Recital 10 Function taxonomy at individual level and at group level

Each financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations;, including financial entitiesas defined in Article 2, points (a) to (t) from the same group means a group as defined in Article 2, point (11), of Directive 2013/34/EU;, have their own internal taxonomy of functions depending on their specific business models and internal organisations. To allow for a clear monitoring distinguishing between the functions of the financial entitiesas defined in Article 2, points (a) to (t) and the ICT services means digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services;, financial entitiesas defined in Article 2, points (a) to (t) should themselves designate relevant functions by using the function identifier at individual level and at group means a group as defined in Article 2, point (11), of Directive 2013/34/EU; level.