For the purposes of this Regulation, the following definitions apply:
(a)((a)) ‘clearing member’ means an undertaking as defined in point (14) of Article 2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council (^{4});(^{1});
(b)((b)) ‘exchange-traded fund (ETF)’ means a fund as defined in point (46) of Article 4(1) of Directive 2014/65/EU of the European Parliament and of the Council (^{5});(^{2});
(c)((c)) ‘execution of orders’ means ‘execution of orders on behalf of clients’ as defined in point (5) of Article 4(1) of Directive 2014/65/EU;
(d)((d)) ‘retail client’ means a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU;
(e)((e)) ‘settlement instruction’ means a transfer order as defined in point (i) of Article 2 of Directive 98/26/EC of the European Parliament and of the Council (^{6});(^{3});
(f)((f)) ‘trading party’ means a party acting as principal in a securities transaction referred to in point (c) of the first subparagraph of Article 7(10) of Regulation (EU) No 909/2014;
(g)((g)) ‘trading venue member’ means a member of, or a participant to, a trading venue.