The definition of sponsor includes credit institutions whether "located" in the Union or not. The question seeks to confirm that this principle also applies to investment firms. “Sponsor” is defined in the Securitisation Regulation as meaning: “a credit institution, whether located in the Union or not, as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013, or an investment firm as defined in point (1) of Article 4(1) of Directive 2014/65/EU other than an originator, that: (a) establishes and manages an asset-backed commercial paper programme or other securitisation that purchases exposures from third-party entities, or (b) establishes an asset-backed commercial paper programme or other securitisation that purchases exposures from third-party entities and delegates the day-to-day active portfolio management involved in that securitisation to an entity authorised to perform such activity in accordance with Directive 2009/65/EC, Directive 2011/61/EU or Directive 2014/65/EU” "Investment firm", as defined in point (1) of Article 4(1) of Directive 2014/65/EU, means: “any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis.” The definition of investment firm in point (1) of Article 4(1) of Directive 2014/65/EU (MiFID II) is not limited to investment firms established or located in the EU. The definition is therefore not limited to investment firms authorised in an EU Member State. This position is in contrast to that in the regime under Regulation (EU) No 575/2013 (CRR), where investment firms were defined by reference to the CRR definition which not only cross-referred to the MiFID investment firm definition (and set additional requirements) but also expressly referred to a person “which is subject to the requirements imposed by that Directive”, resulting in the need to take into account the broader scope of application of the MiFID regime when interpreting investment firm, meaning that only EU regulated entities were eligible.