Article 2

1. Articles 5 to 19, 42 to 69, and 78 to 84 shall apply to securities which are admitted to official listing or are the subject of an application for admission to official listing on a stock exchange situated or operating within a Member State.

2. Member States may decide not to apply the provisions mentioned in paragraph 1 to:

(a) units issued by collective investment undertakings other than the closed-end type,

(b) securities issued by a Member State or its regional or local authorities.