individual client account

121as the context requires, either:

1. (a) an account maintained by a firm at an authorised central counterparty for a client of the firm in respect of which the authorised central counterparty has agreed with the firm to provide individual client segregation; or
1. (b) an account maintained by a firm for an indirect client at a clearing member of an authorised central counterparty in respect of which the clearing member has agreed with the firm to provide segregation arrangements that satisfy the requirements of article 4(2)(b) of the EMIR L2 Regulation.