Translation of "émetteur à pointes adressable " (French → English) :

1. Member States shall ensure that a payer, provided that the payer holds a payment account that can be accessed via online banking, has the right to make use of an authorised third party payment service provider, to obtain payment services enabling access to payment accounts as referred to in point (7) of Annex I. Member States shall ensure that a payer has the right to make use of an authorised third-party payment instrument issuer to obtain payment instrument enabling payment transactions.

"[...] The 10% limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities as specified in points (d) and (e) does not apply, provided that: (i) the securitised residential or commercial real estate exposures were originated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated (that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds; and (ii) a member of the same ...[+++]consolidated group of which the issuer of the covered bonds is also a member or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated retains the whole first loss tranche supporting those senior units".

Second, the OPC Report also points to a lack of common understanding of the scope of the single issuer rule, which aims at preventing excessive reliance on a particular asset, issuer or group (Article 18(1)(e)).[7] In addition, promoting convergence in single issuer rules is especially relevant in a cross-border context, given the explicit exemption from home state investment rules which host states can impose on "guest-IORPs" within certain quantitative and qualitative limits (Article 18(7)(b) of the IORP Directive).

An issuer that has made a choice of a home Member State as referred to in the second indent of point (i) or in point (ii) or (iii) and has communicated that choice to the competent authorities of the home Member State prior to 27 November 2015 shall be exempted from the requirement under the second paragraph of this point [letter] (i), unless such issuer chooses another home Member State after 27 November 2015.

(iii)for an issuer whose securities are no longer admitted to trading on a regulated market in its home Member State as defined by the second indent of point (i) or (ii) but instead are admitted to trading in one or more other Member States, such new home Member State as the issuer may choose from amongst the Member States where its securities are admitted to trading on a regulated market and, where applicable, the Member State where the issuer has its registered office.

In the absence of disclosure by the issuer of its home Member State as defined by the second indent of point (i) or (ii) within a period of three months from the date the issuers’ securities are first admitted to trading on a regulated market, the home Member State shall be the Member State where the issuer’s securities are admitted to trading on a regulated market.