Definitions

(1) Securities within the meaning of this Act are, even where no instruments have been issued in respect of them, all classes of transferable securities, with the exception of payment instruments, that are by their nature negotiable on the financial markets, in particular
1. shares,
2. other shares in domestic or foreign legal persons, legally capable partnerships and other undertakings, insofar as they are comparable to shares, and depositary receipts representing shares,
3. debt instruments,
a) in particular participation certificates and bearer debt securities and order debt securities, and depositary receipts representing debt instruments,
b) other securities entitling the holder to acquire or sell securities under numbers 1 and 2, or giving rise to a cash settlement determined by reference to securities, currencies, interest rates or other yields, commodities, indices or other measures of value; further provisions are contained in Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1), as amended from time to time.
(2) Money market instruments within the meaning of this Act are instruments customarily dealt in on the money market, in particular treasury bills, certificates of deposit, commercial paper and other comparable instruments, provided that, in accordance with Article 11 of Delegated Regulation (EU) 2017/565,
1. their value can be determined at any time,
2. they are not derivatives, and
3. their maturity at issuance is no more than 397 days, unless they are payment instruments.
(3) Derivative transactions within the meaning of this Act are
1. fixed-date transactions or option transactions structured as a purchase, exchange or otherwise, the performance of which is deferred in time and whose value is derived directly or indirectly from the price or measure of an underlying (forward transactions), with reference to the following underlyings:
a) securities or money market instruments,
b) currencies, insofar as the transaction does not satisfy the conditions set out in Article 10 of Delegated Regulation (EU) 2017/565, units of account or crypto-assets within the meaning of Article 3(1), point 5 of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40), excluding crypto-assets under Article 4(3), letter
c) of Regulation (EU) 2023/1114, c) interest rates or other yields, d) indices of the underlyings referred to in letters a, b, c or f, other financial indices or financial measures, e) derivative transactions, or f) allowances under section 3, no. 3 of the Greenhouse Gas Emissions Trading Act, emission reduction units under section 2, no. 20 of the Project Mechanisms Act, and certified emission reductions under section 2, no. 21 of the Project Mechanisms Act, insofar as these may in each case be held in the emissions trading registry (emission allowances);
2. forward transactions with reference to commodities, freight rates, climate or other physical variables, inflation rates or other economic variables, or other assets, indices or measures of value as underlyings, provided that
a) they are to be settled by cash payment, or give one of the parties the right to demand a cash settlement, without that right being triggered by default or another termination event,
b) they are concluded on a regulated market or in a multilateral or organised trading facility, and are not wholesale energy products within the meaning of subsection (20) traded on an organised trading facility that must be physically settled, or
c) they possess the characteristics of other derivative contracts within the meaning of Article 7 of Delegated Regulation (EU) 2017/565 and serve non-commercial purposes, and provided they are not spot transactions within the meaning of Article 7 of Delegated Regulation (EU) 2017/565;
3. financial contracts for differences;
4. fixed-date transactions or option transactions structured as a purchase, exchange or otherwise, the performance of which is deferred in time and which serve to transfer credit risk (credit derivatives);
5. forward transactions with reference to the underlyings referred to in Article 8 of Delegated Regulation (EU) 2017/565, provided they satisfy the conditions of number 2.
(4) Financial instruments within the meaning of this Act are
1. securities within the meaning of subsection (1),
2. units in collective investment undertakings within the meaning of section 1(1) of the Capital Investment Code,
3. money market instruments within the meaning of subsection (2),
4. derivative transactions within the meaning of subsection (3),
5. emission allowances,
6. rights to subscribe for securities, and
7. investment assets within the meaning of section 1(2) of the Assets Investment Act, other than shares in a cooperative within the meaning of section 1 of the Cooperative Societies Act and registered debt securities that carry an agreed fixed term and an unalterably agreed fixed positive rate of interest, where the capital invested is repaid, without deduction for interest, at full nominal value at the date of maturity, and that are issued by a CRR credit institution within the meaning of section 1(3d), first sentence of the Banking Act that holds an authorisation under section 32(1) of the Banking Act, or by a credit institution expressly named in Article 2(5), point 5 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338; L 208, 2.8.2013, p. 73; L 20, 25.1.2017, p. 1; L 203, 26.6.2020, p. 95; L 212, 3.7.2020, p. 20; L 436, 28.12.2020, p. 77), as last amended by Directive (EU) 2021/338 (OJ L 68, 26.2.2021, p. 14), and that holds an authorisation to conduct banking business within the meaning of section 1(1), second sentence, nos. 1 and 2 of the Banking Act, where the capital paid in on them is, in the event of insolvency proceedings over the assets of the institution or the liquidation of the institution, not repaid only after satisfaction of all non-subordinated creditors.
