPAN> </TD>
<TD class="tr0 td198"><SPAN class="p735 ft13">Adressater</SPAN> </TD>
<TD class="tr0 td174"><SPAN class="p32 ft9"><NOBR>---</NOBR></SPAN> </TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p0 ft18">161</P>
</DIV>
</DIV>
<DIV id="page_158">
</DIV>
<DIV id="page_159">
<DIV id="dimg1">
<INGENBILD zsrc="GUB374159x1.jpg/" id="img1">
</DIV>
<DIV class="dclr"></DIV>
<DIV id="id_1">
<P class="p0 ft8">Statens offentliga utredningar 2006</P>
<P class="p975 ft6">Kronologisk förteckning</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p976 ft7"><SPAN class="ft5">1.</SPAN><SPAN class="ft173">Skola & Samhälle. U.</SPAN></P>
<P class="p977 ft7"><SPAN class="ft5">2.</SPAN><SPAN class="ft173">Omprövning av medborgarskap. Ju.</SPAN></P>
<P class="p978 ft7"><SPAN class="ft5">3.</SPAN><SPAN class="ft173">Stärkt konkurrenskraft och sysselsättning i hela landet. N.</SPAN></P>
<P class="p979 ft5"><SPAN class="ft5">4.</SPAN><SPAN class="ft174">Svenska partnerskap – en översikt. Rapport 1 till Organisationsutredningen för regional tillväxt. N.</SPAN></P>
<P class="p980 ft7"><SPAN class="ft5">5.</SPAN><SPAN class="ft173">Organisering av regional utvecklingspolitik – balansera utveckling och förvaltning.</SPAN></P>
<P class="p981 ft5">Rapport 2 till Organisationsutredningen för regional tillväxt. N.</P>
<P class="p982 ft176"><SPAN class="ft5">6.</SPAN><SPAN class="ft175">Skyddsgrundsdirektivet och svensk rätt. En anpassning av svensk lagstiftning till </SPAN><NOBR>EG-direktiv</NOBR> 2004/83/ EG angående flyktingar och andra skyddsbehövande.UD.</P>
<P class="p983 ft7"><SPAN class="ft5">7.</SPAN><SPAN class="ft173">Studieavgifter i högskolan. U.</SPAN></P>
<P class="p977 ft7"><SPAN class="ft5">8.</SPAN><SPAN class="ft173">Mångfald och räckvidd. U.</SPAN></P>
<P class="p984 ft178"><SPAN class="ft5">9.</SPAN><SPAN class="ft177">Kontroll av varor vid inre gräns. Fi. 10. Ett förnyat programkontor. U. 11. Spel i en föränderlig värld. Fi.</SPAN></P>
<P class="p56 ft7">12. Rattfylleri och sjöfylleri. Ju.</P>
<P class="p985 ft7">13. Djurskydd vid hästavel. Jo.</P>
<P class="p985 ft7">14. Samernas sedvanemarker. Jo.</P>
<P class="p56 ft7">15. Detaljhandel med nikotinläkemedel. S.</P>
<P class="p986 ft7">16. Ny reglering om brandfarliga och explosiva varor. Fö.</P>
<P class="p56 ft7"><SPAN class="ft179">17.</SPAN><SPAN class="ft180">Ny häkteslag. Ju.</SPAN></P>
<P class="p987 ft5"><SPAN class="ft179">18.</SPAN><SPAN class="ft181">Kustbevakningens personuppgiftsbehandling. Integritet – Effektivitet. Fö.</SPAN></P>
<P class="p988 ft5"><SPAN class="ft179">19.</SPAN><SPAN class="ft181">Att återta mitt språk. Åtgärder för att stärka det samiska språket. Ju.</SPAN></P>
<P class="p989 ft7"><SPAN class="ft179">20.</SPAN><SPAN class="ft180">Tonnageskatt. Fi.</SPAN></P>
<P class="p990 ft7"><SPAN class="ft179">21.</SPAN><SPAN class="ft180">Mediernas Vi och Dom. Mediernas betydelse för den strukturella diskrimineringen. Ju.</SPAN></P>
<P class="p991 ft5"><SPAN class="ft179">22.</SPAN><SPAN class="ft181">En sammanhållen diskrimineringslagstiftning. Del 1+2, särtryck av sammanfattningen, lättläst sammanfattning och daisy. Ju</SPAN></P>
