Directive 85/611/EEC is hereby amended as follows:
1. in Article 1(2), the first indent shall be replaced by the following:
'- the sole object of which is the collective investment in transferable securities and/or in other liquid financial assets referred to in Article 19(1) of capital raised from the public and which operates on the principle of risk-spreading and';
2. in Article 1 the following paragraphs shall be added:
'8. For the purposes of this Directive, "transferable securities" shall mean:
- shares in companies and other securities equivalent to shares in companies ("shares"),
- bonds and other forms of securitised debt ("debt securities"),
- any other negotiable securities which carry the right to acquire any such transferable securities by subscription or exchange,
excluding the techniques and instruments referred to in Article 21.
9. For the purposes of this Directive "money market instruments" shall mean instruments normally dealt in on the money market which are