permitted stock lending

in relation to permitted links, a stock lending transaction (including a repo transaction) that:122

1. (a) (for a Solvency II firm) satisfies COBS 21.3.11 R to COBS 21.3.12 R (inclusive); and122
2. (b) (for an insurer which is not a Solvency II firm) satisfies INSPRU 3.2.36A R to INSPRU 3.2.42 G (inclusive).122