Article 2 Definitions

In this Regulation:

1. (1)

   "insurance conglomerate" has the meaning defined in Rule 1.4 (Application and Definitions) of the Financial Conglomerates Part of the PRA Rulebook and the FCA Handbook Glossary of definitions;

2. (1A)

   “competent authority” means the PRA or the FCA;1

3. (1B)

   “institution” means a credit institution or an investment firm;1

4. (1C)

   “investment firm” means a person as defined in paragraph 1A of Article 2 of Regulation 600/2014/EU, as that Article has effect subject to the requirements imposed by the United Kingdom legislation that implemented Directive 2014/65/EU, other than a credit institution;1

5. (1D)

   “MIFIDPRU” means the Prudential sourcebook for MiFID Investment Firms module of the FCA Handbook;1

6. (1E)

   references to “Regulation (EU) No 575/2013” mean:1

   1. (a)

      (except in the circumstances in (b)) the UK version of Regulation of the European Parliament and the Council on prudential requirements for credit institutions and investment firms (Regulation (EU) No 575/2013) and amending Regulation (EU) No 648/2021, read together with CRR rules as defined in section 144A of the Financial Services and Markets Act 2000;1

   2. (b)

      (insofar as provisions are relevant to the assessment of own funds in accordance with MIFIDPRU) the Regulation in (a) as applied and modified by MIFIDPRU 3.1

7. (2)

   "banking and investment services conglomerate" has the meaning in Annex 2 (Table 3) of the Financial Conglomerates Part of the PRA Rulebook and Annex 1R (Table 6) of Chapter 3 of the FCA General Prudential sourcebook.

8. (3)

   "Directive 2013/36/EU UK law" means the law of the United Kingdom (or any part of it) which, immediately before IP completion day, implemented Directive 2013/36/EU as that law has effect on IP completion day;

9. (4)

   "FSMA" means the Financial Services and Markets Act 2000;

10. (5)

    "PRA" means the Prudential Regulation Authority;

11. (6)

    a reference to a provision of the PRA Rulebook is to rules made by the PRA under FSMA as amended by rule-making instruments made before IP completion day under FSMA or EU Exit Instruments made at any time under the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018;

12. (7)

    a reference to an FCA sourcebook or manual is to rules and guidance made by the FCA under FSMA as amended by rule-making instruments made before IP completion day under FSMA or EU Exit Instruments made at any time under the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018;

13. (8)

    a reference to the Solvency 2 Regulations 2015 is to the Solvency 2 Regulations 2015, SI 2015/575 as amended by regulations made under section 8 of the European Union (Withdrawal) Act 2018.