Glossary

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.

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

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.

means (in relation to a person) an undertaking in the same group as that person.

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).