For the purposes of this Regulation the following definitions apply:
"indirect client" means the client of a client of a clearing member;
"indirect clearing arrangements" means the set of contractual relationships between providers and recipients of indirect clearing services provided by a client, an indirect client or a second indirect client;
"confirmation" means the documentation of the agreement of the counterparties to all the terms of an over the counter (OTC) derivative contract;
"second indirect client" means a client of an indirect client;
‘third indirect client’ means a client of a second indirect client;
‘authorised credit institution’ means a credit institution which is a CRR firm (within the definition in Article 4(1)(2A) of the Capital Requirements Regulation);
‘authorised investment firm’ means an investment firm within the meaning given in Article 2(1A) of the MIFIR which:
has its registered office or head office in the United Kingdom;
has permission under Part 4A of the FSMA to carry on regulated activities relating to investment services and activities (as defined in Article 2(1)(2) of the MIFIR) in the United Kingdom;
would require authorisation under Directive 2014/65/EU (as it had effect immediately before IP completion day) if it had its registered office (or if it does not have a registered office, its head offices) in an EEA state; and
is not a firm which has permission under Part 4A of the FSMA to carry on regulated activities as an exempt investment firm, within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017.
‘exit day’ has the meaning given in the European Union (Withdrawal) Act 2018.