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transferable securities

as defined in Council Directive 93/22/EEC of 10 May 1993 on investment services in the…, Article 1, point (4)

- shares in companies and other securities equivalent to shares in companies, - bonds and other forms of securitized debt which are negotiable on the capital market and - any other securities normally dealt in giving the right to acquire any such transferable securities by subscription or exchange or giving rise to a cash settlement excluding instruments of payment

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