(1) In these Regulations -

"the Act" means the Financial Services and Markets Act 2000;

"the 1989 Act" means the Companies Act 1989;

"the Bank" means the Bank of England;

"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;

"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;

"the EMIR regulation" has the meaning given in section 313 of the Act;