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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

UCITS

03/08/2015

undertakings for collective investment in transferable securities that are established in accordance with the UCITS Directive.

UCITS Directive

03/08/2015

means the European Parliament and Council Directive of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (No 2009/65/EC) as amended.

UK

01/01/2014

means United Kingdom.

UK bank

01/01/2014

means a UK undertaking that has permission under Part 4A of FSMA to carry on the regulated activity of accepting deposits and is a credit institution, but is not a credit union, friendly society or a building society.

UK designated investment firm

05/09/2014

UK firm

19/06/2014

has the meaning given in paragraph 10 of Schedule 3 to FSMA (EEA Passport Rights).

UK ISPV

08/12/2017

means an undertaking with a Part 4A permission to carry on the regulated activity of insurance risk transformation.

UK Solvency II firm

01/01/2016

has the meaning given in Insurance General Application 2.

UK undertaking

01/01/2014

means an undertaking within the meaning of section 1161(1) of the Companies Act 2006 (meaning of “undertaking” and related expressions) whose registered office or, if the undertaking does not have a registered office, whose head office is in any part of the UK.

UK-deposit insurer

01/01/2016

means a third country branch undertaking that has made a deposit in the UK under Article 162(2)(e) of the Solvency II Directive in accordance with Article 167 of the Solvency II Directive.

undertaking

01/02/2014

means an undertaking within the meaning of section 1161(1) of the Companies Act 2006 (meaning of “undertaking” and related expressions).

undertaking specific parameters

01/01/2016

means, for the purposes of determining the SCR using the standard formula, the replacement of a subset of parameters used in the life underwriting risk module, non-life underwriting risk module or health underwriting risk module with parameters specific to a firm.

underwriting member

01/01/2016

means a person admitted to the Society as an underwriting member.

underwriting risk

01/01/2016

means the risk of loss or of adverse change in the value of insurance liabilities, due to inadequate pricing and provisioning assumptions.

Additional Notes

[Note: Art. 13(30) of the Solvency II Directive]

unit

01/01/2016

means:

(1) (in relation to a collective investment scheme) the investment, specified in article 81 of the Regulated Activities Order (Units in a collective investment scheme) and defined in section 237(2) of FSMA (other definitions); and

(2) (in relation to an alternative investment fund) the right or interest (however described) of an investor in an alternative investment fund.

United Kingdom

29/04/2014

This term is defined externally, please refer to -

Interpretation Act 1978 Schedule 1

unregulated activity

01/01/2014

means an activity that is not a regulated activity.