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Article 1

Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest (Text with EEA relevance) · European Union

Definitions For the purposes of this Directive, the following definitions shall apply in addition to those laid down in Directive 2003/6/EC: 1. "investment firm" means any person as defined in Article 1(2) of Council Directive 93/22/EEC(4); 2. "credit institution" means any person as defined in Article 1(1) of Directive 2000/12/EC of the European Parliament and of the Council(5); 3. "recommendation" means 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; 4. "research or other information recommending or suggesting investment strategy" means: 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; 5. "relevant person" means a natural or legal person producing or disseminating recommendations in the exercise of his profession or the conduct of his business; 6. "issuer" means the issuer of a financial instrument to which a recommendation relates, directly or indirectly; 7. "distribution channels" shall mean a channel through which information is, or is likely to become, publicly available. "Likely to become publicly available information" shall mean information to which a large number of persons have access; 8. "appropriate regulation" shall mean any regulation, including self-regulation, in place in Member States as referred to by Directive 2003/6/EC. CHAPTER II PRODUCTION OF RECOMMENDATIONS

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.