Annex VII

(1)

in Section 2.2, the first paragraph is replaced by the following: ‘Investee undertakings considered shall include non-financial undertakings and financial undertakings.’;

(2)

in Section 2.3, the first paragraph is replaced by the following: ‘The calculation of KPIs shall include debt securities, equity instruments towards investee companies and all other assets covered under Article 7(6).’;

(3)

in Section 3.2, the first paragraph is replaced by the following: ‘Investment firms shall consider clients receiving investment services, other than dealing on own account services and ancillary services, that are non-financial undertakings and financial undertakings.’.