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table of controlled functions

the table of controlled functions in SUP 10.4.5 R.3

waiver

a direction waiving or modifying a rule, given by the FSA under sections 148, 250 or 294 of the Act (Waiver or modification of rules) or regulation 7 of the OEIC Regulations (Modification or waiver of FSA rules) (see SUP 8 and REC 3.3).3

habitual residence

  1. (a) if the policyholder is an individual, the address given by the policyholder as his residence if it reasonably appears to be a residential address and there is no evidence to the contrary;
  2. (b) if the policyholder is not an individual or a group of individuals, the State in which the policyholder has its place of establishment, or, if it has more than one, its relevant place of establishment;
  3. (c) in respect of the variation of a life policy, or the purchase of a pension annuity related to a life policy, unless there is evidence to the contrary, the habitual residence of the policyholder at the date on which the policyholder signed the proposal for the life policy.1

daily e-money outstandings amount

(in ELM) (in relation to a particular day or time and ELMI) the highest amount that ELMI'se-money outstandings reached on that day or, as the case may be, on the day in question prior to that time.5

name-passing broker

a person who arranges (brings about ) deals between counterparties at mutually acceptable terms and passes their names to each of them to facilitate the conclusion of a transaction.2

qualified investor

(in PR) (as defined in section 86(7) of the Act):

  1. (a) any entity within the meaning of Article 2(1)(e)(i), (ii) or (iii) of the prospectus directive; or
  2. (b) an investor registered on the register maintained by the competent authority under section 87R of the Act; or
  3. (c) an investor authorised by an EEA State other than the United Kingdom to be considered as a qualified investor for the purposes of the prospectus directive. 7

    occupational pension fund management business

    (in COMP) the business of carrying on:

    1. (1) pension fund management; or
    2. (2) (other than in connection with a personal pension scheme) pension fund management, written as linked long term business , for an occupational pension scheme or for an institution falling within article 2 of the Council Directive of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (No 2003/41/EC) but only to the extent that:
      1. (a) there is no transfer to the participant firm of:
        1. (i) investment, market, or credit risk;
        2. (iii) mortality or expense risk prior to any annuity being effected; and
      2. (b) any annuity options provide for the participant firm to change the annuity rates without prior notice.13

    zero weighted asset

    (in ELM) an investment falling into ELM 3.3.8R (Liquid assets).2

    joint enterprise

    (as defined in article 3(1) of the Regulated Activities Order (Interpretation)) an enterprise into which two or more persons ("the participators") enter for commercial purposes related to a business or businesses (other than the business of engaging in a regulated activity) carried on by them; where a participator is a member of a group, each other member of the group is also to be regarded as a participator in the enterprise. 1

    warning notice

    a notice issued by the FSA in accordance with section 387 of the Act (Warning notices).3

    national bureau

    (in relation to an EEA State) a professional organisation which:

    1. (a) has been constituted in that State in accordance with Recommendation No 5 adopted on 25 January 1949 by the Road Transport Sub-committee of the Inland Transport Committee of the United Nations Economic Commission for Europe; and
    2. (b) groups together insurance undertakings which in that State are authorised to conduct the business of motor vehicle liability insurance.2

    backwardation

    4a situation in which futures prices are lower than cash prices.

    national guarantee fund

    (in relation to an EEA State) a body which:

    1. (a) has been set up or authorised in that State in accordance with article 1(4) of Council Directive (84/5/EEC); and
    2. (b) provides compensation for damages to property or personal injuries caused by unidentified vehicles for which the insurance obligation provided for in article 1(1) of that Directive has not been satisfied.2

    occupational pension scheme

    1. (a) (a scheme24 specified in article 3(1) of the Regulated Activities Order (Interpretation)) which is, in summary, a pension scheme established for the purpose of providing benefits to people with service in employments of a prescribed description.24

    IBNR

    32(in relation to claims (as defined for the purposes of PRU, LLD, SUP and TC)) claims that have been incurred but not reported arising out of events that have occurred by the balance sheet date but have not been reported to the insurance undertaking at that date.

    valuation point

    (in COLL and CIS) a valuation point fixed by the authorised fund manager for the purpose of COLL 6.3.4R (Valuation points), COLL 8.5.9R(Valuation, pricing and dealings), CIS 4.8.5R (Regular valuation points), CIS 4.8.6R (Additional valuation points) or CIS 15.8.3(1) or (2)R (Frequency of valuation)14.

