Article 3

1. Articles 20 to 41, as well as Annex I, shall apply to securities which are the subject of an application for admission to official listing on a stock exchange situated or operating within a Member State.

2. The provisions mentioned in paragraph 1 shall not apply to:

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

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