For the purposes of this Directive, the following definitions shall apply:
1. "home Member State" means either of the following: (i) the Member State in which the registered office of the payment service provider is situated; or (ii) if the payment service provider has, under its national law, no registered office, the Member State in which its head office is situated;
2. "host Member State" means the Member State other than the home Member State in which a payment service provider has an agent or a branch or provides payment services;
3. "payment service" means any business activity listed in the Annex;
4. "payment institution" means a legal person that has been granted authorisation in accordance with Article 10 to provide and execute payment services throughout the Community;
5. "payment transaction" means an act, initiated by the payer or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the paye