That requirement shall not apply to transactions which are negotiated privately but executed on a trading venue, to transactions which are executed bilaterally but reported to a trading venue or to the first transaction where the transferable securities concerned are subject to initial recording in book-entry form pursuant to Article 3(2).
Ní bheidh feidhm ag an gceanglas sin maidir le hidirbhearta a dhéanfar a chaibidliú go príobháideach ach a chuirfear i gcrích iad ar na hionaid trádála nó ar an gcéad idirbheart i gcás ina bhfuil na hurrúis inaistrithe lena mbaineann faoi réir taifeadta tosaigh i bhfoirm cuntais reatha de bhun Airteagal 3(2).