Article 9
Article 19(1)(g) of Directive 85/611/EEC
Financial indices
1. The reference in point (g) of Article 19(1) of Directive 85/611/EEC to financial indices shall be understood as a reference to indices which fulfil the following criteria:
(a) |
they are sufficiently diversified, in that the following criteria are fulfilled:
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(b) |
they represent an adequate benchmark for the market to which they refer, in that the following criteria are fulfilled:
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(c) |
they are published in an appropriate manner, in that the following criteria are fulfilled:
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2. Where the composition of assets which are used as underlyings by financial derivatives in accordance with Article 19(1) of Directive 85/611/EEC does not fulfil the criteria set out in paragraph 1 of this Article, those financial derivatives shall, where they comply with the criteria set out in Article 8(1) of this Directive, be regarded as financial derivatives on a combination of the assets referred to in points (i), (ii) and (iii) of Article 8(1)(a).