(a) market’ means a market as defined in point (21) of Article 4(1), of ‘regulated Directive 2014/65/EU of the European Parliament and of the Council. In Article 2 the following points (d) - are (2) (l) means a such as an investment firm as defined in point (1) “(d) ‘intermediary’ ▌person, of Article 4 (1) of Directive 2014/65/EU, a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council and a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council, that provides services of safekeeping of shares, administration of shares securities accounts or maintenance of on behalf of shareholders or other persons; (f) investor’ means: ‘institutional an undertaking carrying out activities of life assurance within the meaning of (i) Article 2(3)(a), of Directive of the European (b) and (c) 2009/138/EC Parliament and of the Council and of reinsurance within of the meaning of (7) of Article 13 of that Directive as long as they cover life-insurance obligations and which are not excluded pursuant to that Directive; an institution for occupational retirement provision falling within the scope of (ii) Directive 2003/41/EC of the European Parliament and of the Council in accordance with Article 2 thereof, unless a Member States has chosen not to apply that Directive in whole or in parts to that institution in accordance with Article 5 of that Directive; (g) manager’ means an investment firm as defined in point (1) of Article 4(1) of ‘asset Directive providing portfolio management services to investors, an 2014/65/EU ▌ AIFM (alternative investment fund manager) as defined in Article 4(1)(b) of Directive 2011/61/EU that does not fulfil the conditions for an exemption in accordance with Article 3 of that Directive or a management company as defined in Article 2(1)(b) of Directive 2009/65/EC of the European Parliament and of the Council; or an investment company authorised in accordance with Directive 2009/65/EC, provided that it has not designated a management company authorised under that Directive for its management;
(a) ‘regulated market’ means a market as defined in point (21) of Article 4(1), of Directive 2014/65/EU of the European Parliament and of the Council. (2) In Article 2 the following points (d) - (l) are “(d) ‘intermediary’ means a ▌person, such as an investment firm as defined in point (1) of Article 4 (1) of Directive 2014/65/EU, a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council and a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council, that provides services of safekeeping of shares, administration of shares or maintenance of securities accounts on behalf of shareholders or other persons; (f) ‘institutional investor’ means: (i) an undertaking carrying out activities of life assurance within the meaning of Article 2(3)(a), (b) and (c) of Directive 2009/138/EC of the European Parliament and of the Council and of reinsurance within of the meaning of (7) of Article 13 of that Directive as long as they cover life-insurance obligations and which are not excluded pursuant to that Directive; (ii) an institution for occupational retirement provision falling within the scope of Directive 2003/41/EC of the European Parliament and of the Council in accordance with Article 2 thereof, unless a Member States has chosen not to apply that Directive in whole or in parts to that institution in accordance with Article 5 of that Directive; (g) ‘asset manager’ means an investment firm as defined in point (1) of Article 4(1) of Directive 2014/65/EU providing portfolio management services to ▌ investors, an AIFM (alternative investment fund manager) as defined in Article 4(1)(b) of Directive 2011/61/EU that does not fulfil the conditions for an exemption in accordance with Article 3 of that Directive or a management company as defined in Article 2(1)(b) of Directive 2009/65/EC of the European Parliament and of the Council; or an investment company authorised in accordance with Directive 2009/65/EC, provided that it has not designated a management company authorised under that Directive for its management;
SRD_Compromise_Dec_2016.docx