board — the administrative or supervisory board, or both, set up pursuant to national company law and in accordance with Article 27(2) of Regulation (EU) No 648/2012 (23)

capital — capital as defined in point 25 of Article 2 of Regulation (EU) No 648/2012 (25)

CCP — borrowed from another act; this instrument states no meaning of its own (1)

clearing member — a clearing member as defined in point 14 of Article 2 of Regulation (EU) No 648/2012 (12)

client — a client as defined in point 15 of Article 2 of Regulation (EU) No 648/2012 (18)

competent authority — an authority designated by a Member State in accordance with Article 22 of Regulation (EU) No 648/2012 (7)

covered bond — a covered bond as defined in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (OJ L 328, 18.12.2019, p. 29). (51)

crisis prevention measure — the exercise of powers to require a CCP to take measures to remedy deficiencies in its recovery plan under Article 10(8) and (9), the exercise of powers to address or remove impediments to resolvability under Article 16, or the application of an early intervention measure under Article 18 (48)

critical functions — activities, services or operations provided to third parties external to the CCP the discontinuance of which is likely to lead to the disruption of services that are essential to the real economy or to disrupt financial stability in one or more Member States due to the size, market share, external and internal interconnectedness, complexity or cross-border activities of a CCP, with particular regard to the substitutability of those activities, services or operations (27)

debt instruments — bonds or other forms of unsecured transferable debt, instruments creating or acknowledging a debt, and instruments giving rights to acquire debt instruments (40)

default event — a scenario in which the CCP has declared in default: one or more clearing members in accordance with the procedure set out in Article 48 of Regulation (EU) No 648/2012; or one or more interoperable CCPs in accordance with the relevant contractual arrangements or with the procedure set out in Article 52 of Regulation (EU) No 648/2012 (8)

default fund — a default fund maintained by a CCP in accordance with Article 42 of Regulation (EU) No 648/2012 (35)

default waterfall — default waterfall in accordance with Article 45 of Regulation (EU) No 648/2012 (26)

derivative — a derivative as defined in point 5 of Article 2 of Regulation (EU) No 648/2012 (46)

designated national macroprudential authority — the authority entrusted with the conduct of macroprudential policy referred to in Recommendation B1 of the Recommendation of the European Systemic Risk Board (ESRB) of 22 December 2011 on the macroprudential mandate of national authorities (ESRB/2011/3) (34)

extraordinary public financial support — State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union (TFEU), or any other public financial support at supra-national level, which, if provided for at national level, would constitute State aid, that is provided in order to preserve or restore the viability, liquidity or solvency of a CCP (30)

financial contracts — contracts and agreements as defined in point 100 of Article 2(1) of Directive 2014/59/EU (31)

financial market infrastructure — borrowed from another act; this instrument states no meaning of its own (16)

FMI — a CCP, a central securities depository, a trade repository, a payment system or another system defined and designated by a Member State under point (a) of Article 2 of Directive 98/26/EC (16)

group — a group as defined in point 16 of Article 2 of Regulation (EU) No 648/2012 (28)

indirect client — an undertaking which has established indirect clearing arrangements with a clearing member within the meaning of the second subparagraph of Article 4(3) of Regulation (EU) No 648/2012 (20)

initial margin — margins collected by the CCP to cover potential future exposure to clearing members providing the margin and, where relevant, interoperable CCPs in the interval between the last margin collection and the liquidation of positions following a default of a clearing member or of an interoperable CCP (41)

instruments of ownership — shares, other instruments that confer ownership, instruments that are convertible into or give the right to acquire shares or other instruments of ownership, and instruments representing interests in shares or other instruments of ownership (33)

interoperable CCP — a CCP with which an interoperability arrangement has been established (21)

linked FMI — an FMI with which the CCP has entered into contractual arrangements, including interoperability arrangements (29)

netting arrangement — an arrangement under which a number of claims or obligations can be converted into a single net claim, including a close-out netting arrangement under which, on the occurrence of an enforcement event (however or wherever defined), the obligations of the parties are accelerated so as to become immediately due or are terminated, and in either case are converted into or replaced by a single net claim, including a close-out netting provision as defined in point (n)(i) of Article 2(1) of Directive 2002/47/EC of the European Parliament and of the Council Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43). and netting as defined in point (k) of Article 2 of Directive 98/26/EC (47)

non-default event — a scenario in which losses are incurred by a CCP for any reason other than a default event, including but not limited to, business, custody, investment, legal or operational failures or fraud, including failures resulting from cyber-attacks (9)

normal insolvency proceedings — collective insolvency proceedings which entail the partial or total divestment of a debtor and the appointment of a liquidator or an administrator normally applicable to CCPs under national law and either specific to those institutions or generally applicable to any natural or legal person (32)