(5) Commodities within the meaning of this Act are fungible goods capable of being delivered; these also include metals, ores and alloys, agricultural products and forms of energy such as electricity.
(6) A commodity spot contract within the meaning of this Act is a contract within the meaning of Article 3(1), point 15 of Regulation (EU) No 596/2014.
(7) A benchmark within the meaning of this Act is a price, index or figure within the meaning of Article 3(1), point 29 of Regulation (EU) No 596/2014.
(8) Investment services within the meaning of this Act are
1. the purchase or sale of financial instruments in one's own name for the account of another (principal broking business);
2.
a) the continuous offering to buy and sell financial instruments on the financial markets at prices set by oneself, for one's own account and using one's own capital (market making),
b) the frequent, organised and systematic conduct of dealing in shares, share certificates, exchange-traded funds, certificates and other comparable financial instruments for one's own account outside a regulated market or a multilateral or organised trading facility, where customer orders are executed outside a regulated market or a multilateral or organised trading facility without a multilateral trading facility being operated (systematic internalisation),
c) the purchase or sale of financial instruments for one's own account as a service to others (dealing on own account), or
d) the buying or selling of financial instruments for one's own account as a direct or indirect participant in a domestic regulated market or a multilateral or organised trading facility by means of a high-frequency algorithmic trading technique within the meaning of subsection (44), whether or not this constitutes a service to others (high-frequency trading),
3. the purchase or sale of financial instruments in another's name for the account of another (contract broking),
4. the arranging of transactions for the purchase and sale of financial instruments (investment broking),
5. the underwriting of financial instruments for one's own risk for the purpose of placement, or the assumption of equivalent guarantees (underwriting business),
6. the placement of financial instruments without a firm underwriting commitment (placement business),
7. the management of individual or several portfolios invested in financial instruments for others, with discretion (financial portfolio management),
8. the operation of a multilateral system which brings together multiple third-party buying and selling interests in financial instruments — in the system and in accordance with non-discretionary rules — in a way that results in a contract for the purchase of such financial instruments (operation of a multilateral trading facility),
9. the operation of a multilateral system, other than a regulated market or a multilateral trading facility, that brings together multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives, in the system, in a way that results in a contract for the purchase of such financial instruments (operation of an organised trading facility),
10. the giving of personal recommendations within the meaning of Article 9 of Delegated Regulation (EU) 2017/565 to customers or their representatives, relating to transactions in particular financial instruments, provided the recommendation is based on a consideration of the investor's personal circumstances or is presented as suitable for the investor and is not issued exclusively through distribution channels or to the public (investment advice). Principal broking business, dealing on own account and contract broking include the conclusion of agreements for the sale of financial instruments issued by an investment services undertaking or a credit institution, at the time of their issue. An undertaking may voluntarily submit itself to the rules applicable to systematic internalisation and apply to the Bundesanstalt for authorisation to conduct systematic internalisation. This also applies to systematic internalisation in respect of bonds, structured finance products and emission allowances, and of the derivatives referred to in Article 8a(2), first sentence of Regulation (EU) No 600/2014. The purchase and sale of financial instruments for one's own account that does not constitute a service to others within the meaning of the first sentence, no. 2, is also deemed an investment service (proprietary business). Equivalent to financial portfolio management, as regards sections 63 to 83 and 85 to 92 of this Act as well as Article 20(1) of Regulation (EU) No 596/2014, Article 26 of Regulation (EU) No 600/2014 and Articles 72 to 76 of Delegated Regulation (EU) 2017/565, is investment management subject to authorisation under section 1(1a), second sentence, no. 11 of the Banking Act.
