(1) In this section -
'clearing house' means a body or association which provides services related to the clearing and settlement of transactions and payments and the management of risks associated with the resulting contracts and which is regulated or supervised in the provision of those services (in this section referred to as 'clearing services') by a regulatory body, or an agency of government, of a Member State of the European Communities or the United Kingdom;
'clearing participant' means a member of a recognised clearing house who is permitted by the clearing house to provide clearing services in connection with a transfer of securities;
'client' means a person who gives instructions for securities to be sold;
'nominee' means a person whose business is or includes holding securities as a nominee for a recognised clearing house acting in its capacity as a provider of clearing services or, as the case may be, a nominee for a clearing participant or a non-clearing participant;
'non
…