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).