Part 2 Excluded activities and exceptions (arts. 4-12)

	Article 4 Excluded activities: dealing in investments as principal
	Article 5 Excluded activities: commodities trading
	⚠ Article 6 Excluded activities: general exceptions
	⚠ Article 7 Excluded activities: securitisation and covered bonds
	⚠ Draft Article 7A Excluded activities: SME exception
	Article 8 Excluded activities: central bank exemption
	⚠ Article 9 Excluded activities: derivatives
	⚠ Article 10 Derivatives: forward contracts and swaps
	⚠ Article 11 Derivatives: options and swaptions
	Article 12 Derivatives: general conditions

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