Appendix A:
Important Definitions from European Legal Texts
| Entity | Definition | Source |
| AIF | see Alternative investment fund | - |
| AIFM | see Alternative investment fund manager | - |
| AISP | see Account information service provider | - |
| APA | see Approved Publication Arrangement | - |
| APR | see Annual percentage rate | - |
| Accepted Market Practice | Accepted Market Practice means a specific market practice that is accepted by a competent authority in accordance with Article 13 MAR | MAR Art 3.1(9) |
| Account Information Service | Account Information Service means an online service to provide consolidated information on one or more payment accounts held by the Payment Service user either with another Payment Service Provider or with more than one Payment Service Provider | PSD2 Art 4(16) |
| Account Information Service Provider (AISP) | Account Information Service Provider means a Payment Service Provider pursuing business activities as referred to in point (8) of Annex I | PSD2 Art 4(19) |
| Account Servicing Payment Service Provider | Account Servicing Payment Service Provider means a Payment Service Provider providing and maintaining a payment account for a payer | PSD2 Art 4(17) |
| Algorithmic Trading | Algorithmic Trading means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price, or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions | MiFID2 Art 4.1(39) |
| Alternative Investment Fund (AIF) | Alternative Investment Funds means Collective Investment Undertakings, including investment compartments thereof, which raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors and who do not require authorisation pursuant to Article 5 of Directive 2009/65/EC (UCITS) | AIFMD Art 4.1(a) |
| Alternative Investment Fund Manager (AIFM) | Alternative Investment Fund Manager means legal person whose regular business is managing one or more AIFs | AIFMD Art 4.1(b) |
| Ancillary Services | Ancillary Services means any of the services listed in Section B of Annex I MiFID2 | MiFID2 Art 4.1(3) |
| Annual Percentage Rate (APR) | Annual Percentage Rate of charge means the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit, where applicable including the costs referred to in Article 19(2) | CONSCD Art 2(i) |
| Approved Publication Arrangement (APA) | Approved Publication Arrangement or APA means a person authorised under this Directive to provide the service of publishing trade reports on behalf of Investment Firms pursuant to Articles 20 and 21 of MiFIR | MiFID2 Art 4.1(52) |
| Approved Reporting Mechanism (ARM) | Approved Reporting Mechanism or ARM means a person authorised under this Directive to provide the service of reporting details of transactions to Competent Authorities or to ESMA on behalf of Investment Firms | MiFID2 Art 4.1(54) |
| Authentication | Authentication means a procedure which allows the payment service provider to verify the identity of a payment service user or the validity of the use of a specific payment instrument, including the use of the user's personalised security credentials | PSD2 Art 4(29) |
| Benchmark | Benchmark means any rate, index, or figure, made available to the public or published, that is periodically or regularly determined by the application of a formula to, or on the basis of the value of, one or more underlying assets or prices, including estimated prices, actual or estimated interest rates or other values, or surveys, and by reference to which the amount payable under a financial instrument or the value of a financial instrument is determined | MAR Art 3.1(29) |
| Biometric Data | Biometric Data means Personal Data resulting from specific technical processing relating to the physical, physiological, or behavioural characteristics of a natural person, which allow or confirm the unique identification of that natural person, such as facial images or dactyloscopic data | GDPR Art 4(14) |
| CCP | CCP means a legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer | EMIR Art 2(1) |
| CTP | see Consolidated Tape Provider | - |
| Certificates | Certificates means those securities which are negotiable on the capital market and which in the event of a repayment of investment by the issuer are ranked above shares but below unsecured bond instruments and other similar instruments | MiFIR 2.1(27) |
| Clearing | Clearing means the process of establishing positions, including the calculation of net obligations, and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions | EMIR Art 2(3) |
| Clearing Member | Clearing Member means an undertaking which participates in a CCP and which is responsible for discharging the financial obligations arising from that participation | EMIR Art 2(14) |
| Commodity Derivatives | Commodity Derivatives means Derivatives which relate to a commodity or to an underlying either referred to in Section C(10) of Annex I MiFID2; or referred to in points (5), (6), (7) and (10) of Section C of Annex I MiFIR | MiFIR 2.1(30) |
| Consolidated Tape Provider (CTP) | Consolidated Tape Provider or CTP means a person authorised under this Directive to provide the service of collecting trade reports for financial instruments listed in Articles 6, 7, 10, 12 and 13, 20 and 21 of MiFID from regulated markets, MTFs, OTFs, and APAs and consolidating them into a continuous electronic live data stream providing price and volume data per financial instrument | MiFID2 Art 4.1(53) |
