Division SECTION B Ancillary services

F1Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management and excluding providing and maintaining securities accounts at the top tier level ( ‘ central maintenance service ’ ) referred to in point (2) of Section A of the Annex to the Regulation (EU) No 909/2014;

Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction;

Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings;

Foreign exchange services where these are connected to the provision of investment services;

Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments;

Services related to underwriting.

Investment services and activities as well as ancillary services of the type included under Section A or B of Annex 1 related to the underlying of the derivatives included under points (5), (6), (7) and (10) of Section C where these are connected to the provision of investment or ancillary services.