Paragraph 1 Interpretation

In this Schedule—

• “credit institution” means a credit institution as defined in section 417 of the Financial Services and Markets Act 2000 (definitions)^f1;

• “financial institution” means a financial institution as defined in Article 4(1)(26) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012 (definitions)^f2, or any undertaking located outside the United Kingdom which does not fall within that definition but which carries on equivalent activities;

• “insurance undertaking” means—

  1. (a)

     an insurance undertaking as defined in section 417 of the Financial Services and Markets Act 2000,

  2. (b)

     a reinsurance undertaking as defined in section 417 of the Financial Services and Markets Act 2000,

  3. (c)

     an overseas insurance undertaking, or

  4. (d)

     an overseas reinsurance undertaking;

• “overseas insurance undertaking” means an undertaking—

  1. (a)

     with a head office located in a country or territory other than the United Kingdom, and

  2. (b)

     which effects or carries out contracts of insurance as principal;

• “overseas reinsurance undertaking” means an undertaking—

  1. (a)

     with a head office located in a country or territory other than the United Kingdom, and

  2. (b)

     which effects or carries out contracts of insurance that are limited to reinsurance contracts as principal.

The provisions of this Schedule are to be interpreted in accordance with generally accepted accounting principles and practices.