| Consumer | A natural person who is acting for purposes which are outside his trade, business, or profession | CCRD Art 3(a) |
| Consumer | Consumer means a natural person who, in payment service contracts covered by this Directive, is acting for purposes other than his or her trade, business, or profession | PSD2 Art 4(20) |
| Consumer | Consumer means any natural person who, in contracts covered by this Directive, is acting for purposes which are outside his trade, business, or profession | CONSCD Art 2(b) |
| Controller | Controller means the natural or legal person, public authority, agency, or other body which, alone or jointly with others, determines the purposes and means of the processing of Personal Data; where the purposes and means of such processing are determined by Union or Member State law, the controller or the specific criteria for its nomination may be provided for by Union or Member State law | GDPR Art 4(7) |
| Counterparty Credit Risk | Counterparty Credit Risk means the risk that the counterparty to a transaction defaults before the final settlement of the transaction's cash flows | EMIR Art 2(11) |
| Credit Agreement | Credit Agreement means an agreement whereby a creditor grants or promises to grant, to a Consumer, a credit falling within the scope of Article 3 in the form of a deferred payment, loan, or other similar financial accommodation | MCD Art 4(3) |
| Credit Institution | Credit Institution means an undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account | CRR Art 4.1(1) |
| Credit Intermediary | Credit Intermediary means a natural or legal person who is not acting as a creditor and who, in the course of his trade, business, or profession, for a fee, which may take a pecuniary form or any other agreed form of financial consideration: (i) presents or offers credit agreements to Consumers; (ii) assists Consumers by undertaking preparatory work in respect of Credit Agreements other than as referred to in (i); or (iii) concludes Credit Agreements with Consumers on behalf of the creditor | CONSCD Art 2(f) |
| Credit Intermediary | Credit Intermediary means a natural or legal person who is not acting as a creditor or notary and not merely introducing, either directly or indirectly, a Consumer to a creditor or credit intermediary, and who, in the course of his trade, business, or profession, for remuneration, which may take a pecuniary form or any other agreed form of financial consideration: (a) presents or offers Credit Agreements to consumers; (b) assists consumers by undertaking preparatory work or other pre-contractual administration in respect of Credit Agreements other than as referred to in point (a); or (c) concludes Credit Agreements with Consumers on behalf of the creditor | MCD Art 4(5) |
| Credit Transfer | Credit Transfer means a Payment Service for crediting a payee's payment account with a payment transaction or a series of payment transactions from a payer's payment account by the payment service provider which holds the payer's payment account, based on an instruction given by the payer | PSD2 Art 4(24) |
| Creditor | Creditor means a natural or legal person who grants or promises to grant credit in the course of his trade, business, or profession | CONSCD Art 2(b) |
| Creditworthiness Assessment | Creditworthiness Assessment means the evaluation of the prospect for the debt obligation resulting from the Credit Agreement to be met | MCD Art 4(17) |
| Cross-border Payment | Cross-border Payment means an electronically processed payment transaction initiated by a payer or by or through a payee where the payer's payment service provider and the payee's payment service provider are located in different Member States | CBPR Art 2(1) |
| Data Controller | see Controller | — |
| Data Processor | see Processor | — |
| Data Reporting Services Provider | Data Reporting Services Provider means an APA, a CTP, or an ARM | MiFID2 Art 4.1(63) |
| Depositary | Depositary means an institution entrusted with the duties set out in Articles 22 and 32 and subject to the other provisions laid down in Chapter IV and Section 3 of Chapter V UCITS4 | UCITS4 Art 2.1(a) |
| Depositary Receipts | Depositary Receipts means those securities which are negotiable on the capital market and which represent ownership of the securities of a non-domiciled issuer while being able to be admitted to trading on a Regulated Market and traded independently of the securities of the non-domiciled issuer | MiFID2 Art 4.1(45) |
| Derivatives | Derivatives means either securities giving the right to acquire or sell transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities or other indices or measures or those instruments referred to in Annex I, Section C 4–10 of MiFID2 | MiFIR 2.1(29) |
| Digital Content | Digital Content means goods or services which are produced and supplied in digital form, the use or consumption of which is restricted to a technical device and which do not include in any way the use or consumption of physical goods or services | PSD2 Art 4(43) |
