1.   The reference in Article 19(1)(h) of Directive 85/611/EEC to money market instruments, other than those dealt in on a regulated market, of which the issue or the issuer is itself regulated for the purpose of protecting investors and savings, shall be understood as a reference to financial instruments which fulfil the following criteria:

(a)	they fulfil one of the criteria set out in Article 3(2) and all the criteria set out in Article 4(1) and (2);

(b)	appropriate information is available for them, including information which allows an appropriate assessment of the credit risks related to the investment in such instruments, taking into account paragraphs 2, 3 and 4 of this Article;

(c)	they are freely transferable.

2.   For money market instruments covered by the second and the fourth indents of Article 19(1)(h) of Directive 85/611/EEC, or for those which are issued by a local or regional authority of a Member State or by a public international body but are not guaranteed by a Member State or, in the case of a federal State which is a Member State, by one of the members making up the federation, appropriate information as referred to in point (b) of paragraph 1 of this Article shall consist in the following:

(a)	information on both the issue or the issuance programme and the legal and financial situation of the issuer prior to the issue of the money market instrument;

(b)	updates of the information referred to in point (a) on a regular basis and whenever a significant event occurs;

(c)	the information referred to in point (a), verified by appropriately qualified third parties not subject to instructions from the issuer;

(d)	available and reliable statistics on the issue or the issuance programme.

3.   For money market instruments covered by the third indent of Article 19(1)(h) of Directive 85/611/EEC, appropriate information as referred to in point (b) of paragraph 1 of this Article shall consist in the following:

(a)	information on the issue or the issuance programme or on the legal and financial situation of the issuer prior to the issue of the money market instrument;

(b)	updates of the information referred to in point (a) on a regular basis and whenever a significant event occurs;

(c)	available and reliable statistics on the issue or the issuance programme or other data enabling an appropriate assessment of the credit risks related to the investment in such instruments.

4.   For all money market instruments covered by the first indent of Article 19(1)(h) of Directive 85/611/EEC except those referred to in paragraph 2 of this Article and those issued by the European Central Bank or by a central bank from a Member State, appropriate information as referred to in point (b) of paragraph 1 of this Article shall consist in information on the issue or the issuance programme or on the legal and financial situation of the issuer prior to the issue of the money market instrument.