(9) Ancillary investment services within the meaning of this Act are
1. the safekeeping and administration of financial instruments for others, including custodianship and related services such as cash/collateral management, other than the provision and maintenance of securities accounts at the top tier (central maintenance of accounts) under Section A, point 2 of the Annex to Regulation (EU) No 909/2014 (custodian business),
2. the granting of credits or loans to others for the carrying out of investment services, provided the undertaking granting the credit or loan is involved in those transactions,
3. advice to undertakings on capital structure, industrial strategy, and related matters, and advice and services relating to mergers and the purchase of undertakings,
4. foreign-exchange transactions connected with the provision of investment services,
5. the production or dissemination of investment strategy recommendations within the meaning of Article 3(1), point 34 of Regulation (EU) No 596/2014 (investment strategy recommendation) or of investment recommendations within the meaning of Article 3(1), point 35 of Regulation (EU) No 596/2014 (investment recommendation),
6. services connected with underwriting business,
7. services relating to an underlying within the meaning of subsection (3), no. 2 or no. 5, connected with the provision of investment services or ancillary investment services.
(9a) Rebalancing of financial instruments within the meaning of this Act is the sale of a financial instrument and the purchase of a financial instrument, or the exercise of a right to make a change with regard to an existing financial instrument.
(10) Investment services undertakings within the meaning of this Act are credit institutions, financial services institutions, undertakings active under section 53(1), first sentence of the Banking Act, and securities institutions within the meaning of section 2(1) of the Securities Institutions Act, that provide investment services, whether alone or together with ancillary investment services, on a commercial basis or on a scale that requires a commercially organised business undertaking.
(11) A regulated market within the meaning of this Act is a multilateral system operated or managed domestically, in another Member State of the European Union, or in another state party to the Agreement on the European Economic Area, that is authorised, regulated and supervised by public authorities, and that brings together, or facilitates the bringing together of, multiple third-party buying and selling interests in financial instruments admitted to trading on that system, in the system and in accordance with non-discretionary rules, in a way that results in a contract for the purchase of such financial instruments.
(12) A third country within the meaning of this Act is a state that is neither a Member State of the European Union (Member State) nor a state party to the Agreement on the European Economic Area.
(13) Issuers for whom the Federal Republic of Germany is the home state are
1. issuers of debt instruments with a denomination of less than EUR 1,000, or the equivalent amount in another currency as at the date of issue, or of shares,
a) having their seat domestically, whose securities are admitted to trading on a regulated market domestically or in another Member State of the European Union or another state party to the Agreement on the European Economic Area, or
b) having their seat in a third country, whose securities are admitted to trading on a regulated market domestically and who have chosen the Federal Republic of Germany as home state under section 4(1),
2. issuers issuing financial instruments other than those referred to in number 1, and
a) having their seat domestically, whose financial instruments are admitted to trading on a regulated market domestically or in other Member States of the European Union or in other states party to the Agreement on the European Economic Area, or
b) not having their seat domestically, whose financial instruments are admitted to trading on a regulated market domestically and who have chosen the Federal Republic of Germany as home state in accordance with section 4(2),
3. issuers who are entitled to choose the Federal Republic of Germany as home state under number 1, letter b) or number 2, and whose financial instruments are admitted to trading on a regulated market domestically, for as long as they have not effectively chosen a home Member State under section 4 in conjunction with section 5, or under corresponding provisions of other Member States of the European Union or other states party to the Agreement on the European Economic Area.
(14) Domestic issuers are
1. issuers for whom the Federal Republic of Germany is the home state, with the exception of such issuers whose securities are admitted to trading not domestically but only in another Member State of the European Union or another state party to the Agreement on the European Economic Area, insofar as they are subject in that other state to publication and notification obligations under Directive 2004/109/EC, and
2. issuers for whom not the Federal Republic of Germany but another Member State of the European Union or another state party to the Agreement on the European Economic Area is the home state, but whose securities are admitted to trading on a regulated market only domestically.