</DIV>
<DIV id="id_2_2">
<P class="p56 ft7"><SPAN class="ft5">23.</SPAN><SPAN class="ft182">Nya skatteregler för idrotten. Fi.</SPAN></P>
<P class="p992 ft7"><SPAN class="ft5">24.</SPAN><SPAN class="ft182">Avgift för matservice inom äldre- och handikappomsorgen. S.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft5">25.</SPAN><SPAN class="ft182">Arbetslivsresurs. Ett statligt ägt</SPAN></P>
<P class="p993 ft7">bolag efter sammanslagning av Samhall Resurs AB (publ) och Arbetslivstjänster. N.</P>
<P class="p994 ft5"><SPAN class="ft5">26.</SPAN><SPAN class="ft183">Sverige som värdland för internationella organisationer. UD.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft5">27.</SPAN><SPAN class="ft182">Stöd till hälsobefrämjande tandvård. S.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft5">28.</SPAN><SPAN class="ft182">Nya upphandlingsregler 2. Fi.</SPAN></P>
<P class="p995 ft5"><SPAN class="ft5">29.</SPAN><SPAN class="ft183">Teckenspråk och teckenspråkiga. Kunskaps- och forskningsöversikt. S.</SPAN></P>
<P class="p996 ft5"><SPAN class="ft5">30.</SPAN><SPAN class="ft183">Är rättvisan rättvis? Tio perspektiv på diskriminering av etniska och religiösa minoriteter inom rättssystemet. Ju.</SPAN></P>
<P class="p989 ft7"><SPAN class="ft5">31.</SPAN><SPAN class="ft182">Anställ unga! U.</SPAN></P>
<P class="p997 ft5"><SPAN class="ft5">32.</SPAN><SPAN class="ft183">God sed vid lönebildning – Utvärdering av Medlingsinstitutet. N.</SPAN></P>
<P class="p989 ft7"><SPAN class="ft5">33.</SPAN><SPAN class="ft182">Andra vägar att finansiera nya vägar. N.</SPAN></P>
<P class="p998 ft7"><SPAN class="ft5">34.</SPAN><SPAN class="ft182">Den professionella orkestermusiken i Sverige. U.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft5">35.</SPAN><SPAN class="ft182">Värdepapper och kontrolluppgifter. Fi.</SPAN></P>
<P class="p985 ft7"><SPAN class="ft5">36.</SPAN><SPAN class="ft182">För studenterna ...</SPAN></P>
<P class="p999 ft5">– om studentkårer, nationer och särskilda studentföreningar. U.</P>
<P class="p1000 ft5"><SPAN class="ft5">37.</SPAN><SPAN class="ft183">Om välfärdens gränser och det villkorade medborgarskapet. Ju.</SPAN></P>
<P class="p989 ft7"><SPAN class="ft5">38.</SPAN><SPAN class="ft182">Vuxnas lärande. En ny myndighet. U.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft5">39.</SPAN><SPAN class="ft182">Ett utvidgat miljöansvar. M.</SPAN></P>
<P class="p1001 ft5"><SPAN class="ft5">40.</SPAN><SPAN class="ft183">Utbildningens dilemma. Demokratiska ideal och andrafierande praxis. Ju.</SPAN></P>
<P class="p989 ft7"><SPAN class="ft5">41.</SPAN><SPAN class="ft182">Internationella sanktioner. UD.</SPAN></P>
<P class="p985 ft7"><SPAN class="ft5">42.</SPAN><SPAN class="ft182">Plats på scen. U.</SPAN></P>
<P class="p985 ft7"><SPAN class="ft5">43.</SPAN><SPAN class="ft182">Översyn av atomansvaret. M.</SPAN></P>
<P class="p1002 ft5"><SPAN class="ft5">44.</SPAN><SPAN class="ft183">Bättre arbetsmiljöregler I. Samverkan, utbildning, avtal m.m. N.</SPAN></P>
