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the provision made by an insurer to cover liabilities (excluding liabilities which have fallen due and liabilities arising from deposit back arrangements) arising under or in connection with contracts of long-term insurance.
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means the minimum capital requirement calculated in accordance with the Minimum Capital Requirement Part of the PRA Rulebook.
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means investment services and activities and, where relevant, ancillary services carried on by a MiFID investment firm.
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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).
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The changes to this defined term are effective from 23:00 on 31/12/2020.
has the meaning given in paragraph 2.1A of MiFIR.
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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.
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means an amount calculated in accordance with Friendly Society - Overall Resources and Guarantee Fund 6 for long-term insurance business and Friendly Society - Overall Resources and Guarantee Fund 7 for general insurance business, whether the required margin of solvency is greater or less than that amount.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
means a parent undertaking other than a regulated entity, which together with its subsidiaries, at least one of which is a regulated entity which has its head office in the UK, and other entities constitutes a financial conglomerate.
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has the meaning given in point (22) of Article 4(1) of the CRR.
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means the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing MiFID II 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.
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means any form of money, including cheques and other payable orders.
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means those classes of financial instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment.
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This term is defined externally, please refer to:
Schedule 1, Interpretation Act 1978
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means the risk of loss, or of adverse change, in the value of insurance obligations, resulting from changes in the level, trend or volatility of mortality rates, where an increase in the mortality rate leads to an increase in the value of insurance obligations.
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means the class of contract of insurance, specified in paragraph 10 of Part I of Schedule 1 to the Regulated Activities Order.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract in accordance with provisions implementing Title II of MiFID II.
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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 Community Benefit Societies Act 2014 or the Industrial and Provident Societies (Northern Ireland) Act 1969.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
means a group of undertakings that is based on the establishment, contractually or otherwise, of strong and sustainable financial relationships among those undertakings, and that may include mutual or mutual-type associations, provided that:
(1) one of those undertakings effectively exercises, through centralised coordination, a dominant influence over the decisions, including financial decisions, of the other undertakings that are part of the group of undertakings; and
(2) the establishment and dissolution of such relationships are subject to prior approval by the PRA,
where the undertaking exercising the centralised coordination shall be considered as the parent undertaking, and the other undertakings shall be considered as subsidiary undertakings.