- (a) an undertaking other than a credit institution or an investment firm, which carries out one or more of the activities listed in points (2) to (12), (14) and (15) of Annex I to Directive 2013/36/EU of the European Parliament and of the Council, including the activities of currency exchange offices (bureaux de change)
- (b) an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council, in so far as it carries out life or other investment-related insurance activities covered by that Directive, including insurance holding companies and mixed-activity insurance holding companies as defined, respectively, in Article 212(1), points (f) and (g), of Directive 2009/138/EC
- (c) an insurance intermediary as defined in Article 2(1), point (3), of Directive (EU) 2016/97 of the European Parliament and of the Council where it acts with respect to life insurance and other investment-related services
- (d) an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU
- (e) a collective investment undertaking, in particular:
- (i) an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC and its management company as defined in Article 2(1), point (b), of that Directive or an investment company authorised in accordance with Article 27 of that Directive
- (ii) an alternative investment fund (AIF) as defined in Article 4(1), point (a), of Directive 2011/61/EU and its alternative investment fund manager (AIFM) as defined in Article 4(1), point (b), of that Directive
- (f) a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014
- (g) a crypto-asset service provider
- (h) branches of financial institutions referred to in points (a) to (g), when located in the Union, whether their head office is situated in a Member State or in a third country
Defined in / by
Last updated: 22 August 2026.