<P class="p1003 ft5"><SPAN class="ft5">45.</SPAN><SPAN class="ft183">Tänka framåt, men göra nu. Så stärker vi barnkulturen. + Bilaga/rapport:</SPAN></P>
<P class="p1004 ft7">”Det ser lite olika ut ...” En kartläggning av den offentligt finansierade kulturen för barn. U.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_160">
<DIV id="dimg1">
<INGENBILD zsrc="GUB374160x1.jpg/" id="img1">
</DIV>
<DIV class="dclr"></DIV>
<DIV>
<DIV id="id_1">
<P class="p56 ft7"><SPAN class="ft179">46.</SPAN><SPAN class="ft180">Jakten på makten. Ju.</SPAN></P>
<P class="p1005 ft5"><SPAN class="ft179">47.</SPAN><SPAN class="ft181">Ökade möjligheter till trafiknykterhetskontroller vid gränserna. Ju.</SPAN></P>
<P class="p989 ft7"><SPAN class="ft179">48.</SPAN><SPAN class="ft180">Bidragsbrott. Fi.</SPAN></P>
<P class="p1006 ft7"><SPAN class="ft179">49.</SPAN><SPAN class="ft180">Asylsökande barn med uppgivenhetssymtom – trauma, kultur, asylprocess. UD.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft179">50.</SPAN><SPAN class="ft180">En ny lag om värdepappersmarknaden.</SPAN></P>
<P class="p1007 ft7"><SPAN class="ft7">+</SPAN><SPAN class="ft180">Författningsbilaga. Fi.</SPAN></P>
<P class="p1008 ft5"><SPAN class="ft179">51.</SPAN><SPAN class="ft181">Tillgänglighet, mobil TV samt vissa andra radio- och </SPAN><NOBR>TV-rättsliga</NOBR> frågor.</P>
<P class="p1007 ft7"><SPAN class="ft7">+</SPAN><SPAN class="ft180">Daisy. U.</SPAN></P>
<P class="p1009 ft5"><SPAN class="ft179">52.</SPAN><SPAN class="ft181">Diskrimineringens retorik. En studie av svenska valrörelser </SPAN><NOBR>1988–2002.</NOBR> Ju.</P>
<P class="p985 ft7"><SPAN class="ft179">53.</SPAN><SPAN class="ft180">Partierna nominerar.</SPAN></P>
<P class="p1010 ft7">Exkluderingens mekanismer – etnicitet och representation. Ju.</P>
<P class="p1011 ft185"><SPAN class="ft179">54.</SPAN><SPAN class="ft184">Teckenspråk och teckenspråkiga. Översyn av teckenspråkets ställning. S.</SPAN></P>
<P class="p1012 ft5"><SPAN class="ft179">55.</SPAN><SPAN class="ft181">Ny associationsrätt för försäkringsföretag. + Författningsförslag. Fi.</SPAN></P>
<P class="p1013 ft7"><SPAN class="ft179">56.</SPAN><SPAN class="ft180">Ansvarsfull servering – fri från diskriminering. S.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft179">57.</SPAN><SPAN class="ft180">En bättre tillsyn av missbrukarvården. S.</SPAN></P>
<P class="p985 ft7"><SPAN class="ft179">58.</SPAN><SPAN class="ft180">Sanktionsavgift i stället för straff</SPAN></P>
<P class="p1014 ft7"><SPAN class="ft5">–</SPAN><SPAN class="ft182">områdena livsmedel, foder och djurskydd. Jo.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft179">59.</SPAN><SPAN class="ft180">Arbetslivets (o)synliga murar. Ju.</SPAN></P>
<P class="p1015 ft5"><SPAN class="ft179">60.</SPAN><SPAN class="ft181">På tröskeln till lönearbete. Diskriminering, exkludering och underordning av personer med utländsk bakgrund. Ju.</SPAN></P>
<P class="p1016 ft5"><SPAN class="ft179">61.</SPAN><SPAN class="ft181">Asylförfarandet – genomförandet av asylprocedurdirektivet i svensk rätt. UD</SPAN></P>
