Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 26 November 2013 - 20 July 2019
  Version 4 of 5  

Article 2 Definitions

1. For the purposes of this Directive, the following definitions shall apply:

(a) "securities" means transferable securities as defined by Article 1(4) of Directive 93/22/EEC with the exception of money market instruments as defined by Article 1(5) of Directive 93/22/EEC, having a maturity of less than 12 months. For these instruments national legislation may be applicable;

(b) "equity securities" means 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;

(c) "non-equity securities" means all securities that are not equity securities;

(d) "offer of securities to the public" means a communication to persons i