Definitions
Article 1
For the purposes of this Regulation the following definitions apply: (a) ‘client’ means a client as defined in Article 2(15) of Regulation (EU) No 648/2012; (b) ‘indirect client’ means a client of a client as defined in point (a); (c) ‘indirect clearing arrangements’ means the set of contractual relationships between providers and recipients of indirect clearing services provided by a client, an indirect client or a second indirect client; (d) ‘second indirect client’ means a client of an indirect client as defined in point (b); (e) ‘third indirect client’ means a client of a second indirect client as defined in point (d).