<P class="p1017 ft7"><SPAN class="ft179">62.</SPAN><SPAN class="ft180">Testa och öva i norra Sverige. Center i Arvidsjaur. N.</SPAN></P>
<P class="p1009 ft7"><SPAN class="ft179">63.</SPAN><SPAN class="ft180">Forensiska institutet. Ny myndighet för kriminalteknik, rättsmedicin och rättspsykiatri. Ju.</SPAN></P>
<P class="p1018 ft7"><SPAN class="ft179">64.</SPAN><SPAN class="ft180">Internationella kasinon i Sverige. En utvärdering. Fi.</SPAN></P>
<P class="p1019 ft7"><SPAN class="ft179">65.</SPAN><SPAN class="ft180">Att ta ansvar för sina insatser. Socialtjänstens stöd till våldsutsatta kvinnor. S.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft179">66.</SPAN><SPAN class="ft180">Hästtävlingar – på lika villkor. Jo.</SPAN></P>
<P class="p1020 ft5"><SPAN class="ft179">67.</SPAN><SPAN class="ft181">Fritid till sjöss och i hamn. Förslag till finansiering av service till sjöfolk. N.</SPAN></P>
<P class="p1021 ft5"><SPAN class="ft179">68.</SPAN><SPAN class="ft181">Klenoder i tiden. En utredning om samlingar kring scen och musik. U.</SPAN></P>
<P class="p1022 ft5"><SPAN class="ft179">69.</SPAN><SPAN class="ft181">Uppföljning av kostnadsutjämningen för kommunernas </SPAN><NOBR>LSS-verksamhet.</NOBR> Fi.</P>
<P class="p1023 ft7"><SPAN class="ft179">70.</SPAN><SPAN class="ft180">Oinskränkt produktskydd för patent på genteknikområdet. Ju.</SPAN></P>
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<P class="p1024 ft7"><SPAN class="ft179">71.</SPAN><SPAN class="ft180">Stöd till hälsobefrämjande tandvård del 2. S.</SPAN></P>
<P class="p56 ft7"><SPAN class="ft179">72.</SPAN><SPAN class="ft180">Öppna möjligheter med alkolås. N.</SPAN></P>
<P class="p1025 ft178"><SPAN class="ft179">73.</SPAN><SPAN class="ft186">Den segregerande integrationen. Om social sammanhållning och dess hinder. Ju.</SPAN></P>
<P class="p1026 ft4"><SPAN class="ft5">74</SPAN><SPAN class="ft187">En ny lag om värdepappersmarknaden. Supplement. Fi.</SPAN></P>
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<P class="p0 ft8">Statens offentliga utredningar 2006</P>
<P class="p975 ft6">Systematisk förteckning</P>
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<P class="p0 ft19">Justitiedepartementet</P>
<P class="p1027 ft7">Omprövning av medborgarskap. [2] Rattfylleri och sjöfylleri. [12]</P>
<P class="p4 ft7">Ny häkteslag. [17]</P>
<P class="p1028 ft4">Att återta mitt språk. Åtgärder för att stärka det samiska språket. [19] Mediernas Vi och Dom. Mediernas</P>
<P class="p1029 ft7">betydelse för den strukturella diskrimineringen. [21]</P>
<P class="p1030 ft7">En sammanhållen diskrimineringslagstiftning.</P>
<P class="p1031 ft5">Del 1+2, särtryck av sammanfattningen, lättläst sammanfattning och daisy. [22]</P>
<P class="p4 ft7">Är rättvisan rättvis?</P>
<P class="p1032 ft5">Tio perspektiv på diskriminering av etniska och religiösa minoriteter inom rättssystemet. [30]</P>
<P class="p1033 ft7">Om välfärdens gränser och det villkorade medborgarskapet. [37]</P>
<P class="p0 ft7">Utbildningens dilemma</P>
<P class="p1034 ft7">Demokratiska ideal och andrafierande praxis. [40]</P>
<P class="p0 ft7">Jakten på makten. [46]</P>
