In view of the purpose of the provision, these sanctions should apply only to intermediaries that sell the products to small investors in the retail market; there is no reason to extend their application to other professional investors that had traded the securities among themselves benefiting from their exemption from information requirements.
A revision of the Consolidated Law on Finance along these lines would be desirable. 17  6  Article 100-bis. BIS Review 95/2006  4. Transposition of EU financial directives  The matters covered by the law on savings will shortly be affected by the implementation of some important EU directives.