In this Part, a reference to a transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement shall be interpreted in accordance with this section.
A transfer of a clearing member client contract or client trade includes—
an assignment;
a novation; and
terminating or closing out the clearing member client contract or client trade and establishing an equivalent position between different parties.
Where a clearing member client contract is recorded in the accounts of a recognised central counterparty as a position held for the account of an indirect client or group of indirect clients, the clearing member client contract is to be treated as having been transferred if the position is transferred to a different account at the recognised central counterparty.
A reference to a transfer of a qualifying collateral arrangement includes an assignment or a novation.