(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).