<P class="p1035 ft5">Ökade möjligheter till trafiknykterhetskontroller vid gränserna. [47]</P>
<P class="p1036 ft5">Diskrimineringens retorik. En studie av svenska valrörelser <NOBR>1988–2002.</NOBR> [52]</P>
<P class="p1037 ft7">Partierna nominerar.</P>
<P class="p1038 ft7">Exkluderingens mekanismer – etnicitet och representation. [53]</P>
<P class="p0 ft7">Arbetslivets (o)synliga murar. [59]</P>
<P class="p1039 ft5">På tröskeln till lönearbete. Diskriminering, exkludering och underordning av personer med utländsk bakgrund. [60]</P>
<P class="p1040 ft7">Forensiska institutet. Ny myndighet för kriminalteknik, rättsmedicin och rättspsykiatri. [63]</P>
<P class="p1041 ft7">Oinskränkt produktskydd för patent på genteknikområdet. [70].</P>
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<P class="p0 ft7">Den segregerande integrationen.</P>
<P class="p1042 ft7">Om social sammanhållning och dess hinder. [73]</P>
<P class="p1043 ft19">Utrikesdepartementet</P>
<P class="p1044 ft5">Skyddsgrundsdirektivet och svensk rätt. En anpassning av svensk lagstiftning till <NOBR>EG-direktiv</NOBR> 2004/83/EG angående</P>
<P class="p1045 ft4">flyktingar och andra skyddsbehövande. [6] Sverige som värdland för internationella</P>
<P class="p1046 ft4">organisationer. [26] Internationella sanktioner. [41]</P>
<P class="p1037 ft7">Asylsökande barn med uppgivenhetssymtom</P>
<P class="p1047 ft4">– trauma, kultur, asylprocess. [49] Asylförfarandet – genomförandet av asylprocedurdirektivet i svensk rätt. [61]</P>
<P class="p1048 ft19">Försvarsdepartementet</P>
<P class="p1049 ft7">Ny reglering om brandfarliga och explosiva varor. [16]</P>
<P class="p1050 ft5">Kustbevakningens personuppgiftsbehandling. Integritet – Effektivitet. [18]</P>
<P class="p1043 ft19">Socialdepartementet</P>
<P class="p1051 ft4">Detaljhandel med nikotinläkemedel. [15] Avgift för matservice inom äldre- och</P>
<P class="p1052 ft7">handikappomsorgen. [24]</P>
<P class="p1053 ft4">Stöd till hälsobefrämjande tandvård. [27] Teckenspråk och teckenspråkiga.</P>
<P class="p1054 ft7"><NOBR>Kunskaps-och</NOBR> forskningsöversikt. [29] Teckenspråk och teckenspråkiga.</P>
<P class="p1055 ft178">Översyn av teckenspråkets ställning. [54] Ansvarsfull servering – fri från diskri-</P>
<P class="p1052 ft7">minering. [56]</P>
<P class="p1056 ft4">En bättre tillsyn av missbrukarvården. [57] Att ta ansvar för sina insatser. Socialtjänstens</P>
<P class="p1057 ft4">stöd till våldsutsatta kvinnor. [65] Stöd till hälsobefrämjande tandvård</P>
<P class="p1052 ft7">del 2. [71]</P>
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<P class="p0 ft19">Finansdepartementet</P>
<P class="p1058 ft7">Kontroll av varor vid inre gräns. [9] Spel i en föränderlig värld. [11] Tonnageskatt. [20]</P>
<P class="p1059 ft4">Nya skatteregler för idrotten. [23] Nya upphandlingsregler 2. [28]</P>
<P class="p1060 ft7">Värdepapper och kontrolluppgifter. [35] Bidragsbrott. [48]</P>
<P class="p1061 ft5">En ny lag om värdepappersmarknaden. +Författningsbilaga. [50]</P>
<P class="p1062 ft5">Ny associationsrätt för försäkringsföretag. + Författningsförslag. [55]</P>
