Section 313(1)

In this Part— “application” means an application for a recognition order made under section 287 , 288 or 288A; “applicant” means a person who has applied for a recognition order; ... “central counterparty” means a body corporate or unincorporated association which interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer; “central counterparty recognition order” means a recognition order made under section 290(1)(b); “clearing”, in relation to a central counterparty, means the process of establishing positions, including the calculation of net obligations and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions; and “clearing services”, in relation to a central counterparty, is to be read accordingly; “critical third party” has the same meaning as in Chapter 3C (see section 312L(8); “CSD recognition order” means a recognition order made under section 290(1)(d); ... “the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories as it forms part of assimilated law, and any reference to requirements contained in or to functions under the EMIR regulation includes a reference (as the case may be) to requirements contained in or to functions under— any EU regulation, originally made under the EMIR regulation, which is assimilated direct legislation; or any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the EMIR regulation on or after IP completion day; “FMI functions”, in relation to the Bank of England, has the meaning given by section 30D(3) of the Bank of England Act 1998; “multilateral trading facility” means a UK multilateral trading facility as defined by Article 2(1)(14A) of the markets in financial instruments regulation; “organised trading facility” means a UK organised trading facility as defined by Article 2(1)(15A) of the markets in financial instruments regulation; ... “overseas applicant” means a body corporate or association which has neither its head office nor its registered office in the United Kingdom and which has applied for a recognition order; “overseas investment exchange” means a body corporate or association which has neither its head office nor its registered office in the United Kingdom and in relation to which a recognition order is in force; “overseas clearing house” means a body corporate or association which is not a central counterparty and has neither its head office nor its registered office in the United Kingdom and in relation to which a recognition order is in force; “recognised body” means a recognised investment exchange , a recognised clearing house or a recognised CSD , and in Chapter 3B also includes a third country central counterparty; “recognised central counterparty” has the meaning given in section 285; “recognised clearing house” has the meaning given in section 285; “recognised CSD” has the meaning given in section 285; “recognised investment exchange” has the meaning given in section 285; “recognition order” means an order made under section 290 or 292; “recognition requirements” has the meaning given by section 286; “regulated market” means a UK regulated market as defined by Article 2(1)(13A) of the markets in financial instruments regulation; “remedial direction” has the meaning given in section 308(8); “revocation order” has the meaning given in section 297. “Tier 2 third country central counterparty” means a third country central counterparty which has been determined by the Bank of England to be systemically important or likely to become systemically important in accordance with Article 25.2a of the EMIR regulation; “trading venue” means a multilateral trading facility, a regulated market or an organised trading facility. ...

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Source: legislation.gov.uk · retrieved 2026-09-04