This Directive shall not concern the ''Versorgungsverband deutscher Wirtschaftsorganisationen'' in Germany or the ''Caisse d'epargne de l'Etat'' in Luxembourg unless their statutes are amended as regards the scope of their activities.
This Directive shall not concern the pension activities of pension insurance undertakings prescribed in the Employees' Pensions Act (TEL) and other related Finnish legislation provided that:
(a) pension insurance companies which already under Finnish law are obliged to have separate accounting and management systems for their pension activities will furthermore, as from the date of accession, set up separate legal entities for carrying out these activities;
(b) the Finnish authorities shall allow in a non-discriminatory manner all nationals and companies of Member States to perform according to Finnish legislation the activities specified in Article 1 related to this exemption whether by means of:
- ownership or participation in an existing ins