a person who meets the requirements set out in article 21 of the Promotion of Collective Investment Schemes Order, in article 48 of the Financial Promotion Order or in COBS 4.12B.38R.
a customer with an annual result matched startnetresult matched end income of no less than £300,000 or result matched startnetresult matched end assets of no less than £3,000,000, or whose obligations are guaranteed by a person with an income or assets of such amount.
(in SYSC and SUP) an employee whose total annual remuneration is EUR 1 million or more per year or its equivalent in another currency determined by reference to the conversion rate applicable to the corresponding result matched startHighresult matched end Earners Report under SUP 16.
(in CREDS) means the outstanding balance of any loan made to the borrower and any interest on that loan that is due but unpaid, less any attached shares held by the borrower.
the premium that is calculated to provide the basic sum assured under a with-profits insurance contract taking into consideration only the mortality and interest rate risks and using the same assumptions as used in the calculation of the mathematical reserves.
- (a) ignoring any special receipts or deductions arising from the property;
- (b) excluding Value Added Tax and before taxation (including tax on profits and any allowances for interest on capital or loans); and
- (c) after making deductions for superior rents (but not for amortisation) and any disbursements including, if appropriate, expenses of managing the property and allowances to maintain it in a condition to command its rent.
(in UKLR ) (in relation to a property) the current income or income estimated by the valuer:
gross earned premiums, less reinsurance premiums earned.
the situation in which a firm holds or will hold more units in an investment than it has contracted to sell or, in respect of options, where it has bought rights which exceed rights sold.
- (1) trading book positions; and
- (2) positions other than trading book positions where such positions give rise to foreign exchange risk or commodity risk.
the value of the following positions of a MIFIDPRU investment firm:
- (1) (except in IPRU(INV) 13 and SSR) a result matched startnetresult matched end short position which gives rise to an economic exposure to the issued share capital of a company. Any calculation of whether a person has a short position must take account of any form of economic interest in the shares of the company.
- (2) (in IPRU(INV) 13) the situation in which a firm has contracted to sell more of an investment than it holds or will hold or, in respect of options, where it has sold rights which exceed the rights bought.
- (3) [deleted]
- (4) (in SSR) (in accordance with regulation 6(3)(a) of the Short Selling Regulation 2025) the position in the issued share capital of a company where a person’s total short position in the issued share capital of that company exceeds the person’s total long position in the issued share capital of that company, calculated in accordance with SSR 2.
gross written premiums, less reinsurance premiums payable under reinsurance ceded.
business where the premium paid by the consumer is set by an insurance intermediary.
(in ICOBS 6B and SUP 16.28) for result matched startnetresult matched end-rated business, the price set by an insurer or managing agent which includes the risk price and the insurer’s or managing agent’s profit margin.
- (a) which is a borrower-lender agreement or a P2P agreement;
- (b) in relation to which the APR is equal to or exceeds 100%;
- (c) either:
- (i) in relation to which a financial promotion indicates (by express words or otherwise) that the credit is to be provided for any period up to a maximum of 12 months or otherwise indicates (by express words or otherwise) that the credit is to be provided for a short term; or
- (d) which is not secured by a mortgage, charge or pledge; and
- (e) which is not:
- (i) a credit agreement in relation to which the lender is a community finance organisation; or
- (ii) a home credit loan agreement, a bill of sale loan agreement or a borrower-lender agreement enabling a borrower to overdraw on a current account or arising where the holder of a current account overdraws on the account without a pre-arranged overdraft or exceeds a pre-arranged overdraft limit.
- (1) infrastructure intended to minimise network and other types of latencies, including at least one of the following facilities for algorithmic order entry: co-location, proximity hosting or result matched starthighresult matched end-speed direct electronic access;
- (2) system-determination of order initiation, generation, routing or execution without human intervention for individual trades or orders; and
- (3) result matched starthighresult matched end message intraday rates which constitute orders, quotes or cancellations.
means an algorithmic trading technique characterised by:
[Note: article 4(1)(40) of MiFID]
(in accordance with regulation 7(2) of the Short Selling Regulations 2025) the sum of the result matched startnetresult matched end short positions in the issued share capital of a company notified to the FCA and held on the relevant working day, expressed as a percentage of the company's issued share capital.
- (a) the sum of the margin amounts received from each client regarding positions held for such client in that omnibus client account and
- (b) the amount of margin calculated on a result matched startnetresult matched end basis for all of the client positions recorded in that omnibus client account and paid by that firm to the authorised central counterparty.
at any given time, in respect of an omnibus client account maintained by a clearing member firm and the positions recorded therein, an amount equal to the difference between: