Glossary

means a person  identified by the PRA in accordance with Part 3 of the Capital Buffers and Macro-prudential Measures Regulations 2025 (SI 2025/653).

means the O-SII buffer that a person is required to calculate under a requirement imposed by the PRA under section 55M FSMA or a direction given by the PRA under section 192C FSMA.

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

means the Organisation for Economic Cooperation and Development.

means, in relation to a body corporate:

(1) a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, or a person purporting to act in any such capacity; and

(2) an individual who is a controller of the body.

The changes to this defined term are effective from 23:00 on 31/12/2020.

means the list maintained by the FCA in accordance with section 74(1) of FSMA for the purposes of Part VI of FSMA.

means, in accordance with Insurance Company – Risk Management 7.8 and 7.9:

(1) an approved derivative, approved stock lending transaction or an approved quasi-derivative; or

(2) a covered transaction with an approved counterparty for the purchase of assets.

means an account at a central bank in which comingled funds can be held by, or on behalf of, more than one entity.

means the PRA’s online notification and applications system, by whatever name known.

means any of the regulated activities specified in:

(1) article 63N(1)(a) of the Regulated Activities Order (meeting of repayment claims); or

(2) article 63N(1)(b) of the Regulated Activities Order (managing dormant account funds (including the investment of such funds)).

means the regulated activity in article 25D of the Regulated Activities Order.

(in the Solvency II Firms Sector of the PRA Rulebook) means the risk of loss arising from inadequate or failed internal processes, personnel or systems, or from external events, including legal risks which, for the purposes of Solvency Capital Requirement – General Provisions 3.3(1), includes legal risks but excludes risks arising from strategic decisions and reputational risks.

(in the Non-Solvency II Firms Sector of the PRA Rulebook) means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk.

[Note: Art. 13(33) and Art. 101(4) of the Solvency II Directive]