Glossary
The Rulebook Glossary contains defined terms used in more than one Part across the PRA Rulebook.
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Term | Definition | Legal instruments for this definition |
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01/01/2014 |
means the European Banking Authority. |
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19/06/2014 |
means an incoming EEA firm that is a CRD credit institution. |
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EEA parent financial holding company 01/07/2015 |
means a parent financial holding company in an EEA State which is not a subsidiary of an institution authorised in any EEA State or of another financial holding company or mixed financial holding company set up in any EEA State. |
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01/07/2015 |
means a parent institution in an EEA State which is not a subsidiary of another institution authorised in an EEA State or of a financial holding company or mixed financial holding company set up in any EEA State. |
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EEA parent mixed financial holding company 01/07/2015 |
means a parent mixed financial holding company in an EEA State which is not a subsidiary of an institution authorised in any EEA State or of another financial holding company or mixed financial holding company set up in any EEA State. Additional Notes[Note: Art. 4(1)(20) of the CRR] |
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01/10/2015 |
has the meaning given in the Interpretation Act 1978 and, where the context requires, includes references to Gibraltar as appropriate. |
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effecting contracts of insurance 19/06/2014 |
means the regulated activity specified in article 10(1) of the Regulated Activities Order (Effecting and carrying out contracts of insurance). |
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01/01/2016 |
means the European Insurance and Occupational Pensions Authority established in accordance with Regulation (EU) No. 1094/2010 of the European Parliament and of the Council of 24 November 2010. |
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03/01/2018 |
has the meaning given in the FCA Handbook as amended from time to time for the purposes other than for the purposes of the part of the FCA Handbook in High Level Standards that has the title Principles for Businesses. |
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03/02/2016 |
has the meaning given in Depositor Protection 2. |
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01/01/2016 |
means: (1) as to compliance with a UK Solvency II firm’s SCR, the aggregate of the firm’s: (a) Tier 1 own funds; and (b) eligible Tier 2 own funds; and (c) eligible Tier 3 own funds; and (2) as to compliance with a UK Solvency II firm’s MCR, the aggregate of the firm’s: (a) Tier 1 own funds; and (b) eligible Tier 2 own funds; and (3) as to compliance by a composite firm with the notional life MCR, the aggregate of the firm’s: (a) Tier 1 own funds; and that satisfy the limits in Own Funds 4 as if references to the “MCR” in those provisions were references to the notional life MCR; and the limits in the Solvency II Regulations; and (4) as to compliance by a composite firm with the notional non-life MCR, the aggregate of the firm’s: (a) Tier 1 own funds; and that satisfy the limits in Own Funds 4.2 as if references to the “MCR” in those provisions were references to the notional non-life MCR; and the limits in the Solvency II Regulations. (5) as to compliance with the branch SCR, means the aggregate of the third country branch undertaking’s: (a) Tier 1 own funds; and (b) (i) Tier 2 own funds; and (ii) Tier 3 own funds that satisfy the limits in Own Funds 4.1, as if references to the “SCR” in those provisions were references to the branch SCR; and the limits in the Solvency II Regulations. (6) as to compliance with the branch MCR, means the aggregate of the third country branch undertaking’s: (a) Tier 1 own funds; and (b) Tier 2 basic own funds that satisfy the limits in Own Funds 4.2 as if references to the “MCR” in those provisions were references to the branch MCR; and the limits in the Solvency II Regulations. (7) as to compliance with the EEA SCR, means the aggregate of the third country branch undertaking’s: (a) Tier 1 own funds; and (b) (i) Tier 2 own funds; and (ii) Tier 3 own funds that satisfy the limits in Own Funds 4.1, as if references to the “SCR” in those provisions were references to the EEA SCR; and the limits in the Solvency II Regulations. (8) as to compliance with the EEA MCR, means the aggregate of the third country branch undertaking’s: (a) Tier 1 own funds; and (b) Tier 2 basic own funds that satisfy the limits in Own Funds 4.2, as if references to the “MCR” in those provisions were references to the EEA MCR; and the limits in the Solvency II Regulations. |
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01/01/2016 |
means; (1) as to compliance with a UK Solvency II firm’s SCR, the UK Solvency II firm’s Tier 2 own funds that satisfy the limits set out in Own Funds 4.1(1) and the Solvency II Regulations; and (2) as to compliance with a UK Solvency II firm’s MCR, the firm’s Tier 2 basic own funds that satisfy the limits in Own Funds 4.2 and the Solvency II Regulations. |
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01/01/2016 |
means, as to compliance with a UK Solvency II firm’s SCR, the firm’s Tier 3 own funds that satisfy the limits set out in Own Funds 4.1(2). |
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19/06/2014 |
means an individual: (1) who is employed or appointed by a person in connection with that person's business, whether under a contract of service or for services or otherwise; or (2) whose services, under an arrangement between that person and a third party, are placed at the disposal and under the control of that person. |
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01/01/2016 |
means a contract of insurance against risks of the persons insured incurring liabilities to their employees. |
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01/01/2016 |
means issued share capital excluding any part of that capital which, neither as respects dividends nor as respects capital, carries any right to participate beyond a specified amount in a distribution. |
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01/01/2016 |
means securities issued by the same issuer being of an identical type and having the same nominal value, description and amount. |
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01/01/2016 |
means an excess of assets representing the whole or a particular part of the long-term insurance fund or funds over the liabilities, or a particular part of the liabilities of the insurer attributable to that business as shown by an actuarial investigation. |
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establishing, operating or winding up a personal pension scheme 03/08/2015 |
means the regulated activity, specified in article 52(b) of the Regulated Activities Order (Establishing etc. a pension scheme). |
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establishing, operating or winding up a stakeholder pension scheme 03/08/2015 |
means the regulated activity, specified in article 52 (a) of the Regulated Activities Order (Establishing etc. a pension scheme). |
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establishing, operating or winding-up a collective investment scheme 03/08/2015 |
means the regulated activity specified in article or 51ZE of the Regulated Activities Order (Establishing etc a collective investment scheme). |
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01/01/2016 |
This term is defined externally, please refer to -
s1(2) Interpretation Act 1978 |
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19/06/2014 |
has the meaning given in Part II of Schedule 1 to the European Communities Act 1972.
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02/04/2015 |
means the area established by the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as it has effect for the time being and which consists of the EEA States. |
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01/01/2016 |
means situations where the financial situation of a firm representing a significant share of the market or the affected lines of business is seriously or adversely affected by one or more of the following: (1) a fall in financial markets which is unforeseen, sharp and steep; (2) a persistent low interest rate environment; (3) a high impact catastrophic event. |
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Excluded Activities and Prohibitions Order 01/01/2019 |
means the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 (SI 2014/2080). |
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01/01/2016 |
means, in relation to a with-profits fund, those assets which the firm has clearly identified in its policy documentation, PPFM, other policyholder communication or otherwise in accordance with any relevant provision of the FCA Handbook as: (1) available to cover the firm’s liabilities arising from with-profits policies only in particular circumstances; and (2) not forming part of that with-profits fund. |