In order to attain the objectives set out in this Directive, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of details concerning exemptions, the clarification of definitions, the criteria for the assessment of proposed acquisitions of an investment firm, the organisational requirements for investment firms, APAs and CTPs, the management of conflicts of interest, conduct of business obligations in the provision of investment services, the execution of orders on terms most favourable to the client, the handling of client orders, the transactions with eligible counterparties, th ...[+++]e circumstances that trigger an information requirement for investment firms or market operators operating an MTF or an OTF and operators of a regulated market, the circumstances constituting significant damage to the investors’ interests and the orderly functioning of the market for the purposes of the suspension and removal of financial instruments from trading on an MTF, an OTF or a regulated market, the SME growth markets, the thresholds above which the position reporting obligations apply and the criteria under which the operations of a trading venue in a host Member State could be considered as of substantial importance for the functioning of the securities markets and the protection of the investors.

loans may cover the costs of investment in tangible and intangible assets (26) with the exception of loans for investments which account for production capacities of more than 3 % on product markets (27) where the average annual growth rate, over the last five years before the start of the investment, of the apparent consumption on the EEA market, measured in value data, remained below the average annual growth rate of the European ...[+++] Economic Area's GDP over the same five year reference period;

loans may cover the costs of investment in tangible and intangible assets with the exception of loans for investments which account for production capacities of more than 3 % on product markets where the average annual growth rate, over the last five years before the start of the investment, of the apparent consumption on the EEA market, measured in value data, remained below the average annual growth rate of the European Economic ...[+++]Area's GDP over the same five year reference period.

loans may cover the costs of investment in tangible and intangible assets (28) with the exception of loans for investments which account for production capacities of more than 3 % on product markets (29) where the average annual growth rate, over the last five years before the start of the investment, of the apparent consumption on the EEA market, measured in value data, remained below the average annual growth rate of the European ...[+++] Economic Area's GDP over the same five year reference period;

innovative activities and investments with European added value.

BG: the specific commitments in respect of mode (4) on financial services are as well subject to the general limitations contained in the "all sectors" section.5.The admission to the market of new financial services or products may be subject to the existence of, and consistency with, a regulatory framework aimed at achieving the objectives indicated in Article 121.6.As a general rule and in a non discriminatory manner, financial institutions incorporated in a Member State of the Community must adopt a specific legal form.7.BG: insurance or banking activities, as well as securities trading and activities related thereto, are to be carried out separately by companies that are licensed for the supply of such services.8.HU: insurance, banking, securities and c ...[+++]ollective investment management services should be performed by legally separate and independently capitalised suppliers of financial services, although banks may be authorised to provide services in the securities field as well.9.HU: it is intended to bind direct branching once it is bound in the GATS, and under the conditions set therein.10.HU: the board of a financial institution should include at least two members, who are Hungarian citizens, residents in the meaning of the relevant foreign exchange regulations and have permanent residency in Hungary for at least one year.