A Participant is a Party that takes part in a specified context.
The context may be an activity, transaction, Contract, agreement, policy, regulation, process, situation, or relationship.
Participant identifies the Party in relation to that context. A Role identifies how the Participant takes part. The same Party may participate in several contexts and may perform different Roles in each context.
Participation does not create a new Party. The participating Party retains its identity when the context, Role, authority, or effective period changes.
A Participant may take an active, passive, affected, responsible, or observational part in a context. Participant therefore does not imply that the Party initiated an activity, exercises control, assumes a legal obligation, or possesses authority to act for another Party.
Party that takes part in a specified context
Adapted from:
The permanent source citation should reference the applicable public Annex D entry after that reference entry receives an identifier.
Example Bank Corporation participates in an FX Trade with Example Manufacturing Corporation.
Both Organizations are Participants in the FX Trade. Each performs the Role of Counterparty.
Example Bank Corporation also performs the Role of Reporting Counterparty. A reporting service provider may participate in the reporting process as a Submitting Entity without becoming a Counterparty to the FX Trade.
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