Article 1 U.K. Subject matter

This Directive lays down rules clarifying, for the purposes of their uniform application, the following terms:

1.

transferable securities, as defined in Article 1(8) of Directive 85/611/EEC;

2.

money market instruments, as defined in Article 1(9) of Directive 85/611/EEC;

3.

liquid financial assets, as referred to in the definition of UCITS laid down in Article 1(2) of Directive 85/611/EEC, with respect to financial derivative instruments;

4.

transferable securities and money market instruments embedding derivatives, as referred to in the fourth subparagraph of Article 21(3) of Directive 85/611/EEC;

5.

techniques and instruments for the purpose of efficient portfolio management, as referred to in Article 21(2) of Directive 85/611/EEC;

6.

index-replicating UCITS, as referred to in Article 22a(1) of Directive 85/611/EEC.