1. For the purposes of this Directive the following definitions shall apply:

(a) "securities" means transferable securities as defined in Article 4(1), point 18, of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments [OJ L 145, 30.4.2004, p. 1.] with the exception of money-market instruments, as defined in Article 4(1), point 19, of that Directive having a maturity of less than 12 months, for which national legislation may be applicable;

(b) "debt securities" means bonds or other forms of transferable securitised debts, with the exception of securities which are equivalent to shares in companies or which, if converted or if the rights conferred by them are exercised, give rise to a right to acquire shares or securities equivalent to shares;

(c) "regulated market" means a market as defined in Article 4(1), point 14, of Directive 2004/39/EC;