| Direct Debit | Direct Debit means a payment service for debiting a payer's payment account, where a payment transaction is initiated by the payee on the basis of the payer's consent given to the payee, to the payee's payment service provider or to the payer's own payment service provider | CBPR Art 2(14) |
| Direct Debit Scheme | Direct Debit Scheme means a common set of rules, practices, and standards agreed between payment service providers for the execution of direct debit transactions | CBPR Art 2(15) |
| Direct Electronic Access | Direct Electronic Access means an arrangement where a member or participant or client of a Trading Venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue and includes arrangements which involve the use by a person of the infrastructure of the member or participant or client, or any connecting system provided by the member or participant or client, to transmit the orders (direct market access) and arrangements where such an infrastructure is not used by a person (sponsored access) | MiFID2 Art 4.1(41) |
| Durable Medium | Any instrument which enables to store information in a way accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored | CCRD Art 3(m) |
| ETF | see Exchange-traded Fund | - |
| Electronic Money | Electronic Money means electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 of Article 4 of Directive 2007/64/EC (PSD1), and which is accepted by a natural or legal person other than the Electronic Money Issuer | EMONEYD Art 2(2) |
| Electronic Money Institution | Electronic Money Institution means a legal person that has been granted authorisation under Title II EMoneyD to issue electronic money | EMONEYD Art 2(1) |
| Electronic Money Issuer | Electronic Money Issuer means entities referred to in Article 1(1), institutions benefiting from the waiver under Article 1(3) and legal persons benefiting from a waiver under Article 9 | EMONEYD Art 2(3) |
| Exchange-traded Fund (ETF) | Exchange-traded Fund means a fund of which at least one unit or share class is traded throughout the day on at least one trading venue and with at least one market maker which takes action to ensure that the price of its units or shares on the trading venue does not vary significantly from its net asset value and, where applicable, from its indicative net asset value | MiFID2 Art 4.1(46) |
| Feeder AIF | Feeder AIF means an AIF which invests at least 85% of its assets in units or shares of another AIF (the master AIF), invests at least 85% of its assets in more than one master AIF where those master AIFs have identical investment strategies, or has otherwise an exposure of at least 85% of its assets to such a master AIF | AIFMD Art 4.1(m) |
| Financial Holding Company | Financial Holding Company means a Financial Institution, the subsidiaries of which are exclusively or mainly Institutions or Financial Institutions, at least one of such subsidiaries being an Institution, and which is not a Mixed Financial Holding Company | CRR Art 4.1(20) |
| Financial Instrument | Financial Instrument means those instruments specified in Section C of Annex I MiFID2 | MiFID2 Art 4.1(15) |
| Funds | Funds means banknotes and coins, scriptural money, or electronic money | PSD2 Art 4(25) |
| High-frequency Algorithmic Trading Technique | High-frequency Algorithmic Trading Technique means an algorithmic trading technique characterised by: (a) infrastructure intended to minimise network and other types of latencies, including at least one of the following facilities for algorithmic order entry: co-location, proximity hosting or high-speed direct electronic access; (b) system-determination of order initiation, generation, routing or execution without human intervention for individual trades or orders; and (c) high message intra-day rates which constitute orders, quotes, or cancellations | MiFID2 Art 4.1(40) |
| Inside Information | Information of a precise nature, which has not been made public, relating, directly or indirectly, to one or more issuers or to one or more Financial Instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related Derivative Financial Instruments | MAR Art 7.1(a) |
| Institution | Institution means a credit institution or an investment firm | CRR Art 4.1(3) |
| Insurance Undertaking | Insurance Undertaking means a direct life or non-life Insurance Undertaking which has received authorisation in accordance with Article 14 Solv2D | Solv2D Art 13.1 |
| Interchange Fee | Interchange Fee means a fee paid between the Payment Service Providers of the payer and of the payee for each Direct Debit Transaction | CBPR Art 2(13) |
| Interoperability Arrangement | Interoperability Arrangement means an arrangement between two or more CCPs that involves a cross-system execution of transactions | EMIR Art 2(12) |
| Investment Advice | Investment Advice means the provision of personal recommendations to a client, either upon its request or at the initiative of the investment firm, in respect of one or more transactions relating to Financial Instruments | MiFID2 Art 4.1(4) |
| Investment Firm | Investment Firm means any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis | MiFID2 Art 4.1(1) |
| Investment Recommendations | Investment Recommendations means information 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 | MAR Art 3.1(35) |