O-SIIs — borrowed from another act; this instrument states no meaning of its own (19)

parent undertaking — a parent undertaking as defined in point (15)(a) of Article 4(1) of Regulation (EU) No 575/2013 (13)

pre-funded resources — resources which are held by and freely available to the relevant legal person (36)

recovery cash call — a request for cash resources, other than a resolution cash call, to be provided by clearing members to the CCP, additional to pre-funded resources, based on contractual arrangements laid out in the operating rules of the CCP (44)

recovery plan — a recovery plan drawn up and maintained by a CCP in accordance with Article 9 (22)

relevant national authorities — the resolution authorities, competent authorities or competent ministries designated in accordance with this Regulation or pursuant to Article 3 of Directive 2014/59/EU or other authorities in Member States with powers in relation to assets, rights, obligations or liabilities of third-country CCPs providing clearing services in their jurisdiction (53)

relevant third-country authority — a third-country authority responsible for carrying out functions comparable to those of resolution authorities or competent authorities pursuant to this Regulation (54)

resolution action — a decision to place a CCP under resolution pursuant to Article 22, the application of a resolution tool, or the exercise of one or more resolution powers (11)

resolution authority — an authority designated by a Member State in accordance with Article 3 (3)

resolution cash call — a request for cash resources to be provided by clearing members to the CCP, additional to pre-funded resources, based on statutory powers available to a resolution authority in accordance with Article 31 (43)

resolution college — the college established pursuant to Article 4 (2)

resolution objectives — the resolution objectives laid down in Article 21 (6)

resolution plan — a resolution plan for a CCP drawn up in accordance with Article 12 (10)

resolution power — any of the powers laid down in Articles 48 to 58 (5)

resolution tool — a resolution tool as set out in Article 27(1) (4)

senior management — the person or persons who effectively direct the business of the CCP, and the executive member or members of the board (37)

set-off arrangement — an arrangement under which two or more claims or obligations owed between the CCP under resolution and a counterparty can be set off against each other (15)

supervisory college — the college referred to in Article 18(1) of Regulation (EU) No 648/2012 (24)

termination right — a right to terminate a contract, a right to accelerate, close out, set-off or net obligations or any similar provision that suspends, modifies or extinguishes an obligation of a party to the contract or a provision that prevents an obligation under the contract from arising that would otherwise arise (49)

third-country CCP — a CCP the head office of which is established in a third country (14)

third-country resolution proceedings — an action under the law of a third country to manage the failure of a third-country CCP that is comparable, in terms of objectives and anticipated results, to resolution actions under this Regulation (52)

title transfer financial collateral arrangement — borrowed from another act; this instrument states no meaning of its own (50)

trade repository — a trade repository as defined in point 2 of Article 2 of Regulation (EU) No 648/2012 or in point 1 of Article 3 of Regulation (EU) 2015/2365 of the European Parliament and of the Council Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (OJ L 337, 23.12.2015, p. 1). (38)

trading venue — a trading venue as defined in point 4 of Article 2 of Regulation (EU) No 648/2012 (17)

transfer powers — the powers specified in point (c) and (d) of Article 48(1) to transfer shares, other instruments of ownership, debt instruments, assets, rights, obligations or liabilities, or any combination of those items from a CCP under resolution to a recipient (45)

Union State aid framework — the framework established by Articles 107, 108 and 109 TFEU and regulations and all Union acts, including guidelines, communications and notices, made or adopted pursuant to Article 108(4) or Article 109 TFEU (39)

variation margin — margins collected or paid out to reflect current exposures resulting from actual changes in market prices (42)