22.07.2020

Issuers Dictionary (Jargon)

This Jargon Dictionary of Issuers is a section of a financial regulatory dictionary. And it has a specific regulation. The language of the financial regulatory field is complex and an entry barrier to understanding its regulation. This work is informative and lacking in scientific character. It is only an approach that facilitates access to a complex subject. This same work and this particular section are available in Spanish.

Por Sanz González , María

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Concept	Definition
COMPETENT AUTHORITY	A public authority or body officially recognised by national law, which is empowered by national law to supervise institutions as part of the supervisory system in operation in the Member State concerned
CLIENT	Any natural or legal person, or any other undertaking including a UCITS, to whom a management company provides a service of collective portfolio management or services pursuant to Article 6(3) of Directive 2009/65/EC
BUSINESS DAYS	Working days of the relevant competent authority excluding Saturdays, Sundays and public holidays, as defined in the national law applicable to that competent authority
ISSUER	A legal entity which issues or proposes to issue securities
THIRD COUNTRY ISSUER	An issuer established in a third country
CREDIT INSTITUTION	An undertaking the business of which is to take deposits or other repayable funds from the public and to grant credits for its own account
HOST MEMBER STATE	The Member State where an offer of securities to the public is made or admission to trading on a regulated market is sought, when different from the home Member State
HOME MEMBER STATE	(a)in the case of investment firms: (i)if the investment firm is a natural person, the Member State in which its head office is situated; (ii)if the investment firm is a legal person, the Member State in which its registered office is situated; (iii)if the investment firm has, under its national law, no registered office, the Member State in which its head office is situated; (b)in the case of a regulated market, the Member State in which the regulated market is registered or, if under the law of that Member State it has no registered office, the Member State in which the head office of the regulated market is situated; (c)in the case of an APA, a CTP or an ARM: (i)if the APA, CTP or ARM is a natural person, the Member State in which its head office is situated; (ii)if the APA, CTP or ARM is a legal person, the Member State in which its registered office is situated; (iii)if the APA, CTP or ARM has, under its national law, no registered office, the Member State in which its head office is situated
BASE PROSPECTUS	A prospectus that complies with Article 8 of Regulation 2017/1129, and, at the choice of the issuer, the final terms of the offer
REGULATED INFORMATION	All information which the issuer, or any other person who has applied for the admission of securities to trading on a regulated market without the issuer’s consent, is required to disclose under Directive Directive 2004/109/EC, under Article 6 of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) , or under the laws, regulations or administrative provisions of a Member State adopted under Article 3(1) of Directive 2004/109/EC
SME GROWTH MARKET	A MTF that is registered as an SME growth market in accordance with Article 33 of MiFID II
REGULATED MARKET	A multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with the provisions of Title III of MiFID II
OFFEROR	A legal entity or individual which offers securities to the public
OFFER OF SECURITIES TO THE PUBLIC	A communication to persons in any form and by any , presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities.
COLLECTIVE INVESTMENT UNDERTAKING OTHER THAN THE CLOSED-END TYPE	Unit trusts and investment companies with both of the following characteristics: (i) they raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; (ii)their units are, at the holder’s request, repurchased or redeemed, directly or indirectly, out of their assets;
UNITS OF A COLLECTIVE INVESTMENT UNDERTAKING	Securities issued by a collective investment undertaking as representing the rights of the participants in such an undertaking over its assets
SMALL AND MEDIUM-SIZED ENTERPRISES	(i)companies, which, according to their last annual or consolidated accounts, meet at least two of the following three criteria: an average number of employees during the financial year of less than 250, a total balance sheet not exceeding EUR 43 000 000 and an annual net turnover not exceeding EUR 50 000 000; (ii)small and medium-sized enterprises as defined in point (13) of Article 4(1) of Directive 2014/65/EU
OFFER PERIOD	The period during which potential investors may purchase or subscribe for the securities concerned
ADVERTISEMENT	A communication with both of the following characteristics: (i) relating to a specific offer of securities to the public or to an admission to trading on a regulated market; (ii) aiming to specifically promote the potential subscription or acquisition of securities;
TRADE REPOSITARY	A legal person that centrally collects and maintains the records of SFTs
MULTILATERAL TRADING FACILITY (MTF)	A multilateral system, operated by an investment firm or a market operator, 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 in accordance with Title II of MiFID II Directive;
ORGANISED TRADING FACILITY or OTF	A multilateral system which is not a regulated market or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract in accordance with Title II of MiFID II Directive
DURABLE MEDIUM	Any instrument which: (a)enables a client to store information addressed personally to that client in a way accessible for future reference and for a period of time adequate for the purposes of the information; and (b) allows the unchanged reproduction of the information stored;
SECURITIES	Transferable securities with the exception of money market instruments as defined in point (17) of Article 4(1) of Directive 2014/65/EU, having a maturity of less than 12 months
NON-EQUITY SECURITIES	All securities that are not equity securities
EQUITY SECURITIES	Shares and other transferable securities equivalent to shares in companies, as well as any other type of transferable securities giving the right to acquire any of the aforementioned securities as a consequence of their being converted or the rights conferred by them being exercised, provided that securities of the latter type are issued by the issuer of the underlying shares or by an entity belonging to the group of the said issuer