(15) MTF issuers within the meaning of this Act are issuers of financial instruments
1. having their seat domestically and who have applied for or been granted admission to trading of their financial instruments on a multilateral trading facility domestically or in another Member State of the European Union (Member State) or another state party to the Agreement on the European Economic Area, where these financial instruments are traded only on multilateral trading facilities, other than such issuers whose financial instruments are admitted to trading not domestically but only in another Member State or another state party to the Agreement on the European Economic Area, or
2. not having their seat domestically and who have applied for or been granted admission to trading of their financial instruments on a multilateral trading facility domestically, where these financial instruments are traded only on multilateral trading facilities domestically.
(16) OTF issuers within the meaning of this Act are issuers of financial instruments
1. having their seat domestically and who have applied for or been granted admission to trading of their financial instruments on an organised trading facility domestically or in another Member State or another state party to the Agreement on the European Economic Area, where these financial instruments are traded only on organised trading facilities, other than such issuers whose financial instruments are admitted to trading not domestically but only in another Member State or another state party to the Agreement on the European Economic Area, insofar as they are subject in that state to the requirements of Article 21 of Directive 2004/109/EC, or
2. not having their seat domestically and who have applied for or been granted admission to trading of their financial instruments only on an organised trading facility domestically.
(17) Home Member State within the meaning of this Act is
1. in the case of an investment services undertaking,
a) where it is a natural person, the Member State in which the head office of the investment services undertaking is situated;
b) where it is a legal person, the Member State in which its seat is situated;
c) where it is a legal person for whom, under the national law applicable to the investment services undertaking, no seat is determined, the Member State in which the head office is situated;
2. in the case of a regulated market, the Member State in which it is registered or authorised, or, where under the law of that Member State no seat is determined for it, the Member State in which the head office is situated;
3. in the case of a data reporting services provider,
a) where it is a natural person, the Member State in which the head office of the data reporting services provider is situated;
b) where it is a legal person, the Member State in which the seat of the data reporting services provider is situated;
c) where it is a legal person for whom, under the national law applicable to the data reporting services provider, no seat is determined, the Member State in which the head office is situated.
(18) Host Member State within the meaning of this Act is
1. for an investment services undertaking, the Member State in which it maintains a branch or provides investment services by way of cross-border services;
2. for a regulated market, the Member State in which it offers appropriate arrangements to facilitate access to trading on its system by market participants established in that Member State.
(19) A structured deposit is a deposit within the meaning of section 2(3), first and second sentences of the Deposit Guarantee Act that must be repaid in full at maturity, where the payment of interest or a premium, or the interest risk or premium risk, results from a formula that depends in particular on
1. an index or combination of indices,
2. a financial instrument or a combination of financial instruments,
3. a commodity or a combination of commodities or other physical or non-physical non-transferable assets, or
4. a foreign exchange rate or combination of foreign exchange rates. Deposits with a variable interest rate whose yield is directly linked to an interest rate index, in particular Euribor or Libor, are not deemed structured deposits.
(20) A wholesale energy product within the meaning of this Act is a wholesale energy product within the meaning of Article 2, point 4 of Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency (OJ L 326, 8.12.2011, p. 1), and of Articles 5 and 6 of Delegated Regulation (EU) 2017/565.
(21) A multilateral system within the meaning of this Act is a multilateral system within the meaning of Article 2(1), point 11 of Regulation (EU) No 600/2014.
(22) A trading venue within the meaning of this Act is a regulated market, a multilateral trading facility or an organised trading facility.
(23) A liquid market within the meaning of this Act is a market for a financial instrument or a class of financial instruments
1. on which willing buyers and sellers ready to trade are continuously available, and
2. that is assessed, having regard to the specific market structures of the relevant financial instrument or class of financial instruments, according to the following criteria:
a) the average frequency and volume of transactions across a range of market conditions, having regard to the nature and life cycle of products within the class of financial instruments;
b) the number and type of market participants, including the ratio of market participants to financial instruments traded, in respect of a given financial instrument;
c) the average size of spreads, where available. Further provisions are contained in Articles 1 to 4 of Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions (OJ L 87, 31.3.2017, p. 90), as amended from time to time.
