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Application provision

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

20.1

01/01/2016

The value ascribed under 18 to 19 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 an option.

20.2

01/01/2016

For the purposes of 20.1, the firm must be deemed to have acquired or disposed of assets pursuant to an option if, at the relevant date, it is a party to an option and it is prudent to assume that the option will be exercised and the option is one 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.