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Application provision

1.1 Unless otherwise stated, this Part applies to a non-directive friendly society.

19.1

01/01/2016

The value ascribed under 18 in respect of assets of each description must be increased or decreased by the value of assets of that description which the firm is deemed to have acquired or disposed of pursuant to a futures contract.

19.2

01/01/2016

For the purposes of 19.1, the firm must be deemed to have acquired or disposed of assets pursuant to a futures contract if, at the relevant date, it has entered into (and not closed out) a futures contract which:

  1. (1) provides for the acquisition of assets by the firm;
  2. (2) is listed and provides for the disposal of assets by the firm; or
  3. (3) is not listed but provides for the disposal of assets by the firm to an approved counterparty and it is prudent to assume that such disposal will take place within one year of the relevant date.