taxud/2414/08 - European Commission - Europa

enefit of the investors; it allows, for example, to manage the investment risks linked to
the acquired securities and limit that risk by spreading the investment over several
securities in the portfolio; it also allows to optimise the investment by eliminating less
performing securities from the portfolio and replacing them by acquiring better
performing securities; in the concrete case portfolio management thus possesses the
specific and essential character of an exempt supply of securities. However, the
importance of portfolio management goes beyond such specific case scenarios; it is a
typical and classic tool for the management of the investment risks for all exempt
insurance and financial services; it allows the investor to pursue his own individual and
specific investment strategy which can be risk-friendly or based on security aspects and it
is a fundamental tool in controlling the investment and investment returns. Therefore it
has the essential and specific character of all exempted insurance and financial services.
(b)
the issuance of contracts and certificates evidencing the title of the customer of
an exempt insurance or financial service;
Issuing of contracts and certificates are services for supplying the paper or electronic
versions of contracts for the supply of contracts which enable the client of an exempt
insurance or financial service to prove his title to the exempt insurance or financial
product;
(c)
the cession, renewal, amendment and rescission of contracts relating to an
exempt insurance or financial service;
Services for the cession of contract are services changing the creditor or debtor position
of a contract for the supply of exempt insurance or financial services; Services for the
renewal of contracts are services for the extending of a contract for the supply of exempt
insurance or financial services to another contract period; Services for amendments
including prolongations of contracts are services for changing provisions of a contract for
the supply of exempt insurance or financial services; rescissions services are services for
terminating the duration or application of a contract for the supply of exempt insurance
or financial services; such services change the legal situation of the contract concerned;
(d)
credit rating services, including the assessment of the credit worthiness of a
supplier or customer of insurance or financial services;
Credit rating services, including assessing credit worthiness are services issuing opinions
on the creditworthiness of a particular issuer or customer of insurance and financial
instruments, assessing the likelihood that a person will default either on its financial
obligations generally or on a particular debt relating to the supply of an exempt insurance
or financial service;
(e)
valuation of financial collateral.
Such services evaluate the value of a financial collateral for being supplied with an
exempt insurance or financial service; such services have an impact if and to which
extent the financial and legal situation can change; they are usually decisive on whether a
supplier can accept that collateral and supply the exempt service, for example a credit or
an insurance and under which conditions he can accept the risk of supplying an exempt
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