(24) A branch within the meaning of this Act is a place of business that
1. is not the head office,
2. forms a legally dependent part of an investment services undertaking, and
3. provides investment services, and possibly also ancillary investment services, for which the investment services undertaking has been granted an authorisation. All places of business of an investment services undertaking whose head office is in another Member State, that are situated in the same Member State, are deemed a single branch.
(25) A parent undertaking within the meaning of this Act is, unless Parts 6 and 16 contain special provisions, a parent undertaking within the meaning of Article 2, point 9 and Article 22 of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19), as last amended by Directive 2014/102/EU (OJ L 334, 21.11.2014, p. 86).
(26) A subsidiary undertaking within the meaning of this Act is, unless Parts 6 and 16 contain special provisions, a subsidiary undertaking within the meaning of Article 2, point 10 and Article 22 of Directive 2013/34/EU, including all subsidiary undertakings of a subsidiary undertaking of the ultimate parent undertaking.
(27) A group within the meaning of this Act is a group within the meaning of Article 2, point 11 of Directive 2013/34/EU.
(27a) A predominantly commercial group within the meaning of this Act is any group whose main business does not consist in the provision of investment services, in the provision of activities listed in Annex I to Directive 2013/36/EU, or in acting as a market maker in commodity derivatives.
(28) A close link within the meaning of this Act exists where two or more natural or legal persons are linked in one of the following ways:
1. through a participation, in the form of directly or by way of control holding, of at least 20 percent of the voting rights or shares in an undertaking,
2. through control, in the form of a relationship between a parent undertaking and a subsidiary undertaking, as in every case referred to in Article 22(1) and (2) of Directive 2013/34/EU, or a comparable relationship between a natural or legal person and an undertaking; subsidiary undertakings of subsidiary undertakings are also deemed subsidiary undertakings of the parent undertaking at the head of those undertakings, or
3. through a lasting control relationship of both or all persons with the same third person.
(29) Matched principal trading within the meaning of this Act is a transaction in which
1. an intermediary is interposed between the buyer and the seller and is not exposed to market risk at any time during the execution of the transaction,
2. the buying and selling transactions are executed simultaneously, and
3. the transaction is concluded at a price at which the intermediary makes no profit or loss, other than a previously disclosed commission, fee or other remuneration.
(30) Direct electronic access within the meaning of this Act is an arrangement under which a member, participant or client of a trading venue permits another person to use its trading code so that that person can transmit orders relating to financial instruments electronically direct to the trading venue, other than the cases referred to in Article 20 of Delegated Regulation (EU) 2017/565. Direct electronic access also includes arrangements involving the use, by that person, of the infrastructure or of any other connecting system of the member, participant or client for the transmission of orders (direct market access), as well as arrangements in which such infrastructure is not used by that person (sponsored access).
(31) Depositary receipts within the meaning of this Act are securities negotiable on the capital market that represent ownership of securities of issuers with a seat abroad, are admitted to trading on a regulated market, and can be traded independently of the securities of the relevant issuer with a seat abroad.
(32) An exchange-traded fund within the meaning of this Act is a collective investment undertaking within the meaning of the Capital Investment Code where at least one unit class or share class is traded throughout the day on at least one trading venue and with at least one market maker acting to ensure that the price of its units or shares on that trading venue does not vary significantly from its net asset value and, where applicable, from its indicative net asset value.
(33) A certificate within the meaning of this Act is a security negotiable on the capital market which, in the event of repayment of an investment by the issuer, ranks ahead of shares but is subordinated to unsecured bond instruments and other comparable instruments.
(34) A structured finance product within the meaning of this Act is a security created for the purpose of securitising and transferring the credit risk associated with a selected pool of financial assets, and which entitles the security holder to receive regular payments that depend on the cash flow of the underlying assets.
(34a) A make-whole clause within the meaning of this Act is a clause intended to protect the investor by ensuring that, in the event of early repayment of a bond, the issuer is obliged to pay the investor holding the bond an amount corresponding to the sum of the net present value of the remaining coupon payments expected up to maturity and the principal amount of the bond to be repaid.
(35) Derivatives within the meaning of this Act are derivative transactions within the meaning of subsection (3), and securities within the meaning of subsection (1), no. 3, letter b).
