1. Investment firms already authorised in their home Member State to
provide investment services before 1 November 2007 shall be deemed
to be so authorised for the purposes of this Directive if the laws of that
Member State provide that to take up such activities they must comply
with conditions comparable to those provided for in Articles 9 to 14.
2. A regulated market or a market operator already authorised in its
home Member State before 1 November 2007 shall be deemed to be so
authorised for the purposes of this Directive if the laws of that Member
State provide that the regulated market or market operator, as the case
may be, must comply with conditions comparable to those provided for
in Title III.
3. Tied agents already entered in a public register before 1 November
2007 shall be deemed to be so registered for the purposes of this Directive
if the laws of Member States concerned provide that tied agents
must comply with conditions comparable to those provided for in
Article 23.
4. Information communicated before 1 November 2007 for the
purposes of Articles 17, 18 or 30 of Directive 93/22/EEC shall be
deemed to have been communicated for the purposes of Articles 31 and
32 of this Directive.