Version in force , Modified +133 −7§
Amended by Regulation (EU) 2024/2809 32024R2809 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
The definition numbered (35) for investment recommendations now ends with a semicolon rather than a full stop, and a new point (36) has been added defining systematic internaliser by reference to Article 4(1), point (20), of Directive 2014/65/EU.
This new point (36) did not appear in the earlier version of Article 3(1)(1).
Cited: Art. 3, v2 (external, EUR-Lex) · Art. 3, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 9 January 2024 02014R0596-20240109 → this version, in force 4 December 2024 02014R0596-20241204
Article 3
Definitions
1. For the purposes of this Regulation, the following definitions apply:
(1) financial instrument means a financial instrument as defined in point (15) of Article 4(1) of Directive 2014/65/EU;
(2) investment firm means an investment firm as defined in point (1) … 1,292 unchanged words … recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public. public;
(36) systematic internaliser means a systematic internaliser as defined in Article 4(1), point (20), of Directive 2014/65/EU.
2. For the purposes of Article 5, the following definitions apply:
(a) securities means:
(i) shares and other securities equivalent to shares;
(ii) bonds and other forms of securitised debt; or
(iii) securitised debt convertible or exchangeable into shares or into other securities equivalent to shares.
(b) associated instruments means the following financial instruments, including those which are not admitted to trading or traded on a trading venue, or for which a request for admission to trading on a trading venue has not been made:
(i) contracts or rights to subscribe for, acquire or dispose of securities;
(ii) financial derivatives of securities;
(iii) where the securities are convertible or exchangeable debt instruments, the securities into which such convertible or exchangeable debt instruments may be converted or exchanged;
(iv) instruments which are issued or guaranteed by the issuer or guarantor of the securities and whose market price is likely to materially influence the price of the securities, or vice versa;
(v) where the securities are securities equivalent to shares, the shares represented by those securities and any other securities equivalent to those shares;
(c) significant distribution means an initial or secondary offer of securities that is distinct from ordinary trading both in terms of the amount in value of the securities to be offered and the selling method to be employed;
(d) stabilisation means a purchase or offer to purchase securities, or a transaction in associated instruments equivalent thereto, which is undertaken by a credit institution or an investment firm in the context of a significant distribution of such securities exclusively for supporting the market price of those securities for a predetermined period of time, due to a selling pressure in such securities.