Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 1 Definitions

For the purposes of this Regulation the following definitions apply:

  1. (a)

    "client" means a client as defined in Article 2(15) of Regulation (EU) No 648/2012;

  2. (b)

    "indirect client" means a client of a client as defined in point (a);

  3. (c)

    "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;

  4. (d)

    "second indirect client" means a client of an indirect client as defined in point (b);

  5. (e)

    "third indirect client" means a client of a second indirect client as defined in point (d).