distribution channels — borrowed from another act; this instrument states no meaning of its own (1)

durable medium — 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 (2)

execution venue — a regulated market, an MTF, a systematic internaliser, or a market maker or other liquidity provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing 1.

financial analyst — a relevant person who produces the substance of investment research (4)

group — borrowed from another act; this instrument states no meaning of its own (5)

investment advice — borrowed from another act; this instrument states no meaning of its own Article 52

investment research — 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, and in relation to which the following conditions are met: it is labelled or described as investment research or in similar terms, or is otherwise presented as an objective or independent explanation of the matters contained in the recommendation; if the recommendation in question were made by an investment firm to a client, it would not constitute the provision of investment advice for the purposes of Directive 2004/39/EC 1.

outsourcing — 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 (6)

person with whom a relevant person has a family relationship — any of the following: the spouse of the relevant person or any partner of that person considered by national law as equivalent to a spouse; a dependent child or stepchild of the relevant person; 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 (7)

qualifying money market fund — a collective investment undertaking authorised under Directive 85/611/EEC, or which is subject to supervision and, if applicable, authorised by an authority under the national law of a Member State, and which satisfies the following conditions: its primary investment objective must be to maintain the net asset value of the undertaking either constant at par (net of earnings), or at the value of the investors’ initial capital plus earnings; it must, with a view to achieving that primary investment objective, invest exclusively in high quality money market instruments with a maturity or residual maturity of no more than 397 days, or regular yield adjustments consistent with such a maturity, and with a weighted average maturity of 60 days. It may also achieve this objective by investing on an ancillary basis in deposits with credit institutions; it must provide liquidity through same day or next day settlement. For the purposes of point (b), a money market instrument shall be considered to be of high quality if it has been awarded the highest available credit rating by each competent rating agency which has rated that instrument. An instrument that is not rated by any competent… 2.

related financial instrument — a financial instrument the price of which is closely affected by price movements in another financial instrument which is the subject of investment research, and includes a derivative on that other financial instrument 2.

senior management — 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 (9)

supervisory function — the function within an investment firm responsible for the supervision of its senior management 4.