(36) Commodity derivatives within the meaning of this Act are financial instruments within the meaning of Article 2(1), point 30 of Regulation (EU) No 600/2014.
(36a) Derivatives on agricultural commodities within the meaning of this Act are derivative contracts relating to the products referred to in Article 1 and Annex I, Parts I to XX and XXIV/1 of Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (OJ L 347, 20.12.2013, p. 671; L 189, 27.6.2014, p. 261; L 130, 19.5.2016, p. 18; L 34, 9.2.2017, p. 41; L 106, 6.4.2020, p. 12), as last amended by Regulation (EU) 2020/2220 (OJ L 437, 28.12.2020, p. 1), as well as in Annex I to Regulation (EU) No 1379/2013 of the European Parliament and of the Council of 11 December 2013 on the common organisation of the markets in fishery and aquaculture products, amending Council Regulations (EC) No 1184/2006 and (EC) No 1224/2009 and repealing Council Regulation (EC) No 104/2000 (OJ L 354, 28.12.2013, p. 1), as last amended by Regulation (EU) 2020/560 (OJ L 130, 24.4.2020, p. 11).
(37) An approved publication arrangement within the meaning of this Act is an approved publication arrangement within the meaning of Article 2(1), point 34 of Regulation (EU) No 600/2014.
(38) (repealed)
(39) An approved reporting mechanism within the meaning of this Act is an approved reporting mechanism within the meaning of Article 2(1), point 36 of Regulation (EU) No 600/2014.
(40) A data reporting services provider within the meaning of this Act is
1. an approved publication arrangement,
2. an approved reporting mechanism.
(41) A third-country undertaking within the meaning of this Act is an undertaking that would be an investment services undertaking if it had its seat in the European Economic Area.
(42) Public issuers within the meaning of this Act are the following issuers of debt instruments:
1. the European Union,
2. a Member State, including a ministry, agency or special purpose vehicle of that Member State,
3. in the case of a Member State organised on a federal basis, one of its constituent states,
4. a special purpose vehicle for several Member States,
5. an international financial institution established by several Member States, the purpose of which is to mobilise funding and provide financial assistance to its members that are experiencing or threatened by severe financing problems,
6. the European Investment Bank.
(43) A durable medium is any medium that
1. enables the customer to store information addressed personally to that customer in a way accessible for future reference for a period of time adequate for the purposes of the information, and
2. allows the unchanged reproduction of the information stored. Further provisions are contained in Article 3 of Delegated Regulation (EU) 2017/565.
(43a) Electronic format within the meaning of this Act is a durable medium other than paper.
(44) A high-frequency algorithmic trading technique within the meaning of this Act is algorithmic trading within the meaning of section 80(2), first sentence, characterised by
1. an infrastructure intended to minimise network latencies and other delays in order transmission (latencies), featuring at least one of the following facilities for the input of algorithmic orders: co-location, proximity hosting, or high-speed direct electronic access,
2. system-determined order initiation, generation, routing or execution without human intervention within the meaning of Article 18 of Delegated Regulation (EU) 2017/565, and
3. high message intraday rates within the meaning of Article 19 of Delegated Regulation (EU) 2017/565, in the form of orders, quotes or cancellations.
(45) A central counterparty within the meaning of this Act is an undertaking within the meaning of Article 2, point 1 of Regulation (EU) No 648/2012, as amended from time to time.
(46) Small and medium-sized undertakings within the meaning of this Act are undertakings whose average market capitalisation, based on year-end quotations over the last three calendar years, was less than EUR 200 million. Further provisions are contained in Articles 77 to 79 of Delegated Regulation (EU) 2017/565.
(47) A public debt instrument within the meaning of this Act is a debt instrument issued by a public issuer.
(48) A PRIP within the meaning of this Act is a product within the meaning of Article 4, point 1 of Regulation (EU) No 1286/2014.
(49) A PRIIP within the meaning of this Act is a product within the meaning of Article 4, point 3 of Regulation (EU) No 1286/2014.
(50) A designated publishing entity within the meaning of this Act is a designated publishing entity within the meaning of Article 2(1), point 16a of Regulation (EU) No 600/2014.