Regulation 11 Interpretation

In this Part—

• “applicant” means a person who has submitted an application under regulation 12(1);

• “clearing” has the meaning given in section 313(1) of the 2000 Act; and “clearing services”, in relation to a central counterparty, is to be read accordingly;

• F1“clearing member” means an undertaking which participates in a central counterparty and which is responsible for discharging the financial obligations arising from that participation;

• “client” means an undertaking with a contractual relationship with a clearing member of a central counterparty which enables that undertaking to clear its transactions with that central counterparty;

• “competent authority” means a regulatory authority which is responsible for the authorisation and supervision of central counterparties in its territory; and

• “third country” means a country other than the United Kingdom.