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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

recognised scheme


means a scheme recognised under:

(1) section 264 of FSMA (Schemes constituted in other EEA States);

(2) section 270 of FSMA (Schemes authorised in designated countries or territories); or

(3) section 272 of FSMA (Individually recognised overseas schemes).

Regulated Activities Order


means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544).

regulated activity


This term is defined externally, please refer to -

FSMA s22

regulated collective investment scheme



(1) an ICVC;

(2) an authorised unit trust scheme;

(3) an authorised contractual scheme; or

(4) a recognised scheme.

regulatory system


means the arrangements for regulating a firm or other person in or under FSMA, including the threshold conditions, the Fundamental Rules and other rules, the Statements of Principle, codes and guidance given by the PRA and including any relevant directly applicable provisions of a EU Directive or Regulation.



includes retrocession.

reinsurance contract


means a contract of insurance covering all or part of a risk to which a person is exposed under a contract of insurance.

Reinsurance Directive


means the Directive of 16 November 2005 of the European Parliament and of the Council (No 2005/68/EC) on reinsurance and amending the First Non-Life Directive and the Third Non-Life Directive as well as the Insurance Groups Directive and the Consolidated Life Directive.

reinsurance mediation


has the meaning given in Article 2(4) of the Insurance Mediation Directive.

reinsurance undertaking


means an insurance undertaking whose insurance business is restricted to reinsurance.

relevant legislation



(1) FSMA;

(2) the Capital Requirements Regulations;

(3) any other enactment; or

(4) any directly applicable EU regulation.

relevant person


means any of the following:

(1) a director, partner or equivalent, manager or appointed representative (or where applicable, tied agent) of the firm;

(2) a director, partner or equivalent, or manager of any appointed representative (or where applicable, tied agent) of the firm;

(3) an employee of the firm or of an appointed representative (or where applicable, tied agent) of the firm; as well as any other natural person whose services are placed at the disposal and under the control of the firm or an appointed representative or a tied agent of the firm and who is involved in the provision by the firm of regulated activities; or

(4) a natural person who is directly involved in the provision of services to the firm or its appointed representative (or where applicable, tied agent) under an outsourcing arrangement, for the purpose of the provision by the firm of regulated activities.



means any form of remuneration, including salary, discretionary pension benefits and benefits of any kind.

retail client


means a client who is neither a professional client or an eligible counterparty.

rolling spot forex contract


has the meaning given in the PRA Handbook as at 31 July 2015.