313 Interpretation of Part XVIII

Chapter IV

Interpretation

313  Interpretation of Part XVIII

(1)     In this Part—

“application” means an application for a recognition order made under section 287[, 288 or 288A];

“applicant” means a [person who] has applied for a recognition order;

[“central counterparty” means a body corporate or unincorporated association which interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer;]

[. . .]

[“central counterparty recognition order” means a recognition order made under section 290(1)(b);]

[“clearing”, in relation to a central counterparty, means the process of establishing positions, including the calculation of net obligations and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions; and “clearing services”, in relation to a central counterparty, is to be read accordingly;]

[“CSD recognition order” means a recognition order made under section 290(1)(d);]

[. . .]

[“the EMIR regulation” means [Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories] [as] [it forms part of retained EU law],

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