Paragraph 1 Interpretation of Schedule 1

In this Schedule—

• “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 F1as last amended by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 M1;

• “management body” in relation to a person (“P”) means—

  1. (a)

     the board of directors, or if there is no such board, the equivalent body responsible for the management of P; and

  2. (b)

     any other person who effectively directs the business of P;

• “non-authorised counterparty” means—

  1. (a)

     a financial counterparty (within the meaning of Article 2.8 of the EMIR regulation) who is neither an authorised person nor a recognised body; or

  2. (b)

     a non-financial counterparty (within the meaning of Article 2.9 of the EMIR regulation) who meets the conditions in Article 10.1.b of that regulation;

• “PRA-authorised person” has the meaning given in section 2B(5) of the Act M2;

• “recognised body” has the meaning given in section 313(1) of the Act;

• F2“senior management ” means natural persons who exercise executive functions within an investment firm, a market operator or a data reporting services provider and who are responsible, and accountable to the management body, for the day-to-day management of the entity, including for the implementation of the policies concerning the distribution of services and products to clients by the firm and its personnel.