41In view of all the foregoing considerations, the answer to the national court's question must be that, on a proper construction of Article 13B(d)(5) of the Sixth Directive,— ‘transactions in securities’ means transactions liable to create, alter or extinguish parties' rights and obligations in respect of securities;— ‘negotiation in securities’ does not cover services limited to providing information about a financial product and, as the case may be, receiving and processing applications for subscription, without issuing them.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.