For the purposes of this Directive:
1. "credit institutions" shall mean all institutions that satisfy the definition in the first indent of Article 1 of the First Council Directive (77/780/EEC) of 12 December 1977 on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions [OJ No L 322, 17. 12. 1977, p. 30. Directive as amended by Directive 89/646/EEC (0J No L 386, 30. 12. 1989, p. 1).] which are subject to the requirements imposed by Directive 89/647/EEC;
2. "investment firms" shall mean all institutions that satisfy the definition in Article 4 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [OJ L 145, 30.4.2004, p. 1.], which are subject to the requirements imposed by the same Directive, excluding: (a) credit institutions, (b) local firms as defined in 20, and (c) firms which are only authorised to provide the