<P class="p1063 ft7">Internationella kasinon i Sveige. En utvärdering. [64]</P>
<P class="p1064 ft5">Uppföljning av kostnadsutjämningen för kommunernas <NOBR>LSS-verksamhet.</NOBR> [69]</P>
<P class="p1065 ft5">En ny lag om värdepappersmarknaden. Supplement. [74]</P>
<P class="p1043 ft19">Utbildnings- och kulturdepartementet</P>
<P class="p1066 ft178">Skola & Samhälle. [1] Studieavgifter i högskolan. [7] Mångfald och räckvidd. [8]</P>
<P class="p1067 ft7">Ett förnyat programkontor. [10] Anställ unga! [31]</P>
<P class="p1068 ft5">Den professionella orkestermusiken i Sverige. [34]</P>
<P class="p4 ft7">För studenterna...</P>
<P class="p1069 ft4">– om studentkårer, nationer och särskilda studentföreningar. [36] Vuxnas lärande. En ny myndighet. [38]</P>
<P class="p0 ft7">Plats på scen. [42]</P>
<P class="p1070 ft5">Tänka framåt, men göra nu. Så stärker vi barnkulturen. + Bilaga/rapport:</P>
<P class="p1071 ft7">"Det ser lite olika ut..." En kartläggning av den offentligt finansierade kulturen för barn. [45]</P>
<P class="p1072 ft5">Tillgänglighet, mobil TV samt vissa andra radio- och <NOBR>TV-rättsliga</NOBR> frågor.</P>
<P class="p1052 ft7">+ Daisy. [51]</P>
<P class="p1073 ft7">Klenoder i tiden. En utredning om samlingar kring scen och musik. [68]</P>
<P class="p1048 ft19">Jordbruksdepartementet</P>
<P class="p1074 ft4">Djurskydd vid hästavel. [13] Samernas sedvanemarker. [14] Sanktionsavgift i stället för straff</P>
<P class="p1075 ft7">– områdena livsmedel, foder och djurskydd. [58]</P>
<P class="p0 ft7">Hästtävlingar – på lika villkor. [66]</P>
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<P class="p0 ft19">Miljö- och samhällsbyggnadsdepartementet</P>
<P class="p1076 ft4">Ett utvidgat miljöansvar. [39] Översyn av atomansvaret. [43]</P>
<P class="p1043 ft19">Näringsdepartementet</P>
<P class="p1077 ft7">Stärkt konkurrenskraft och sysselsättning i hela landet. [3]</P>
<P class="p1078 ft5">Svenska partnerskap – en översikt. Rapport 1 till Organisationsutredningen för regional tillväxt. [4]</P>
<P class="p1037 ft7">Organisering av regional utvecklingspolitik</P>
<P class="p1079 ft5">– balansera utveckling och förvaltning. Rapport 2 till Organisationsutredningen för regional tillväxt. [5]</P>
<P class="p0 ft7">Arbetslivsresurs.</P>
<P class="p1079 ft5">Ett statligt ägt bolag efter sammanslagning av Samhall Resurs AB (publ) och Arbetslivstjänster. [25]</P>
<P class="p1080 ft5">God sed vid lönebildning – Utvärdering av Medlingsinstitutet. [32]</P>
<P class="p1081 ft4">Andra vägar att finansiera nya vägar. [33] Bättre arbetsmiljöregler I. Samverkan,</P>
<P class="p1052 ft7">utbildning, avtal m.m. [44]</P>
<P class="p1082 ft7">Testa och öva i norra Sverige. Center i Arvidsjaur. [62]</P>
<P class="p1083 ft5">Fritid till sjöss och i hamn. Förslag till finansiering av service till sjöfolk. [67]</P>
<P class="p1037 ft7">Öppna möjligheter med alkolås. [72]</P>
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GUB374SOU_2006__74.pdf540204pdfEn ny lag om värdepappersmarknaden supplementhttps://data.riksdagen.se/fil/1E51214A-3200-4C88-8E3F-4445B5F49879