Glossary

means the regulated activity, specified in article 64 of the Regulated Activities Order (Agreeing to carry on specified kinds of activity).

means the process by which the exchange permits members of the exchange to enter into transactions in that investment under and subject to the rules of the exchange.

means a stock lending transaction in respect of which the conditions in Insurance Company – Risk Management 8.2 have been met.

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.

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

means any of the following:

(1) the European Central Bank;

(2) the central bank of an EEA State;

(3) the International Bank for Reconstruction and Development;

(4) the European Bank for Reconstruction and Development;

(5) the International Finance Corporation;

(6) the International Monetary Fund;

(7) the Inter-American Development Bank;

(8) the African Development Bank;

(9) the Asian Development Bank;

(10) the Caribbean Development Bank;

(11) the European Investment Bank;

(12) the EU;

(13) the European Atomic Energy Community; and

(14) the Bank of England.

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

means a credit institution recognised or permitted under the law of the UK to carry on any of the activities set out in Annex 1 to the CRD.

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

This term is defined externally, please refer to:

s417(1) FSMA

means a relationship where undertakings are linked by participations or capital ties other than those referred to in paragraphs (1) and (4) of Article 18 of the CRR.

means the date as which the mathematical reserves are calculated.

means analogous non-reinsurance financing agreements, including contingent loans, securitisations and any other arrangements in respect of contracts of insurance that are analogous to contracts of reinsurance in terms of the risks transferred and the finance provided.

means an investigation to which Insurance Company – Reporting 5.8 – 5.12 applies.

means investment management functions of an AIFM as set out in 1(a) (portfolio management) or (b) (risk management) of Annex I to AIFMD.

means advising on investments in respect of pension transfers and pension opt-outs.

means the Friendly Society (Accounts and Related Provisions) Regulations 1994.

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

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.

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

means an activity which is not a regulated activity but which is:

(1) carried on in connection with a regulated activity; or

(2) held out as being for the purposes of a regulated activity.

means the regulated activity, specified in article 53 of the Regulated Activities Order (Advising on investments).