Definitions
Article 1
For the purposes of this Regulation, the following definitions shall apply: (1) ‘netting set’ means a group of contracts subject to a netting arrangement as defined in Article 2(1)(98) of Directive 2014/59/EU; (2) ‘valuer’ means the independent expert appointed to carry out the valuation in compliance with the requirements and the criteria set out in Part Four of Commission Delegated Regulation (EU) 2016/1075 ( 5 ) or the resolution authority when conducting the valuation pursuant to paragraphs (2) and (9) of Article 36 of Directive 2014/59/EU; (3) ‘central counterparty’, or ‘CCP’, means a CCP as defined in Article 2(1) of Regulation (EU) No 648/2012, to the extent that it is either; (a) established in the Union and authorised in accordance with the procedure set out in Articles 14 to 21 of Regulation (EU) No 648/2012; (b) established in a third country and recognised in accordance with the procedure set out in Article 25 of Regulation (EU) No 648/2012; (4) ‘clearing member’ means a clearing member as defined in Article 2(14) of Regulation (EU) No 648/2012; (5) ‘close-out date’ means the day and time of the close-out specified in the communication by the resolution authority of the decision to close-out; (6) ‘replacement trade’ means a transaction entered into on or after the close-out date of a derivative contract to re-establish, on a net risk exposure basis, any hedge or related trading position that has been terminated on equivalent economic terms as the closed-out transaction; (7) ‘commercially reasonable replacement trade’ means a replacement trade entered into on a netted risk exposure basis, on terms consistent with common market practice and by making reasonable efforts to obtain best value for money.