Committee Reports > List of Committees > Joint > 1990 > Committee on the Secondary Legislation of the European Communities (6th Committee) > Report No. 03 - Investment Services in the Securities Field

ANNEX II

Investment services coming within the scope of this Directive

Section A: Services

1.Brokerage i.e. the acceptance of investors’ orders relating to any or all of the instruments referred to in Section B below and/or the execution of such orders on an exchange of market on an agency basis against payment of commission;

2.dealing as principal i.e. the purchase and sale of any or all of the instruments referred to in Section B below for own account and at own risk with a view to profiting from the margin between bid and offer prices;

3.market making ie. maintenance of a market in any or all of the instruments referred in Section B below by dealing in such instruments on the basis of a commitment to make two-way prices;

4.portfolio management i.e. the management against payment of portfolios composed of any or all of the instruments referred to in Section B below undertaken for investors otherwise than on a collective basis;

5.arranging or offering underwriting services in respect of issues of the instruments referred to in point 1 of Section B below and distribution of such issues to the public;

6.professional investment advice given to investors on an individual basis or on the basis of private subscription in connection with any or all of the instruments referred to in Section B below;

7.safekeeping and administration of any of the instruments referred to in Section B below otherwise than in connection with the management of a clearing system.

Section B: Instruments

1.Transferable securities including units in undertakings for collective investment in transferable securities;

2.money market instruments (including certificates of deposit and Eurocommercial paper);

3.financial futures and options;

4.exchange rate and interest rate instruments.