Glossary

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

(1) an undertaking:

(a) with the sole object of collective investment in transferable securities or in other liquid financial instruments of capital raised from the public and which operate on the principle of risk-spreading; and

(b) with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings' assets (and for these purposes, action taken by the undertaking to ensure that the stock exchange value of its units does not significantly vary from their asset value is to be regarded as equivalent to such repurchase or redemption).

(2) undertakings for collective investment in transferable securities that are established in the European Economic Area in accordance with the UCITS Directive.

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.

has the same meaning as given to ‘management company’ in section 237 of FSMA.

means United Kingdom.

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.

means the consolidation group of a firm to which supervision on a consolidated basis by the PRA applies.

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

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

(2) in the Depositor Protection part and Policyholder Protection part, means an authorised person who:

(a) has permission given under Part 4A of FSMA to carry on regulated activities that consist of or include one or more PRA-regulated activities; and

(b) is incorporated in the UK.

means an insurance holding company or mixed financial holding company that:

1. (1) is incorporated in the UK; or
2. (2) has a place of business in the UK.

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

This defined term is effective from 23:00 on 31/12/2020.

means a financial holding company firm in the UK which is not itself a subsidiary of an institution authorised in the UK, or of a financial holding company firm or mixed financial holding company set up in the UK.

This defined term is effective from 23:00 on 31/12/2020.

means a parent institution authorised in the UK which has an institution or financial institution as subsidiary or which holds a participation in such an institution or financial institution, and which is not itself a subsidiary of another institution authorised in the UK or of a financial holding company or mixed financial holding company set up in the UK.