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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 the regulated activity, specified in article 37 of the Regulated Activities Order (Managing investments).
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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 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 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 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 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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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 51ZA of the Regulated Activities Order (Managing a UCITS).
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means an application by a firm for a matching adjustment permission.
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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.
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means:
- (1) the conditions contained in regulation 4(3) to (9) and (11) of the IRPR regulations; and
- (2) the conditions contained in 2.2 to 2.4 (inclusive) of the Matching Adjustment Part.
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means a relevant portfolio of insurance or reinsurance obligations and the corresponding relevant portfolio of assets.
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means the permission granted to a firm by the PRA pursuant to section 138BA of FSMA to apply a matching adjustment for the purposes of calculating the best estimate in relation to a relevant portfolio of insurance or reinsurance obligations.
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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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has the meaning given in point (22) of Article 4(1) of the CRR.
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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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(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.