Member States need not apply the first and second subparagraphs of paragraph 1 where the subscription, acquisition or holding is effected by the other company in its capacity and in the context of its activities as a professional dealer in securities, provided that it is a member of a stock exchange situated or operating within a Member State, or is approved or supervised by an authority of a Member State competent to supervise professional dealers in securities which, within the meaning of this Directive, may include credit institutions.
Ní gá do na Ballstáit an chéad fhomhír agus an dara fomhír de mhír 1 a chur i bhfeidhm nuair a dhéanann an chuideachta eile an suibscríobh, an éadáil nó an sealbhú ina cáil agus i gcomhthéacs a cuid gníomhaíochtaí mar dhéileálaí gairmiúil urrús, ar an gcoinníoll gur comhalta é de stocmhalartán atá lonnaithe nó atá ag oibriú laistigh de Bhallstát, nó atá formheasta nó maoirsithe ag údarás Ballstáit atá inniúil maoirsiú a dhéanamh ar dhéileálaithe gairmiúla urrús, lenar féidir, de réir bhrí na Treorach seo, institiúidí creidmheasa a áireamh.