313 Interpretation of Part XVIII
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);]

[“EEA CSD” has the meaning given in section 285;]

[“the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, and any reference to the requirements contained in that Regulation includes a reference to requirements contained in any directly applicable EU regulation made under its provisions;] [reference to requirements contained in or to functions under the EMIR regulation includes a reference (as the case may be) to requirements contained in or to functions under—

(a)     any EU regulation, originally made under the EMIR regulation, which is retained direct EU legislation; or

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