| Investment Services and Activities | Investment Services and Activities means any of the services and activities listed in Section A of Annex I relating to any of the instruments listed in Section C of Annex I MiFID2 | MiFID2 Art 4.1(2) |
| Issuer (of a Financial Instrument) | Issuer means a legal entity governed by private or public law, which issues or proposes to issue Financial Instruments, the issuer being, in the case of Depository Receipts representing financial instruments, the issuer of the Financial Instrument represented | MAR Art 3.1(21) |
| Liquid Market | Liquid Market means a market for a Financial Instrument or a class of Financial Instruments, where there are ready and willing buyers and sellers on a continuous basis, assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular Financial Instrument or of the particular class of Financial Instruments: (a) the average frequency and size of transactions over a range of market conditions, having regard to the nature and life cycle of products within the class of Financial Instrument; (b) the number and type of market participants, including the ratio of market participants to traded instruments in a particular product; (c) the average size of spreads, where available | MiFID2 Art 4.1(25) |
| Local Firm | Local Firm means a firm dealing for its own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets, or dealing for the accounts of other members of those markets and being guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by such a firm is assumed by clearing members of the same markets | CRR Art 4.1(4) |
| MTF | see Multilateral Trading Facility | — |
| Management Company | see UCITS Management Company or AIFM | — |
| Market Maker | Market Maker means a person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against that person's proprietary capital at prices defined by that person | MiFID2 Art 4.1(7) |
| Market Operator | Market Operator means a person or persons who manages and/or operates the business of a regulated market and may be the regulated market itself | MiFID2 Art 4.1(18) |
| Master AIF | Master AIF means an AIF in which another AIF invests or has an exposure in accordance with point (m) | AIFMD Art 4.1(y) |
| Microenterprise | Microenterprise means an enterprise which, at the time of conclusion of the payment service contract, employs fewer than 10 persons and whose annual turnover and/or annual balance sheet total does not exceed EUR 2 million | PSD2 Art 4(36), Recommendation 2003/361/EC |
| Mixed Activity Holding Company | Mixed Activity Holding Company means a parent undertaking, other than a Financial Holding Company or an Institution or a Mixed Financial Holding Company, the subsidiaries of which include at least one Institution | CRR Art 4.1(22) |
| Mixed Financial Holding Company | Mixed Financial Holding Company means a parent undertaking, other than a regulated entity, which, together with its subsidiaries, at least one of which is a regulated entity, constitutes a Financial Conglomerate | ConglD Art 2(15) |
| Money Remittance | Money Remittance means a Payment Service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee | PSD2 Art 4(22) |
| Money Market Instruments | Money Market Instruments means those classes of instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit, and commercial papers and excluding instruments of payment | MiFID2 Art 4.1(17) |
| Multilateral System | Multilateral System means any system or facility in which multiple third-party buying and selling trading interests in financial instruments are able to interact in the system | MiFID2 Art 4.1(19) |
| Multilateral Trading Facility (MTF) | Multilateral Trading Facility or MTF means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in Financial Instruments—in the system and in accordance with non-discretionary rules—in a way that results in a contract in accordance with Title II of this Directive | MiFID2 Art 4.1(22) |
| National Payment | National Payment means an electronically processed payment transaction initiated by a payer, or by or through a payee, where the payer's Payment Service Provider and the payee's Payment Service Provider are located in the same Member State | CBPR Art 2(2) |
| Non-credit Institution | Non-credit Institution means any creditor that is not a Credit Institution | MCD Art 4(10) |
| OTF | see Organised Trading Facility | - |
| Organised Trading Facility (OTF) | Organised Trading Facility or OTF means a multilateral system which is not a regulated market or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract in accordance with Title II of this Directive | MiFID2 Art 4.1(23) |
| Originator | Originator means an entity which: (a) itself or through related entities, directly or indirectly, was involved in the original agreement which created the obligations or potential obligations of the debtor or potential debtor giving rise to the exposure being securitised; or (b) purchases a third party's exposures for its own account and then securitises them | CRR Art 4.1(13) |
| Overdraft Facility | Overdraft Facility means an explicit Credit Agreement whereby a creditor makes available to a Consumer funds which exceed the current balance in the Consumer's current account | CONSCD Art 2(d) |
| PISP | see Payment initiation service provider | - |
