+Article 3 2.

Article 3 2.

For the purposes of paragraph 1(a), the following shall not be considered to be credit ratings:

(a) 

recommendations within the meaning of Article 1(3) of Commission Directive 2003/125/EC ( 7 );

(b) 

investment research as defined in Article 24(1) of Directive 2006/73/EC ( 8 ) and other forms of general recommendation, such as ‘buy’, ‘sell’ or ‘hold’, relating to transactions in financial instruments or to financial obligations; or

(c) 

opinions about the value of a financial instrument or a financial obligation.

1. Vue d’ensemble

,

1.1 Références

1.2 Exigences identifiées

1.3 Normes associées

2. Exigences identifiées

Exigences

3. Normes associées

Normes