Codimension 2 embeddings and finite localization of spaces

In order to classify concordance classes of codimension 2 embeddings in a manifold M, we need to determine the complement of such an embedding. These complements are spaces over M well defined up to some homology equivalence. We construct a localization functor corresponding to this class of homology equivalences and we give a characterization of local objects in terms of homotopy groups.