| Payment Initiation Service | Payment Initiation Service means a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another Payment Service Provider | PSD2 Art 4(15) |
| Payment Initiation Service Provider (PISP) | Payment Initiation Service Provider means a Payment Service Provider pursuing business activities as referred to in point (7) of Annex I | PSD2 Art 4(18) |
| Payment Institution | Payment Institution means a legal person that has been granted authorisation in accordance with Article 11 to provide and execute payment services throughout the Union | PSD2 Art 4(4) |
| Payment Instrument | Payment Instrument means a personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used in order to initiate a payment order | PSD2 Art 4(14) |
| Payment Service | Payment Service means any business activity set out in Annex I | PSD2 Art 4(3) |
| Payment Service Provider | Payment Service Provider means a body referred to in Article 1(1) or a natural or legal person benefiting from an exemption pursuant to Article 32 or 33 | PSD2 Art 4(11) |
| Payment System | Payment System means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment Transactions | PSD2 Art 4(7) |
| Payment Transaction | Payment Transaction means an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee | PSD2 Art 4(5) |
| Personal Data | Personal Data means any information relating to an identified or identifiable natural person (‘data subject’); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural, or social identity of that natural person | GDPR Art 4(1) |
| Portfolio Management | Portfolio Management means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more Financial Instruments | MiFID2 Art 4.1(8) |
| Prime Broker | Prime Broker means a Credit Institution, a Regulated Investment Firm or another entity subject to prudential regulation and ongoing supervision, offering services to Professional Investors primarily to finance or execute transactions in financial instruments as counterparty and which may also provide other services such as clearing and settlement of trades, custodial services, securities lending, customised technology, and operational support facilities | AIFMD Art 4.1(a–f) |
| Processing | Processing means any operation or set of operations which is performed on personal data or on sets of Personal Data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination, or otherwise making available, alignment or combination, restriction, erasure, or destruction | GDPR Art 4(2) |
| Processor | Processor means a natural or legal person, public authority, agency, or other body which processes Personal Data on behalf of the Controller | GDPR Art 4(8) |
| Professional Client | Professional Client means a client meeting the criteria laid down in Annex II MIFID2 | MiFID2 Art 4.1(10) |
| Professional Investor | Professional Investor means an investor which is considered to be a professional client or may, on request, be treated as a professional client within the meaning of Annex II of MiFID2 | AIFMD Art 4.1(ag) |
| Profiling | Profiling means any form of automated processing of Personal Data consisting of the use of Personal Data to evaluate certain personal aspects relating to a natural person, in particular to analyse or predict aspects concerning that natural person's performance at work, economic situation, health, personal preferences, interests, reliability, behaviour, location, or movements | GDPR Art 4(4) |
| Pseudonymisation | Pseudonymisation means the processing of Personal Data in such a manner that the personal data can no longer be attributed to a specific data subject without the use of additional information, provided that such additional information is kept separately and is subject to technical and organisational measures to ensure that the personal data are not attributed to an identified or identifiable natural person | GDPR Art 4(5) |
| Public Sector Entity | Public Sector Entity means a non-commercial administrative body responsible to central governments, regional governments or local authorities, or to authorities that exercise the same responsibilities as regional governments and local authorities, or a non-commercial undertaking that is owned by or set up and sponsored by central governments, regional governments, or local authorities, and that has explicit guarantee arrangements, and may include self-administered bodies governed by law that are under public supervision | CRR Art 4.1(8) |
| Recognised Exchange | Recognised Exchange means an exchange which meets all of the following conditions: (a) it is a Regulated Market; (b) it has a clearing mechanism whereby contracts listed in Annex II are subject to daily margin requirements which, in the opinion of the competent authorities, provide appropriate protection | CRR Art 4.1(72) |
| Regulated Market | Regulated Market means a Multilateral System operated and/or managed by a Market Operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments—in the system and in accordance with its non-discretionary rules—in a way that results in a contract, in respect of the Financial Instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with Title III of this Directive | MiFID2 Art 4.1(21) |
