76Consequently, although it cannot be excluded that a ‘retail client’ within the meaning of Article 4(1)(12) of Directive 2004/39 may be classified as a ‘consumer’ within the meaning of Article 17(1) of Regulation No 1215/2012 if it is a natural person acting outside any commercial activity, those two concepts, having regard to the differences in their scope and in the objectives pursued by the provisions providing for them, do not fully overlap.
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