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(a) a reinsurance to close effected before 1 January 2005; or(b) 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 another 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:(i) effected after 1 January 2005; and(ii) 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.
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a stock lending transaction in respect of which the conditions in PRU 4.3.36 Rhave been met.
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a firm that operates an ATS or that has accepted responsibility for the operation of an ATS by an appointed representative.
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any form of security for the discharge of any liability arising from a contingent liability investment (other than a guarantee) which:(a) (in relation to an on-exchange transaction) is acceptable under the rules of the relevant exchange or clearing house; and(b) (in relation to an OTC transaction) would be acceptable for a similar transaction to the relevant exchange or clearing house.
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any depositary:(a) which is subject to regulation by a national regulatory body in connection with its custody services;(b) which is required to prepare audited accounts;(c) whose latest annual audit report is not materially qualified; and(d) which(i) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has surplus revenue over expenditure for the last two financial years; or(ii) if not, nevertheless has adequate financial resources for its business.
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an interest in any land or building which satisfies the conditions in CIS 5A.8.5 R (Approved immovables).
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(in respect of a financial sector) applicable sectoral consolidation rules for that financial sector and the FSA's sectoral rules about capital adequacy and solvency applicable to that financial sector under the table in paragraph 6.8 of PRU 8 Ann 1R Gwhich of those sets of rules apply for the purpose of a particular calculation depends on the nature of that calculation.
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a person in relation to whom the FSA has given its approval under section 59 of the Act (Approval for particular arrangements) for the performance of a controlled function.
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(1) (in COLL and CIS) a transferable security that is admitted to official listing in an EEA State or is traded on or under the rules of an eligible securities market (otherwise than by the specific permission of the market authority).(2) (in LLD and PRU ) any of the following:(a) any security issued or guaranteed by, or the repayment of the principal of which, or the interest on which, is guaranteed by, and any loans to or deposits with, any government, public or local authority or nationalised industry or undertaking, which belongs to a Zone A country;(b) any loan to, or deposit with, an approved financial institution;(c) any debenture issued before 31 December 1994 by the Agricultural Mortgage Corporation Limited or the Scottish Agricultural Securities Corporation Limited.
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(except in COLL and CIS) (in relation to a bank account opened by a firm):(a) if the account is opened at a branch in the United Kingdom:(i) the Bank of England; or(ii) the central bank of a member state of the OECD; or(iii) a bank; or(iv) a building society which offers, unrestrictedly, banking services; or(v) a bank which is supervised by the central bank or other banking regulator of a member state of the OECD; or(b) if the account is opened elsewhere:(i) a bank in (a); or(ii) a credit institution established in an EEA State other than the United Kingdom and duly authorised by the relevant Home State regulator; or(iii) a bank which is regulated in the Isle of Man or the Channel Islands; or(c) a bank supervised by the South African Reserve Bank; or(d) any other bank that:(in COLL and CIS) any person falling within (a-c).(i) is subject to regulation by a national banking regulator;(ii) is required to provide audited accounts;(iii) has minimum net assets of £5 million (or its equivalent in any other currency at the relevant time) and has a surplus revenue over expenditure for the last two financial years; and(iv) has an annual audit report which is not materially qualified.
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the regulated activity, specified in article 51(1)(c) of the Regulated Activities Order (Establishing etc a collective investment scheme), of acting as the depositary or sole director of an open-ended investment company.
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(in respect of a financial sector and in accordance with paragraph 6.10 of PRU 8 Ann 1R G (Applicable sectoral consolidation rules)) the FSA's sectoral rules about capital adequacy and solvency on a consolidated basis applicable to that financial sector under the table in paragraph 6.11 of PRU 8 Ann 1R G.
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the director of an ICVC who is the authorised corporate director of the ICVC in accordance with COLL 6.5.3 R (Appointment of an ACD) or, as the case may be, CIS 7.2.1 R (The directors) including, if relevant, an EEA UCITS management company.
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an institution recognised or permitted under the law of an EEA State to carry on any of the activities set out in Annex 1 to the Banking Consolidation Directive.
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a quasi-derivative in respect of which the conditions in PRU 4.3.5 R are met.
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(in COLL and CIS) a mortgage:(a) which the trustee reasonably believes can be discharged on demand or within 28 days by repayment of all the money secured by the mortgage (including, where appropriate, any additional sum provided for under the mortgage); and(b) on which there is not secured any property, whether immediately or contingently, other than the approved immovable in question.
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the regulated activity, specified in article 64 of the Regulated Activities Order (Agreeing to carry on specified kinds of activity), of agreeing to carry on an activity specified in Part II of that Order other than:(a) accepting deposits;(aa) issuing electronic money;
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any of the following:(a) the European Central Bank;(b) the central bank of an EEA State;(c) the International Bank for Reconstruction and Development;(d) the European Bank for Reconstruction and Development;(e) the International Finance Corporation;(f) the International Monetary Fund;(g) the Inter-American Development Bank;(h) the African Development Bank;(i) the Asian Development Bank;(j) the Caribbean Development Bank;(k) the European Investment Bank;(l) the European Community; and(m) the European Atomic Energy Community.
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