local firm

Defined in Article 3, Directive 2006/49/EC

Uses as of 20/01/2011

Definitions over time (1)

1. 20/03/2008 – 01/01/2014 applies on 20/01/2011 Article 3, Directive 2006/49/EC Scope: Whole act

   For the purposes of this Directive the following definitions shall apply:

   ‘local firm’ means a firm dealing for its own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets, or dealing for the accounts of other members of those markets and being guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by such a firm is assumed by clearing members of the same markets;

Used in (3 places in 2 provisions on 20/01/2011)

Directive 2006/49/EC (3 in 2)

Article 3² · Article 6