and has issued and outstanding bonds, debentures, notes or similar obligations having in the aggregate a principal amount of at least $10 million that are held by at least 300 different persons and were issued by the corporation by means of one or more offerings, provided that in respect of each such offering a prospectus, registration statement or similar document was filed with and, where required by law, accepted for filing by a public authority in Canada pursuant to and in accordance with the laws of Canada or a province and there was a lawful distribution to the public of those bonds, debentures, notes or similar obligations in acco ...[+++]rdance with that document;

The opportunity costs associated with the impossibility of investing in a diversified portfolio of assets on the basis of credit risks are currently estimated to be in the region of 1 %-1,50 % per year, if AA European financial names in the bond market are considered, and in the region of 0,60 %-1 % per year, if AA European corporate names in the bond market are considered.

The Directive does not apply to takeover bids for securities issued by companies whose object is the collective investment of capital provided by the public, which operate on the principle of risk spreading and the units of which are, at the holder's request, repurchased or redeemed, directly or indirectly, out of the assets of those companies.

2. This Directive shall not apply to takeover bids for securities issued by companies, the object of which is the collective investment of capital provided by the public, which operate on the principle of risk-spreading and the units of which are, at the holders' request, repurchased or redeemed, directly or indirectly, out of the assets of those companies.

The Directive does not apply to takeover bids for securities issued by companies whose object is the collective investment of capital provided by the public, which operate on the principle of risk spreading and the units of which are, at the holder's request, repurchased or redeemed, directly or indirectly, out of the assets of those companies.

It thus extends the liberalization obligations already laid down under Community legislation to cover also: ./.- 2 - - transactions involving the acquisition of securities not listed on a stock exchange (for example, securities of companies dealt in on junior markets); - the acquisition of units of UCITS, whatever the nature of the securities, listed or unlisted, in their portfolios; - the admission of securities, shares or bonds issued by non- Community companies to the financial markets of each Member State.