Definitions

For the purposes of this Regulation, the following definitions apply:

‘financial market participant’ means:

an insurance undertaking which makes available an insurance‐based investment product (IBIP);

an investment firm which provides portfolio management;

an institution for occupational retirement provision (IORP);

a manufacturer of a pension product;

an alternative investment fund manager (AIFM);

a pan‐European personal pension product (PEPP) provider;

a manager of a qualifying venture capital fund registered in accordance with Article 14 of Regulation (EU) No 345/2013;

a manager of a qualifying social entrepreneurship fund registered in accordance with Article 15 of Regulation (EU) No 346/2013;

a management company of an undertaking for collective investment in transferable securities (UCITS management company); or

a credit institution which provides portfolio management;

‘insurance undertaking’ means an insurance undertaking authorised in accordance with Article 18 of Directive 2009/138/EC;

‘insurance‐based investment product’ or ‘IBIP’ means:

an insurance‐based investment product as defined in point (2) of Article 4 of Regulation (EU) No 1286/2014 of the European Parliament and of the Council ( 19 ) ; or

an insurance product which is made available to a professional investor and which offers a maturity or surrender value that is wholly or partially exposed, directly or indirectly, to market fluctuations;

‘alternative investment fund manager’ or ‘AIFM’ means an AIFM as defined in point (b) of Article 4(1) of Directive 2011/61/EU;

‘investment firm’ means an investment firm as defined in point (1) of Article 4(1) of Directive 2014/65/EU;

‘portfolio management’ means portfolio management as defined in in point (8) of Article 4(1) of Directive 2014/65/EU;

‘institution for occupational retirement provision’ or ‘IORP’ means an institution for occupational retirement provision authorised or registered in accordance with Article 9 of Directive (EU) 2016/2341 except an institution in respect of which a Member State has chosen to apply Article 5 of that Directive or an institution that operates pension schemes which together have less than 15 members in total;

‘pension product’ means:

a pension product as referred to in point (e) of Article 2(2) of Regulation (EU) No 1286/2014; or

an individual pension product as referred to in point (g) of Article 2(2) of Regulation (EU) No 1286/2014;

‘pan‐European Personal Pension Product’ or ‘PEPP’ means a product as referred to in point (2) of Article 2 of Regulation (EU) 2019/1238;

‘UCITS management company’ means:

a management company as defined in point (b) of Article 2(1) of Directive 2009/65/EC; or

an investment company authorised in accordance with Directive 2009/65/EC which has not designated a management company authorised under that Directive for its management;

‘financial adviser’ means:

an insurance intermediary which provides insurance advice with regard to IBIPs;

an insurance undertaking which provides insurance advice with regard to IBIPs;

a credit institution which provides investment advice;

an investment firm which provides investment advice;

an AIFM which provides investment advice in accordance with point (b)(i) of Article 6(4) of Directive 2011/61/EU; or

a UCITS management company which provides investment advice in accordance with point (b)(i) of Article 6(3) of Directive 2009/65/EC;

‘financial product’ means:

a portfolio managed in accordance with point (6) of this Article;

an alternative investment fund (AIF);

an IBIP;

a pension product;

a pension scheme;

a UCITS; or

a PEPP;

‘alternative investment funds’ or ‘AIFs’ means AIFs as defined in point (a) of Article 4(1) of Directive 2011/61/EU;

‘pension scheme’ means a pension scheme as defined in point (2) of Article 6 of Directive (EU) 2016/2341;

‘undertaking for collective investment in transferable securities’ or ‘UCITS’ means an undertaking authorised in accordance with Article 5 of Directive 2009/65/EC;

‘investment advice’ means investment advice as defined in point (4) of Article 4(1) of Directive 2014/65/EU;

‘sustainable investment’ means an investment in an economic activity that contributes to an environmental objective, as measured, for example, by key resource efficiency indicators on the use of energy, renewable energy, raw materials, water and land, on the production of waste, and greenhouse gas emissions, or on its impact on biodiversity and the circular economy, or an investment in an economic activity that contributes to a social objective, in particular an investment that contributes to tackling inequality or that fosters social cohesion, social integration and labour relations, or an investment in human capital or economically or socially disadvantaged communities, provided that such investments do not significantly harm any of those objectives and that the investee companies follow good governance practices, in particular with respect to sound management structures, employee relations, remuneration of staff and tax compliance;

‘professional investor’ means a client who meets the criteria laid down in Annex II to Directive 2014/65/EU;

‘retail investor’ means an investor who is not a professional investor;

‘insurance intermediary’ means an insurance intermediary as defined in point (3) of Article 2(1) of Directive (EU) 2016/97;

‘insurance advice’ means advice as defined in point (15) of Article 2(1) of Directive (EU) 2016/97;

‘sustainability risk’ means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment;

‘European long‐term investment fund’ or ‘ELTIF’ means a fund authorised in accordance with Article 6 of Regulation (EU) 2015/760;

‘sustainability factors’ mean environmental, social and employee matters, respect for human rights, anti‐corruption and anti‐bribery matters.

REGULATION (EU) 2019/2088 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 27 November 2019 on sustainability‐related disclosures in the financial services sector