S.L. 370.43 Art. 2Interpretation. Cap. 370.

(1) In these regulations unless the context otherwise requires:

"the Act" means the Investment Services Act;

"ancillary services" means any of the services listed in the Third Schedule to the Act;

"branch" means a place of business other than the head office which is a part of an investment firm, which has no legal personality and which provides investment services and, or activities and which may also perform ancillary services for which the investment firm has been authorised; all the places of business set up in the same Member State or EEA State by an investment firm with headquarters in another Member State or EEA State shall be regarded as a single branch;

"Directive 97/9/EC" means Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes, as amended from time to time;

"investment firm" means any person, other than persons to whom MiFID does not apply in terms of Article 2 of the said directive, whose regular occupation or business is the provision of any one or more core investment services to third parties on a professional basis;

"MiFID" means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, as amended from time to time, and includes any implementing measures that have been or may be issued thereunder; "MiFIR" means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, as may be amended from time to time, and includes any implementing measures, implementing technical standards, regulatory technical standards, guidelines and similar measures that have been or may be issued thereunder;

"overseas regulatory authorities", in relation to third-country firms, means the national authorities of a third country which are empowered by law or regulation to supervise third-country firms;

"professional client" means a client meeting the criteria laid down in Annex II of MiFID;

"retail client" means a client who is not a professional client;

"third country" means a country which is not a Member State or an EEA State;

"third-country firm" means a firm that would have qualified as a credit institution providing investment services or performing investment activities, or as an investment firm, if its head office or registered office were located within the Union rather than in a third country.

(2) Words and expressions used in the Act shall, in these regulations, have the same meaning as is assigned to them in the Act.