Member States may opt not to apply this Directive to persons for which they are the home Member State where those persons are authorised and regulated nationally and meet specified conditions: they must not hold client funds or securities; may only provide reception and transmission of orders in transferable securities and units in collective investment undertakings and/or investment advice in relation to such instruments; may transmit orders only to authorised investment firms, credit institutions, equivalent third‑country branches, authorised collective investment undertakings or certain listed investment companies with fixed capital; alternatively, they may provide exclusively hedging services in commodities, emission allowances or derivatives for specified jointly owned local energy undertakings or operators under Directive 2003/87/EC.

Member States’ regimes must impose requirements at least analogous to listed Directive provisions: authorisation and ongoing supervision (Articles 5(1),(3); 7–10; 21–23 and related delegated acts); conduct of business obligations (Article 24(1),(3),(4),(5),(7),(10); Article 25(2),(5),(6); Article 29 where tied agents are allowed; implementing measures); and specified organisational requirements of Article 16 and corresponding delegated acts. Exempt persons must be covered by an investor‑compensation scheme under Directive 97/9/EC or, where equivalent protection is ensured, by professional indemnity insurance. A derogation until 3 July 2019 permits joint and several liability with management companies in certain intermediary arrangements. Exempt persons do not benefit from freedom to provide services or establish branches (Articles 34 and 35). Member States must notify the Commission and ESMA of the exercise of the option, ensure each authorisation refers to this Article and communicate national law provisions analogous to the listed requirements to ESMA.