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means the regulated activity, specified in article 25(2) of the Regulated Activities Order (Arranging deals in investments).
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means an obligation in any applicable laws, regulations or rules to declare or disclose information to the public.
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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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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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has the meaning given in Article 1(41) or (42) of the Solvency II Regulations, as appropriate.
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has the meaning given in Allocation of Responsibilities 6.
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means the regulated activity, specified in article 51ZC of the Regulated Activities Order (Managing an AIF).
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means the regulated activity, specified in article 37 of the Regulated Activities Order (Managing investments).
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means the regulated activity, specified in article 51ZA of the Regulated Activities Order (Managing a UCITS).
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(1) (except in the Solvency II Firms and Non-Solvency II Firms Sectors of the PRA Rulebook) means the risk that arises from fluctuations in values of, or income from assets, or in interest or exchange rates.
(2) (in the Solvency II Firms and Non-Solvency II Firms Sectors of the PRA Rulebook) means the risk of loss or of adverse change in the financial situation resulting, directly or indirectly, from fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments.
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means the excess of the value of the friendly society’s assets over the amount of its liabilities, that value and amount being determined in accordance with Friendly Society – Asset Valuation, Friendly Society – Liability Valuation and Friendly Society – Overall Resources and Guarantee Fund 8.
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has the meaning given in article 3(1) of the Regulated Activities Order.
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means all expenses, other than commission, incurred in the administration of a firm or its business.
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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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means the adjustment to the relevant risk-free interest rate term structure to calculate the best estimate of a relevant portfolio of insurance or reinsurance obligations in accordance with:
- (1) the Matching Adjustment Part; and
- (2) [deleted]
- (3) [deleted]
- (4) relevant technical information published by the PRA in accordance with regulation 3(1) of the IRPR regulations.
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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.
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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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means outsourcing services of such importance that weakness, or failure, of the services would cast serious doubt upon the firm's continuing satisfaction of the threshold conditions or compliance with the Fundamental Rules.