| Reinsurance Undertaking | Reinsurance Undertaking means Reinsurance Undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC | - |
| Remote Payment Transaction | Remote Payment Transaction means a payment transaction initiated via Internet or through a device that can be used for distance communication | PSD2 Art 4(6) |
| Retail Client | Retail Client means a client who is not a Professional Client | MiFID2 Art 4.1(11) |
| Retail Investor | Retail Investor means an investor who is not a Professional Investor | AIFMD Art 4.1(a–j) |
| SME Growth Market | SME Growth Market means a MTF that is registered as an SME Growth Market in accordance with Article 33 | MiFID2 Art 4.1(12) |
| SSPE | see Securitisation Special Purpose Entity | - |
| Securitisation Special Purpose Entity (SSPE) | Securitisation Special Purpose Entity or SSPE means a corporation trust or other entity, other than an Institution, organised for carrying out a securitisation or securitisations, the activities of which are limited to those appropriate to accomplishing that objective, the structure of which is intended to isolate the obligations of the SSPE from those of the originator institution, and in which the holders of the beneficial interests have the right to pledge or exchange those interests without restriction | CRR Art 4.1(66) |
| Sovereign Debt | Sovereign Debt means a debt instrument issued by a sovereign issuer | MiFID2 Art 4.1(61) |
| Sponsor | Sponsor means an Institution other than an Originator Institution that establishes and manages an asset-backed commercial paper programme or other securitisation scheme that purchases exposures from third-party entities | CRR Art 4.1(14) |
| Strong Customer Authentication | Strong Customer Authentication means an authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses), and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data | PSD2 Art 4(30) |
| Structured Deposit | Structured Deposit means a Deposit under Article 2.1c of the Deposit Scheme Directive (2014/49/EU), which is fully repayable at maturity on terms under which interest or a premium will be paid or is at risk, according to a formula involving factors such as: (a) an index or combination of indices, excluding variable rate deposits whose return is directly linked to an interest rate index such as Euribor or LIBOR; (b) a financial instrument or combination of financial instruments; (c) a commodity or combination of commodities or other physical or non-physical nonfungible assets; or (d) a foreign exchange rate or combination of foreign exchange rates | MiFID2 Art4.1(43) |
| Structured Finance Products | Structured Finance Products means those securities created to securitise and transfer credit risk associated with a pool of financial assets entitling the security holder to receive regular payments that depend on the cash flow from the underlying assets | MiFIR 2.1(28) |
| Systematic Internaliser | Systematic Internaliser means an Investment Firm which, on an organised, frequent systematic and substantial basis, deals on its own account when executing client orders outside a Regulated Market, an MTF, or an OTF without operating a multilateral system | MiFID2 Art 4.1(20) |
| Tied Agent | Tied Agent means a natural or legal person who, under the full and unconditional responsibility of only one Investment Firm on whose behalf it acts, promotes investment and/or ancillary services to clients or prospective clients, receives and transmits instructions or orders from the client in respect of Investment Services or Financial Instruments, places Financial Instruments, or provides advice to clients or prospective clients in respect of those Financial Instruments or Services | MiFID2 Art 4.1(29) |
| Tied Credit Intermediary | Tied Credit Intermediary means any Credit Intermediary who acts on behalf of and under the full and unconditional responsibility of: (a) only one creditor; (b) only one group; or (c) a number of creditors or groups which does not represent the majority of the market | MCD Art 4(7) |
| Trade Repository | Trade Repository means a legal person that centrally collects and maintains the records of Derivatives | EMIR Art 2(2) |
| Trading Venue | Trading Venue means a Regulated Market, an MTF, or an OTF | MiFID2 Art 4.1(24) |
| Transferable Securities | Transferable Securities means those classes of securities which are negotiable on the capital market, with the exception of instruments of payment, such as: (a) shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares; (b) bonds or other forms of securitised debt, including depositary receipts in respect of such securities; (c) any other securities giving the right to acquire or sell any such transferable securities or giving rise to a cash settlement determined by reference to transferable securities, currencies, interest rates or yields, commodities, or other indices or measures | MiFID2 Art 4.1(44) |
| UCITS Management Company | UCITS Management Company means a company, the regular business of which is the management of UCITS in the form of common funds or of investment companies (collective portfolio management of UCITS) | UCITS4 Art 2.1(b) |
| Unfair Terms | Unfair Terms means the contractual terms defined in Article 3 | CONSCD Art 2(a) |
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