formal agreement — an agreement which is binding under the applicable law Article 1 — Amendments to Directive 2004/109/EC

issuer — a natural person, or a legal entity governed by private or public law, including a State, whose securities are admitted to trading on a regulated market. In the case of depository receipts admitted to trading on a regulated market, the issuer means the issuer of the securities represented, whether or not those securities are admitted to trading on a regulated market;’; (ii) point (i) is amended as follows: (i) in point (i), the second indent is replaced by the following: ‘— where the issuer is incorporated in a third country, the Member State chosen by the issuer from amongst the Member States where its securities are admitted to trading on a regulated market. The choice of home Member State shall remain valid unless the issuer has chosen a new home Member State under point (iii) and has disclosed the choice in accordance with the second paragraph of this point [letter] (i);’; (ii) point (ii) is replaced by the following: ‘(ii) for any issuer not covered by point (i), the Member State chosen by the issuer from among the Member State in which the issuer has its registered office, where applicable, and those Member States where its securities are admitted to trading on a regulated… Article 1 — Amendments to Directive 2004/109/EC