Requirement (MIFID)
Article 2 Definitions
Requirements MIFID - DIRECTIVE 2006/73/EC
Description
Description
For the purposes of this Directive, the following definitions shall
apply:
(1) ‘distribution channels’ means distribution channels within
the meaning of Article 1(7) of Commission Directive 2003/
125/EC;
(2) ‘durable medium’ means any instrument which enables a
client to store information addressed personally to that
client 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;
(3) ‘relevant person’ in relation to an investment firm, means
any of the following:
(a) a director, partner or equivalent, manager or tied
agent of the firm;
(b) a director, partner or equivalent, or manager of any
tied agent of the firm;
(c) an employee of the firm or of a tied agent of the firm,
as well as any other natural person whose services are
placed at the disposal and under the control of the
firm or a tied agent of the firm and who is involved in
the provision by the firm of investment services and
activities;
(d) a natural person who is directly involved in the
provision of services to the investment firm or to its
tied agent under an outsourcing arrangement for the
purpose of the provision by the firm of investment
services and activities;
(4) ‘financial analyst’ means a relevant person who produces
the substance of investment research;
(5) ‘group’, in relation to an investment firm, means the group
of which that firm forms a part, consisting of a parent
undertaking, its subsidiaries and the entities in which the
parent undertaking or its subsidiaries hold a participation,
as well as undertakings linked to each other by a
relationship within the meaning of Article 12(1) of Council
Directive 83/349/EEC on consolidated accounts (2);
(6) ‘outsourcing’ means an arrangement of any form between
an investment firm and a service provider by which that
service provider performs a process, a service or an activity
which would otherwise be undertaken by the investment
firm itself;
(7) ‘person with whom a relevant person has a family
relationship’ means any of the following:
(a) the spouse of the relevant person or any partner of
that person considered by national law as equivalent
to a spouse;
(b) a dependent child or stepchild of the relevant person;
(c) any other relative of the relevant person who has
shared the same household as that person for at least
one year on the date of the personal transaction
concerned;
(8) ‘securities financing transaction’ has the meaning given in
Commission Regulation (EC) No 1287/2006 (1);
(9) ‘senior management’ means the person or persons who
effectively direct the business of the investment firm as
referred to in Article 9(1) of Directive 2004/39/EC.