Regulation (EU) No 648/2012 is amended as follows:

(1) in Article 2, point (8) is replaced by the following:

'(8) "financial counterparty" means:

(a) an investment firm authorised in accordance with Directive 2014/65/EU of the European Parliament and of the Council [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 (OJ L 173, 12.6.2014, p. 349).];

(b) a credit institution authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council [Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).];

(c) an insurance undertaking or reinsurance undertaking authorised in accordance with Directive 2009/138/EC of the European Parliament and of the Council [Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)(OJ L 335, 17.12.2009, p. 1).];