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Securities

EU Directives under the responsibility of the Internal Market and Services DG ensure the development of a single securities market for both new issues and trading of securities.

They regulate the initial and on-going conditions for service providers (investment firms), establish requirements for the issuance of securities (both as regards public offers of securities and requirements for securities to be listed on a stock exchange) and co-ordinate the conditions applicable to investment funds. The conditions for the setting-up of investment firms and their on-going business are similar to those for banks, and provide for a level playing field between non-bank investment firms and banks providing investment services. The legislation on issuance of securities lays down minimum requirements for the information that must be disclosed to the public and facilitates cross-border issuance of securities.