1. Articles 5 to 19, 42 to 69, and 78 to 84 shall apply to securities which are admitted to official listing or are the subject of an application for admission to official listing on a stock exchange situated or operating within a Member State.
2. Member States may decide not to apply the provisions mentioned in paragraph 1 to:
(a) units issued by collective investment undertakings other than the closed-end type,
(b) securities issued by a Member State or its regional or local authorities.