(1) Subject to paragraphs (3) and (4), persons discharging managerial responsibilities, within an issuer of financial instruments registered in the State, and, where applicable, persons closely associated with them, shall notify to the Bank transactions conducted on their own account relating to shares of the issuer, or to derivatives or other financial instruments linked to them.
(2) Persons discharging managerial responsibilities, within an issuer of financial instruments not registered in the State, and, where applicable, persons closely associated with them, shall notify transactions conducted on their own account relating to shares of the issuer or to derivatives on other instruments linked to them -
(a) if the issuer is registered in another Member State, in accordance with the rules of notification relating thereto of that Member State,
(b) if the issuer is not registered in another Member State, to the competent authority of the Member State to which the issuer is required