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Glossary

The Rulebook Glossary contains defined terms used in more than one Part across the PRA Rulebook.

The full Glossary can be downloaded as a PDF or printed using the icons to the right.

Term Definition Legal instruments for this definition

making arrangements with a view to transactions in investments

03/08/2015

means the regulated activity, specified in article 25(2) of the Regulated Activities Order (Arranging deals in investments).

management body

01/02/2014

means a firm’s body or bodies, which are appointed in accordance with national law, which are empowered to set the firm’s strategy, objectives and overall direction, and which oversee and monitor management decision-making, and include the persons who effectively direct the business of the firm.

managing a UCITS

03/08/2015

means the regulated activity, specified in article 51ZA of the Regulated Activities Order (Managing a UCITS).

managing agent

19/06/2014

has the meaning given in article 3(1) of the Regulated Activities Order.

managing an AIF

03/08/2015

means the regulated activity, specified in article 51ZC of the Regulated Activities Order (Managing an AIF).

managing investments

03/08/2015

means the regulated activity, specified in article 37 of the Regulated Activities Order (Managing investments).

market risk

01/01/2014

means the risk that arises from fluctuations in values of, or income from assets, or in interest or exchange rates.

material outsourcing

19/06/2014

means outsourcing services of such importance that weakness, or failure, of the services would cast serious doubt upon the firm's continuing satisfaction of the threshold conditions or compliance with the Fundamental Rules.

member

19/06/2014

means a person admitted to membership of the Society or any person by law entitled or bound to administer its affairs.

MiFID

02/04/2015

means the European Parliament and Council Directive on markets in financial instruments (No. 2004/39/EC).

MiFID business

02/04/2015

means investment services and activities and, where relevant, ancillary services carried on by a MiFID investment firm.

MiFID II

19/01/2015

means Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast).

MiFID implementing Directive

02/04/2015

means Commission Directive No. 2006/73/EC implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

MiFID investment firm

02/04/2015

means a firm to which MiFID applies.

MiFIR

19/01/2015

means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.

mixed-activity holding company

19/01/2015

has the meaning set out at point 22 of Article 4(1) of the CRR.

mutual

02/04/2015

means an insurer which:

(1) if it is a body corporate has no share capital (except a wholly owned subsidiary with no share capital but limited by guarantee); or

(2) is a friendly society; or

(3) is a society registered or deemed to be registered under Co-operative and Benefit Societies Act 2014 or the Industrial and Provident Societies (Northern Ireland) Act 1969.