On 26 October 2012, the European Parliament has voted amendments (the “Parliament’s Position”) to the initial proposal for a directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (recast) that the European Commission released on 20 October 2011 and that we presented to you during our seminar on MIFID II of 8 March 2012 (the “MiFID II Proposal”).

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