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You are viewing the version of the document as on 2021-12-03.

Timeline guidance

Alternative versions

M2G

123the MiFID 2 Onshoring132 Guide

JGPPI

2the FSA/OFT Joint Guidance on Payment Protection Products.

1986 Act

70(in BSOCS) the Building Societies Act 1986.

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

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

land

51in accordance with section 189(1) of the CCA, includes an interest in land, and, in Scotland, includes heritable subjects of whatever description.

zero-specific-risk security

5a notional debt security used, for the purpose of calculating PRR, to represent the interest rate general market risk arising from certain derivative and forward transactions as specified in BIPRU 7.2 (Interest rate PRR).

facilities

(in relation to a recognised body) the facilities and services which it provides in the course of carrying on exempt activities2. References154 to the use of the facilities of an RIE125or RAP136136 are to be construed as follows:25

  1. 25 59
  2. 25 59
  3. 25 59
  4. 25 59
  5. 25
  6. (a) dealings or transactions on an RIE or RAP136125are references to dealings or transactions which are effected by means of the RIE's or RAP’s136125facilities or which are governed by the rules of the RIE125or RAP136;15459
  7. (b) references to the use of the facilities of an RIE136or RAP136125include use which consists of any such dealings or entering into any such transactions.59

P2P agreement

  1. (a) (in relation to a borrower) in accordance with article 36H of the Regulated Activities Order, an agreement by which one person provides another person with credit (within the meaning of article 60L of the Regulated Activities Order) and in relation to which:140
    1. (i) the operator of the electronic system in relation to lending which facilitates the agreement does not provide credit (within that meaning), assume the rights (by assignment or operation of law) of a person who provided credit, or receive credit under the agreement; 140
    2. (ii) the borrower is an individual; and140
    3. (iii) either condition (A) or (B) is satisfied:140
      1. (A) the lender provides credit (within that meaning) of less than or equal to £25,000; or140
      2. (B) the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.140
  2. (b) (in relation to a lender) in accordance with article 36H of the Regulated Activities Order, an agreement by which one person provides another person with credit (within the meaning of article 60L of the Regulated Activities Order) and in relation to which either:140
    1. (i) the lender is an individual or was an individual at the time the agreement was entered into; or140
    2. (ii) if the lender is not an individual or was not an individual at the time the agreement was entered into, either condition (A) or (B) is satisfied, or was satisfied at the time the agreement was entered into:140
      1. (A) the lender provides credit (within that meaning) of less than or equal to £25,000; or140
      2. (B) the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower;140
    provided, in either case, that the operator of the electronic system in relation to lending which facilitates the agreement does not provide credit (within that meaning), assume the rights (by assignment or operation of law) of a person who provided credit, or receive credit under the agreement.140
    3. 113

early amortisation provision

89

  1. (1) (in BIPRU) (137 in relation to a securitisation within the meaning of paragraph (2) of the definition of securitisation) a contractual clause which requires, on the occurrence of defined events, investors' positions to be redeemed prior to the originally stated maturity of the securities issued.

[Note: article 100 of the Banking Consolidation Directive (Securitisation of revolving exposures)]137

  1. (2) (except in (1)) has the meaning in article 242(16)134 of the UK CRR137.

half-yearly accounting period

(in COLL) a period determined in accordance with COLL 6.8.2 R (2) (Accounting periods).16

safeguarded-flexible benefits risk warning

163A written communication to a member of a personal pension scheme or stakeholder pension scheme which is required by Regulation 8A of the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015 (SI 2015/742).

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

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.

land-related agreement

51(in CONC App 1.1) a credit agreement which is

  1. (a) intended primarily to finance the acquisition or retention of land; or
  2. (b) intended to finance the renovation or improvement of a building,

or any other credit agreement secured by a legal mortgage on land or, in Scotland, by a standard security within the meaning of the Conveyancing and Feudal Reform (Scotland) Act 1970.

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

2015 Interchange Regulations

129(in FEES 9) The Payment Card Interchange Fee Regulations 2015 (SI 2015/1911).

CAD 1 model

48a risk management model of the type described in BIPRU 7.9 (Use of a CAD 1 model).

UCITS Directive

the European Parliament and43 Council Directive of 13 July 200943 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (No 2009/65/EC),43 , as amended.15

IBNR

32(in relation to claims (as defined for the purposes of INSPRU52 , 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.