SECTION I SCOPE AND DEFINITIONS

any system as defined in Article 2(a), governed by the law of a Member State and operating in any currency, the ►M1  euro ◄ or in various currencies which the system converts one against another;

any participant in such a system;

collateral security provided in connection with:

▼M1

▼B

‘system’ shall mean a formal arrangement:

▼M1

▼B

▼M4

▼B

Subject to the conditions in the first subparagraph, a Member State may designate as a system such a formal arrangement whose business consists of the execution of transfer orders as defined in the second indent of (i) and which to a limited extent executes orders relating to other financial instruments, when that Member State considers that such a designation is warranted on grounds of systemic risk.

A Member State may also on a case-by-case basis designate as a system such a formal arrangement between two participants, without counting a possible settlement agent, a possible central counterparty, a possible clearing house or a possible indirect participant, when that Member State considers that such a designation is warranted on grounds of systemic risk.

▼M1

An arrangement entered into between interoperable systems shall not constitute a system;

ciallóidh ‘institiúid’:

Más rud é go ndéantar maoirseacht ar chóras i gcomhréir leis an reachtaíocht náisiúnta agus nach gcuirtear i gcrích ach orduithe aistrithe mar a shainmhínítear i bpointe (i), an dara fleasc, mar aon le híocaíochtaí a eascraíonn as orduithe den sórt sin, féadfaidh Ballstát a chinneadh gur féidir glacadh leis gur institiúidí iad na gnóthais atá rannpháirteach i gcóras den sórt sin agus atá freagrach as na hoibleagáidí airgeadais a eascraíonn as orduithe aistrithe laistigh den chóras sin a chomhlíonadh, ar choinníoll go gcumhdaítear trí rannpháirtí ar a laghad sa chóras sin leis na catagóirí dá dtagraítear sa chéad fhomhír den phointe seo agus go bhfuil údar le cinneadh den sórt sin ar fhorais riosca shistéamaigh;

ciallóidh “contrapháirtí lárnach” contrapháirtí lárnach mar a shainmhínítear i bpointe (1) d'Airteagal 2 de Rialachán (AE) Uimh. 648/2012;

‘settlement agent’ shall mean an entity providing to institutions and/or a central counterparty participating in systems, settlement accounts through which transfer orders within such systems are settled and, as the case may be, extending credit to those institutions and/or central counterparties for settlement purposes;

‘clearing house’ shall mean an entity responsible for the calculation of the net positions of institutions, a possible central counterparty and/or a possible settlement agent;

ciallóidh ‘rannpháirtí’ institiúid, contrapháirtí lárnach, gníomhaire socraíochta, teach imréitigh, oibreoir córais nó comhalta imréitigh de chontrapháirtí lárnach arna údarú de bhun Airteagal 17 de Rialachán (AE) Uimh. 648/2012.

De réir rialacha an chórais, féadfaidh an rannpháirtí céanna gníomhú mar chontrapháirtí lárnach, mar ghníomhaire socraíochta nó mar theach imréitigh, nó féadfaidh sé cuid de na cúraimí sin nó na cúraimí uile sin a dhéanamh.

Féadfaidh Ballstát, chun críocha na Treorach seo, a mheas go bhfuil rannpháirtí indíreach ina rannpháirtí i gcás ina bhfuil údar cuí leis sin ar fhorais riosca shistéamaigh, rud nach gcuirfidh teorainn, áfach, le freagracht an rannpháirtí trína n-aistríonn an rannpháirtí indíreach orduithe aistrithe chuig an gcóras;

‘indirect participant’ shall mean an institution, a central counterparty, a settlement agent, a clearing house or a system operator with a contractual relationship with a participant in a system executing transfer orders which enables the indirect participant to pass transfer orders through the system, provided that the indirect participant is known to the system operator;

‘securities’ shall mean all instruments referred to in section C of Annex I to Directive 2004/39/EC;

‘transfer order’ shall mean:

▼M1

▼B

‘insolvency proceedings’ shall mean any collective measure provided for in the law of a Member State, or a third country, either to wind up the participant or to reorganise it, where such measure involves the suspending of, or imposing limitations on, transfers or payments;

‘netting’ shall mean the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant or participants either issue to, or receive from, one or more other participants with the result that only a net claim can be demanded or a net obligation be owed;

‘settlement account’ shall mean an account at a central bank, a settlement agent or a central counterparty used to hold funds or securities and to settle transactions between participants in a system;

‘collateral security’ shall mean all realisable assets, including, without limitations, financial collateral referred to in Article 1(4)(a) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements ( 5 ), provided under a pledge (including money provided under a pledge), a repurchase or similar agreement, or otherwise, for the purpose of securing rights and obligations potentially arising in connection with a system, or provided to central banks of the Member States or to the European Central Bank;

‘business day’ shall cover both day and night-time settlements and shall encompass all events happening during the business cycle of a system;

‘interoperable systems’ shall mean two or more systems whose system operators have entered into an arrangement with one another that involves cross-system execution of transfer orders;

‘system operator’ shall mean the entity or entities legally responsible for the operation of a system. A system operator may also act as a settlement agent, central counterparty or clearing house.