Art. 2 · Definitions

Previous version, in force 1 January 2019 02012R0648-20190101 → this version, in force 17 June 2019 02012R0648-20190617

Article 2 Definitions For the purposes of this Regulation, the following definitions shall apply: (1) CCP means a legal person that 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; (2) trade repository means a legal person that centrally collects and maintains the records of derivatives; (3) clearing 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; (4) trading venue means a system operated by an investment firm or a market operator within the meaning of Article 4(1)(1) and 4(1)(13) of Directive 2004/39/EC other than a systematic internaliser within the meaning of Article 4(1)(7) thereof, which brings together buying or selling interests in financial instruments in the system, in a way that results in a contract in accordance with Title II or III of that Directive; (5) derivative or derivative contract means a financial instrument as set out in points (4) to (10) of Section C of Annex I to Directive 2004/39/EC as implemented by Article 38 and 39 of Regulation (EC) No 1287/2006; (6) class of derivatives means a subset of derivatives sharing common and essential characteristics including at least the relationship with the underlying asset, the type of underlying asset, and currency of notional amount. Derivatives belonging to the same class may have different maturities; (7) OTC derivative or OTC derivative contract means a derivative contract the execution of which does not take place on a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered to be equivalent to a regulated market in accordance with Article 2a of this Regulation; (8) financial counterparty means means: (a) an investment firm authorised in accordance with Directive 2004/39/EC, 2014/65/EU of the European Parliament and of the Council Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).; (b) a credit institution authorised in accordance with Directive 2006/48/EC, 2013/36/EU of the European Parliament and of the Council Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).; (c) an insurance undertaking authorised in accordance with Directive 73/239/EEC, an assurance undertaking authorised in accordance with Directive 2002/83/EC, a or reinsurance undertaking authorised in accordance with Directive 2005/68/EC, 2009/138/EC of the European Parliament and of the Council 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) (OJ L 335, 17.12.2009, p. 1).; (d) a UCITS and, where relevant, its management company, authorised in accordance with Directive 2009/65/EC, unless that UCITS is set up exclusively for the purpose of serving one or more employee share purchase plans; (e) an institution for occupational retirement provision within the meaning (IORP), as defined in point (1) of Article 6(a) 6 of Directive 2003/41/EC (EU) 2016/2341 of the European Parliament and of the Council Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37).; (f) an alternative investment fund (AIF), as defined in point (a) of Article 4(1) of Directive 2011/61/EU, which is either established in the Union or managed by AIFMs an alternative investment fund manager (AIFM) authorised or registered in accordance with that Directive, unless that AIF is set up exclusively for the purpose of serving one or more employee share purchase plans, or unless that AIF is a securitisation special purpose entity as referred to in point (g) of Article 2(3) of Directive 2011/61/EU; 2011/61/EU, and, where relevant, its AIFM established in the Union; (g) a central securities depository authorised in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).; (9) non-financial counterparty means an undertaking established in the Union other than the entities referred to in points (1) and (8); (10) pension scheme arrangement means: (a) institutions for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC, including … 976 unchanged words … and the executive member or members of the board; (30) covered bond means a bond meeting the requirements of Article 129 of Regulation (EU) No 575/2013; (31) covered bond entity means the covered bond issuer or cover pool of a covered bond.