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that part of safeguarding and administering investments which consists solely of arranging for one or more other persons to carry on both:
(a) the safeguarding of assets belonging to another; and
(b) the administration of those assets.
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has the meaning given in the Glossary to the FCA Handbook.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
means an undertaking with a Part 4A permission under Article 51ZA of the Regulated Activities Order (Managing a UCITS) or an undertaking, the registered office of which is outside the UK and which would require such permission if it had its registered office within the UK.
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means
(1) (in relation to a company incorporated in the UK) an annual report and annual accounts as those terms are defined in section 471 of the Companies Act 2006 together with an auditor's report prepared in relation to those accounts under sections 495 to 497A of the same Act;
(2) (in relation to any other body) any similar or analogous documents which it is required to prepare whether by its constitution or by the law under which it is established. -
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means (in relation to a person) an undertaking in the same group as that person.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
means a legal person whose regular business is managing one or more alternative investment funds.
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This term is defined externally, please refer to:
s237(3) FSMA
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(1) (in the Financial Conglomerates Part of the PRA Rulebook) has the meaning given in Financial Conglomerates 1.4;
(2) (in relation to the Group Supervision Part of the PRA Rulebook) means, in relation to any undertaking in a group, an undertaking complying with the following conditions:
(a) its principal activity consists of:
(i) owning or managing property;
(ii) managing data-processing services;
(iii) providing health and care services; or
(iv) any other similar activity;
(b) the activity in (a) is ancillary to the principal activity of one or more insurance undertakings; and
(c) those insurance undertakings are also members of that group.
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means an activity which is not a regulated activity but which is:
(1) carried on in connection with a regulated activity; or
(2) held out as being for the purposes of a regulated activity.
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means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010.
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means an asset contained in the relevant portfolio of assets, that falls within the scope of Matching Adjustment 4.4(1).
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means a category of assets that have similar features and/or similar methodologies for the purposes of determining the credit rating or internal credit assessment for that type of asset.
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has the meaning given in regulation 2(1) of the Payment Services Regulations.
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means an undertaking, the principal activity of which consists of owning or managing property, managing data-processing services, or a similar activity which is ancillary to the principal activity of one or more credit institutions, investment firms or insurers.
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means;
(1) a reinsurance to close effected before 1 January 2005; or
(2) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with the members of that syndicate in a later syndicate year or the members of one other syndicate ("the reinsuring members") that the reinsuring members will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year that is:
(a) effected after 1 January 2005; and
(b) not a balance transfer between two syndicate years where the syndicate has only one member and the member is the same in each of those years; or
(3) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with a subsidiary of the Society that that subsidiary will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year ("the reinsured liabilities") and where:
(a) that subsidiary is wholly owned by the Society and if from time to time the subsidiary has an asset or cash flow deficiency such that the subsidiary is unable to meet any of the liabilities which it has reinsured, the Society is legally obliged to pay to the subsidiary a sum equal to that deficiency; and
(b) at the effective date of the agreement, the relevant syndicate year has been open for at least two years after the date at which it would normally have been closed in accordance with the policies and practices in relation to the syndicate concerned.
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This term is defined externally, please refer to:
s237(3) FSMA
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The changes to this defined term are effective from 23:00 on 31/12/2020.
(1) (in relation to a UK Solvency II firm and Lloyd’s) has the meaning given in Own Funds 2.3 and are determined in accordance with Own Funds 2.3 to 2.7; or
(2) (in relation to an insurance holding company) means an own funds item referred to in Article 89 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm; or
(3) (in relation to a third country branch undertaking) means an own funds item referred to in Article 89 of the Solvency II Directive, determined in accordance with (1) as if it were a UK Solvency II firm.