Directive 2004/39/EC is hereby amended as follows:
1. in Article 4(1), point (27) shall be replaced by the following:
'(27) "Qualifying holding" means any direct or indirect holding in an investment firm which represents 10 % or more of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC [Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (OJ L 390, 31.12.2004, p. 38).], taking into account the conditions regarding aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the investment firm in which that holding subsists;'
2. in Article 10, paragraphs 3 and 4 shall be replaced by the following:
'3. Member States shall require any natural or legal pers