appropriate regulation — any regulation, including self-regulation, in place in Member States as referred to by Directive 2003/6/EC. CHAPTER II PRODUCTION OF RECOMMENDATIONS 8.

credit institution — borrowed from another act; this instrument states no meaning of its own 2.

distribution channels — a channel through which information is, or is likely to become, publicly available 7.

investment firm — borrowed from another act; this instrument states no meaning of its own 1.

issuer — the issuer of a financial instrument to which a recommendation relates, directly or indirectly 6.

Likely to become publicly available information — information to which a large number of persons have access 7.

recommendation — research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers of financial instruments, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public 3.

relevant person — a natural or legal person producing or disseminating recommendations in the exercise of his profession or the conduct of his business 5.

research or other information recommending or suggesting investment strategy — information produced by an independent analyst, an investment firm, a credit institution, any other person whose main business is to produce recommendations or a natural person working for them under a contract of employment or otherwise, that, directly or indirectly, expresses a particular investment recommendation in respect of a financial instrument or an issuer of financial instruments; information produced by persons other than the persons referred to in (a) which directly recommends a particular investment decision in respect of a financial instrument 4.