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host member state

as defined in Directive 2004/39/EC of the European Parliament and of the Council of 21 April…, Article 4(1), point (21)

the Member State, other than the home Member State, in which an investment firm has a branch or performs services and/or activities or the Member State in which a regulated market provides appropriate arrangements so as to facilitate access to trading on its system by remote members or participants established in that same Member State;

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