Article 2

For the purposes of this Regulation, the following definitions shall apply: ‘commodity’ means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity; ‘issuer’ means an entity which issues transferable securities and, where appropriate, other financial instruments; ‘Community issuer’ means an issuer which has its registered office in the Community; ‘third country issuer’ means an issuer which is not a Community issuer; ‘normal trading hours’ for a trading venue or an investment firm means those hours which the trading venue or investment firm establishes in advance and makes public as its trading hours; ‘portfolio trade’ means a transaction in more than one security where those securities are grouped and traded as a single lot against a specific reference price; ‘relevant competent authority’ for a financial instrument means the competent authority of the most relevant market in terms of liquidity for that financial instrument; ‘trading venue’ means a regulated market, MTF or systematic internaliser acting in its capacity as such, and, where appropriate, a system outside the Community with similar functions to a regulated market or MTF; ‘turnover’, in relation to a financial instrument, means the sum of the results of multiplying the number of units of that instrument exchanged between buyers and sellers in a defined period of time, pursuant to transactions taking place on a trading venue or otherwise, by the unit price applicable to each such transaction; ‘securities financing transaction’ means an instance of stock lending or stock borrowing or the lending or borrowing of other financial instruments, a repurchase or reverse repurchase transaction, or a buy-sell back or sell-buy back transaction.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.