    UCITS Directive

    the Council Directive of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (No 85/611/EEC),, as amended.15

    Handbook

    the FSA's Handbook of rules and guidance (for a table of contents, see the Reader's Guide).1

    safeguarding and administering investments

    the regulated activity , specified in article 40 of the Regulated Activities Order (Safeguarding and administering investments), which is in summary: the safeguarding of assets belonging to another and the administration of those assets, or arranging for one or more other persons to carry on that activity, where:

    1. (a) the assets consist of or include any security or contractually based investment (that is, any designated investment, funeral plan contract or right to or interest in a funeral plan contract); or
    2. (b) the arrangements for their safeguarding and administration are such that the assets may consist of or include designated investments, and either the assets have at any time since 1 June 1997 done so, or the arrangements have at any time (whether before or after that date) been held out as ones under which designated investments would be safeguarded and administered. 514

    warrant

    1. (1) (except in CIS ) the investment, specified in article 79 of the Regulated Activities Order (Instruments giving entitlements to investments), which is in summary: a warrant or other instrument entitling the holder to subscribe for a share, debenture or government and public security.
    2. (2) (in CIS ) an investment in (1) and any other transferable security (not being a nil paid or partly paid security) which is:
      1. (i) listed on an eligible securities market; and
      2. (ii) akin to an investment within (1) in that it involves a down payment by the then holder and a right later to surrender the instrument and to pay more money in return for a further transferable security.3

    damage to property

    (in relation to a class of contract of insurance) the class of contract of insurance, specified in paragraph 9 of Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance), against loss of or damage to property (other than property to which paragraphs 3 to 7 of that Schedule (L and vehicles, Rfailway rolling stock, Aircraft, Ships and Goods in transit) relate) due to hail or frost or any other event (such as theft) other than those mentioned in paragraph 8 of that Schedule (Fire and natural forces).3

    qualified valuer

    1(in relation to any particular type of land in any particular area) a fellow or professional associate of the Royal Institution of Chartered Surveyors, a fellow or associate of the Incorporated Society of Valuers and Auctioneers, or a fellow or associate of the Rating and Valuation Association, who:

    1. (a) has knowledge of and experience in the valuation of that particular type of land in that particular area; or
    2. (b) has knowledge of and experience in the valuation of land and has taken advice from a valuer who he is satisfied has knowledge of and experience in the valuation of that particular type of land in that particular area; or
    3. (c) immediately before 15 June 1981 was recognised as a qualified valuer by approval by the Secretary of State under the Insurance Companies (Valuation of Assets) Regulations 1976.4

    early repayment charge

    14(in MCOB) a charge levied by the mortgage lender on the customer in the event that the amount of the loan is repaid in full or in part before a date specified in the contract.

    safeguarding and administration of assets (without arranging)

    that part of safeguarding and administering investments which consists of both:

    1. (a) the safeguarding of assets belonging to another; and
    2. (b) the administration of those assets. 5

    failure

    (in CASS) the appointment of a liquidator, receiver or administrator, or trustee in bankruptcy, or any equivalent procedure in any relevant jurisdiction.2

    50/50 joint venture

    (in LR) a joint venture where the two parties to the joint venture have a deadlocked interest in the joint venture.23

    Zone A country

    1. (a) any EEA State;3
    2. (b) all other countries which are full members of the OECD; and3
    3. (c) those countries which have concluded special lending arrangements with the International Monetary Fund (IMF) associated with the Fund's general arrangements to borrow (GAB),3

    save that any country falling with (a), (b) or (c) which reschedules its external sovereign debt is precluded from Zone A for a period of five years.3

    OECD

    Organisation for Economic Co-operation and Development.4

    natural gas

    1. (a) natural gas in any form, including natural gas as deliverable through the Network Code; and
    2. (b) any right that relates to natural gas, for example the right under a contract or otherwise to require a person to take any action in relation to natural gas, including:
      1. (i) delivering natural gas to any person or taking delivery of natural gas; or
      2. (ii) providing any information or notice in relation to natural gas; or
      3. (iii) making any payment in relation to the delivery or non-delivery, or the taking or non-taking of delivery, of natural gas.1