Glossary

that part of safeguarding and administering investments which consists solely of arranging for one or more other persons to carry on both:

(a) the safeguarding of assets belonging to another; and

(b) the administration of those assets.

This term is defined externally, please refer to:

s237(3) FSMA

has the meaning given in regulation 2(1) of the Electronic Money Regulations.

means (in relation to a person ("A")):

(1) an affiliated company of A;
(2) an appointed representative of A, or a tied agent of A, or of any affiliated company of A; and
(3) any other whose business or domestic relationship with A or A’s associate might reasonably be expected to give rise to a community of interest between them which may involve a conflict of interest in dealings with third parties.

This term is defined externally, please refer to:

s417(1) FSMA

means (in relation to a firm) a person resident in the UK who is authorised to act generally, and to accept service of any document, on behalf of the firm.

(1) (in relation to an insurer which is not a pure reinsurer) has the meaning in Insurance Company – Capital Resources 13; or

(2) (in relation to a pure reinsurer) means an asset the holding of which is consistent with compliance by the firm with Insurance Company – Risk Management 5.

means a with-profits policy which has a readily identifiable current benefit, whether or not this benefit is currently realisable, which is adjusted by an amount explicitly related to the amount of any premium payment and to which additional benefits are added in respect of participation in profits by additions directly related to the current benefit, or a policy with similar characteristics.

means a quasi-derivative in respect of which the conditions in Insurance Company – Risk Management 6.2 are met.

means

(1) (in relation to a company incorporated in the UK) an annual report and annual accounts as those terms are defined in section 471 of the Companies Act 2006 together with an auditor's report prepared in relation to those accounts under sections 495 to 497A of the same Act;
(2) (in relation to any other body) any similar or analogous documents which it is required to prepare whether by its constitution or by the law under which it is established.

has the meaning given in the Glossary to the FCA Handbook.

has the meaning given in regulation 2(1) of the Payment Services Regulations.

The changes to this defined term are effective from 23:00 on 31/12/2020.

means an undertaking with a Part 4A permission under Article 51ZA of the Regulated Activities Order (Managing a UCITS) or an undertaking, the registered office of which is outside the UK and which would require such permission if it had its registered office within the UK.

This term is defined externally, please refer to:

s237(3) FSMA

means a category of assets that have similar features and/or similar methodologies for the purposes of determining the credit rating or internal credit assessment for that type of asset.

means an asset contained in the relevant portfolio of assets, that falls within the scope of Matching Adjustment 4.4(1).

means a UK bank, a building society, a UK designated investment firm, a PRA approved parent holding company, a PRA designated parent holding company, a PRA approved intermediate holding company, a PRA designated intermediate holding company, or a PRA designated institution.

means the class of contract of insurance, specified in paragraph 5 of Part I of Schedule 1 to the Regulated Activities Order.

means;

(1) a reinsurance to close effected before 1 January 2005; or

(2) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with the members of that syndicate in a later syndicate year or the members of one other syndicate ("the reinsuring members") that the reinsuring members will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year that is:

(a) effected after 1 January 2005; and

(b) not a balance transfer between two syndicate years where the syndicate has only one member and the member is the same in each of those years; or

(3) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with a subsidiary of the Society that that subsidiary will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year ("the reinsured liabilities") and where:

(a) that subsidiary is wholly owned by the Society and if from time to time the subsidiary has an asset or cash flow deficiency such that the subsidiary is unable to meet any of the liabilities which it has reinsured, the Society is legally obliged to pay to the subsidiary a sum equal to that deficiency; and

(b) at the effective date of the agreement, the relevant syndicate year has been open for at least two years after the date at which it would normally have been closed in accordance with the policies and practices in relation to the syndicate concerned.

means the class of contract of insurance, specified in paragraph 11 of Part I of Schedule 1 to the Regulated Activities Order.