Regulation (EU) No 462/2013

means an AIFM as defined in Article 4(1)(b) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers;

means a CCP as defined in point (1) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories which is authorised in accordance with Article 14 of that Regulation;

means a credit institution as defined in point (1) of Article 4 of Directive 2006/48/EC;

means a measure of creditworthiness derived from summarising and expressing data based only on a pre-established statistical system or model, without any additional substantial rating-specific analytical input from a rating analyst;

means an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC;

means an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);

means an investment company authorised in accordance with Directive 2009/65/EC;

means an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC;

means an issuer as defined in Article 2(1)(h) of Directive 2003/71/EC;

means a management company as defined in Article 2(1)(b) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);

means an originator as defined in point (41) of Article 4 of Directive 2006/48/EC;

means a prospectus published under Directive 2003/71/EC and Regulation (EC) No 809/2004;

means an opinion regarding the likely direction of a credit rating over the short term, the medium term or both;

means re-securitisation as defined in point (40a) of Article 4 of Directive 2006/48/EC.’;

means a regulated market as defined in point (14) of Article 4(1) of Directive 2004/39/EC and established in the Union;

means the use of credit ratings for the specific purpose of complying with Union law, or with Union law as implemented by the national legislation of the Member States;’;

means a reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC;

means the national competent authorities designated under the relevant sectoral legislation for the supervision of credit institutions, investment firms, insurance undertakings, reinsurance undertakings, institutions for occupational retirement provision, management companies, investment companies, alternative investment fund managers, central counterparties and prospectuses.’;

means the legislative acts of the Union referred to in points (pa) to (pj);

includes beneficial owners, as defined in point (6) of Article 3 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.

means:

means a sponsor as defined in point (42) of Article 4 of Directive 2006/48/EC;