institution — a credit institution or an investment firm;. (4) ‧local firm‧ means a firm dealing for its own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets, or dealing for the accounts of other members of those markets and being guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by such a firm is assumed by clearing members of the same markets; (5) ‧insurance undertaking‧ means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (20); (6) ‧reinsurance undertaking‧ means reinsurance undertaking as defined in point (4) of Article 13 of Directive 2009/138/EC; (7) ‧collective investment undertaking‧ or ‧CIU‧ means a UCITS as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for… 1

model risk — borrowed from another act; this instrument states no meaning of its own 1

systemic risk — borrowed from another act; this instrument states no meaning of its own 1