Directive 93/6/EEC shall be amended as follows:
1) Article 2(2) shall be replaced by the following:
'2. Investment firms shall mean all institutions that satisfy the definition in Article 4 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [OJ L 145, 30.4.2004, p. 1.], which are subject to the requirements imposed by the same Directive, excluding:
(a) credit institutions,
(b) local firms as defined in 20, and
(c) firms which are only authorised to provide the service of investment advice and/or receive and transmit orders from investors without in both cases holding money or securities belonging to their clients and which for that reason may not at any time place themselves in debit with their clients.'
2) Article 3(4) shall be replaced by the following:
'4. The firms referred to in point (b) of Article 2(2) shall have initial capital of EUR 50 000 in so far as they benefit from the freedom of establishment