Regulation 79 Interpretation

In this Part—

• “Regulation 2015/2205” means Commission Delegated Regulation (EU) 2015/2205 of 6 August 2015 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation^f1;

• “Regulation 2016/592” means Commission Delegated Regulation (EU) 2016/592 of 1 March 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation^f2;

• “Regulation 2016/1178” means Commission Delegated Regulation (EU) 2016/1178 of 10 June 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation^f3;

• “Regulation 2016/2251” means Commission Delegated Regulation (EU) 2016/2251 of 4 October 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty^f4;

• “clearing obligation” means the obligation imposed on counterparties by paragraph 1 of Article 4;

• “counterparty” means—

  1. (a)

     a financial counterparty within the meaning given in point (8) of Article 2; or

  2. (b)

     a non-financial counterparty within the meaning given in point (9) of Article 2;

• “equivalence determination” means a determination made by the Treasury in relation to a third country under paragraph 2 of Article 13;

• “intragroup transaction” means a transaction referred to in paragraph 1 or 2 of Article 3;

• “non-UK counterparty” means a counterparty which is established in a third country in respect of which there is no equivalence determination;

• “OTC derivative contract” has the meaning given in point (7) of Article 2;

• “risk-management obligation” means the obligation imposed on counterparties by paragraph 3 of Article 11;

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

• “UK counterparty” means a counterparty which is established in the United Kingdom.

References in this Part to numbered Articles, except in regulations 80(1)(c) and 82(5)(a) and (b), are to the Articles of the EMIR regulation bearing that number.

References in this Part to the EMIR regulation, except in regulations 80(2)(c) and 82(6), are to that Regulation as in force after exit day.