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participant

as defined in Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998…, Article 2, point (f)

an institution, a CCP, a settlement agent, a clearing house, a system operator or a clearing member of a CCP authorised pursuant to Article 17 of Regulation (EU) No 648/2012. According to the rules of the system, the same participant may act as a CCP, a settlement agent or a clearing house or carry out part or all of those tasks. A Member State may, for the purposes of this Directive, consider an indirect participant to be a participant where that is justified on the grounds of systemic risk, which shall, however, not limit the responsibility of the participant through which the indirect participant passes transfer orders to the system

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